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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

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

Near-rational exuberance

Bullard, James; Evans, George W.; Honkapohja, Seppo - 2005

We study how the use of judgement or “add-factors” in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call exuberance equilibria, can exist in standard macroeconomic...

Persistent link: https://www.econbiz.de/10011604601

An experimental contribution to the theory of customary (international) law

Engel, Christoph - 2010

In their majority, public international lawyers postulate that for a new rule of customary law to originate, two conditions must be fulfilled: there must be consistent practice, and it must be shown that this practice is motivated by the belief that such behaviour is required in law. Maurice...

Persistent link: https://www.econbiz.de/10003961993

The effect of noise in a performance measure on work motivation

Sloof, Randolph; Praag, Mirjam van - 2008

This paper reports the results of an individual real effort laboratory experiment where subjects are paid for measured performance. Measured performance equals actual performance plus noise. We compare a stable environment where the noise is small with a volatile environment where the noise is...

Persistent link: https://www.econbiz.de/10011376648

Performance measurement, expectancy and agency theory : an experimental study

Sloof, Randolph; Praag, Mirjam van - 2006

Theoretical analyses of (optimal) performance measures are typically performed within the realm of the linear agency model. This model implies that, for a given compensation scheme, the agent’s optimal effort is unrelated to the amount of noise in the performance measure. In contrast,...

Persistent link: https://www.econbiz.de/10011343251

The Effect of Noise in a Performance Measure on Work Motivation : A Real Effort Laboratory Experiment

Sloof, Randolph - 2014

Persistent link: https://www.econbiz.de/10012708784

Performance Measurement, Expectancy and Agency Theory : An Experimental Study

Sloof, Randolph; van Praag, Mirjam - 2021

Theoretical analyses of (optimal) performance measures are typically performed within the realm of the linear agency model. This model implies that, for a given compensation scheme, the agent's optimal effort is unrelated to the amount of noise in the performance measure. In contrast, expectancy...

Persistent link: https://www.econbiz.de/10013318660

Existence of adaptively stable sunspot equilibria near an indeterminate steady state

Evans, George W.; Honkapohja, Seppo - 2001

(X), provided F´(X)> 1. We show that there exist Markov SSEs that are E-stable, and therefore locally stable under adaptive learning …

Persistent link: https://www.econbiz.de/10011398793

Expectational stability of resonant frequency sunspot equilibria

Evans, George W.; Honkapohja, Seppo - 2001

We consider the stability under adaptive learning of the complete set of solutions to the model when . In addition to … representation used by agents in the learning process. Only the finite-state Markov sunspot solutions can be stable under learning. …

Persistent link: https://www.econbiz.de/10011398912