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A Model of Primary and Secondary Waves in Investment Cycles
Fioretti, Guido - EconWPA - 2002
. Uniting Schumpeter's concern for innovation with Keynes' concern for uncertainty and expectations formation, this article … focuses on the behaviour of entrepreneurs confronting uncertainty caused by innovation. Entrepreneurs' behaviour is … opened up by a successful innovation generates a state of optimism in the minds of single entrepreneurs, which eventually …
Persistent link: https://www.econbiz.de/10005077089
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Innovation and Market Value
Hall, Bronwyn H. - EconWPA - 1999
This paper surveys recent findings about how the financial markets value the knowledge assets of publicly traded firms. The motivation for using market value equation to price knowledge assets is discusssed and the theory behind this equation is briefly presented. Then the empirical literature...
Persistent link: https://www.econbiz.de/10005413048
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Recognizing Investment Opportunities at the Onset of Recoveries
Fioretti, Guido - EconWPA - 2002
Investment decision-making is modeled by means of a Kohonen neural net, where neurons represent firms. This is done in …
Persistent link: https://www.econbiz.de/10005076670
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The Investment Acceleration Principle Revisited by Means of a Neural Net
Fioretti, Guido - EconWPA - 2002
The investment acceleration principle is a heuristic for modeling investment time series out of consumption time series … to disentangle innovation-driven investments from plant- replication investments. …
Persistent link: https://www.econbiz.de/10005413002
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The Pro-cyclical R&D Puzzle: Technology Shocks and Pro-cyclical R&D Expenditure
Harashima, Taiji - EconWPA - 2005
Empirically R&D expenditure moves pro-cyclically, but the pro- cyclicality is a puzzle from the Schumpeterian point of view. The paper examines the cyclical property of R&D expenditure in the context of endogenous growth, and concludes that (i) substitutability between investing in physical...
Persistent link: https://www.econbiz.de/10005126375
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Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation—with Reference to the Asian Financial Crisis
Chan-Lau, Jorge A.; Chen, Zhaohui - EconWPA - 1998
This paper develops a new model of international private debt financing. It shows the possibility of discontinuity in the amount of financial intermediation when the intermediary is inefficient. The model suggests a mechanism that can generate the following sequence of events: A period of...
Persistent link: https://www.econbiz.de/10005119443
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Enrolment into Higher Education and Changes in Repayment Obligations of Student Aid – Microeconometric Evidence for Germany.
Baumgartner, Hans J.; Steiner, Viktor - EconWPA - 2004
We evaluate the effect of the federal students’ financial assistance scheme (BAfoeG) on enrolment rates into higher education by exploiting the exogenous variation introduced through a discrete shift in the repayment regulations. Supported students had to repay the full loan until 1990....
Persistent link: https://www.econbiz.de/10005134616
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Education Policies to Revive a Stagnant Economy: The Case of Sub- Saharan Africa
Caucutt, Elizabeth M.; Kumar, Krishna B. - EconWPA - 2003
In this paper, we argue that the condition of education and the economy of the low performing sub-Saharan African countries can be characterized as a stagnant steady state -- a "trap". We present a simple heterogeneous-agent model in which high costs of education relative to income and the skill...
Persistent link: https://www.econbiz.de/10005407694
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Motives for investment in human capital of children: evidence from Indonesian Family Life Survey Data
Raut, Lakshmi K.; Tran, Lien H. - EconWPA - 1998
Two alternative models of parental investments in children's human capital are considered and tested empirically using the Indonesian Family Life Survey (IFLS). The pure loan model and the reciprocity with two-sided altruism model yield different predictions about the effect of children's...
Persistent link: https://www.econbiz.de/10005408378
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Product Differentiation and Public Education
Hoyt, William H.; Jensen, Richard A. - EconWPA - 1997
Beginning with Tiebout (1956), numerous studies have argued that we should expect to see differences in public services among localities as a result of people "voting with their feet". Here, we consider differentiation in public services as a way of reducing competition among localities...
Persistent link: https://www.econbiz.de/10005412473