Showing 1 - 10 of 74
We define continuous-time dynamics for exchange economies with fiat money. Traders have locally rational expectations, face a cash-in-advance constraint, and continuously adjust their short-run dominant strategy in a monetary strategic market game involving a double-auction with limit-price...
Persistent link: https://www.econbiz.de/10010603678
Facing R. Sugden's criticism of our interpretation, it is shown in this paper that rationality appears as a possible … rationality through which Hume's theory is apprehended, is highly disputable, from the point of view of both standard choice … theory and Hume's theory of passions. Nonetheless, Sugden's criterion of rationality might be restated in Humean terms as a …
Persistent link: https://www.econbiz.de/10008789356
decision, like the one developed in Diaye and Lapidus (2005a). Although we support the idea that Hume was in some way a …, from a Humean point of view, “belief” deals with decision under risk or uncertainty, as well with intertemporal decision …
Persistent link: https://www.econbiz.de/10008790780
not seem to have given any evidence which would favour what we nowadays consider as the kind of rationality involved in … process, described by means of a decision algorithm which aims at representing Hume's theory of choice. …
Persistent link: https://www.econbiz.de/10008791484
decision, like the one developed in Diaye and Lapidus (2005a). Although we support the idea that Hume was in some way …, from a Humean point of view, “belief” deals as well with decision under risk or uncertainty, as with intertemporal decision …
Persistent link: https://www.econbiz.de/10008793170
We consider a two period model in which a continuum of agents trade in a context of costly information acquisition and systematic heteroge- neous expectations biases. Because of systematic biases agents are sup- posed not to learn from others' decisions. In a previous work under some- how strong...
Persistent link: https://www.econbiz.de/10010752037
We consider a two-period model in which a continuum of agents trade in a context of costly information acquisition and systematic heterogeneous expectations biases. Because of systematic biases agents are supposed not to learn from others' decisions. In a previous work under somehow strong...
Persistent link: https://www.econbiz.de/10010898572
This paper analyzes the impact of hyperbolic discounting preferences on theagent's information acquisition decision who …
Persistent link: https://www.econbiz.de/10008793771
Our paper contributes by bridging the gap between the (partial equilibrium) microsimulation and the computable general equilibrium (CGE) approaches, by making use of exact aggregation results from the discrete choice literature: heterogeneous individuals choosing within a set of discrete...
Persistent link: https://www.econbiz.de/10009323666
that the decision between distribution and production-oriented FDI is based on the trade-off between fixed and variable …
Persistent link: https://www.econbiz.de/10010750983