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On the (Non)-Lattice Structure of Equilibrium Sets in Games with Strategic Substitutes

Roy, Sunanda - 2020

This paper studies models where the optimal response functions under consideration are non-increasing in endogenous variables, and weakly increasing in exogenous parameters. Such models include games with strategic substitutes, and include cases where additionally, some variables may be...

Persistent link: https://www.econbiz.de/10012824357

Trading Costs in East Asia’s Global Value Chains

Lord, Montague J. - Volkswirtschaftliche Fakultät, … - 2014

The WTO’s new Agreement on Trade Facilitation (ATF) will help to reverse the region’s deceleration of overall export growth and, when implemented, could add as much as 3 percent to regional GDP and lift employment across the region by 1.2 percent. In the region’s developing economies,...

Persistent link: https://www.econbiz.de/10011109393

Trading Costs in East Asia’s Global Value Chains

Lord, Montague J.; Clarke, Julian; Record, Richard; … - Volkswirtschaftliche Fakultät, … - 2014

The World Trade Organization’s new Agreement on Trade Facilitation has the potential to significantly reduce East Asia’s trade costs along the entire supply chain, increasing regional gross domestic product (GDP) by 2.7 percent and employment by 1.2 percent. At present, the region’s...

Persistent link: https://www.econbiz.de/10011110457

High Frequency Trading and the Warsaw Stock Exchange Fees' Structure - Preliminary Examination

Bławat, Bogusław - Volkswirtschaftliche Fakultät, … - 2012

For the HFT investors the crucial factors of strategy to be applied are the spread value and transaction costs. The goal of our preliminary examination was to see, if the present WSE fee plans are suitable for a typical HFT strategy, like based on statistical arbitrage mean reverse strategy. We...

Persistent link: https://www.econbiz.de/10011257853

Transact taxes in a price maker/taker market

Rosenthal, Dale W.R.; Thomas, Nordia Diana Marie - Volkswirtschaftliche Fakultät, … - 2012

We develop a price maker/taker model to study how a financial transaction tax affects markets. We find taxes widen quoted and effective spreads by more than twice the tax. Taxes increase volatility slightly (without intermediation) to significantly (with intermediation). High taxes may halve...

Persistent link: https://www.econbiz.de/10011113391

Starting Over: The Automated Payment Transaction Tax

Feige, Edgar L. - Volkswirtschaftliche Fakultät, … - 2001

This paper proposes a 21st century global fiscal architecture to replace the present system of personal and corporate income, sales, excise, capital gains, import and export duties, gift and estate taxes with a single comprehensive revenue neutral Automated Payment Transaction (APT) tax. In its...

Persistent link: https://www.econbiz.de/10005616879

Estimation with inequality constraints on the parameters: dealing with truncation of the sampling distribution.

Barnett, William A.; Seck, Ousmane - Volkswirtschaftliche Fakultät, … - 2008

Theoretical constraints on economic-model parameters often are in the form of inequality restrictions. For example, many theoretical results are in the form of monotonicity or nonnegativity restrictions. Inequality constraints can truncate sampling distributions of parameter estimators, so that...

Persistent link: https://www.econbiz.de/10004961522

Unit Roots in White Noise

Onatski, Alexei; Uhlig, Harald - Volkswirtschaftliche Fakultät, … - 2009

We show that the empirical distribution of the roots of the vector auto-regression of order n fitted to T observations of a general stationary or non-stationary process, converges to the uniform distribution over the unit circle on the complex plane, when both T and n tend to infinity so that...

Persistent link: https://www.econbiz.de/10005837267

Beliefs and (In)Stability in Normal-Form Games

Hyndman, Kyle; Terracol, Antoine; Vaksmann, Jonathan - Volkswirtschaftliche Fakultät, … - 2013

In this paper, we use experimental data to study players' stability in normal-form games where subjects have to report … without feedback. We document a high degree of stability within the same (strategically equivalent) game, although time and … changes in the presentation of the game do lead to less stability. To look at stability across different games, we adopt the …

Persistent link: https://www.econbiz.de/10011107567

A new stationary game equilibrium induced by stochastic group evolution and rational Individual choice

Dai, Darong; Shen, Kunrong - Volkswirtschaftliche Fakultät, … - 2012

equilibrium is induced by both stochastic group evolution and decentralized rational individual choice. Moreover, stability of the …

Persistent link: https://www.econbiz.de/10011107798