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Rank Dependent Utility, Tax Evasion and Labor Supply
Eide, Erling - 2010
payers act according to some non-expected utility theory, and (2) Individual ethical norms and social stigma induce people … subjective probabilities of being penalised according to the rank dependent utility theory, and (2) Tax payers' beliefs about … utility theory. The model explains data 53% better than pure random choices and predicts hours worked in the regular economy …
Persistent link: https://www.econbiz.de/10013136684
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Risk Aversion and Prudence in Contests
Sahm, Marco - 2017
I examine the impact of risk preferences on efforts and winning probabilities in generalised Tullock contests between two players. The theoretical analysis yields two main results. First, I specify a sufficient condition on the agents' comparative prudence under which a higher common level of...
Persistent link: https://www.econbiz.de/10012956876
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International Environmental Agreements with Uncertainty, Learning and Risk Aversion
Finus, Michael - 2014
This paper analyses the formation of international environmental agreements (IEAs) under uncertainty, focusing on the role of learning and risk aversion. It bridges two strands of literature: one focused on the role learning for the success of IEA formation when countries are risk neutral and...
Persistent link: https://www.econbiz.de/10013059058
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When is Ambiguity-Attitude Constant?
Eichberger, Jürgen; Grant, Simon; Kelsey, David - 2021
of the Jaffray-Phillipe sub-class of Choquet Expected Utility preferences. We find conditions for ambiguity-attitude to …
Persistent link: https://www.econbiz.de/10013315928
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Probability Adjusted Rank-Discounted Utilitarianism
Asheim, Geir B.; Zuber, Stephane - 2021
We propose and axiomatize probability adjusted rank-discounted critical-level generalized utilitarianism (PARDCLU). We thus generalize rank-discounted utilitarianism (RDU) (proposed by Zuber and Asheim, 2012) to variable population and risky situations and thereby take important steps towards...
Persistent link: https://www.econbiz.de/10013315618
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Probabilistic Aging
Grafenhofer, Dominik; Jaag, Christian; Keuschnigg, Christian - 2021
The paper develops an overlapping generations model with probabilistic aging of households. We define age as a set of personal attributes such as earnings potential, health and tastes that are characteristic of a person's position in the life-cycle. In assuming a limited number of different...
Persistent link: https://www.econbiz.de/10013318579
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Production Technologies in Stochastic Continuous Time Models
Wälde, Klaus - 2009
Properties of dynamic stochastic general equilibrium models can be revealed by either using numerical solutions or qualitative analysis. Very precise and intuition-building results are obtained by working with models which provide closed-form solutions. Closed-form solutions are known for a...
Persistent link: https://www.econbiz.de/10013155278
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Electoral Competition with Rationally Inattentive Voters
Matějka, Filip - 2016
How do voters allocate costly attention to alternative political issues? And how does selective ignorance of voters interact with policy design by politicians? We address these questions by developing a model of electoral competition with rationally inattentive voters. Rational inattention...
Persistent link: https://www.econbiz.de/10012993102
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Matching and Saving in Continuous Time : Proofs
Bayer, Christian - 2010
This paper provides the proofs to the analysis of a continuous time matching model with saving in Bayer and Wälde (2010a). The paper proves the results on consumption growth, provides an existence proof for optimal consumption and a detailed derivation of the Fokker-Planck equations
Persistent link: https://www.econbiz.de/10013144211
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Matching and Saving in Continuous Time : Theory
Bayer, Christian - 2010
We analyse optimal saving of risk-averse households when labour income stochastically jumps between two states. The generalized Keynes-Ramsey rule includes a precautionary savings term. A phase diagram analysis illustrates consumption and wealth dynamics within and between states. There is an...
Persistent link: https://www.econbiz.de/10013144214