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Learning from the Expectations of Others

Granato, Jim; Guse, Eran A; Wong, M C Sunny - 2006

The assumption of perfectly rational representative agents is commonly questioned. This paper explores the equilibrium properties of boundedly rational heterogeneous agents. We combine an adaptive learning process in a modified cobweb model within a Stackleberg framework. We assume that there is...

Persistent link: https://www.econbiz.de/10009442020

Macroeconomic models with endogenous learning

Gaus, Eric - 2010

The behavior of the macroeconomy and monetary policy is heavily influenced by expectations. Recent research has … decisions. Under rational expectations (RE) determinacy serves as the main criterion for favoring a model or monetary policy … cautionary tale for policy makers and reinforces the importance of the role of expectations. Simulations appear stable for a …

Persistent link: https://www.econbiz.de/10009447381

Three essays on adaptive learning, institutions and multiple equilibria

Steiger, Laura Christina - 2009

state. I propose instead the use of shocks to expectations to permit such a transition.The third chapter of this …

Persistent link: https://www.econbiz.de/10009447394

Start-ups and Transition

Cooper, David J.; Berkowitz, Daniel M. - 1997

How fast transition should occur and how fast privatization and/or entry should take place in formerly socialist economies has been widely debated by economists. The field evidence on start-ups is mixed, with fragmentary data indicating that the performance of start-ups varies widely across...

Persistent link: https://www.econbiz.de/10009476769

Learning in linear models with expectational leads

Wenzelburger, Jan - 2002

forecasting rule with generates rational expectations equilibria is introduced. It is shown that the learning scheme provides an … rational expectations equilibria globally for all initial conditions. We strengthen convergence results in relaxing standard …

Persistent link: https://www.econbiz.de/10009452462

EduBuilding: material selection from life cycle costing sensitivity

Mat Noor, Noorsidi Aizuddin; Eves, Chris - 2010

Life Cycle Cost Analysis provides a form of synopsis of the initial and consequential costs of building related decisions. These cost figures may be implemented to justify higher investments, for example, in the quality or flexibility of building solutions through a long term cost reduction. The...

Persistent link: https://www.econbiz.de/10009438368

FORECASTING: EXPECTATIONS, INTENTIONS, AND CONFIDENCE

Rothschild, David Michael - 2011

created by polling the respondents on their expectations versus intentions. Expectation-based forecasts are more efficient … statically significant positive relationship between confidence and the accuracy of individual-level expectations. This positive …

Persistent link: https://www.econbiz.de/10009438764

Measuring the Effects of Alternative Support Policy Instruments on Beef Supply

Benjamin, Catherine; Piot-Lepetit, Isabelle - 2002

The European Union beef market regulation is largely influenced by the Common Agricultural Policy (CAP). With the 1992 CAP reform, there was a partial shift by the EU from product price support to a more direct form of income support by way of direct payments. For beef there was a move to direct...

Persistent link: https://www.econbiz.de/10009443856

Estimating the Effects of Exchange Rate Volatility on Export Volumes

Wang, Kai-Li; Barrett, Christopher B. - 2007

This paper takes a new empirical look at the long-standing question of the effect of exchange rate volatility on international trade flows by studying the case of Taiwan's exports to the United States from 1989-1998. In particular, we employ sectoral-level, monthly data and an innovative...

Persistent link: https://www.econbiz.de/10009445066

Interactive expectations

Flieth, B; Foster, J - 2002

In modeling expectation formation, economic agents are usually viewed as forming expectations adaptively or in …, we show that this kind of model performs well in simulation experiments. Focusing upon producers' expectations in the …

Persistent link: https://www.econbiz.de/10009447863