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Central banks with an exchange rate objective set the interest rate in response to what they call "pressure." Instead, existing interest rate rules rely on the exchange rate minus its target. To stay closer to actual policy, we introduce a rule that uses exchange market pressure (EMP), the...
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A situation in which a finite set of players can obtain certain payoffs by cooperation can be described by a cooperative game with transferable utility, or simply a TU-game. A (single-valued) solution for TU-games assigns a payoff distribution to every TU-game. A well-known solution is the...
Persistent link: https://www.econbiz.de/10011376532
A situation in which a finite set of players can obtain certain payoffs by cooperation can be described by a cooperative game with transferable utility, or simply a TU-game. A (single-valued) solution for TU-games assigns a payoff distribution to every TU-game. A well-known solution is the...
Persistent link: https://www.econbiz.de/10011377258
Interacting agents in finance represent a behavioral, agent-based approach in which financial markets are viewed as complex adaptive systems consisting of many boundedly rational agents interacting through simple heterogeneous investment strategies, constantly adapting their behavior in response...
Persistent link: https://www.econbiz.de/10011348701
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This paper studies wage structure characteristics and their incentive effects within one firm. Based on personnel records and an employee survey, we provide evidence that wages are attached to jobs and that promotions play a dominant role as a wage determinant. We furthermore show that a...
Persistent link: https://www.econbiz.de/10011337995
incentives and wage gifts on creativity. We find that tournaments substantially increase creative output, with no evidence for …
Persistent link: https://www.econbiz.de/10011479746
This paper examines the effect of incentives on the performance of darts players. We analyze four data sets comprising … higher incentives, but choke when the incentives are really high. Professional players similarly display better performance … under higher incentives, but appear less susceptible of choking. These results speak to a growing literature on the limits …
Persistent link: https://www.econbiz.de/10011949171