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Learning, Forecasting and Optimizing: An Experimental Study
Bao, Te; Duffy, John; Hommes, Cars - Tinbergen Instituut - 2012
This discussion paper led to a publication in the 'European Economic Review' (2013). Vol. 61, pp. 186-204.<P> Rational Expectations (RE) models have two crucial dimensions: 1) agents correctly forecast future prices given all available information, and 2) given expectations, agents solve...</p>
Persistent link: https://www.econbiz.de/10011256912
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Information at a Cost: A Lab Experiment
Robalo, Pedro; Sayag, Rei S. - Tinbergen Instituut - 2012
The supposed irrelevance of historical costs for rational decision making has been the subject of much interest in the economic literature. In this paper we explore whether individual decision making under risk is affected by the cost of the supplied information. Outside of the lab, it is...
Persistent link: https://www.econbiz.de/10011256591
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Power and the Privilege of Clarity: An Analysis of Bargaining Power and Information Transmission
Ruiz, Adrian de Groot; Offerman, Theo; Onderstal, Sander - Tinbergen Instituut - 2011
We provide a game theoretic analysis of how power shapes the clarity of communication. We analyze information transmission in a cheap talk bargaining game between an informed Sender and an uninformed Receiver. Theoretically, we find that the maximum amount of information that can be transmitted...
Persistent link: https://www.econbiz.de/10011256036
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A Simple Model of Self-Assessments
Martinez, Silvia Dominguez; Swank, Otto H. - Tinbergen Instituut - 2006
We develop a simple model that describes individuals’ self-assessments oftheir abilities. We assume that individuals learn about their abilities from appraisalsof others and experience. Our model predicts that if communicationis imperfect, then (i) appraisals of others tend to be too positive,...
Persistent link: https://www.econbiz.de/10011257106
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Loss Modification Incentives for Insurers under Expected Utility and Loss Aversion
Soetevent, Adriaan R.; Zhou, Liting - Tinbergen Instituut - 2014
Given the possibility to modify the probability of a loss, will a profit-maximizing insurer engage in loss prevention or is it in his interest to increase the loss probability? This paper investigates this question. First, we calculate the expected profit maximizing loss probability within an...
Persistent link: https://www.econbiz.de/10011256470
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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 Instituut - 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/10011255913
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Insurance and Information: Firms as a Commitment Device
Bovenberg, A.L.; Teulings, Coen N. - Tinbergen Instituut - 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/10011256657
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The Welfare Effects of Discrimination in Insurance
Noll, Rob van der - Tinbergen Instituut - 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/10011256965
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Dynamic Insurance and Adverse Selection
Janssen, Maarten C.W.; Karamychev, Vladimir A. - Tinbergen Instituut - 2001
This discussion paper led to a publication in the <I>Journal of Risk and Insurance</I>. Vol. 72(1), pages 45-59.<P> We … take a dynamic perspective on insurance markets under adverseselection and study a generalized Rothschildand Stiglitz model … unconditional dynamiccontract has insurance companies offeringcontracts where the terms of the contract depend on time, but not …
Persistent link: https://www.econbiz.de/10011257433
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Individual Expectations and Aggregate Macro Behavior
Assenza, Tiziana; Heemeijer, Peter; Hommes, Cars; … - Tinbergen Instituut - 2013
The way in which individual expectations shape aggregate macroeconomic variables is crucial for the transmission and effectiveness of monetary policy. We study the individual expectations formation process and the interaction with monetary policy, within a standard New Keynesian model, by means...
Persistent link: https://www.econbiz.de/10011257145