Showing 1 - 10 of 7,761
This paper provides a new look at the well-known trade-off between efficiency and equality with an agent-based model. By way of a computer program, our study simulates the interactions of agents producing and trading goods within different market structures and looks at the resulting production...
Persistent link: https://www.econbiz.de/10013119484
We discover that letting agents pairwise sequentially exchange at "wrong" prices has a robust effect on prices at convergence. If the initial relative price for a good is cheaper than the equilibrium walrasian price due to initial endowments, the initial excess demand effect pushes resource...
Persistent link: https://www.econbiz.de/10013081713
This paper experimentally tests the effectiveness of three crowdsourced signaling mechanisms on their ability to resolve an asymmetric information problem over product quality for a set of consumers. Motivated by naturally occurring environments, the first mechanism allowed experimental subjects...
Persistent link: https://www.econbiz.de/10012860919
Banks must manage their trading books, not just value them. Pricing includes valuation adjustments collectively known as XVA (at least credit, funding, capital and tax), so management must also include XVA. In trading book management we focus on pricing, hedging, and allocation of prices or...
Persistent link: https://www.econbiz.de/10013040052
We express the opinion that sovereign debt sustainability analysis must be augmented by stochastic correlated risk factors and a risk measure to capture tail effects. Crisis situations can thus be adequately specified and analyzed with sufficient accuracy to warrant the relevance of policy...
Persistent link: https://www.econbiz.de/10012934108
We present a modification of the most commonly used integrated assessment model (IAM) of climate change (DICE-2016), AD-DICE2016, which is designed to address three key aspects of climateeconomy models: treatment of uncertainty, the use of more appropriate utility functions, and including...
Persistent link: https://www.econbiz.de/10012510301
We introduce a continuous time overlapping generations demographic model, in which a social planner seeks to generate an optimal policy for influencing the demographic change of the underlying population in a neoclassical growth model. The model has the notable feature that the underlying state...
Persistent link: https://www.econbiz.de/10009736651
Recent debate in the medical literature has brought attention to issues with the pre-match interview process for residency and fellowship positions at hospitals. However, little is known about the economics of this decentralized process. In this paper, I build a game-theoretic model in which...
Persistent link: https://www.econbiz.de/10013321742
Persistent link: https://www.econbiz.de/10012981058
We present a decomposition approach for integrated assessment modeling of climate policy based on a linear approximation of the climate system. Our objective is to demonstrate the usefulness of decomposition for integrated assessment models posed in a complementarity format. First, the...
Persistent link: https://www.econbiz.de/10014063312