Showing 1 - 7 of 7
The directed cognition model assumes that agents use partially myopic option-value calculations to select their next cognitive operation. The current paper tests this model by studying information acquisition in two experiments. In the first experiment, information acquisition has an explicit...
Persistent link: https://www.econbiz.de/10005241167
The distribution of city populations has attracted much attention, in part because it constrains models of local growth. However, there is no consensus on the distribution below the very upper tail, because available data need to rely on "legal" rather than "economic" definitions for medium and...
Persistent link: https://www.econbiz.de/10009246691
We investigate the hypothesis that macroeconomic fluctuations are primitively the results of many microeconomic shocks. We define fundamental volatility as the volatility that would arise from an economy made entirely of idiosyncratic sectoral or firm-level shocks. Fundamental volatility...
Persistent link: https://www.econbiz.de/10010815465
Persistent link: https://www.econbiz.de/10005820585
A central difficulty in economics is to create a model with both good business cycle properties and asset pricing properties. I show how to solve this difficulty by a simple portable modeling device: the "disasterization" of models. Take an economy with good business cycle properties and create...
Persistent link: https://www.econbiz.de/10009132634
Persistent link: https://www.econbiz.de/10005571818
Persistent link: https://www.econbiz.de/10005573845