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Sahm, Marco; Weizsäcker, Robert K. von - CESifo - 2014

prevalent in early and late stages of a learning process, whereas reason governs decisions in intermediate stages. Examples …

Persistent link: https://www.econbiz.de/10011103391

On the Perils of Stabilizing Prices when Agents are Learning

Mele, Antonio; Molnár, Krisztina; Santoro, Sergio - CESifo - 2015

losses are outweighed by short term gains from the learning phase. …

Persistent link: https://www.econbiz.de/10011155373

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

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

Strategic Experimentation: The Case of Poisson Bandits

Cripps, Martin W.; Keller, Godfrey; Rady, Sven - CESifo - 2002

This paper studies a game of strategic experimentation in which the players have access to two-armed bandits where the risky arm distributes lumpsum payoffs according to a Poisson process with unknown intensity. Because of free-riding, there is an inefficiently low level of experimentation in...

Persistent link: https://www.econbiz.de/10005051553

Financial Contagion: Evolutionary Optimisation of a Multinational Agent-Based Model

Caporale, Guglielmo Maria; Serguieva, Antoaneta; Wu, Hao - CESifo - 2008

Over the past two decades, financial market crises with similar features have occurred in different regions of the world. Unstable cross-market linkages during a crisis are referred to asfinancial contagion. We simulate crisis transmission in the context of a model of market participants...

Persistent link: https://www.econbiz.de/10005416500

Moral Self-Licensing and the Direct Touch Effect

Sass, Markus; Weimann, Joachim - CESifo - 2015

Repeated experiments with a time span of one week between repetitions are used in order to test two related hypotheses. The first is the moral self-licensing effect, which describes peo-ple’s tendency to allow themselves to act more selfishly on the back of previous prosocial or selfless...

Persistent link: https://www.econbiz.de/10011155374

Battle for Climate and Scarcity Rents: Beyond the Linear-Quadratic Case

Kagan, Mark; Ploeg, Frederick Van der; Withagen, Cees A. - CESifo - 2014

The nature of oil demand influences the oil extraction rate and hence has implications for both the timing of oil exhaustion and optimal climate policy. We analyse what role oil demand specification plays in strategic interactions b between an oil-importing country producing final goods and...

Persistent link: https://www.econbiz.de/10011264740

On the Effects of Mergers on Equilibrium Outcomes in a Common Property Renewable Asset Oligopoly

Benchekroun, Hassan; Gaudet, Gérard - CESifo - 2014

This paper examines a dynamic game of exploitation of a common pool of some renewable asset by agents that sell the result of their exploitation on an oligopolistic market. A Markov Perfect Nash Equilibrium of the game is used to analyze the effects of a merger of a subset of the agents. We...

Persistent link: https://www.econbiz.de/10011082835