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Culture, Institutions and Democratization
Gorodnichenko, Yuriy - 2015
We construct a model of revolution and transition to democracy under individualistic and collectivist cultures. The main result is that, despite facing potentially larger collective action problems, countries with an individualistic culture are more likely to end up adopting democracy earlier...
Persistent link: https://www.econbiz.de/10012457549
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Culture, Institutions and the Wealth of Nations
Gorodnichenko, Yuriy - 2010
We construct an endogenous growth model that includes a cultural variable along the dimension of individualism …-collectivism. The model predicts that more individualism leads to more innovation because of the social rewards associated with …. Collectivism leads to efficiency gains relative to individualism, but these gains are static, unlike the dynamic effect of …
Persistent link: https://www.econbiz.de/10012462288
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Risky Behavior Among Youths : An Economic Analysis
Gruber, Jonathan - 2000
There are a host of potentially risky behaviors in which youth engage, which have important implications for both their well being as youth and their life prospects. The past decade has seen dramatic shifts in the intensity with which youths pursue these risky activities: for example, youth...
Persistent link: https://www.econbiz.de/10012470969
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Rational Capital Budgeting in an Irrational World
Stein, Jeremy C. - 1996
This paper addresses the following basic capital budgeting question: Suppose that cross-sectional differences in stock returns can be predicted based on variables other than beta (e.g., book-to- market), and that this predictability reflects market irrationality rather than compensation for...
Persistent link: https://www.econbiz.de/10012473363
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Rational Finite Bubbles
Allen, Franklin - 1991
There has been a long-running debate about whether stock market prices are determined by fundamentals. To date no consensus has been reached. An important issue in this debate concerns the circumstances in which deviations from fundamentals are consistent with rational behavior. A...
Persistent link: https://www.econbiz.de/10012475283
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Are Market Forecasts Rational?
Mishkin, Frederic S. - 1980
This paper conducts tests of the rationality of both inflation and short-term interest rate forecasts in the bond … market. These tests are developed with the theory of efficient markets and make use of security price data to infer …
Persistent link: https://www.econbiz.de/10012478629
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A Note on Stochastic Rationing Mechanisms
Ito, Takatoshi - 1979
There are a couple of well-known unsatisfactory properties in the notion of effective demand defined by Benassy and one by Dreze. This is why recent authors in disequilibrium analysis study the stochastic rationing mechanism. Douglas Gale proved the existence of the equilibrium with stochastic...
Persistent link: https://www.econbiz.de/10012478836
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Rational Inattention and Sequential Information Sampling
Hébert, Benjamin - 2017
alternative rational inattention theory better conform with evidence from perceptual discrimination experiments …
Persistent link: https://www.econbiz.de/10012453924
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Rational Attention Allocation Over the Business Cycle
Kacperczyk, Marcin - 2009
The question of whether and how mutual fund managers provide valuable services for their clients motivates one of the largest literatures in finance. One candidate explanation is that funds process information about future asset values and use that information to invest in high-valued assets....
Persistent link: https://www.econbiz.de/10012463199
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Investment Tournaments : When Should a Rational Agent Put All Eggs in One Basket?
Schwarz, Michael - 2009
In this paper we study "investment tournaments," a class of decision problems that involve gradual allocation of investment among several alternatives whose values are subject to exogenous shocks. The decision-maker's payoff is determined by the final values of the alternatives. An important...
Persistent link: https://www.econbiz.de/10012463514