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Rational Expectations in Price Setting. Tests Based on Norwegian Export Prices

Svendsen, Ingvild - Statistisk Sentralbyrå, Government of Norway - 1998

This paper uses imperfect competition as a basis for modelling the export price for an aggregated commodity produced by the Norwegian private mainland economy. The long run solution is analysed using a cointegration technique. The dynamics are modelled according to two different approaches; a...

Persistent link: https://www.econbiz.de/10004980524

Expectations in Export Price Formation Tests using Cointegrated VAR Models

Boug, Pål; Cappelen, Ådne; Swensen, Anders R. - Statistisk Sentralbyrå, Government of Norway - 2000

The formation of export prices is an area in which the linear quadratic adjustment cost (LQAC) model under rational expectations may be relevant in practice. This paper evaluates the empirical performance of the LQAC-model using Norwegian data and a new testing procedure suggested by Johansen...

Persistent link: https://www.econbiz.de/10004980930

Belief-free equilibria in games with incomplete information: characterization and existence

Lovo, Stefano; Tomala, Tristan; Hörner, Johannes - HEC Paris (École des Hautes Études Commerciales) - 2009

In this paper, the authors characterize belief-free equilibria in infinitely repeated games with incomplete information with N \ge 2 players and arbitrary information structures. This characterization involves a new type of individual rational constraint linking the lowest equilibrium payoffs...

Persistent link: https://www.econbiz.de/10008458014

The Walrasian Output Beats the Market

Morales, Antonio J.; Fernández-de-Córdoba, Gonzalo - Departamento de Teoría e Historia Económica, Facultad … - 2010

We show that for any market-clearing price, average profits in a symmetric industry cannot exceed the individual profits from the Walrasian output. This immediately implies that a firm itself can guarantee to beat the market by producing the Walrasian output. This property clarifies and...

Persistent link: https://www.econbiz.de/10008486379

Beyond Earthquakes: The New Directions of Expected Utility Theory

Zurita, Felipe - In: Latin American Journal of Economics-formerly Cuadernos … 42 (2005) 126, pp. 209-255

Over the past two decades, an enormous amount of work has been done to improve the Expected Utility model. Two areas have attracted major attention: the possibility of describing unforeseen contingencies and the need to accomodate the kind of behavior ref

Persistent link: https://www.econbiz.de/10005812177

Information, Knowledge and the Close of Friedrich Hayek's System: A Comment

Boettke, Peter J. - In: Eastern Economic Journal 28 (2002) 3, pp. 343-349

Elias Khalil's "Information, Knowledge and the Close of Friedrich Hayek's System," argues that an internal contradiction exists within Hayek's political economy relating to his use of information and knowledge. As a result, Khalil argues that neither Hayek's critique of planning nor his defense...

Persistent link: https://www.econbiz.de/10005641860

Várakozások, stabilitás és működőképesség az együttélő korosztályok egy realista modelljében

Molnár, György - In: Közgazdasági szemle : a magyar Tudományos Akadémia … 43 (1996) 10, pp. 863-890

Persistent link: https://www.econbiz.de/10001219806

Egy kihasználható lehetőség : az előrejelzések szerepe a gazdaságirányításban

Hüttl, Antónia - In: Közgazdasági szemle : a magyar Tudományos Akadémia … 34 (1987) 9, pp. 1045-1052

Persistent link: https://www.econbiz.de/10001110502

Infláció : különös tekintettel az 1990-es évek magyar gazdaságára

Erdős, Tibor - 1998 - 1., magyar nyelvű kiad

Persistent link: https://www.econbiz.de/10014276350

A munkaerő-piaci előrejelzések nemzetközi gyakorlata -áttekintés a kvantitatív módszerekről és felhasználásukról

Gács, János; Bíró, Anikó - 2012

forecasts and foreseeing structural changes". It presents a comprehensive overview of labour market forecasting activities … is to provide ideas, lessons and benchmarks for similar forecasting exercises in Hungary. After outlining the basic model … of quantitative labour market forecasting the paper identifies the technical conditions of model building and model …

Persistent link: https://www.econbiz.de/10010494517