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"Adaptive Expectations, Underparameterization and the Lucas Critique
Evans, George W.; Ramey, Garey - Department of Economics, University of Oregon - 2001
A striking implication of the replacement of adaptive expectations by Rational Expectations was the "Lucas Critique," which showed that expectation parameters, and endogenous variable dynamics, depend on policy parameters. We consider this issue from the vantage point of a bounded rationality,...
Persistent link: https://www.econbiz.de/10005635099
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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/10010281841
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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
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Theories of learning and economic policy
Evans, George W. - In: Revue d'économie politique 131 (2021) 3, pp. 583-608
Persistent link: https://www.econbiz.de/10012886341
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Chapter 7 Learning dynamics
Evans, George W.; Honkapohja, Seppo - In: Handbook of macroeconomics : volume 1, part A, (pp. 449-542). 1999
This chapter provides a survey of the recent work on learning in the context of macroeconomics. Learning has several … roles. First, it provides a boundedly rational model of how rational expectations can be achieved. Secondly, learning acts … as a selection device in models with multiple REE (rational expectations equilibria). Third, the learning dynamics …
Persistent link: https://www.econbiz.de/10014024243
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'At Least I Didn't Lose Money' - Nominal Loss Aversion Shapes Evaluations of Housing Transactions
Stephens, Thomas Alexander - 2012
Loss aversion is one of the most robust findings to have emerged from behavioral economics. Surprisingly little attention, however, has been devoted to nominal loss aversion, the interaction of loss aversion and money illusion. People tend to think of transactions in terms of their nominal...
Persistent link: https://www.econbiz.de/10013099280
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“At least I didn’t lose money” - Nominal Loss Aversion Shapes Evaluations of Housing Transactions
Stephens, Thomas A.; Tyran, Jean-Robert - Økonomisk Institut, Københavns Universitet - 2012
Loss aversion is one of the most robust findings to have emerged from behavioral economics. Surprisingly little attention, however, has been devoted to nominal loss aversion, the interaction of loss aversion and money illusion. People tend to think of transactions in terms of their nominal...
Persistent link: https://www.econbiz.de/10010592980
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“At least I didn’t lose money” Nominal Loss Aversion Shapes Evaluations of Housing Transactions
Stephens, Thomas A; Tyran, Jean-Robert - C.E.P.R. Discussion Papers - 2012
Loss aversion is one of the most robust findings to have emerged from behavioral economics. Surprisingly little attention, however, has been devoted to nominal loss aversion, the interaction of loss aversion and money illusion. People tend to think of transactions in terms of their nominal...
Persistent link: https://www.econbiz.de/10011083826
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Monetary Policy, Endogenous Inattention, and the Volatility Trade-Off
Branch, William; Carlson, John B.; Evans, George W.; … - 2007
This paper addresses the output-price volatility puzzle by studying the interaction of optimal monetary policy and agents' beliefs. We assume that agents choose their information acquisition rate by minimizing a loss function that depends on expected forecast errors and information costs....
Persistent link: https://www.econbiz.de/10014223070
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Adaptive Expectations, Underparameterization and the Lucas Critique
Evans, George W.; Ramey, Garey - 2003
A striking implication of the replacement of adaptive expectations by Rational Expectations was the "Lucas Critique," which showed that expectation parameters, and endogenous variable dynamics, depend on policy parameters. We consider this issue from the vantage point of bounded rationality,...
Persistent link: https://www.econbiz.de/10014119224