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From full to bounded rationality : the limits of unlimited rationality
Güth, Werner; Kliemt, Hartmut - 2001
of boundedly rational individuals. In view of such a causal role of theories we discuss how advice of a theory of …
Persistent link: https://www.econbiz.de/10009612562
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The great demand depression
Weder, Mark - 2001
This paper entertains the notion that disturbances on the demand side play a central role in our understanding of the Great Depression. In fact, from Euler equation residuals we are able to identify a series of unusually large negative demand shocks that appeared to have hit the U. S. economy...
Persistent link: https://www.econbiz.de/10009614288
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A note on the E-mail game : bounded rationality and induction
Dulleck, Uwe - 1997
In Rubinstein's (1989) E-mail game there exists no Nash equilibrium where players use strategies that condition on the E-mail communication. In this paper I restrict the utilizable information for one player. I show that in contrast to Rubinstein's result, in a payoff dominant Nash equilibrium...
Persistent link: https://www.econbiz.de/10009657893
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How ultimatum offers emerge : a study in bounded rationality
Güth, Werner - 2000
The general framework of decision emergence (Güth, 2000a) is applied to the specific decision task of a proposer in ultimatum bargaining, i.e. to choosing how much the responder should be offered. For this purpose the "Master Module" as well as its submodules "New Problem Solver", "Adaptation...
Persistent link: https://www.econbiz.de/10009583892
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Robust learning experiments : evidence for learning and deliberation
Güth, Werner - 2000
Robust learning experiments confront participants with structurally different decision environments which they encounter, furthermore, repeatedly. Since the decision format does not depend on the rules (of game), forward looking deliberation (the shadow of the future) can be detected by...
Persistent link: https://www.econbiz.de/10009612041
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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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Complementarity of labor market institutions, equilibrium unemployment and the propagation of business cycles
Burda, Michael C.; Weder, Mark - 2001
This paper evaluates complementarities of labor market institutions and the business cycle in the context of a stochastic dynamic general equilibrium model economy. Matching between workers and vacancies with endogenous time spent in search, Nash{bargained wages, payroll taxation, and...
Persistent link: https://www.econbiz.de/10009614292
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Complementarity of labor market institutions, equilibrium unemployment and the persistence of business cycles
Burda, Michael C.; Weder, Mark - 1999
This paper evaluates complementarities of labor market institutions and the business cycle in the context of a stochastic dynamic general equililbriurn model econorny. Matching between workers and vacancies with endogenous search intensity, Nash-bargained wages, payroll taxation, and...
Persistent link: https://www.econbiz.de/10009580466
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Quantile-VaR is the wrong measure to quantify market risk for regulatory purposes
Jaschke, Stefan R. - 2001
Starting from the objective of banking supervision - to minimize the overall costs of banking to the general public - we show that the current standard of quantifying market risk is flawed. It is perfectly aligned with the interests of banks' shareholders and management, but not with the...
Persistent link: https://www.econbiz.de/10009614286
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The Cornish-Fisher-Expansion in the context of Delta - Gamma - Normal approximations
Jaschke, Stefan R. - 2001
Qualitative and quantitative properties of the Cornish-Fisher-Expansion in the context of Delta-Gamma-Normal approaches to the computation of Value at Risk are presented. Some qualitative deficiencies of the Cornish-Fisher-Expansion - the monotonicity of the distribution function as well as...
Persistent link: https://www.econbiz.de/10009614287