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Rationally Inattentive Behavior : Characterizing and Generalizing Shannon Entropy
Caplin, Andrew - 2017
We provide a full behavioral characterization of the standard Shannon model of rational inattention. The key axiom is "Invariance under Compression", which identifies this model as capturing an ideal form of attention-constrained choice. We introduce tractable generalizations that allow for many...
Persistent link: https://www.econbiz.de/10012455030
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Behavioral Implications of Rational Inattention with Shannon Entropy
Caplin, Andrew - 2013
entropy cost functions that better match this feature of the data and that retain key simplifying features of the Shannon …
Persistent link: https://www.econbiz.de/10012459344
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Sources of Entropy in Representative Agent Models
Backus, David - 2011
preferences, habits, and jumps. The metrics describe the pricing kernel's dispersion (the entropy of the title) and dynamics (time … dependence, a measure of how entropy varies over different time horizons). We show how each model generates entropy and time … approximations -- clarifies the mechanisms underlying these models. It also reveals, in some cases, tension between entropy, which …
Persistent link: https://www.econbiz.de/10012461438
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Airplanes and Comparative Advantage
Harrigan, James - 2005
Airplanes are a fast but expensive means of shipping goods, a fact which has implications for comparative advantage. The paper develops a Ricardian model with a continuum of goods which vary by weight and hence transport cost. Comparative advantage depends on relative air and surface transport...
Persistent link: https://www.econbiz.de/10012466988
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Evidence of Decreasing Internet Entropy : The Lack of Redundancy in DNS Resolution by Major Websites and Services
Bates, Samantha - 2018
This paper analyzes the extent to which the Internet's global domain name resolution (DNS) system has preserved its distributed resilience given the rise of cloud-based hosting and infrastructure. We explore trends in the concentration of the DNS space since at least 2011. In addition, we...
Persistent link: https://www.econbiz.de/10012453397
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Term Structures of Asset Prices and Returns
Backus, David - 2016
We explore the term structures of claims to a variety of cash flows, namely, U.S. government bonds (claims to dollars), foreign government bonds (claims to foreign currency), inflation-adjusted bonds (claims to the price index), and equity (claims to future equity indexes or dividends). The...
Persistent link: https://www.econbiz.de/10012456513
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Measuring Productivity : Lessons from Tailored Surveys and Productivity Benchmarking
Atkin, David - 2019
We use tailored surveys and benchmarking in the flat-weave rug industry to better understand the shortcomings of …
Persistent link: https://www.econbiz.de/10012479427
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Benchmarking Global Optimizers
Arnoud, Antoine - 2019
give a detailed comparison of algorithms, we use a set of benchmarking tools recently developed in the applied mathematics …
Persistent link: https://www.econbiz.de/10012480284
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Benchmark Interest Rates When the Government is Risky
Augustin, Patrick - 2019
Since the Global Financial Crisis, rates on interest rate swaps have fallen below maturity matched U.S. Treasury rates across different maturities. Swap rates represent future uncollateralized borrowing between banks. Treasuries should be expensive and produce yields that are lower than those of...
Persistent link: https://www.econbiz.de/10012480372
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Benchmark Regulation of Multiproduct Firms : An Application to the Rail Industry
Wilson, Wesley W. - 2018
A number of formerly regulated multiproduct industries have a transitional or permanent residual regulatory mandate to protect consumers from "excessive" prices. The legislation that deregulated most rail rates contains a statutory mandate for the regulator to protect shippers from "excessive"...
Persistent link: https://www.econbiz.de/10012480919