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A Theory of Power Structure and Institutional Compatibility : China vs. Europe Revisited
Jia, Ruixue; Roland, Gérard; Xie, Yang - National Bureau of Economic Research - 2021
differences in the power structure of society: (1) the Ruler enjoyed weaker absolute power in Europe; (2) the People were more on … par with the Elites in China in terms of power and rights. Based on these narratives, we build a game-theoretical model … and analyze how the power structure can shape the stability of an autocratic rule. If we read greater absolute power of …
Persistent link: https://www.econbiz.de/10012482621
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Coalition Formation in Political Games
Acemoglu, Daron - 2006
political power. The ruling coalition consists of a subset of the individuals in the society and decides the distribution of …-transferable utility cooperative game. In all cases, the nature of the ruling coalition is determined by the power constraint, which …
Persistent link: https://www.econbiz.de/10012465911
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Emergence and Persistence of Inefficient States
Acemoglu, Daron - 2006
society consists of rich and poor individuals. The rich are initially in power, but expect to transition to democracy, which … rents for bureaucrats than would an efficient state structure. When the poor come to power in democracy, they will reform …
Persistent link: https://www.econbiz.de/10012465912
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The Emergence of Weak, Despotic and Inclusive States
Acemoglu, Daron - 2017
) and civil society (representing non-elite citizens), where both players can invest to increase their power. The model …
Persistent link: https://www.econbiz.de/10012455025
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Nominal Income Targeting in an Open-Economy Optimizing Model
McCallum, Bennett T. - 2000
This paper presents stochastic simulation results pertaining to the performance of nominal income targeting, here represented as a monetary policy rule that sets quarterly values of an interest rate instrument in response to deviations on existing studies of nominal income growth from a...
Persistent link: https://www.econbiz.de/10012471031
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Preserving the Ocean Circulation : Implications for Climate Policy
Keller, Klaus - 2000
Climate modelers have recognized the possibility of abrupt climate changes caused by a reorganization of the North Atlantic's current pattern (technically known as a thermohaline circulation collapse). This circulation system now warms north-western Europe and transports carbon dioxide to the...
Persistent link: https://www.econbiz.de/10012471300
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Retrospective Search : Exploration and Ambition on Uncharted Terrain
Urgun, Can; Yariv, Leeat - National Bureau of Economic Research - 2021
We study a model of retrospective search in which an agent--a researcher, an online shopper, or a politician--tracks the value of a product. Discoveries beget discoveries and their observations are correlated over time, which we model using a Brownian motion. The agent, a standard exponential...
Persistent link: https://www.econbiz.de/10012616575
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Exploiting Symmetry in High-Dimensional Dynamic Programming
Kahou, Mahdi Ebrahimi; Fernández-Villaverde, Jesús; … - National Bureau of Economic Research - 2021
We propose a new method for solving high-dimensional dynamic programming problems and recursive competitive equilibria with a large (but finite) number of heterogeneous agents using deep learning. The "curse of dimensionality" is avoided due to four complementary techniques: (1) exploiting...
Persistent link: https://www.econbiz.de/10012599271
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Optimal Dynamic R&D Programs
Grossman, Gene M. - 1985
We study the optimal pattern of outlays for a single firm pursuing an R&D program over time. In the deterministic case, (a) the amount of progress required to complete the project is known, and (b) the relationship between outlays and progress is known. In this case, it is optimal to increase...
Persistent link: https://www.econbiz.de/10012477422
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Tapping the Supercomputer Under Your Desk : Solving Dynamic Equilibrium Models with Graphics Processors
Aldrich, Eric M. - 2010
) of NVIDIA GPUs. We illustrate the power of the approach by solving a simple real business cycle model with value function …
Persistent link: https://www.econbiz.de/10012462743