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Agent-Based Computational Modelling AndMacroeconomics
Tesfatsion, Leigh - Iowa State University of Science and Technology <Ames, … - 2005
Agent-based Computational Economics (ACE) is the computational study of economic processesmodeled as dynamic systems of interacting agents. This essay discusses the potentialuse of ACE modeling tools for the study of macroeconomic systems. Points are illustratedusing an ACE model of a two-sector...
Persistent link: https://www.econbiz.de/10009360883
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Allocating cost reducing investmentsover competing divisions
Tesoriere, Antonio - Center for Operations Research and Econometrics … - 2007
This paper examines a three-stage model of divisionalization where, first, two parentfirms create independent units … toward divisionalization severely, relative to other existingmodels. Namely, the scope for divisionalization in equilibrium … addition,to no divisionalization outcome is sustainable in equilibrium only if it is sociallyoptimal.... …
Persistent link: https://www.econbiz.de/10005868825
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Distributive Justice and CEO Compensation
Jasso, Guillermina; Meyersson Milgrom, Eva M. - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2007
This paper develops a framework for studying individuals ideas about what constitutes justcompensation for chief executive officers (CEOs) and reports estimates of just CEO pay andthe principles guiding ideas of justice. The sample consists of students pursuing a Master ofBusiness Administration...
Persistent link: https://www.econbiz.de/10005861085
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Optimal Sticky Prices under Rational Inattention
Maćkowiak, Bartosz; Wiederholt, Mirko - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2005
In the data, individual prices change frequently and by large amounts. In standardsticky price models, frequent and large price changes imply a fast response of the aggregate price level to nominal shocks. This paper presents a model in which price setting firms optimally decide what to observe,...
Persistent link: https://www.econbiz.de/10005861972
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EVALUATING MICROFOUNDATIONSFOR AGGREGATE PRICE RIGIDITIES EVIDENCE FROM MATCHED FIRM-LEVEL DATA ON PRODUCT PRICES AND UNIT LABOR COST
Carlsson, Mikael; Nordström Skans, Oskar - 2009
Using data on product-level prices matched to the producing …rm’s unit labor cost, wereject the hypothesis of a full and immediate pass-through of marginal cost. Since wefocus on idiosyncratic variation, this does not …t the predictions of the Ma´ckowiak andWiederholt (2009) version of the...
Persistent link: https://www.econbiz.de/10005866459
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Will Women Be Women?Analyzing the Gender Difference among Financial Expert
Beckmann, Daniela; Menkhoff, Lukas - Universität <Hannover> / Wirtschaftswissenschaftliche … - 2008
There are robust gender differences in the domains of risk taking, overconfidence and competitionbehavior. However, as expertise tends to level these differences, we ask whether financialexperts still show gender dissimilarities in their domains of decision making? We analyzesurvey responses of...
Persistent link: https://www.econbiz.de/10005867425
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Growth and Labor Income Risk withInelastic and Elastic Labor Supply
Clemens, Christiane - Universität <Hannover> / Wirtschaftswissenschaftliche … - 2004
We discuss long-run growth in an economy which is subject toaggregate productivity shocks affecting all factors of production. Wedemonstrate that the presence of labor income risk unambiguously isan important determinant of long-run expected growth. The issue ofdynamic inefficiency of the...
Persistent link: https://www.econbiz.de/10005867611
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Entrepreneurship and Growth - An Overlapping Generations Approach
Clemens, Christiane - Universität <Hannover> / Wirtschaftswissenschaftliche … - 2004
This paper discusses a two-sector neoclassical overlapping generationseconomy with intermediate and final goods in the spirit of Romer(1990). The risk averse agents engage in one of two alternative occupations:either firm-ownership in the intermediate goods sector, characterizedby monopolistic...
Persistent link: https://www.econbiz.de/10005867614
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Monopolistic Competition andEntrepreneurial RiskRTaking
Clemens, Christiane - Universität <Hannover> / Wirtschaftswissenschaftliche … - 2004
This paper investigates the effects of monopolistic competition onentrepreneurial riskRtaking in a general equilibrium model. In thiscontext, occupational choice of risk averse agents is biased towardsfirm ownership. In this case, the inefficiencies due to the presence ofnondiversifiable risk...
Persistent link: https://www.econbiz.de/10005867628
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Cooling-Off in Negotiations - Does It Work?
Oechssler, Jörg; Roider, Andreas; Schmitz, Patrick W. - Alfred-Weber-Institut für Sozial- und … - 2008
Negotiations frequently end in conflict after one party rejects a final offer.In a large-scale internet experiment, we investigate whether a 24-hour coolingoffperiod leads to fewer rejections in ultimatum bargaining. We conduct astandard cash treatment and a lottery treatment, where subjects...
Persistent link: https://www.econbiz.de/10005868398