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Innovation in the Supply and Procurement of Rig Services

Osmundsen, Petter - CESifo - 2014

Substantial elements of innovation have been observable during recent years in rig supply, in particular regarding contracts and organisation. This trend has been driven by the fact that rising costs over many years have put profitability under pressure. On the basis of theory and available...

Persistent link: https://www.econbiz.de/10010948889

When is Ambiguity-Attitude Constant?

Eichberger, Jürgen; Grant, Simon; Kelsey, David - CESifo - 2012

This paper studies how updating affects ambiguity-attitude. In particular we focus on the generalized Bayesian update of the Jaffray-Phillipe sub-class of Choquet Expected Utility preferences. We find conditions for ambiguity-attitude to be the same before and after updating. A necessary and...

Persistent link: https://www.econbiz.de/10010539152

First Impressions Matter: Signalling as a Source of Policy Dynamics

Hansen, Stephen; McMahon, Michael - CESifo - 2012

with experience. We then reject increasing confidence in private information or learning about the structure of the …

Persistent link: https://www.econbiz.de/10010540726

Optimal Monetary Policy when Agents are Learning

Molnár, Krisztina; Santoro, Sergio - CESifo - 2010

We derive the optimal monetary policy in a sticky price model when private agents follow adaptive learning. We show … order to facilitate private sector learning and thus ease the future intratemporal inflation-output gap trade-offs. The … policy recommendation is robust: the welfare loss entailed by the optimal policy under learning if the private sector …

Persistent link: https://www.econbiz.de/10008596587

Rationality, Irrationality and Economic Cognition

Whalley, John - CESifo - 2005

. Learning played a major role in individuals achieving what was referred to as complete rationality. I draw on these ideas, and …

Persistent link: https://www.econbiz.de/10005094429

On the Evolution of Market Institutions: The Platform Design Paradox

Alós-Ferrer, Carlos; Kirchsteiger, Georg; Walzl, Markus - CESifo - 2007

We study competition among market designers who create new trading platforms, when boundedly rational traders learn to select among them. We ask whether efficient platforms, leading to market - clearing trading outcomes, will dominate the market in the long run. If several market designers are...

Persistent link: https://www.econbiz.de/10005406426

Carbon Prices for the Next Hundred Years

Gerlagh, Reyer; Liski, Matti - CESifo - 2014

World income grows fast without verifiable climate-change impacts on the economy. The growth spell can end if climate impacts turn real but this can take decades to learn. We develop a tractable stochastic climate-economy model with a hidden-state impact process to evaluate the contributions of...

Persistent link: https://www.econbiz.de/10010747216

Compliance Dynamics Generated by Social Interaction Rules

Lipatov, Vilen - CESifo - 2014

We study compliance dynamics generated by a large set of behavioral rules describing social interaction in a population of agents facing an enforcement authority. When the authority adjusts the auditing probability every period, cycling in cheating-auditing occurs: Intensive monitoring induces...

Persistent link: https://www.econbiz.de/10010764298

Policy Experimentation, Political Competition, and Heterogeneous Beliefs

Millner, Antony; Ollivier, Hélène; Simon, Leo - CESifo - 2014

endogenously influence whether learning occurs through its policy choices (policy experimentation), future political competition …

Persistent link: https://www.econbiz.de/10010781549

Growth, Expectations, and Tariffs

Honkapohja, Seppo; Turunen-Red, Arja H.; Woodland, Alan D. - CESifo - 2011

by growth expectations. Adaptive learning dynamics determine country-specific short run transition paths. Countries …

Persistent link: https://www.econbiz.de/10009020102