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Strategic Experimentation and Disruptive Technological Change
Schivardi, Fabiano; Schneider, Martin - C.E.P.R. Discussion Papers - 2005
This paper studies the diffusion of a new technology that is brought to market while its potential is still uncertain. We consider a dynamic game in which firms improve both a new and a rival old technology while learning about the relative potential of both technologies. We use the model to...
Persistent link: https://www.econbiz.de/10005504449
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Information Aggregation in a DSGE Model
Hassan, Tarek; Mertens, Thomas M. - C.E.P.R. Discussion Papers - 2014
rate rises when the stock price perfectly reveals innovations to future productivity. Second, when noise trader demand …. However, for a reasonable size of noise trader demand shocks the model cannot generate the kind of disagreement observed in …
Persistent link: https://www.econbiz.de/10011083546
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Adaptive Learning in Practice
Carceles-Poveda, Eva; Giannitsarou, Chryssi - C.E.P.R. Discussion Papers - 2006
We analyse some practical aspects of implementing adaptive learning in the context of forward-looking linear models. In particular, we focus on how to set initial conditions for three popular algorithms, namely recursive least squares, stochastic gradient and constant gain learning. We propose...
Persistent link: https://www.econbiz.de/10005656433
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Bargaining with Informational Externalities in a Market Equilibrium
Drugov, Mikhail - C.E.P.R. Discussion Papers - 2014
This paper studies a dynamic bargaining model with informational externalities between bargaining pairs. Two principals …
Persistent link: https://www.econbiz.de/10011083946
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Some Evolutionary Foundations for Price Level Rigidity
Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2002
level of aggregate demand, as well as on their on price and their ‘neighbor’s’ price. The latter assumption captures local … firms can easily adopt, the economy does not converge to the REE for highly correlated aggregate demand shocks and a high … contemporaneous aggregate demand shocks. We show that local interactions and serial correlation of aggregate demand shocks play a key …
Persistent link: https://www.econbiz.de/10005661497
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The Difficult Case of Persuading Women: Experimental Evidence from Childcare
Billari, Francesco C.; Galasso, Vincenzo; Profeta, Paola; … - C.E.P.R. Discussion Papers - 2013
Gender stereotypes are well established also among women. Yet, a recent literature suggests that learning from other women experience about the effects of maternal employment on children outcomes may increase female labor force participation. To further explore this channel, we design a...
Persistent link: https://www.econbiz.de/10011083404
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The Time for Austerity: Estimating the Average Treatment Effect of Fiscal Policy
Jordà, Òscar; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2013
After the Global Financial Crisis a controversial rush to fiscal austerity followed in many countries. Yet research on the effects of austerity on macroeconomic aggregates was and still is unsettled, mired by the difficulty of identifying multipliers from observational data. This paper...
Persistent link: https://www.econbiz.de/10011083942
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Cooling-Off in Negotiations - Does It Work?
Oechssler, Jörg; Roider, Andreas; Schmitz, Patrick W - C.E.P.R. Discussion Papers - 2008
Negotiations frequently end in conflict after one party rejects a final offer. In a large-scale internet experiment we investigate whether a 24-hour cooling-off period leads to fewer rejections in ultimatum bargaining. We conduct a standard cash treatment and a lottery treatment, where subjects...
Persistent link: https://www.econbiz.de/10005661953
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Bank Networks: Contagion, Systemic Risk and Prudential Policy
Aldasoro, Iñaki; Delli Gatti, Domenico; Faia, Ester - C.E.P.R. Discussion Papers - 2015
interlinkages and fire sale externalities. The resulting network configuration exhibits a core-periphery structure, dis …
Persistent link: https://www.econbiz.de/10011252622
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Finite State Dynamic Games with Asymmetric Information: A Framework for Applied Work
Fershtman, Chaim; Pakes, Ariel - C.E.P.R. Discussion Papers - 2009
With applied work in mind, we define an equilibrium notion for dynamic games with asymmetric information which does not require a specification for players' beliefs about their opponent types. This enables us to define equilibrium conditions which, at least in principal, are testable and can be...
Persistent link: https://www.econbiz.de/10005016241