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The origin of prospect theory, or testing the intuitive statistician
Heukelom, Floris - 2005
The origin of prospect theory is the desire to test the intuitive statistician in the real world. The development of … this theory by the cognitive psychologists Kahneman and Tversky can be traced to the former's work in cognitive … psychophysics, in which deviations from average behavior are termed (statistical) errors; and the latter's work on decision theory …
Persistent link: https://www.econbiz.de/10011346453
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The role and evolution of central authorities
Frijters, Paul; Tieman, Alexander F. - 1999
In this paper we argue that authorities aid cooperation by means ofdirect coordination or the enforcement of re-commitment devices suchas contract laws.Credible threats of violence allow this role. In alocal interaction model, an authority forms if mutually connected individuals with sufficient...
Persistent link: https://www.econbiz.de/10011302150
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The methodology of modern macroeconomics and the descriptive approach to discounting
Vermeylen, Koen - 2013
Critics of modern macroeconomics often raise concerns about unwarranted welfare conclusions and data mining. This paper illustrates these concerns with a thought experiment, based on the debate in environmental economics about the appropriate discount rate in climate change analyses: I set up an...
Persistent link: https://www.econbiz.de/10010226540
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The political economy of financial systems
Haber, Stephen H.; Perotti, Enrico C. - 2008
This survey reviews the literature on the political economy of financial structure, broadly defined to include the size of capital markets and banking systems as well as the distribution of access to external finance across firms.The theoretical literature on the institutional basis for...
Persistent link: https://www.econbiz.de/10011374399
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The political economy of corporate control
Perotti, Enrico C.; Thadden, Ernst-Ludwig von - 2005
In a democracy, a political majority can influence both the corporategovernance structure and the return to human and financial capital.We argue that when financial wealth is sufficiently diffused, thereis political support for a strong governance role for dispersed equitymarket investors, and...
Persistent link: https://www.econbiz.de/10011346462
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Selecting less corruptible bureaucrats
Hu, Audrey Xianhua; Zou, Liang - 2007
A government officials' propensity to corruption, or corruptibility, can be affected by his intertemporal preference over job benefits. Through a dynamic model of rent-seeking behavior, this paper examines how endogenously determined corruptibility changes with monitoring intensity, salary...
Persistent link: https://www.econbiz.de/10011373824
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The transaction costs perspective on costs and benefits of government regulation
Butter, Frank A. G. den; Graaf, Marc de; Nijsen, André F. - 2009
This paper explores the feasibility to extend the Standard Cost Model (SCM) for calculating the costs of government regulation by taking all transaction costs into account which stem from the principal/agent relationship between regulatory authorities and economic entities. From that perspective...
Persistent link: https://www.econbiz.de/10011377583
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Informal sector in developed and less developed countries : a literature survey
Gërxhani, Klarita - 1999
The main goal of this study is two-fold: (1) to provide a general overview of thecontributions to the literature on the informal sector, with a special focus on the PublicChoice approach; and (2) to compare these contributions across two institutionallydifferent types of countries: developed and...
Persistent link: https://www.econbiz.de/10011302624
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Why does centralisation fail to internalise policy externalities?
Dur, Robert A. J.; Roelfsema, Hein J. - 2003 - Rev.
We provide an explanation why centralisation of political decision makingresults in overspending in some policy domains, whereas too low spending persists in others.We study a model in which delegates from jurisdictions bargain over local public goods provision.If all of the costs of public...
Persistent link: https://www.econbiz.de/10011326940
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The institutional economics of stakeholder consultation : reducing implementation costs through 'matching zones'
Butter, Frank A. G. den; Wolde, Sjoerd ten - 2011
Persistent link: https://www.econbiz.de/10009720715