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Vicious and virtuous circle: The political economy of unemployment in interwar UK and USA
Matthews, Ken; Minford, Patrick; Naraidoo, Ruthira - 2006
This paper develops a political economy model of multiple unemployment equilibria to provide a theory of an endogenous natural rate of unemployment. This model is applied to the UK and the US interwar period which is remembered as the decade of mass unemployment. The theory here sees the natural...
Persistent link: https://www.econbiz.de/10010322782
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Towards Behavioral Political Economy of Institutional Change: With Field Facts from China
Zhang, Yongjing; Wang, Mei - 2014
This study proposes an analytical framework towards behavioral political economy of institutional change. It considers institutional changes as central government's choices under uncertainty, which are largely driven by the strategic outcomes in a behavioral coordination game between local...
Persistent link: https://www.econbiz.de/10010398578
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Experience effects in economics lessons from past and current crises
Malmendier, Ulrike - 2023
Persistent link: https://www.econbiz.de/10013540273
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A systematic comparison of professional exchange rate forecasts with judgmental forecasts of novices: Are there substantial differences?
Schmidt, Robert; Leitner, Johannes - 2004
The study at hand deals with the expectations of professional analysts and novices in the context of foreign exchange … markets. We analyze the respective forecasting accuracy and our results indicate that there exist substantial differences … result, we evaluate the nature of professional and experimental expectations in more detail and find that while professional …
Persistent link: https://www.econbiz.de/10010296526
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Biases of professional exchange rate forecasts: Psychological explanations and an experimentally based comparison to novices
Leitner, Johannes; Schmidt, Robert; Bofinger, Peter - 2003
reflected in the forecasting capabilities of professional analysts: all in all, analysts are not in a position to beat naïve … environment, we analyse the forecasting behaviour of students experimentally, using a simulated currency series. Our results … indicate that a topically oriented trend adjustment behaviour (TOTA) is a general characteristic of human forecasting behaviour …
Persistent link: https://www.econbiz.de/10010305737
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A within-subject analysis of other-regarding preferences
Blanco, Mariana; Engelmann, Dirk; Normann, Hans-Theo - 2010
We assess the predictive power of a model of other-regarding preferences - inequality aversion - using a within-subjects design. We run four different experiments (ultimatum game, dictator game, sequential-move prisoners' dilemma and public-good game) with the same sample of subjects. We elicit...
Persistent link: https://www.econbiz.de/10010302575
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Heterogeneous Agent Models in Economics and Finance
Hommes, Cars H. - 2005
This paper surveys work on dynamic heterogeneous agent models (HAMs) in economics and finance. Emphasis is given to simple models that, at least to some extent, are tractable by analytic methods in combination with computational tools. Most of these models are behavioral models with boundedly...
Persistent link: https://www.econbiz.de/10010325401
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Who are the Behavioral Economists and what do they say?
Heukelom, Floris - 2007
The most important financial source for behavioral economics is the Russell Sage Foundation (RSF). The most prominent behavioral economists among the RSF’s twenty-six member Behavioral Economics Roundtable (BER) are Kahneman, Tversky, Thaler, Camerer, Loewenstein, Rabin, and Laibson. The...
Persistent link: https://www.econbiz.de/10010325449
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Kahneman and Tversky and the Origin of Behavioral Economics
Heukelom, Floris - 2007
Kahneman and Tversky and their behavioral economics stand in a long tradition of applying mathematics to human behavior. In the seventeenth century, attempts to describe rational behavior in mathematical terms run into problems with the formulation of the St. Petersburg paradox. Bernoulli’s...
Persistent link: https://www.econbiz.de/10010325520
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Notes on behavioral economics and labor market policy
Babcock, Linda; Congdon, William J.; Katz, Lawrence F.; … - In: IZA Journal of Labor Policy 1 (2012), pp. 1-14
economics related to procrastination, difficulties in dealing with complexity, and potentially biased labor market expectations …
Persistent link: https://www.econbiz.de/10010332006