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SMALL WORLD NETWORKS WITH SEGREGATIONPATTERNS AND BROKERS

Gallo, Edoardo - University <Oxford> / Department of Economics - 2010

small worldnetwork. This paper develops a strategic network formation model where agents haveheterogeneous knowledge of the … network: cognizant agents know the whole network,while ignorant ones are less knowledgeable. For a broad range of parameters … higher betweenness centrality: they are the brokerswho connect di®erent parts of the network. Ignorant agents cause the …

Persistent link: https://www.econbiz.de/10005870099

Cooperative Networks: Theory and Experimental Evidence

Pantz, Katinka; Ziegelmeyer, Anthony - Max-Planck-Institut für Ökonomik <Jena> - Abteilung …

We consider a modi¯ed pure public good game characterized by a pre-play negotiation stage, onwhich pairs of players can form binding cooperation commitments. As the introduced mecha-nism only supports pairwise rather than more inclusive commitments, it does not implement thee±cient outcome. We...

Persistent link: https://www.econbiz.de/10005866705

On the Absorbability of the Guessing Game Theory -A Theoretical and Experimental Analysis

Morone, Andrea; Sandri, Serena; Uske, Tobias - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2006

Theory absorption, a notion introduced by Morgenstern and Schwödiauer (1972)and further elaborated by Güth and Kliemt (2004), discusses the problem whether atheory can survive its own acceptance. Whereas this holds for strategic equilibria accordingto the assumptions on which they are based,...

Persistent link: https://www.econbiz.de/10005866646

Bayesian option pricing using mixed normalheteroskedasticity models

Rombouts, Jeroen; Stentoft, Lars - Center for Operations Research and Econometrics … - 2009

While stochastic volatility models improve on the option pricing error when compared to theBlack-Scholes-Merton model, mispricings remain. This paper uses mixed normalheteroskedasticity models to price options. Our model allows for significant negative skewnessand time varying higher order...

Persistent link: https://www.econbiz.de/10005868652

JBendge: An Object-Oriented System for Solving, Estimating and Selecting Nonlinear Dynamic Models

Winschel, Viktor; Krätzig, Markus - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2008

We present an object-oriented software framework allowing to specify, solve, and estimate nonlinear dynamic general equilibrium (DSGE) models. The implemented solution methods for finding the unknown policy function are the standard linearization around the deterministic steady state, and a...

Persistent link: https://www.econbiz.de/10005860533

Solving, Estimating and Selecting Nonlinear Dynamic Models without the Curse of Dimensionality

Winschel, Viktor; Krätzig, Markus - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2008

We present a comprehensive framework for Bayesian estimation of structural nonlinear dynamic economic models on sparse grids. The Smolyak operator underlying the sparse grids approach frees global approximation from the curse of dimensionality and we apply it to a Chebyshev approximation of the...

Persistent link: https://www.econbiz.de/10005860578

The Resolution GameA Multiple Selves Perspective

Migrow, Dimitri; Uhl, Matthias - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2009

The notion of choice inconsistency is widely spread in the literature on behavioraleconomics. Several approaches were used to account for the observation that peoplereverse their choices over time. This paper aims to explain the formation of resolutionsregarded as internal self-binding devices....

Persistent link: https://www.econbiz.de/10005866391

Cycles of conditional cooperation in a real-time voluntarycontribution mechanism

Levati, Maria Vittoria; Zultan, Ro'i - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2009

This paper provides a new way to identify conditional cooperationin a real-time version of the standard voluntary contribution mechanism. Ourapproach avoids most drawbacks of the traditional procedures because it relieson endogenous cycle lengths, which are defined by the number of contributors...

Persistent link: https://www.econbiz.de/10005866399

Psychology and Economics rather than Psychology versusEconomics: Cultural differences but no barriers!

Brandstätter, Hermann; Güth, Werner; Kliemt, Hartmut - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2009

During the last three decades the ascent of behavioral economics clearly helped tobring down artificial disciplinary boundaries between psychology and economics.Noting that behavioral economics seems still under the spell of the rational choicetradition – and, indirectly, of behaviorism – we...

Persistent link: https://www.econbiz.de/10005866402

Promoting Justice by Treating People Unequally: AnExperimental Study

Becker, Alice; Miller, Luis M. - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2009

Which inequalities among individuals are considered unjust? This paper reportsthe results of an experiment designed to study distributive choices dealing with arbitrarilyunequal initial endowments. In a three-person distribution problem wheresubjects either know or do not know their endowments,...

Persistent link: https://www.econbiz.de/10005866424