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Environmental prices, uncertainty and learning

Dietz, Simon; Fankhauser, Samuel - London School of Economics (LSE) - 2009

There is an increasing demand for putting a shadow price on the environment to guide public policy and incentivise private behaviour. In practice, setting that price can be extremely difficult as uncertainties abound. There is often uncertainty not just about individual parameters but about the...

Persistent link: https://www.econbiz.de/10010884522

Technology, information and the decentralization of the firm

Acemoglu, Daron; Aghion, Philippe; Lelarge, Claire; Van … - London School of Economics (LSE) - 2006

This paper develops a framework to analyze the relationship between the diffusion of new technologies and the decentralization decisions of firms. Centralized control relies on the information of the principal, which we equate with publicly available information. Decentralized control, on the...

Persistent link: https://www.econbiz.de/10010884642

Risk Starvation Contributes to Dementias and Depressions: Whiffs of Danger Are the Antidote

Pope, Robin - University of Bonn, Germany - 2009

This paper’s objective is to use SKAT, the author’s Stages of Knowledge Ahead Theory of risk, to shed fresh light on the treatment and prevention of mental disorders. SKAT employs a broad definition of risk that allows for nice – not merely nasty – possibilities. SKAT is here shown to...

Persistent link: https://www.econbiz.de/10004964145

Risk starvation contributes to dementias and depressions: Whiffs of danger are the antidote

Pope, Robin - University of Bonn, Germany - 2009

Persistent link: https://www.econbiz.de/10008520979

Asynchrony and Learning in Serial and Average Cost Pricing Mechanisms: An Experimental Study

Chen, Yan - University of Bonn, Germany - 1992

payoff-based learning models are simulated in order to understand individual learning behavior in distributed systems. Under … the serial mechanism the payoff-assessment learning model (Sarin and Vahid (1997)) provides the best fit to the data …, followed by the experience-weighted attraction learning model (Camerer and Ho (1999)), which in turn, is followed by a simple …

Persistent link: https://www.econbiz.de/10005001438

Loss of Commitment? An Evolutionary Analysis of Bagwell's Example

Schlag, Karl H.; J; Oechsler, oumlrg - University of Bonn, Germany - 1997

of evolutionary and learning processes in this game. Only the continuous best response dynamic uniquely selects the …

Persistent link: https://www.econbiz.de/10005032173

The lifecycle of the financial sector and other speculative industries

Biais, Bruno; Rochet, Jean-Charles; Woolley, Paul - London School of Economics (LSE) - 2009

Speculative industries exploit novel technologies subject to two risks. First, there is uncertainty about the fundamental value of the innovation: is it strong or fragile? Second, it is difficult to monitor managers, which creates moral hazard. Because of moral hazard, managers earn agency rents...

Persistent link: https://www.econbiz.de/10010744809

Productivity, exporting and the learning-by-exporting hypothesis: direct evidence from UK firms

Crespi, Gustavo; Criscuolo, Chiara; Haskel, Jonathan - London School of Economics (LSE) - 2006

innovation is that we also have direct data on the sources of learning (in this case about new technologies). Controlling for … they learnt from buyers (relative to learning from other sources). Second, firms who had learned from buyers (more than … for the learning-by-exporting hypothesis. …

Persistent link: https://www.econbiz.de/10010744844

Nursery cities: urban diversity, process innovation and the life-cycle of products

Duranton, Gilles; Puga, Diego - London School of Economics (LSE) - 2000

A simple model of process innovation is proposed, where firms learn about their ideal production process by making prototypes. We build around this a dynamic general equilibrium model, and derive conditions under which diversified and specialised cities coexist. New products are developed in...

Persistent link: https://www.econbiz.de/10010745492

Uncertainty and leveraged Lucas Trees: the cross section of equilibrium volatility risk premia

Vedolin, Andrea - London School of Economics (LSE) - 2012

Volatility risk premia compensate agents for holding assets whose payoffs correlate with times of high return variation. This paper takes a structural approach to explain the cross-section of volatility risk premia of stocks using a Lucas orchard with heterogeneous beliefs, stochastic...

Persistent link: https://www.econbiz.de/10010745732