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Macro-financial linkages in the high-frequency domain : the effects of uncertainty on realized volatility

Caporale, Guglielmo Maria; Karanasos, Menelaos; Yfanti, … - 2019

This paper estimates a bivariate HEAVY system including daily and intra-daily volatility equations and its macro-augmented asymmetric power extension. It focuses on economic factors that exacerbate stock market volatility and represent major threats to financial stability. In particular, it...

Persistent link: https://www.econbiz.de/10012158736

Illusion of control and the pursuit of authority

Sloof, Randolph; Siemens, Ferdinand von - 2014

In a laboratory experiment, we measure subjects' willingness to pay for a transparently useless decision right concerning the choice between two real effort tasks. We also elicit for each participant her change in beliefs about the likelihood of receiving her preferred task if she rather than...

Persistent link: https://www.econbiz.de/10010347041

The effect of better information on income inequality

Eckwert, Bernhard; Zilcha, Itzhak - 2003

which is used for updating beliefs. Thus, a better information system affects the distribution of human capital in each …) If the relative measure of risk aversion is less (more) than 1 then more information raises (reduces) income inequality …. (b) When a risk sharing market is available better information results in higher inequality regardsless of the measure …

Persistent link: https://www.econbiz.de/10011507996

Legal uncertainty as a welfare enhancing screen

Lang, Matthias - 2016

Consider legal uncertainty as uncertainty about the legality of a specific action. In particular, suppose that the threshold of legality is uncertain. I show that this legal uncertainty raises welfare. Legal uncertainty changes deterrence in opposite directions. The probability of conviction...

Persistent link: https://www.econbiz.de/10011557794

Endogenous growth, the distribution of wealth, and optimal policy under incomplete markets and idiosyncratic risk

Clemens, Christiane; Heinemann, Maik - 2012

This paper combines the standard incomplete markets model of uninsurable idiosyncratic risks and borrowing constraints with the Arrow/Romer approach to endogenous growth to analyze the interaction of risk, growth, and inequality, the latter also endogenously determined in equilibrium. We derive...

Persistent link: https://www.econbiz.de/10009540768

Reactivity in economic science

Frey, Bruno S. - 2017

There is a fundamental difference between the natural and the social sciences due to reactivity. This difference remains even in the age of Artificially Intelligent Learning Machines and Big Data. Many academic economists take it as a matter of course that economics should become a natural...

Persistent link: https://www.econbiz.de/10011700543

Guaranteed renewable life insurance under demand uncertainty

Hoy, Michael; Mirza, Afrasiab; Sadanand, Asha B. - 2018

Guaranteed renewability is a prominent feature in many health and life insurance markets. It is well established in the literature that, when there is (only) risk type uncertainty, the optimal GR contract with renewal price set at the actuarially fair price for low risk types provides full...

Persistent link: https://www.econbiz.de/10011864322

Unpacking economic uncertainty : measuring the firm, sector and aggregate components

Mohades, Siavash; Piccillo, Giulia; Treibich, Tania - 2024

We introduce a novel method for measuring economic uncertainty at the firm, sector, and aggregate levels using sales volatility and validate it by comparison with existing macroeconomic uncertainty measures. We use Compustat firms data in the period 2000-2022 to construct our uncertainty...

Persistent link: https://www.econbiz.de/10014486791

Risk and heterogeneity in benefits from vocational versus general secondary-education : estimates for early and mature career stages in Portugal

Hartog, Joop; Raposo, Pedro; Reis, Hugo - 2023

We estimate a dynamic model of individual labour market careers (turnover and search, wage development) on Portuguese panel data of graduates from vocational and general secondary education. We find that vocational graduates benefit more from the internal labour market than from the external...

Persistent link: https://www.econbiz.de/10014309585

Business decision-making under uncertainty : evidence from employment and number of businesses

Ghosal, Vivek; Ye, Yang - 2013

Using the framework provided by the asymmetric-information and real-options theories, we examine the impact of …

Persistent link: https://www.econbiz.de/10009764986

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