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Indeterminacy in a Forward Looking Regime Switching Model
Farmer, Roger E. A. - 2006
This paper is about the properties of Markov switching rational expectations (MSRE) models. We present a simple monetary policy model that switches between two regimes with known transition probabilities. The first regime, treated in isolation, has a unique determinate rational expectations...
Persistent link: https://www.econbiz.de/10012466125
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What Drives the Disposition Effect? An Analysis of a Long-Standing Preference-Based Explanation
Barberis, Nicholas - 2006
explanation for this puzzle is based on prospect theory. Despite its prominence, this explanation has received little formal … scrutiny. We take up this task, and analyze the trading behavior of investors with prospect theory preferences. We find that …, at least for the simplest implementation of prospect theory, the link between these preferences and the disposition …
Persistent link: https://www.econbiz.de/10012466268
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Evaluating Welfare with Nonlinear Prices
Reiss, Peter C. - 2006
This paper examines how to evaluate consumer welfare when consumers face nonlinear prices. This problem arises in many settings, such as devising optimal pricing strategies for firms, assessing how price discrimination affects consumers, and evaluating the efficiency costs of many transfer...
Persistent link: https://www.econbiz.de/10012466295
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Financial Constraints, Asset Tangibility, and Corporate Investment
Almeida, Heitor - 2006
between capital spending and cash flows is non-monotonic in the firm's asset tangibility. Our theory allows us to use a …
Persistent link: https://www.econbiz.de/10012466582
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Environmental Investment and Policy with Distortionary Taxes and Endogenous Growth
Fullerton, Don - 2006
Recent studies consider public R&D spending that affects abatement knowledge and endogenous growth, distortionary taxes that affect physical and human capital formation, pollution taxes that affect environmental degradation, and regeneration that restores natural capital. Our model combines all...
Persistent link: https://www.econbiz.de/10012466599
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An Efficiency Approach to the Evaluation of Policy Changes
Coate, Stephen - 1999
This paper describes an efficiency approach to the evaluation of policy changes. Rather than comparing the utility allocations that arise before and after a policy change is introduced, this approach evaluates a policy change by comparing it with other possible changes which might be made from...
Persistent link: https://www.econbiz.de/10012471468
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Advances in Cost-Effectiveness Analysis of Health Interventions
Garber, Alan M. - 1999
The growing application of cost-effectiveness (CE) analysis and controversies about its methods has led to a need to explore its welfare economic foundations. Examination of its welfare theoretic foundations can provide a rationale for selecting specific standards for the application of CE...
Persistent link: https://www.econbiz.de/10012471590
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The Public Critique of Welfare Economics : An Exploration
Besley, Timothy - 1999
The welfare economic method for analyzing the case for government intervention is often criticized for ignoring the political determination of policies. While many economists accept the thrust of this critique, exactly when and how political determination interferes with a welfare economic...
Persistent link: https://www.econbiz.de/10012471713
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Can Taxes on Cars and on Gasoline Mimic an Unavailable Tax on Emissions?
Fullerton, Don - 1999
A tax on vehicle emissions can efficiently induce all of the cheapest forms of abatement. Consumers could drive less, buy a smaller car with better gas mileage, use cleaner gasoline, and repair pollution control equipment (PCE). However, the technology is not yet available to measure and tax...
Persistent link: https://www.econbiz.de/10012471742
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A Contribution to the Theory of Welfare Comparisons
Weitzman, Martin L. - 1999
-minded story told in the familiar language of old-fashioned static consumer-welfare theory …
Persistent link: https://www.econbiz.de/10012471820