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In this paper, a continuous-time price-quantity trading process is defined for exchange economies with differentiable characteristics. The dynamics is based on boundedly rational agents exchanging limit-price orders to a central clearing house, which rations infinitesimal trades according to...
Persistent link: https://www.econbiz.de/10010750540
good consumption) out of myopia, and regret their choices later on, whereas other agents make, because of their impatience …
Persistent link: https://www.econbiz.de/10010738935
shown to depend on the combined effects of myopia, self-selection and free-riding on the annuity returns. Our policy …
Persistent link: https://www.econbiz.de/10010738996
-specific redistributive lump sum transfers and Pigouvian taxes correcting for agents' myopia (leading to undersaving and underinvestment in …
Persistent link: https://www.econbiz.de/10010739121
economics with respect to the elicitation of intertemporal preferences. More precisely our discussion will stem from the …
Persistent link: https://www.econbiz.de/10010571511
In a dynamic (sequential) framework, departures from the independence axiom (IND) are reputed to induce violations of dynamic consistency (DC), which may in turn have undesirable normative consequences. This result thus questions the normative acceptability of non expected-utility (non-EU)...
Persistent link: https://www.econbiz.de/10010583797
policy induces a globally unique trade path, both for real and nominal variables.Thus, monetary policy and myopia suffice to …
Persistent link: https://www.econbiz.de/10010635014
addressing here is: should uncertainty about future preferences lead to a more conservative attitude towards environment …? Previous literature shows that it is the case when society expects that on average future preferences will be more in favor of … quality in the utility function. We show that things are less simple when preferences are non-separable: the attitude of the …
Persistent link: https://www.econbiz.de/10010750447
The main advances regarding the use of the Choquet and Sugeno integrals in multi-criteria decision aid over the last decade are reviewed. They concern mainly a bipolar extension of both the Choquet integral and the Sugeno integral, interesting particular submodels, new learning techniques, a...
Persistent link: https://www.econbiz.de/10010750818
preferences. Hence, the Robinson case naturally satisfies this property since nor Robinson neither Friday can disagree with …
Persistent link: https://www.econbiz.de/10010738884