Showing 1 - 10 of 131
In this paper we address the implications of production risk for controlling fishing effort in a regulated fishery in a framework where fishers maximize expected utility of profit. We focus on controlling effort through season closures that limit the number of days the fishery is open to harvest...
Persistent link: https://www.econbiz.de/10011109615
In this paper we address the implications of production risk for controlling fishing effort in a regulated fishery in a framework where fishers maximize expected utility of profit. We focus on controlling effort through season closures that limit the number of days the fishery is open to harvest...
Persistent link: https://www.econbiz.de/10010859441
When income growth under price dispersion reduces the time of search and raises prices of purchases, the increase in purchase price can be presented as the increase in the willingness to pay for insurance or the willingness to pay for consumer credit. The optimal consumer decision represents the...
Persistent link: https://www.econbiz.de/10011267888
Abstract Popular models for decision making under ambiguity assume that people use not one but multiple priors. This paper is a first attempt to experimentally elicit multiple priors. In an ambiguous scenario with two underlying states we measure a subject’s single prior, her other potential...
Persistent link: https://www.econbiz.de/10011258993
In a world characterized by the occurrence of uncontrollable and extreme events investors are often required to make decisions on the basis of the available information. The challenge they face is how to manipulate these information sets in order to get what can lead them to the optimal...
Persistent link: https://www.econbiz.de/10011259003
Once upon a time there was a classical financial world in which all the Libors were equal. Standard textbooks taught that simple relations held, such that, for example, a 6 months Libor Deposit was replicable with a 3 months Libor Deposits plus a 3x6 months Forward Rate Agreement (FRA), and that...
Persistent link: https://www.econbiz.de/10011259157
In this paper I propose a medium scale Dynamic Stochastic General Equilibrium model for emphasizing the effects of the new Basel III Agreement for Romania’s financial stability. This model has similar structures as those developed by Walque et al. (2010) and Roger and Vlček (2011) but,...
Persistent link: https://www.econbiz.de/10011259541
We reconcile �findings from the Multiple Price List method (Andersen et al., 2008) and the Convex Time Budget method (Andreoni and Sprenger, 2012a) that seem to have generated a heated debate in the time preference literature. Specifi�cally, we discuss the claims of Andreoni and Sprenger...
Persistent link: https://www.econbiz.de/10011260062
Despite the plethora of efficiency studies in the banking literature, there is no consensus on the preferred approach for the empirical estimation of the frontier (production, cost, profit etc.) of fully efficient firms. The present paper aims to provide an overview of this promising alternative...
Persistent link: https://www.econbiz.de/10011260288
This paper traces developments from the inception of the 1988 Basel Capital Accord to its present form (Basel II). In highlighting the flaws of the 1988 Accord, an evaluation is made of the Basel Committee’s efforts to address such weaknesses through Basel II. Whilst considerable progress has...
Persistent link: https://www.econbiz.de/10011260315