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From self-fulfilling mistakes to behavioral learning equilibria
Hommes, Cars H. - 2017
This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of JMG's ideas of self-fulfilling mistakes....
Persistent link: https://www.econbiz.de/10011590425
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Intergenerational and international welfare leakages of a product subsidy in a small open economy
Bettendorf, Leon; Heijdra, Ben J. - 1997
Persistent link: https://www.econbiz.de/10000959249
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Taxing energy to improve the environment : efficiency and distributional effects
Heijdra, Ben J.; Horst, Albert van der - 1998
Persistent link: https://www.econbiz.de/10000981249
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Capital markets integration, growth and income distribution : a dynamic analysis
Viaene, Jean-Marie; Zilcha, Itzhak - 1997
Persistent link: https://www.econbiz.de/10000976071
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Population ageing and pension reform in a small open economy with non-traded goods
Bettendorf, Leon; Heijdra, Ben J. - 2004
), allows for age-dependent labour productivity (thus mimicing life-cycle saving), and includes a rudimentary pension system …
Persistent link: https://www.econbiz.de/10011343315
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Location of investors and capital flight
Botman, Dennis P. J.; Diks, Cees G. H. - 2002
This paper utilizes a very simple model to study the timing and determinants of speculationagainst a fixed exchange rate regime when investors are heterogeneous because of locationaldifferences. Location matters because resident players may incur smaller costs when takinga short-position, are...
Persistent link: https://www.econbiz.de/10011326412
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More hedging instruments may destablize markets
Brock, William A.; Hommes, Cars H.; Wagener, Florian … - 2008
This paper formalizes the idea that more hedging instruments may destabilize markets when traders are heterogeneous and adapt their behavior according to experience based reinforcement learning. We investigate three different economic settings, a simple mean-variance asset pricing model, a...
Persistent link: https://www.econbiz.de/10011349702
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The self-perception theory vs. a dynamic learning model
Swank, Otto H. - 2006
motivation may undermine intrinsic motivation. The self-perception (SP) theory developed by Bem (1972) explains this finding. The … crux of this theory is that people remember their past decisions and the extrinsic rewards they received, but they do not … recall their intrinsic motives. In this paper I show that the SP theory can be modeled as a variant of a conventional dynamic …
Persistent link: https://www.econbiz.de/10011349711
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Bubbles, crashes and information contagion in large-group asset market experiments
Hommes, Cars H.; Kopányi-Peuker, Anita; Sonnemans, Joep - 2019
We experimentally investigate how price expectations are formed in a large asset market where subjects' only task is to forecast the future price of a risky asset. The realized prices depend on these expectations. We observe small (6 participants) and large markets (about 100 participants). In...
Persistent link: https://www.econbiz.de/10011979625
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Bubble formation and (in)efficient markets in learning-to-forecast and -optimise experiments
Te, Bao; Hommes, Cars H.; Makarewicz, Tomasz - 2015
This experiment compares the price dynamics and bubble formation in an asset market with a price adjustment rule in three treatments where subjects (1) submit a price forecast only, (2) choose quantity to buy/sell and (3) perform both tasks. We find deviation of the market price from the...
Persistent link: https://www.econbiz.de/10011333057