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Allocating Risks in a Domestic Greenhouse Gas Trading System

Kerr, Suzi - EconWPA - 2003

strategic incentives for either government or regulated entities. Consideration of both exogenous risk (uncontrollable) and … endogenous risk (concerns about policy credibility) suggests that permits should be auctioned several years in advance of use … all risk to be pooled and managed as efficiently as possible within the private sector. For endogenous risk, it creates a …

Persistent link: https://www.econbiz.de/10005407778

New types of non-trade related participation in commodity futures markets

Rutten, Lamon - EconWPA - 2003

This paper explores the growing involvement of new types of non- commodity-sector-related players in commodity futures markets. This includes a discussion on the role of managed funds, the impact of the use of commodity warrants, and the direct involvement of banks. The impact of this new form...

Persistent link: https://www.econbiz.de/10005077040

The Bad Government: A Source of Uncertainty and Business Fluctuations

Harashima, Taiji - EconWPA - 2004

Uncertainty represented by volatilities in equity markets has been observed to be time-variable and lead output fluctuations. In the rational expectation framework, uncertainty with this nature needs exogenous variables with time-varying volatilities, but technology, tastes and fiscal and...

Persistent link: https://www.econbiz.de/10005077043

Insisting on a Non-Negative Price: Oligopoly, Uncertainty, Welfare, and Multiple Equilibria

Lagerlof, Johan - EconWPA - 2003

I study Cournot competition under incomplete information about demand while assuming that market price must be non-negative for all demand realizations. Although this assumption is very natural, it has only rarely been made in the earlier literature. Yet it has important economic consequences:...

Persistent link: https://www.econbiz.de/10005125040

When Curiosity Kills the Profits: an Experimental Examination

Jamison, Julian; Karlan, Dean S. - EconWPA - 2005

Economic theory predicts that in a first-price auction with equal and observable valuations, bidders earn zero profits. Theory also predicts that if valuations are not common knowledge, then since it is weakly dominated to bid your valuation, bidders will bid less and earn positive profits....

Persistent link: https://www.econbiz.de/10005125581

Existence of a Coalitionally Strategyproof Social Choice Function: A Constructive Proof

Mihara, H. Reiju - EconWPA - 1996

This paper gives a concrete example of a nondictatorial, coalitionally strategyproof social choice function for countably infinite societies. The function is defined for those profiles such that for each alternative, the coalition that prefers it the most is gdescribable.h The gdescribableh...

Persistent link: https://www.econbiz.de/10005125912

Prediction Ability and Investment under Uncertainty

Takii, Katsuya - EconWPA - 2004

This paper provides a theoretical framework for analyzing one of the most important intangible assets in a firm: the ability to predict profitable investment opportunities. This paper shows theoretically how to measure the accuracy of information used to predict opportunities, and estimates the...

Persistent link: https://www.econbiz.de/10005134476

Meta-Communication and Market Dynamics. Reflexive Interactions of Financial Markets and the Mass Media

Schuster, Thomas - EconWPA - 2003

A widely held belief in financial economics suggests that stock prices always adequately reflect all available information. Price movements away from fundamentals are assumed to occur only infrequently, if at all. „False“ prices are supposed to be corrected by the counter-actions of...

Persistent link: https://www.econbiz.de/10005134753

Optimization of Risk Exposure

Gretchikha, Alexei - EconWPA - 2002

Risk exposure can be efficiently optimized in practical situations, using a new apporach to identification of investor …'s risk aversion. …

Persistent link: https://www.econbiz.de/10005134885

Categorical Cognition: A Psychological Model of Categories and Identification in Decision Making

Fryer, Roland G.; Jackson, Matthew O. - EconWPA - 2002

This paper introduces a psychological notion of categorization into economics and derives its implications for economic decision making. We show, using a tractable model of social cognition, that a decision maker in (efficiently) assigning past experiences to categories, will sort experiences of...

Persistent link: https://www.econbiz.de/10005135029

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