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Several recent studies found that the behaviour of economists was less cooperative than the behaviour of non-economists …. Other studies found, however, that economists behaved no differently than other individuals. In this Paper, we study this … priorities reported by students of economics are different from those reported by students from other fields: Economists …
Persistent link: https://www.econbiz.de/10005498194
Economists often play crucial roles in designing and implementing public policies; thus it is of importance to better … understand the values that underlie their decisions. We explore the value hierarchies of economists in four studies: The first … organization and work orientation. Taken together, our findings indicate that economists have a distinctive pattern of value …
Persistent link: https://www.econbiz.de/10005504550
We propose that analysis of purchasing power parity (PPP) and the law of one price (LOOP) should explicitly take into account the possibility of ‘commodity points’ – thresholds delineating a region of no central tendency among relative prices, possibly due to lack of perfect arbitrage in...
Persistent link: https://www.econbiz.de/10005662194
The effects of ISO 9000 diffusion on trade and FDI have gone understudied. We employ panel data reported by OECD nations over the 1995-2002 period to estimate the impact of ISO adoptions on country-pair economic relations. We find ISO diffusion to have no effect in developed nations, but to...
Persistent link: https://www.econbiz.de/10005662290
Two countries adopting a common currency share the same monetary policy and save on transaction costs. This paper studies the impact of these two factors on the composition of markets. The establishment of a monetary union alters the boundaries between domestic and international markets and...
Persistent link: https://www.econbiz.de/10005666990
This paper derives in closed form the optimal dynamic portfolio policy when trading is costly and security returns are predictable by signals with different mean-reversion speeds. The optimal updated portfolio is a linear combination of the existing portfolio, the optimal portfolio absent...
Persistent link: https://www.econbiz.de/10004964419
This Paper solves explicitly a simple equilibrium asset pricing model with liquidity risk – the risk arising from unpredictable changes in liquidity over time. In our liquidity-adjusted capital asset pricing model, a security’s required return depends on its expected liquidity as well as on...
Persistent link: https://www.econbiz.de/10005791242
This paper adopts the incomplete contracting perspective to study a firm’s continuous choice between producing an essential input in-house (full integration), contracting part of the production out (tapered integration), and contracting all of the production out (non-integration), when (i) an...
Persistent link: https://www.econbiz.de/10005792167
The paper investigates the impact of financial integration on asset return, risk diversification and breadth of financial markets. We analyse a three-country macroeconomic model in which i) the number of financial assets is endogenous; ii) assets are imperfect substitutes; iii) cross-border...
Persistent link: https://www.econbiz.de/10005792515
Using data from the Panel Study of Income Dynamics (PSID) we specify, estimate and simulate a dynamic structural model of housing demand. Our model generalizes previous applied econometric work by incorporating realistic features of the housing market including non-convex adjustment costs from...
Persistent link: https://www.econbiz.de/10008554234