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Meta-Inductive Probability Aggregation
Feldbacher-Escamilla, Christian J.; Schurz, Gerhard - In: Theory and Decision 95 (2023) 4, pp. 663-689
-induction, we want to provide a general rationale, namely, optimality, for choosing the weights in a success-based way by scoring … rule. However, as we will show, the main condition for the optimality of meta-inductive weights is so general that it holds …
Persistent link: https://www.econbiz.de/10015193284
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Sustainability and Optimality in Economic Development: Theoretical Insights and Policy Prospects
Farzin, Y. Hossein - 2007
This paper takes sustainability to be a matter of intergenerational welfare equality and examines whether an optimal development path can also be sustainable. It argues that the general "zero-net-aggregate-investment" condition for an optimal development path to be sustainable in the sense of...
Persistent link: https://www.econbiz.de/10010312409
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Hierarchy of ideals in market interactions: An application to the labor market
Charles, Aurélie - 2013
This paper argues that a hierarchy of ideals exists in market interactions that sets the benchmark on the norm of fairness associated with these interactions, thus affecting pricing decisions associated with market exchange. As norms emerge, an ideal determines the criteria of optimal behavior...
Persistent link: https://www.econbiz.de/10010513024
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Discretion rather than rules? When is discretionary policy-making better than the timeless perspective?
Sauer, Stephan - 2007
Discretionary monetary policy produces a dynamic loss in the New Keynesian model in the presence of cost-push shocks. The possibility to commit to a specific policy rule can increase welfare. A number of authors since Woodford (1999) have argued in favour of a timeless perspective rule as an...
Persistent link: https://www.econbiz.de/10011604763
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Least squares model averaging by prediction criterion
Xie, Tian - 2012
This paper proposes a new estimator for least squares model averaging. A model average estimator is a weighted average of common estimates obtained from a set of models. We propose computing weights by minimizing a model average prediction criterion (MAPC). We prove that the MAPC estimator is...
Persistent link: https://www.econbiz.de/10010290423
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Discrete Fireworks Algorithm for Single Machine Scheduling Problems
El Majdouli, Mohamed Amine; El Imrani, Abdelhakim Ameur - In: International Journal of Applied Metaheuristic … 7 (2016) 3, pp. 24-35
Over the recent years, Fireworks Algorithm has recorded an increasing success on solving continuous optimization problems, due to its efficiency, simplicity and more importantly its rapid convergence to good optimums. Thus, the Fireworks Algorithm performance is now widely comparable with the...
Persistent link: https://www.econbiz.de/10012042932
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The Consistency of Optimal Policy in Stochastic Rational Expectations Models
Backus, David; Driffill, John - C.E.P.R. Discussion Papers - 1986
This paper extends the work of Barro and Gordon (1983) to general linear models with rational expectations. We examine the question whether the optimal policy rule, i.e. the one that a government which could pre-commit itself would use, can be sustained as a consistent rule in the sense defined...
Persistent link: https://www.econbiz.de/10005504552
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Discretion rather than rules? When is discretionary policy-making better than the timeless perspective?
Sauer, Stephan - European Central Bank - 2007
Discretionary monetary policy produces a dynamic loss in the New Keynesian model in the presence of cost-push shocks. The possibility to commit to a specific policy rule can increase welfare. A number of authors since Woodford (1999) have argued in favour of a timeless perspective rule as an...
Persistent link: https://www.econbiz.de/10005530913
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Successes and failures in the transformation of economics
Lipsey, Richard - In: Journal of Economic Methodology 8 (2001) 2, pp. 169-201
While acknowledging the successes of modern economics, this paper concentrates on some shortcomings. Many are traced to a single source: the great insights of economics are all qualitative. Economics does not have a theoretical structure that is tightly related to a rich body of data and those...
Persistent link: https://www.econbiz.de/10005496091
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On optimality in intergenerational risk sharing
Demange, Gabrielle - In: Economic Theory 20 (2002) 1, pp. 1-27
This paper defines and studies optimality in a dynamic stochastic economy with finitely lived agents, and investigates … the optimality properties of an equilibrium with or without sequentially complete markets. Various Pareto optimality … concepts are considered, including interim and ex ante optimality. We show that, at an equilibrium with a productive asset …
Persistent link: https://www.econbiz.de/10005370899