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The rise of offshoring of intermediate inputs raises important questions for commercial policy. Do the distinguishing features of offshoring introduce novel reasons for trade policy intervention? Does offshoring create new problems of global policy cooperation whose solutions require...
Persistent link: https://www.econbiz.de/10012758452
For centuries, most international trade involved an exchange of complete goods. But, with recent improvements in transportation and communications technology, it increasingly entails different countries adding value to global supply chains, or what might be called quot;trade in tasks.quot; We...
Persistent link: https://www.econbiz.de/10012779022
In this paper we develop a monopolistic competition model where firms exercise their market power across multiple products. Even with CES preferences, markups are endogenous. Firms choose their optimal product scope by balancing the net profits from a new variety against the costs of...
Persistent link: https://www.econbiz.de/10012773111
algorithm herself, her equity preference has no effect on the training procedure. So long as the data, however biased, contain … signal, they will be used and the learning algorithm will be the same. Equity preferences alone provide no reason to alter …
Persistent link: https://www.econbiz.de/10013307510
A new algorithm for the group minimization problem (GP) is proposed. The algorithm can be broadly described as follows …-known algorithm of Glover, and checked for non-negativity. The first non-negative point is an optimal solution of (GP). Advantages and … disadvantages of the algorithm are discussed; in particular, the implementation of the algorithm (which can be easily extended so as …
Persistent link: https://www.econbiz.de/10013224215
Heuristic models have been proposed for many domains of choice. We compare heuristic models of intertemporal choice, which can account for many of the known intertemporal choice anomalies, to discounting models. We conduct an out-of-sample, cross-validated comparison of intertemporal choice...
Persistent link: https://www.econbiz.de/10013028066
modern behavioral economics. This chapter reviews theory and evidence on this topic, with the goal of facilitating more … processes, biases in belief updating, the representativeness heuristic as a possible unifying theory, and interactions between …
Persistent link: https://www.econbiz.de/10012908820
thinking may be important. Our results suggest that information-processing heuristics may be important even in markets with …
Persistent link: https://www.econbiz.de/10013125565
expectations with less naïve learning rules. Our results suggest that fast and frugal robust heuristics may not be a second …
Persistent link: https://www.econbiz.de/10013307859
This paper proposes a method for separating economic time series into a smooth component whose mean varies over time (the trend') and a stationary component (the cycle'). The aim is to make the trends as smooth as possible while also producing cycles with plausible properties. While the main...
Persistent link: https://www.econbiz.de/10013230586