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Non-take-up of tax-favored savings plans
Alessie, Rob; Hochgürtel, Stefan; Soest, Arthur van - 2001
Persistent link: https://www.econbiz.de/10001633111
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Generational accounting, solidarity and pension losses
Teulings, Coen N.; Vries, Casper G. de - 2003
The stock market collapse led to political tensions between generations due to the fuzzy definition of the property rights over the pension funds’ wealth. The problem is best resolved by the introduction of generational accounts. Modern consumption and portfolio theory shows that the younger...
Persistent link: https://www.econbiz.de/10011334341
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Non-take-up of tax-favored savings plans : are household portfolios optimal?
Alessie, Rob; Hochgürtel, Stefan; Soest, Arthur van - 2001
Since the early nineties, the Dutch tax system allows for a tax-favored form of risk free savings through employer …-sponsored savings plans (ESSPs). Under some conditions and up to a certain amount, the contributions to this planare tax-deductible, and … suggests that those who have access to this type of savings should participate inthem, provided they have some financial wealth …
Persistent link: https://www.econbiz.de/10011325658
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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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Information overload in multi-stage selection procedures
Ficco, Stefano; Karamychev, Vladimir A. - 2004
The paper studies information processing imperfections in a fully rational decision-making network. It is shown that imperfect information transmission and imperfect information acquisition in a multi-stage selection game yield information overload. The paper analyses the mechanisms responsible...
Persistent link: https://www.econbiz.de/10011335195
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Heterogeneous agent models : two simple case studies
Hommes, Cars H. - 2005
These notes review two simple heterogeneous agent models in economics and finance. The first is a cobweb model with rational versus naive agents introduced in Brock and Hommes (1997). The second is an asset pricing model with fundamentalists versus technical traders introduced in Brock and...
Persistent link: https://www.econbiz.de/10011343262
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Booms, busts and behavioural heterogeneity in stock prices
Hommes, Cars H.; Veld, Daan in't - 2015 - This draft: July 2015
We empirically evaluate a behavioural model with boundedly rational traders who disagree about the persistence of deviations from the fundamental stock price. Fundamentalist traders believe in mean-reversion, while chartists extrapolate trends. Agents gradually switch between the two rules,...
Persistent link: https://www.econbiz.de/10011301214
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Interacting agents in finance
Hommes, Cars H. - 2006
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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Capacity constraints and beliefs about demand
Vikander, Nick - 2010
This paper examines how a firm can strategically choose its capacity to manipulate consumer beliefs about aggregate demand. It looks at a market with social effects where consumers want to do what is popular, to buy what they believe others want to buy. By imposing a capacity constraint and...
Persistent link: https://www.econbiz.de/10011382750
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Identifying booms and busts in house prices under heterogeneous expectations
Bolt, Wilko; Demertzis, Maria; Diks, Cees G. H.; … - 2014
We introduce heterogeneous expectations in a standard housing market model linking housing rental levels to fundamental buying prices. Using quarterly data we estimate the model parameters for eight different countries, US, UK, NL, JP, CH, ES, SE and BE. We find that the data support...
Persistent link: https://www.econbiz.de/10010465137