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Can we manage first impressions in cooperation problems? : an experimental study on "Broken (and Fixed) Windows"

Engel, Christoph; Kube, Sebastian; Kurschilgen, Michael - 2011

Cooperation problems are at the heart of many everyday situations. In this paper, we propose a very simple and light-handed mechanism to sustain cooperation and test its performance in a rich laboratory environment. The mechanism moderates cooperation by controlling experiences, more...

Persistent link: https://www.econbiz.de/10009007141

Interest rate rules and macroeconomic stability under heterogeneous expectations

Anufriev, Mikhail; Assenza, Tiziana; Hommes, Cars H.; … - 2009

The recent macroeconomic literature stresses the importance of managing heterogeneous expectations in the formulation of monetary policy. We use a stylized macro model of Howitt (1992) to investigate inflation dynamics under alternative interest rate rules when agents have heterogeneous...

Persistent link: https://www.econbiz.de/10011378358

Interest Rate Rules and Macroeconomic Stability under Heterogeneous Expectations

Anufriev, Mikhail - 2012

The recent macroeconomic literature stresses the importance of managing heterogeneous expectations in the formulation of monetary policy. We use a simple frictionless DSGE model to investigate inflation dynamics under alternative interest rate rules when agents have heterogeneous expectations...

Persistent link: https://www.econbiz.de/10013117071

Behavioral Learning Equilibria in New Keynesian models

Hommes, Cars H.; Mavromatis, Kostas; Özden, Tolga; Zhu, Mei - In: Quantitative economics : QE ; journal of the … 14 (2023) 4, pp. 1401-1445

We introduce Behavioral Learning Equilibria (BLE) into a multivariate linear framework and apply it to New Keynesian … Rational Expectations (REE), BLE, and constant gain learning models shows that the BLE model outperforms the REE benchmark and … is competitive with constant gain learning models in terms of in-sample and outof-sample fitness. Sample …

Persistent link: https://www.econbiz.de/10014496533

Learning, heterogeneity, and complexity in the New Keynesian model

Calvert Jump, Robert; Hommes, Cars H.; Levine, Paul - In: Journal of economic behavior & organization : JEBO 166 (2019), pp. 446-470

Persistent link: https://www.econbiz.de/10012149103

Managing unanchored, heterogeneous expectations and liquidity traps

Hommes, Cars H.; Lustenhouwer, Joep - 2017

We study the possibility of (almost) self-fulfilling waves of pessimism and selfreinforcing liquidity traps in a New Keynesian model with heterogeneous expectations. We explicitly focus on the "anchoring" of expectations that is modeled as the range of deviations from the central bank targets...

Persistent link: https://www.econbiz.de/10011770686

Forward guidance and the role of Central Bank credibility under heterogeneous beliefs

Goy, Gavin; Hommes, Cars H.; Mavromatis, Kostas - 2018

Persistent link: https://www.econbiz.de/10011943242

Forward guidance and the role of central bank credibility under heterogeneous beliefs

Goy, Gavin; Hommes, Cars H.; Mavromatis, Kostas - In: Journal of economic behavior & organization : JEBO 200 (2022), pp. 1240-1274

Persistent link: https://www.econbiz.de/10013389405

Risk and punishment revisited : errors in variables and in the lab

Engel, Christoph; Kirchkamp, Oliver - 2016

We provide an example for an errors in variables problem which might be often neglected but which is quite common in lab experimental practice: In one task, attitude towards risk is measured, in another task participants behave in a way that can possibly be explained by their risk attitude. How...

Persistent link: https://www.econbiz.de/10011562619

The solidarity motive

Engel, Christoph - 2016

For decades, experimental economics has been very interested in behavior that could be characterized as practicing solidarity (although the term is rarely used). Solidarity is a key concept in Catholic Social Teaching. This paper builds a bridge between these two endeavors that, thus far, had...

Persistent link: https://www.econbiz.de/10011553331