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Keeping Up With the Joneses: Competition and the Evolution of Collusion in an Oligopolistic Economy
Dixon, Huw David - C.E.P.R. Discussion Papers - 1998
An economy consists of many duopolistic markets. Firms must earn normal profits in the long run if they are to survive. Normal profits are interpreted as the long-run limit of average profits in the whole economy. We adopt the aspiration based model of firm behaviour, and link it to the economy...
Persistent link: https://www.econbiz.de/10005504330
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Basic Principles Of Asset Pricing Theory: Evidence From Large-Scale Experimental Financial Markets
Bossaerts, Peter; Plott, Charles - C.E.P.R. Discussion Papers - 2000
-markets model, and the Sharpe-Lintner-Mossin Capital Asset Pricing Model (CAPM). This framework enabled us to measure how far our … discovered swift convergence towards equilibrium prices of Arrow and Debreu's model or the CAPM. This discovery is significant … walk, in favour of stochastic convergence towards CAPM and Arrow-Debreu equilibrium. …
Persistent link: https://www.econbiz.de/10005662411
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The Evolution of Entrepreneurial Spirit and the Process of Development
Galor, Oded; Michalopoulos, Stelios - C.E.P.R. Discussion Papers - 2006
This research suggests that the evolution of entrepreneurial spirit played a significant role in the process of … economic development and the evolution of inequality within and across societies. The study argues that entrepreneurial spirit …
Persistent link: https://www.econbiz.de/10005136732
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From Stagnation to Growth: Unified Growth Theory
Galor, Oded - C.E.P.R. Discussion Papers - 2004
growth. The analysis focuses on recently advanced unified growth theories that capture the intricate evolution of income per …
Persistent link: https://www.econbiz.de/10005497992
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Natural Selection and the Evolution of Life Expectancy
Galor, Oded; Moav, Omer - C.E.P.R. Discussion Papers - 2005
This research advances an evolutionary growth theory that captures the pattern of life expectancy in the process of development, shedding new light on the sources of the remarkable rise in life expectancy since the Agricultural Revolution. The theory suggests that social, economic and...
Persistent link: https://www.econbiz.de/10005498168
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On Market Forces and Human Evolution
Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2002
This Paper studies how an institution such as markets affects the evolution of mankind. My key point is that the forces …
Persistent link: https://www.econbiz.de/10005504779
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Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits
Galor, Oded; Michalopoulos, Stelios - C.E.P.R. Discussion Papers - 2011
This research suggests that the evolution of entrepreneurial spirit played a significant role in the process of …
Persistent link: https://www.econbiz.de/10009002382
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How Darwinian should an economy be?
Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2014
This paper studies aggregate dynamics in a cobweb model where learning takes place through a selection mecanism, by …
Persistent link: https://www.econbiz.de/10011093687
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Culture: Persistence and Evolution
Giavazzi, Francesco; Petkov, Ivan; Schiantarelli, Fabio - C.E.P.R. Discussion Papers - 2014
This paper presents evidence on the speed of evolution (or lack thereof) of a wide range of values and beliefs of …
Persistent link: https://www.econbiz.de/10011083563
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Perceiving Prospects Properly
Steiner, Jakub; Stewart, Colin - C.E.P.R. Discussion Papers - 2014
When an agent chooses between prospects, noise in information processing generates an effect akin to the winner’s curse. Statistically unbiased perception systematically overvalues the chosen action because it fails to account for the possibility that noise is responsible for making the...
Persistent link: https://www.econbiz.de/10011083577