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Experimental "beauty contests" with homogeneous and heterogeneous players and with interior and boundary equilibria
Güth, Werner; Kocher, Martin; Sutter, Matthias - 2001
We study behavior in experimental beauty contests with, first, boundary and interior equilibria, and, second, homogeneous and heterogenous types of players. We find quicker and better convergence to the game-theoretic equilibrium with interior equilibria and homogeneous players. -- beauty...
Persistent link: https://www.econbiz.de/10009614296
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A class of Health-Jarrow-Morton models in which the unbiased expectations hypothesis holds
Riedel, Frank - 1997
The unbiased expectations hypothesis states that forward rates are unbiased estimates for future short rates. Cox, Ingersoll and Ross [1] conjectured that this hypothesis should be inconsistent with the absence of arbitrage possibilities. Using the framework of Heath, Jarrow and Morton [4] we...
Persistent link: https://www.econbiz.de/10009632605
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Inflation expectations in the EU : results from survey data
Nielsen, Hannah (contributor) - 2003 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001919145
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Did the Fed surprise the markets in 2001? : a case study for VARs with sign restrictions
Uhlig, Harald - 2001
In 2001, the Fed has lowered interest rates in a series of cuts, starting from 6.5 % at the end of 2000 to 2.0 % by early November. This paper asks, whether the Federal Reserve Bank has been surprising the markets, taking as given the conventional view about the effect of monetary policy shocks....
Persistent link: https://www.econbiz.de/10009618362
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The influence of inventory effects and reference points on the rate of consumption
Bell, David R.; Boztuğ, Yasemin - 2001 - Rev.
The authors develop and test a model to study the influence of inventory-on-hand and price-based reference points on the consumption rate of consumers. The model is motivated by recent theoretical and empirical research which suggests inventory pressure can cause consumers to increase...
Persistent link: https://www.econbiz.de/10009615422
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Arrow-Debreu equilibria with asymptotically heterogeneous expectations exist
Riedel, Frank - 2001
In infinite horizon economies only local equivalence of beliefs is needed to ensure the existence of an Arrow-Debreu equilibrium. In fact, agents can even disagree completely in the long run in the sense that asymptotically, their beliefs are singular. -- Heterogeneous expectations ;...
Persistent link: https://www.econbiz.de/10009613607
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Framing effects on asset markets : an experimental analysis
Kirchler, Erich; Maciejovsky, Boris; Weber, Martin - 2001
In this paper we investigate four hypotheses which are inconsistent with expected utility theory, but may well be … explained by prospect theory. It deals with framing, the non-linearity of subjective probabilities, the disposition effect, and …) found little correspondence between different experimental risk elicitation methods. -- Prospect Theory ; Framing …
Persistent link: https://www.econbiz.de/10009613618
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European labor markets and the Euro : how much flexibility do we really need?
Burda, Michael C. - 1999
increasing covariation of price inflation and declining correlation of wage inflation and real wage growth within EMU countries …
Persistent link: https://www.econbiz.de/10009580474
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Stabilization policy and business cycle phases in Europe : a Markov Switching VAR analysis
Beine, Michel; Candelon, Bertrand; Sekkat, Khalid - 1999
Most of the empirical studies dealing with international business cycles have disregarded the credibility issues that play an important role in the decision to join or not a monetary union. Most of empirical applications based on asymmetric shocks have failed to account for these aspects. In...
Persistent link: https://www.econbiz.de/10009582416
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Quantile hedging
Föllmer, Hans; Leukert, Peter - 1998
In a complete financial market every contingent claim can be hedged perfectly. In an incomplete market it is possible to stay on the safe side by superhedging. But such strategies may require a large amount of initial capital. Here we study the question what an investor can do who is unwilling...
Persistent link: https://www.econbiz.de/10009574876