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Bubbles and Trading Frenzies : Evidence from the Art Market
Renneboog, Luc; Penasse, J.N.G. - Tilburg University, Center for Economic Research - 2014
The art market is subject to frequent booms and busts in both prices and volume,<br/>which are difficult to reconcile with models where agents are rational and<br/>hold homogenous beliefs. This paper shows that (i) volume is mainly driven by<br/>speculative transactions; (ii) positive price-volume correlation...
Persistent link: https://www.econbiz.de/10011144431
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Non-cooperative games
van Damme, Eric - Tilburg University, Center for Economic Research - 2014
We describe non-cooperative game models and discuss game theoretic solution<br/>concepts. Some applications are also noted. Conventional theory focuses on the<br/>question ‘how will rational players play?’, and has the Nash equilibrium at its core.<br/>We discuss this concept and its interpretations, as...
Persistent link: https://www.econbiz.de/10011144456
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Actual versus Perceived Central Bank Transparency : The Case of the European Central Bank
Eijffinger, Sylvester; van der Cruijsen, C.A.B. - Tilburg University, Center for Economic Research - 2007
Central banks have become more and more transparent about their monetary policy making process. In the central bank transparency lit- erature the distinction between actual and perceived central bank trans- parency is often lacking. However, as perceptions are crucial for the ac- tions of...
Persistent link: https://www.econbiz.de/10011090597
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The Miracle of Compound Interest : Does our Intuition Fail?
Binswanger, Johannes; Carman, K.G. - Tilburg University, Center for Economic Research - 2010
domain of retirement savings, we use a randomized experiment to explore people’s intuition about how money accumulates over …
Persistent link: https://www.econbiz.de/10011091269
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Towards Understanding Life Cycle Savings of Boundedly Rational Agents : A Model with Feasibility Goals (Revision of DP 2008-14)
Binswanger, Johannes - Tilburg University, Center for Economic Research - 2010
This paper develops a new life cycle model that aims to describe the savings and asset allocation choices of boundedly rational agents. In this model, agents make forward-looking decisions without the requirement of anticipating their actual future decisions. Instead, agents pursue two simple...
Persistent link: https://www.econbiz.de/10011091641
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Towards Understanding Life Cycle Saving Of Boundedly Rational Agents : A Model With Feasibility Goals - Replaced by CentER Discussion Paper 2010-138
Binswanger, Johannes - Tilburg University, Center for Economic Research - 2008
This paper develops a new life cycle model that aims to describe the savings and asset allocation decisions of boundedly rational agents. The paper’s main theoretical contribution is the provision of a simple, tractable and parsimonious framework within which agents make forward looking...
Persistent link: https://www.econbiz.de/10011092155
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A Simple Bounded-Rationality Life Cycle Model
Binswanger, Johannes - Tilburg University, Center for Economic Research - 2008
Life cycle saving decisions belong to the most complex financial decisions that we are faced with in our life. Psychologists have found that when making complex decisions people use short-cuts in the form of minimum requirements for particular attribute categories of choice options. This paper...
Persistent link: https://www.econbiz.de/10011092485
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Decision Making in the Pension Fund Board Room : An Experiment with Dutch Pension Fund Trustees
van Dalen, H.P.; Henkens, K.; Koedijk, C.G.; Slager, A.M.H. - Tilburg University, Center for Economic Research - 2010
experiment among Dutch pension fund trustees. We find that trustees display choices that accord with the phenomenon of loss …
Persistent link: https://www.econbiz.de/10011092529
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The Economics of Books
canoy, marcel; van Ours, Jan; van der Ploeg, F. - Tilburg University, Center for Economic Research - 2005
The tensions between books and book markets as expressions of culture and books as products in profit-making businesses are analysed and insights from the theory of industrial organisation are given.Governments intervene in the market for books through laws concerning prices of books, grants for...
Persistent link: https://www.econbiz.de/10011091601
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Auctions with Options to Re-auction
Grant, S.; Kajii, A.; Menezes, F.; Ryan, M. - Tilburg University, Center for Economic Research - 2002
) ascending-price auction.The seller has a single object that she values at zero.At the end of any auction round, she may either … sell to the highest bidder or pass-in the object and hold a new auction next period.New bidders are drawn randomly in each … round.The ability to re-auction motivates a notion of reserve price as the option value of retaining the object for re …
Persistent link: https://www.econbiz.de/10011092030