Showing 1 - 10 of 18,459
This paper introduces a new theoretic entity, a nominalist heuristic, defined as a focus on prominent numbers, indices … or ratios. Abstractions used in the evaluation stage of decision making typically involve nominalist heuristics that are … incompatible with expected utility theory which excludes the evaluation stage, and are also incompatible with prospect theory which …
Persistent link: https://www.econbiz.de/10010270023
The prior paper in this sequel, Pope (2009) introduced the concept of a nominalist heuristic, defined as a focus on … laboratory. Third, nominalist heuristics are incompatible with expected utility theory which excludes the evaluation stage, and … are also incompatible with prospect theory which assumes that, while the evaluation stage can involve systematic mistakes …
Persistent link: https://www.econbiz.de/10010274186
. -- nominalism ; money illusion ; heuristic ; unpredictability ; experiment ; SKAT the Stages of Knowledge Ahead Theory ; prominent … numbers ; prominent indices ; prominent ratios ; transparent policy ; nominal equality ; historical benchmarks ; complexity …The prior paper in this sequel, Pope (2009) introduced the concept of a nominalist heuristic, defined as a focus on …
Persistent link: https://www.econbiz.de/10003867227
exchange rate determination. -- nominalism ; money illusion ; heuristic ; unpredictability ; experiment ; SKAT the Stages of … ; complexity ; decision costs ; evaluation …This paper introduces a new theoretic entity, a nominalist heuristic, defined as a focus on prominent numbers, indices …
Persistent link: https://www.econbiz.de/10003867222
laboratory experiment. The laboratory experiment avoids measurement errors to which econometric estimation is subject concerning … assumptions of temporal independence and false synchronicity in decision response lags to stimuli. Our laboratory experiment also …
Persistent link: https://www.econbiz.de/10010274161
We study the impact of exchange rate risk upon export production within an emerging economy lacking in currency forward markets. However there exists a financial asset whose price is correlated with the relevant foreign currency. We present conditions under which export production is stimulated...
Persistent link: https://www.econbiz.de/10003867523
We study the impact of exchange rate risk upon export production within an emerging economy lacking in currency forward markets. However there exists a financial asset whose price is correlated with the relevant foreign currency. We present conditions under which export production is stimulated...
Persistent link: https://www.econbiz.de/10013147872
This paper is concerned with international reserves. It makes two main points. Firstly, excess reserves cannot be regarded as a substitute for sound fundamentals because the former may destabilize the economic system in the longer term. Secondly, reserve accumulation financed by public debt can...
Persistent link: https://www.econbiz.de/10013139882
This paper provides an exact and computable invariant currency value index (ICVI) which is independent of base currency choice. Thus, given a 1xed set of currencies, the index of a currency will have the same value, regardless of base currency choice. This currency index can be used as an...
Persistent link: https://www.econbiz.de/10014047628
This paper is concerned with international reserves where the accumulation of reserves is financed by public debt. Optimally controlled paths are used to illustrate the possibility of long term instability in a small macroeconomic system. The results indicate that reserve accumulation financed...
Persistent link: https://www.econbiz.de/10013141652