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We study the impact of market incompleteness and bounded rationality on the effectiveness of make-up strategies. To do so, we simulate a heterogeneous-agent New Keynesian (HANK) model with reflective expectations and an occasionally-binding effective lower bound (ELB) on the policy rate. Our...
Persistent link: https://www.econbiz.de/10013493615
described by the economic theory. We determine a significant influence of the labeling and the earmarking of taxes. We can show …
Persistent link: https://www.econbiz.de/10003962952
There are many important decision problems where learning through experimentation is costly or impossible. In these situations, individuals may try to learn from observing the outcomes of others who have made similar decisions. Often, however, information about others comprises a selected...
Persistent link: https://www.econbiz.de/10011982107
We introduce the notion of strategic awareness in experimental games which captures the idea that subjects realize they are playing a game and thus have to form beliefs about others' actions in order to play well. The concept differs from both, rule understanding and rationality. We then turn to...
Persistent link: https://www.econbiz.de/10009768997
We introduce the notion of strategic awareness in experimental games which captures the idea that subjects realize they are playing a game and thus have to form beliefs about others’ actions. The concept differs from both, rule understanding and rationality. We then turn to experimental...
Persistent link: https://www.econbiz.de/10011297725
Current time allocation and household production models face three major weaknesses: First, they only describe the average time allocation. Thus, information about the order of activities is lost. Therefore, it is impossible to describe the influence of activities on later ones. Such...
Persistent link: https://www.econbiz.de/10014480143
Behavioural welfare economics provides tools to elicit welfare preferences when individuals use nonstandard behavioural models. Current proposals either require assumptions on the models or elicit preferences that become coarser and coarser as the dataset grows. We propose an informational...
Persistent link: https://www.econbiz.de/10014323569
the world experienced in 2008–09, is the deepest global economic contraction since the Great Depression. But as real …
Persistent link: https://www.econbiz.de/10009762417
Persistent link: https://www.econbiz.de/10009746312
Network (IBRN), established in 2012, brings together researchers from around the world with access to micro-data on individual …
Persistent link: https://www.econbiz.de/10010393856