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Empirical policy functions as benchmarks for evaluation of dynamic capital structure models
Bazdresch, Santiago - Volkswirtschaftliche Fakultät, … - 2011
This paper presents a set of benchmark moments for evaluation or estimation of quantitative capital structure models. The moments are directly related to the models being studied: the main features of each models' empirical policy functions. The paper describe a general method for estimating...
Persistent link: https://www.econbiz.de/10009402057
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Are People Really Risk Seeking for Losses?
Kontek, Krzysztof - Volkswirtschaftliche Fakultät, … - 2009
This short paper demonstrates that the claim of Cumulative Prospect Theory (CPT) that people are risk seeking for loss prospects, which confirmed a hypothetical assumption of the earlier Prospect Theory (PT), appears to be merely a result of using a specific form of the probability weighting...
Persistent link: https://www.econbiz.de/10008587468
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What is the actual shape of perception utility?
Kontek, Krzysztof - Volkswirtschaftliche Fakultät, … - 2011
Cumulative Prospect Theory (Kahneman, Tversky, 1979, 1992) holds that the value function is described using a power function, and is concave for gains and convex for losses. These postulates are questioned on the basis of recently reported experiments, paradoxes (gain-loss separability...
Persistent link: https://www.econbiz.de/10009147682
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A viability theory approach to a two-stage optimal control problem
Krawczyk, Jacek B.; Serea, Oana-Silvia - Volkswirtschaftliche Fakultät, … - 2007
A two-stage control problem is one, in which model parameters (“technology”) might be changed at some time. An optimal solution to utility maximisation for this class of problems needs to thus contain information on the time, at which the change will take place (0, finite or never) as well...
Persistent link: https://www.econbiz.de/10005623203
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Experimental Evidence on Valuation and Learning with Multiple Priors
Qiu, Jianying; Weitzel, Utz - Volkswirtschaftliche Fakultät, … - 2013
Abstract Popular models for decision making under ambiguity assume that people use not one but multiple priors. This paper is a first attempt to experimentally elicit multiple priors. In an ambiguous scenario with two underlying states we measure a subject’s single prior, her other potential...
Persistent link: https://www.econbiz.de/10011258993
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Effects of Uncertainty on Household Saving Rate
Zaman, Rubaiya; Carannate, Maria; Ferra, Emi - Volkswirtschaftliche Fakultät, … - 2013
In this master thesis we attempted to investigate the role of economic uncertainty in driving the behavior of household … main sources of economic uncertainty: Unemployment Risk, Fiscal Policy Uncertainty and Financial Crisis-Investment risk. We … used Unemployment rate as a proxy for labor income uncertainty and the risk of an income loss. We computed the volatility …
Persistent link: https://www.econbiz.de/10011259009
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Uncertainty, Instability, and the Control of Markets
Jo, Tae-Hee - Volkswirtschaftliche Fakultät, … - 2013
Grounded in the methodological commitments shared by various traditions in heterodox economics, this paper explores going enterprises’ cooperative actions to control markets through social networks. It is argued that 1) market institutions are created and controlled by business enterprises and...
Persistent link: https://www.econbiz.de/10011259220
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Assessing uncertainty in Europe and the US: is there a common uncertainty factor?
Sauter, Oliver - Volkswirtschaftliche Fakultät, … - 2012
This paper is an empirical investigation of uncertainty in the Euro Zone as well as the US. It conducts a factor … analysis of uncertainty measures starting in 2001 until the end of 2011. For this purpose I use survey-based data provided by … implied volatility of stock market movements. Each measure shows an increase in uncertainty during the last years marked by …
Persistent link: https://www.econbiz.de/10011259226
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The Problem of Points
Cantillo, Andres - Volkswirtschaftliche Fakultät, … - 2011
According to Katz [6] some of the basic notions of probability existed in ancient civilizations. In The Talmud and in Roman calculations of annuities there is some evidence of this. However, no record of numerical probability calculations exists. Hald [5], Bernstein [1] and Katz [6] agree that...
Persistent link: https://www.econbiz.de/10011259826
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Joint Adoption of Safer Irrigation Technologies under Uncertainty: Evidence from Ghana
Owusu, Victor; Abdulai, Awudu - Volkswirtschaftliche Fakultät, … - 2009
This paper examines joint adoption of safer irrigation technologies under uncertainty. The new irrigation technologies …
Persistent link: https://www.econbiz.de/10011259908