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Institutions are neither autistic maximizers nor flocks of birds: Self-organization, power, and learning in human organizations
Dosi, Giovanni; Marengo, Luigi; Nuvolari, Alessandro - 2016
the very idea of "rationality" are derived entities. Which of the primitive tale is chosen bears far-reaching consequences … away from rationality-cum-equilibrium interpretations and of focusing on the varying balances between self …
Persistent link: https://www.econbiz.de/10011789741
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Are they really rational? Assessing professional macro-economic forecasts from the G7-countries
Dovern, Jonas; Weisser, Johannes - 2008
In this paper, we use survey data to analyze the rationality of professional macroeconomic forecasts. We analyze both … used with caution, since even if all individual forecasts are rational the hypothesis of rationality is often rejected by …
Persistent link: https://www.econbiz.de/10010263518
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Problems of using grouped DMUs for efficiency measurement: Monte Carlo experiments, empirical dimension, and a correction procedure
Brümmer, Bernhard; Thiele, Holger D. - 1999
This paper explores the consequences for parametric and non-parametric efficiency levels and rankings when using grouped instead of individual Decision Making Units (DMU). The bias results due to the differences of the grouped DMUs frontier compared to the individual DMUs frontier. Monte Carlo...
Persistent link: https://www.econbiz.de/10010297112
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Implicit Microfoundations for Macroeconomics
Wright, Ian - 2008
A large market economy has a huge number of degrees of freedom with weak microlevel coordination. The 'implicit microfoundations' approach assumes this property of micro-level interactions more strongly conditions macro-level outcomes compared to the precise details of individual choice...
Persistent link: https://www.econbiz.de/10010298577
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Implicit Microfoundations for Macroeconomics
Wright, Ian - In: Economics: The Open-Access, Open-Assessment E-Journal 3 (2009) 2009-19, pp. 1-27
A large market economy has a huge number of degrees of freedom with weak microlevel coordination. The 'implicit microfoundations' approach considers this property of micro-level interactions to more strongly determine macro-level outcomes compared to the precise details of individual choice...
Persistent link: https://www.econbiz.de/10010298637
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Anmerkungen zur Aggregation von Intelligenzquotienten
Frahm, Gabriel; Mittring, Gert - 2007
der vorliegenden Arbeit wird eine Methode entwickelt, die eine konsistente Aggregation unterschiedlicher …
Persistent link: https://www.econbiz.de/10010304424
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Real Options Effects on Employment : Does Exchange Rate Uncertainty Matter for Aggregation?
Göcke, Matthias; Belke, Ansgar - 2004
exchange rate uncertainty. Based on this micro foundation an aggregation approach is presented. Under uncertainty, intervals of … where the aggregation of microeconomic real options effects under uncertainty are relevant, they may even be of a more …
Persistent link: https://www.econbiz.de/10010261879
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Forecasting Euro area real GDP: optimal pooling of information
Hülsewig, Oliver; Mayr, Johannes; Wollmershäuser, Timo - 2008
This paper proposes a new method of forecasting euro area quarterly real GDP that uses area-wide indicators, which are derived by optimally pooling the information contained in national indicator series. Following the ideas of predictive modeling, we construct the area-wide indicators by...
Persistent link: https://www.econbiz.de/10010264416
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Individual versus Aggregate Income Elasticities for Heterogeneous Populations
Paluch, Michal; Kneip, Alois; Hildenbrand, Werner - 2007
This paper deals with different concepts of income elasticities of demand for a heterogenous population and the relationship between individual and aggregate elasticities is analyzed. In general, the aggregate elasticity is not equal to the mean of individual elasticities. The difference depends...
Persistent link: https://www.econbiz.de/10010264907
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Gateveys: An R toolbox for re-traceable aggregation of business tendency survey data
Bannert, Matthias - 2013
This paper describes how to use the R package gateveys to establish a transparent and reproducible aggregation work …. The package has two main features: First, it provides functions to build an aggregation process that re-calculates all … to dynamically add localized meta information to the resulting time series object during the aggregation process. Besides …
Persistent link: https://www.econbiz.de/10010319728