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A Simple Model of Self-Assessments
Martinez, Silvia Dominguez; Swank, Otto H. - Tinbergen Institute - 2006
We develop a simple model that describes individuals’ self-assessments of
Persistent link: https://www.econbiz.de/10005036249
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Insurance and Information: Firms as a Commitment Device
Bovenberg, A.L.; Teulings, C.N. - Tinbergen Institute - 2001
contracts to crowd out implicit insurance, even though the latter yields higher welfare. Integrating the principal-agent and …
Persistent link: https://www.econbiz.de/10005144574
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Dynamic Insurance and Adverse Selection
Janssen, Maarten C.W.; Karamychev, Vladimir A. - Tinbergen Institute - 2001
We take a dynamic perspective on insurance markets under adverse selection and study a generalized Rothschild and … accident occurs. We investigate the nature of dynamic insurance contracts by considering both conditional and unconditional … dynamic contracts. An unconditional dynamic contract has insurance companies offering contracts where the terms of the …
Persistent link: https://www.econbiz.de/10005136996
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Better Safe than Sorry? Ex Ante and Ex Post Moral Hazard in Dynamic Insurance Data
Abbring, Jaap; Chiappori, Pierre-André; Zavadil, Tibor - Tinbergen Institute - 2008
This paper empirically analyzes moral hazard in car insurance using a dynamic theory of an insuree's dynamic risk (ex …
Persistent link: https://www.econbiz.de/10005137061
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The Welfare Effects of Discrimination in Insurance
Noll, Rob van der - Tinbergen Institute - 2006
We study an insurance model characterized by a continuum of risk types, private information and a competitive supply …
Persistent link: https://www.econbiz.de/10005137362
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Complex Evolutionary Systems in Behavioral Finance
Hommes, Cars; Wagener, Florian - Tinbergen Institute - 2008
Traditional finance is built on the rationality paradigm. This chapter discusses simple models from an alternative approach in which financial markets are viewed as complex evolutionary systems. Agents are boundedly rational and base their investment decisions upon market forecasting heuristics....
Persistent link: https://www.econbiz.de/10005795577
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Coordination of Expectations in Asset Pricing Experiments
Hommes, Cars; Sonnemans, Joep; Tuinstra, Jan; Velden, … - Tinbergen Institute - 2003
We investigate expectation formation in a controlled experimental en- vironment. Subjects are asked to predict the price in a standard asset pricing model. They do not have knowledge of the underlying market equilibrium equa- tions, but they know all past realized prices and their own...
Persistent link: https://www.econbiz.de/10005137028
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Risk Aversion under Preference Uncertainty
Kraeussl, Roman; Lucas, Andre; Siegmann, Arjen - Tinbergen Institute - 2010
We show that if an agent is uncertain about the precise form of his utility function, his actual relative risk aversion may depend on wealth even if he knows his utility function lies in the class of constant relative risk aversion (CRRA) utility functions. We illustrate the consequences of this...
Persistent link: https://www.econbiz.de/10008752910
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Interest Rate Rules and Macroeconomic Stability under Heterogeneous Expectations
Anufriev, Mikhail; Assenza, Tiziana; Hommes, Cars; … - Tinbergen Institute
The recent macroeconomic literature stresses the importance of managing heterogeneous expectations in the formulation of monetary policy. We use a stylized macro model of Howitt (1992) to investigate inflation dynamics under alternative interest rate rules when agents have heterogeneous...
Persistent link: https://www.econbiz.de/10005016263
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More Hedging Instruments may destablize Markets
Brock, William; Hommes, Cars; Wagener, Florian - Tinbergen Institute - 2006
This paper formalizes the idea that more hedging instruments may destabilize markets when traders are heterogeneous and adapt their behavior according to experience based reinforcement learning. We investigate three different economic settings, a simple mean-variance asset pricing model, a...
Persistent link: https://www.econbiz.de/10005795568