Showing 1 - 10 of 246
Summary This paper is a brief history of game theory with its main theme being the nature of the decision makers … developments of what many believe to be progress in game theory. The first stage, classical game theory, is defined by John von … Neumann’s and Oskar Morgenstern’s pioneering book “Game Theory and Economic Behavior” which introduced the concept of …
Persistent link: https://www.econbiz.de/10014608902
Zusammenbruch in den 70er und 80er Jahren mit Hilfe der neoklassischen Theorie zu erklären. Die alte und neue Institutionenökonomik …
Persistent link: https://www.econbiz.de/10014608780
Abstract In this paper we use a modified neoclassical business cycle model to test two competing explanations of the expansion of the 1990s. The model can have indeterminate, multiple equilibria that give rise to expectation-driven business cycles. We fit into the model series of estimated...
Persistent link: https://www.econbiz.de/10014588447
bivariate reduced form contains parameter regions in which sunspots are stable under learning. However, for parameters … sunspots exist, and under another information assumption, that they exist only for a very small part of the indeterminacy …
Persistent link: https://www.econbiz.de/10014588457
Recently, it has been claimed that full-information multiple equilibria in games with strategic complementarities are not robust, because generalizing to allow slightly heterogeneous information implies uniqueness. This paper argues that this "global games" uniqueness result is itself not...
Persistent link: https://www.econbiz.de/10014589094
RB in general equilibrium models. Individual rational beliefs are assumed correlated by means of sunspots which at the …
Persistent link: https://www.econbiz.de/10014589121
This paper examines the cost and profit productivity of European co‐operative banks between 1996 and 2003 using the parametric productivity decomposition suggested by Berger and Mester (2003). We find that over the period co‐operative banks benefited from substantial gains in both profit and...
Persistent link: https://www.econbiz.de/10014939831
-und Erwartungsbildung im (Städte-)Tourismus ist.  … touristic comparison and observation. Using notions and concepts derived from sociological systems theory the functions of …
Persistent link: https://www.econbiz.de/10014624235
Summary Macroeconomic policy analysis is a challenge for agent-based models because these types of model are generally much elaborated on the specific market levels for partial (micro) markets, but have been of limited use for macroeconomic policy issues due to calibration and “model...
Persistent link: https://www.econbiz.de/10014609201
Poor rural and urban households in developing countries face substantial risks, which they handle with risk-management and risk-coping strategies, including self-insurance through savings and informal insurance mechanisms. Despite these mechanisms, however, vulnerability to poverty linked to...
Persistent link: https://www.econbiz.de/10015361040