I present a simple model of an evolutionary financial market with heterogeneous agents, based on the concept of adaptive belief systems introduced by Brock and Hommes (1997a). Agents choose between different forecast rules based on past performance, resulting in an evolutionary dynamics across...

Based on the APARCH model and two outlier detection methods, we computereliable time series of volatility asymmetry for 49 countries with relatively few ob-servations. Results show a steady increase in the asymmetry over the years for mostcountries. We nd that economic development and market...

This paper uses a unique data set of Latin American paintings auctioned by Sotheby's between 1995 and 2002 to investigate several puzzles from the recent auctions literature. Our results suggest that: (1) the reputation of an artist and the provenance of the artwork, omitted variables in most...

While some of the recent surge of oil prices can be attributed to robust global demandat a time of tight production capacities, commentators occasionally also blame theimpact of speculators for part of the price pressure. We propose an empirical oil market model with heterogeneous speculators....

It is well documented that the U.S. employment report has a strong price impact in financial markets. Based of these precision proxies, we show that prices respond significantly stronger to more precise information, even after controlling for an asymmetric price response to ’good’ and ’bad’...

Diese Studie untersucht die formale Aussage, dass in kleinen offenen Volkswirtschaften flexible Wechselkurse eine 'sckockabsorbierende Wirkung' entfalten und exogene Störungen effektiver als feste Wechselkurse mildern. Ein intertemporales Modell mit nominalen Rigiditäten zeigt die...

Preise auf Kapitalmärkten werden durch nicht-antizipierte Informationen getrieben. Eine zentrale Aussage Baysianischer Lernmodelle impliziert, dass die Stärke der Preisreaktion einerseits von der Höhe der nicht antizipierten Komponente abhängt, andererseits aber auch von der Präzision der...

In recent years, many social scientists have claimed that trust plays an important role in economic and social transactions. Despite its proposed importance, the measurement and the definition of trust seem to be not fully settled, and the identification of the exact role of trust in economic...

Psychological studies invariably find a positive relationship between violent video game play and aggression. However, these studies cannot account for either aggressive effects of alternative activities video game playing substitutes for or the possible selection of relatively violent people...

Gender, income, education and self-employment are robust predictors for individual support for redistribution in the OECD. In addition, considerations of social status, the fairness of the allocation mechanism, perceived moral worth of the poor and individual autonomy are important. The results...