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Intertemporal Utility with Heterogeneous Goods and Constant Elasticity of Substitution

Quaas, Martin - 2020

We characterize intertemporal utility functions over heterogeneous goods that feature (i) a constant elasticity of … the goods. We find that a standard (stationary) intertemporal utility function is consistent with these two properties if … elasticities of substitution are identical, or if the instantaneous utility function is Cobb-Douglas. We also characterize the …

Persistent link: https://www.econbiz.de/10012844425

Rising to the Challenge : Bayesian Estimation and Forecasting Techniques for Macroeconomic Agent-Based Models

Delli Gatti, Domenico - 2019

We propose two novel methods to "bring ABMs to the data". First, we put forward a new Bayesian procedure to estimate the numerical values of ABM parameters that takes into account the time structure of simulated and observed time series. Second, we propose a method to forecast aggregate time...

Persistent link: https://www.econbiz.de/10012860573

Reverse Bayesianism : Revising Beliefs in Light of Unforeseen Events

Becker, Christoph K.; Melkonyan, Tigran; Proto, Eugenio; … - 2021

Bayesian updating is the dominant theory of learning. However, the theory is silent about how individuals react to …

Persistent link: https://www.econbiz.de/10013227484

What are the Priorities of Bureaucrats? Evidence from Conjoint Experiments with Procurement Officials

Tukiainen, Janne; Blesse, Sebastian; Bohne, Albrecht; … - 2023

While effective bureaucracy is crucial for state capacity, its decision-making remains a black box. We elicit preferences of 900+ real-world public procurement officials in Finland and Germany. This is an important pursuit as they report having sizeable discretion and minimal extrinsic...

Persistent link: https://www.econbiz.de/10014263185

Smart-Working : Work Flexibility Without Constraints

Angelici, Marta - 2020

Does removing the constraints of time and place of work increase the utility of workers and firms? We design a …

Persistent link: https://www.econbiz.de/10012839264

The Quasilinear Quadratic Utility Model : An Overview

Choné, Philippe - 2019

The quasi-linear quadratic utility model is widely used in economics. The knowledge of its exact origin is less …

Persistent link: https://www.econbiz.de/10012866406

Productivity Shocks and Aggregate Fluctuations in an Estimated Endogenous Growth Model with Human Capital

Malley, Jim - 2011

Employing an endogenous growth model with human capital, this paper explores how productivity shocks in the goods and human capital producing sectors contribute to explaining aggregate fluctuations in output, consumption, investment and hours. Given the importance of accounting for both the...

Persistent link: https://www.econbiz.de/10013120659

Bayesian Estimation of Epidemiological Models : Methods, Causality, and Policy Trade-Offs

Arias, Jonas; Fernández-Villaverde, Jesús; Rubio … - 2021

We present a general framework for Bayesian estimation and causality assessment in epidemiological models. The key to our approach is the use of sequential Monte Carlo methods to evaluate the likelihood of a generic epidemiological model. Once we have the likelihood, we specify priors and rely...

Persistent link: https://www.econbiz.de/10013235115

How Do Financial Crises Redistribute Risk?

Mitchener, Kris James; Vossmeyer, Angela - 2023

We examine how financial crises redistribute risk, employing novel empirical methods and micro data from the largest financial crisis of the 20th century – the Great Depression. Using balance-sheet and systemic risk measures at the bank level, we build an econometric model with incidental...

Persistent link: https://www.econbiz.de/10014345560

The Pygmalion effect : an agency model with reference dependent preferences

Daido, Kohei; Itoh, Hideshi - 2005

We attempt to formulate and explain two types of self-fulfilling prophecy, called the Pygmalion effect (if a supervisor thinks her subordinates will succeed, they are more likely to succeed) and the Galatea effect (if a person thinks he will succeed, he is more likely to succeed). To this...

Persistent link: https://www.econbiz.de/10010261169

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