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The objective of this manuscript is to provide a simple guide to instructors and students on how to solve and simulate a discrete-time specification of the Life-Cycle/Permanent-Income Model of Consumption and Saving (LCPI Model) using only algebra and basic calculus. The solution and simulation...
Persistent link: https://www.econbiz.de/10013035580
In introductory and even intermediate courses, the cobweb model is the reference dynamic model to justify market equilibrium and to illustrate how market equilibrium can be reached. Nonetheless, the cobweb model has at least two unattractive features: (i) that, in requiring at each time equality...
Persistent link: https://www.econbiz.de/10014077533
Few textbooks in mathematical economics cover optimal timing problems. Those which cover them do it scantly or in a rather clumsy way, making it hard for students to understand and apply the concept of optimal time in new contexts. Discussing the plentiful illustrations of optimal timing...
Persistent link: https://www.econbiz.de/10014038863
Basel II changes risk management in banks strongly. Internal rating procedures would lead one to expect that banks are changing over to active risk control. But, if risk management is no longer a simple "game against nature", if all agents involved are active players then a shift from a...
Persistent link: https://www.econbiz.de/10010296819
The integration of technology in the educational process is becoming increasingly important for improving the 21st century student's understanding and retention of academic material. Being able to readily apply the theory covered in class and to automatically receive immediate feedback is...
Persistent link: https://www.econbiz.de/10011544089
The aim of our contribution is to present an innovative instrument to teach macroeconomics at the undergraduate and master level. We develop a digital learning platform to present and explore some controversies at the very foundations of macroeconomic theory. For this purpose, we explicitly...
Persistent link: https://www.econbiz.de/10011994508
Computer simulators are proving to be indispensable education tools as they enable their users to readily apply theoretical knowledge and to automatically receive immediate feedback, which is invaluable both to learners and to their instructors. Yet at present, there is virtually no publically...
Persistent link: https://www.econbiz.de/10011609905
In the study of Giffen behavior or "Giffenity", there remains a paradox. On one hand, the Wold-Juréen (Demand analysis: A study in Econometrics, 1953) utility function has been touted as the progenitor of a multi-decade search for those two-good, particular utility functions, which exhibit...
Persistent link: https://www.econbiz.de/10012173780
Ist die zunehmende Mathematisierung dafür verantwortlich, dass ordnungspolitische Inhalte immer mehr aus dem wirtschaftswissenschaftlichen Curriculum verdrängt werden? Der vorliegende Beitrag verneint diese Frage. Er plädiert dafür, dass ordnungspolitisch orientierte Ökonomen und stärker...
Persistent link: https://www.econbiz.de/10011786039
This article explores the effectiveness of applying a new multidimensional graphical method to the teaching and learning of economics. In essence, the paper extends the significance of multi-dimensional graphs to study any economic phenomenon from a multidimensional perspective. The paper...
Persistent link: https://www.econbiz.de/10010228348