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Speculative Attacks: A Laboratory Study in Continuous Time

Cheung, Yin-Wong; Friedman, Daniel - CESifo - 2008

We examine speculative attacks in a controlled laboratory environment featuring continuous time, size asymmetries, and varying amounts of public information. Attacks succeeded in 233 of 344 possible cases. When speculators have symmetric size and access to information: (a) weaker fundamentals...

Persistent link: https://www.econbiz.de/10005766165

On the Sensitivity of Collective Action to Uncertainty about Climate Tipping Points

Barrett, Scott; Dannenberg, Astrid - CESifo - 2014

Previous research shows that collective action to avoid a catastrophic threshold, such as a climate “tipping point,” is unaffected by uncertainty about the impact of crossing the threshold but that collective action collapses if the location of the threshold is uncertain. Theory suggests...

Persistent link: https://www.econbiz.de/10010743452

Interpreting How Others Interpret It: Social Value of Public Information

Gizatulina, Alia - CESifo - 2012

This paper studies the social value of public information in environments without common knowledge of data-generating process. We show that the stronger is the coordination motive behind agents behaviour, the more they would like to interpret private or public signals in the way that they...

Persistent link: https://www.econbiz.de/10010583887

Weber's Law and the Biological Evolution of Risk Preferences: The Selective Dominance of the Logarithmic Utility Function

Sinn, Hans-Werner - CESifo - 2002

The paper offers a proof that expected utility maximisation with logarithmic utility is a dominant preference in the biological selection process in the sense that a population following any other preference for decision-making under risk will, with a probability that approaches certainty,...

Persistent link: https://www.econbiz.de/10005765795

International Trade and Cultural Diversity: A Model of Preference Selection

Bala, Vankatesh; Long, Ngo Van - CESifo - 2004

We consider the evolution of preferences when trade occurs between two countries. We show that if one country is much …

Persistent link: https://www.econbiz.de/10005765932

Some Evolutionary Foundations for Price Level Rigidity

Saint-Paul, Gilles - CESifo - 2002

This paper shows that price rigidity evolves in an economy populated by imperfectly rational agents who experiment with alternative rules of thumb. In the model, firms must set their prices in face of aggregate demand shocks. Their payoff depends on the level of aggregate demand, as well as on...

Persistent link: https://www.econbiz.de/10005051547

Long-Run Selection and the Work Ethic

Josephson, Jens; Wärneryd, Karl - CESifo - 2004

That individuals contribute in social dilemma interactions even when contributing is costly is a well-established observation in the experimental literature. Since a contributor is always strictly worse off than a non-contributor the question is raised if an intrinsic motivation to contribute...

Persistent link: https://www.econbiz.de/10005405908

The Agricultural Origins of Time Preference

Galor, Oded; Özak, Ömer - CESifo - 2015

This research explores the origins of the distribution of time preference across regions. It advances the hypothesis, and establishes empirically that geographical variations in the natural return to agricultural investment have had a persistent effect on the distribution of time preference...

Persistent link: https://www.econbiz.de/10011167137

Same Same But Different: Dialects and Trade

Lameli, Alfred; Nitsch, Volker; Suedekum, Jens; Wolf, … - CESifo - 2013

Language is a strong and robust determinant of international trade patterns: Countries sharing a common language trade … that this trade-promoting effect of language is likely to reflect cultural ties, rather than lower costs of communication … or similar institutions. Analyzing unique data for a single-language country, Germany, we find that similarities in the …

Persistent link: https://www.econbiz.de/10010877639

Dialects, Cultural Identity, and Economic Exchange

Falck, Oliver; Heblich, Stephan; Lameli, Alfred; … - CESifo - 2010

We investigate whether time-persistent cultural borders impede economic exchange across regions of the same country. To measure cultural differences we evaluate, for the first time in economics, linguistic micro-data about phonological and grammatical features of German dialects. These data are...

Persistent link: https://www.econbiz.de/10008583636