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Cognitive ability, character skills, and learning to play equilibrium: A level-k analysis

Gill, David; Prowse, Victoria - Department of Economics, Oxford University - 2014

In this paper we investigate how cognitive ability and character skills influence behavior, success and the evolution of play towards Nash equilibrium in repeated strategic interactions. We study behavior in a p-beauty contest experiment and find striking differences according to cognitive...

Persistent link: https://www.econbiz.de/10011004460

Cognitive ability and learning to play equilibrium: A level-k analysis

Gill, David; Prowse, Victoria - Department of Economics, Oxford University - 2013

In this paper we investigate how cognitive ability influences behavior, success and theevolution of play towards Nash equilibrium in repeated strategic interactions. We study behaviorin a p-beauty contest experiment and find striking differences according to cognitiveability: more cognitively...

Persistent link: https://www.econbiz.de/10011133082

Towards a Measure of Financial Fragility

Tsomocos, Dimitrios P - Department of Economics, Oxford University - 2006

This paper proposes a measure of financial fragility that is based on economic welfare in a general equilibrium model calibrated against UK data. The model comprises a household sector, three active heterogeneous banks, a central bank/regulator, incomplete markets, and endogenous default. We...

Persistent link: https://www.econbiz.de/10010661361

A Time Series Analysis of Financial Fragility in the UK Banking System

Tsomocos, Dimitrios P - Department of Economics, Oxford University - 2004

This paper extends the model proposed by Goodhart, Sunirand, and Tsomocos (2003, 2004a,b) to an infinite horizon setting. Thus, we are able to assess how the model conforms with the time series data of the U.K. banking system. We conclude that, since the model performs satisfactorily, it can be...

Persistent link: https://www.econbiz.de/10010661459

Risk Averse Banks and Uncertain Correlation Values: A Theory of Rational Bank Panics

Morrison, Alan - Department of Economics, Oxford University - 2000

We present a model for Financial fragility in which banks are risk-averse portfolio managers and there is uncertainty over risk management parameters. There is a danger of heightened risk aversion and projects in small economies are assumed to be riskier than those in large economies. In this...

Persistent link: https://www.econbiz.de/10010820278

A Risk Assessment Model for Banks

Tsomocos, Dimitrios P; Goodhart, Charles A.E. - Department of Economics, Oxford University - 2004

The objective of this paper is to propose a model to assess risk for banks. Its main innovation is to incorporate endogenous interaction between banks, recognising that the actual risk to which an individual bank is exposed also depends on its interaction with other banks and other private...

Persistent link: https://www.econbiz.de/10010820299

A Model to Analyse Financial Fragility: Applications

Tsomocos, Dimitrios P; Goodhart, Charles A.E. - Department of Economics, Oxford University - 2004

The purpose of our work is to explore contagious financial crises. To this end, we use simplified, thus numerically solvable, versions of our general model [Goodhart, Sunirand and Tsomocos (2003)]. The model incorporates heterogeneous agents, banks and endogenous default, thus allowing various...

Persistent link: https://www.econbiz.de/10011146236

When is Monetary Policy All we Need?

Wren-Lewis, Simon; Eser, Fabian - Department of Economics, Oxford University - 2009

. Secondly, the optimal neutrality of government spending is robust to the issuance of public debt. In the presence of debt …

Persistent link: https://www.econbiz.de/10004999238

Optimal Fiscal Feedback on Debt in an Economy with Nominal Rigidities

Wren-Lewis, Simon; Kirsanova, Tatiana - Department of Economics, Oxford University - 2007

We examine the impact of different degrees of fiscal feedback on debt in an economy with nominal rigidities where …

Persistent link: https://www.econbiz.de/10005090694

Debt Forgiveness: the Case for Hyper-Incentive Contracts.

Douglas Menzies, G. - Department of Economics, Oxford University - 2000

We review two proposals for debt forgiveness; the Highly Indebted Poor Country Initiative (HIPC) and the Jubilee 2000 … Coalition Initiative (J2K). We then consider the workhorse model of debt forgiveness (Krugman 1988). We show that the workhorse …-optimal debt-overhang contract is derived, with an incentive parameter greater than the marginal social benefit of extra effort …

Persistent link: https://www.econbiz.de/10005047754