Showing 1 - 10 of 8,236
This paper examines how the concept of embedded culture played a transformative role in the ongoing cultural revolution within economics and business. We trace the field's shift from the 20th-century concept of homo economicus universalis to an approach incorporating cultural embeddedness in...
Persistent link: https://www.econbiz.de/10015171671
theory and behavioral economics to show that complexity is a serious obstacle to both efficiency and equity in the …
Persistent link: https://www.econbiz.de/10012466441
Prospect theory, loss aversion, mental accounts, hyperbolic discounting, cues, and the endowment effect can all be seen …
Persistent link: https://www.econbiz.de/10012468491
us to draw on the theory of agency. We thus relate the individual's control problems with those that exist in agency …
Persistent link: https://www.econbiz.de/10012478927
In an influential paper, Baily (1978) showed that the optimal level of unemployment insurance (UI) in a stylized static model depends on only three parameters: risk aversion, the consumption-smoothing benefit of UI, and the elasticity of unemployment durations with respect to the benefit rate....
Persistent link: https://www.econbiz.de/10012467297
asymmetric information, game theory, and behavioral economics …The paper argues that any theory of deep downturns has to answer these questions: What is the source of the …
Persistent link: https://www.econbiz.de/10012458148
For decades credit rating agencies were viewed as trusted arbiters of creditworthiness and their ratings as important tools for managing risk. The common narrative is that the value of ratings was compromised by the evolution of the industry to a form where issuers pay for ratings. In this paper...
Persistent link: https://www.econbiz.de/10012458692
Very little. A plethora of integrated assessment models (IAMs) have been constructed and used to estimate the social cost of carbon (SCC) and evaluate alternative abatement policies. These models have crucial flaws that make them close to useless as tools for policy analysis: certain inputs...
Persistent link: https://www.econbiz.de/10012459418
Learning or experience curves are widely used to estimate cost functions in manufacturing modeling. They have recently been introduced in policy models of energy and global warming economics to make the process of technological change endogenous. It is not widely appreciated that this is a...
Persistent link: https://www.econbiz.de/10012464011
Macroeconomists have largely converged on method, model design, reduced-form shocks, and principles of policy advice. Our main disagreements today are about implementing the methodology. Some think New Keynesian models are ready to be used for quarter-to-quarter quantitative policy advice; we do...
Persistent link: https://www.econbiz.de/10012464338