economic theory suggests to solve the decision problem. But since real decision makers can hardly be expected to behave … according to the theoretical solution in the problem at hand, I describe several heuristics or rules of thumb and investigate …

these changes. Households therefore often rely on simple heuristics when deciding what to consume, e.g. in the form of a … commodities as food items. Using utility functions we can measure the welfare loss, caused by such heuristics, and to what extent …

. -- Monte Carlo simulation ; Structural equation modelling ; Unobserved heterogeneity ; Model-based clustering ; Finite mixtures …

performance of the underlying credits. In this paper we discuss the simulation of correlated unpredictable default arrival times … can be estimated from readily available equity and single-name credit derivatives market data. -- simulation ; correlated …

selection criteria. The small sample performance of the methods is compared in a simulation study. It is found that the …