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Kuzmics, Christoph - Econometric Society - 2004

This paper analyzes a stochastic model of evolution in normal form games. The long-run behavior of individuals in this model is investigated in the limit where mutation rates tend to zero, while the expected number of mutations, and hence population sizes, tend to infinity. It is shown that...

Persistent link: https://www.econbiz.de/10005129796

Impact of higher-order uncertainty

Yildiz, Muhamet; Weinsten, Jonathan - Econometric Society - 2004

condition, called "global stability under uncertainty," implies a variety of results to the effect that the impact of higher …-order uncertainty is small. Our central result states that, under global stability, the maximum change in equilibrium strategies due to …

Persistent link: https://www.econbiz.de/10005129808

A Location Model with Preference for Variety

Serfes, Konstantinos; Kim, Hyunho - Econometric Society - 2004

We propose a new location model where consumers are allowed to make multiple purchases (i.e., one unit from each firm). This model fits many markets (e.g. newspapers, credit cards, scholarly journals, subscriptions to TV channels, etc.) better than existing models. A common feature of these...

Persistent link: https://www.econbiz.de/10005130192

A Dynamic Factor Approach to Nonlinear Stability Analysis

Shintani, Mototsugu - Econometric Society - 2004

generate endogenous fluctuation or chaos …

Persistent link: https://www.econbiz.de/10005130249

How Can We Define the Long Memory Concept? An Econometric Survey

Guegan, Dominique - Econometric Society - 2004

The possibility of confusing long memory behavior with structural changes need to specify what kind of long memory behavior is concerned in literature and applications. One attraction of long memory models is that they imply different long run predictions and effects of shocks to conventional...

Persistent link: https://www.econbiz.de/10005063626

Endogenous Fluctuations in Open Economies: the Perils of Taylor Rules Revisited

Airaudo, Marco; Zanna, Luis-Felipe - Econometric Society - 2004

, cycles and chaos. More importantly we find that there is an interesting interaction between the relative risk aversion coeï … into cycles and chaos, the higher the degree of openness of the economy is. Although the perils of Taylor rules are evident … stability properties. This can be achieved by targeting a high enough inflation level and by being â€œnot too aggressiveâ€ with …

Persistent link: https://www.econbiz.de/10005699586

Global Identification from the equilibrium Manifold under Incomplete markets

Carvajal, Andres; Riascos, Alvaro - Econometric Society - 2004

We show that even under incomplete markets, the equilibrium manifold identifies individual demands everywhere in their domains. For this, we assume conditions of smoothness, interiority and regularity, but avoid implausible observational requirements. It is crucial that there be date-zero...

Persistent link: https://www.econbiz.de/10005129781

Investment in Human Capital in a Macrodynamic Framework: Redistributive Taxation, Public Debt and Welfare

Nascimento, Leandro Gonçalves do - Econometric Society - 2004

Efficient investment in human capital is a subject of great concern among economists. By means of an overlapping-generations macrodynamic model with credit constraints, imperfect insurance and exogenous labor supply, we appraise inefficiencies related to misinvestment in human capital and...

Persistent link: https://www.econbiz.de/10005130204

Internalisation of Transport Noise Externalities: Activity Disturbance Pricing and Implementation

Gross, Ernestine M. A. - Econometric Society - 2004

A transport noise-pricing model is developed, which distinguishes between transport sound externalities, real resource costs of transport noise externalities and monetary valuations of such costs. It differs from existing approaches (hedonic pricing and contingent valuation), which aim at...

Persistent link: https://www.econbiz.de/10005342141

Pareto Improving Taxation in Incomplete Markets

Turner, Sergio - Econometric Society - 2004

When asset markets are incomplete there are almost always many Pareto improving policy interventions. Remarkably, these interventions do not involve adding any new markets. Focusing on tax policy, I create a framework for proving the existence of Pareto improving taxes, for computing them, and...

Persistent link: https://www.econbiz.de/10005063553