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Bounded rationality in Keynesian beauty contests: A lesson for central bankers?

Mauersberger, Felix; Nagel, Rosemarie; Bühren, Christoph - In: Economics: The Open-Access, Open-Assessment E-Journal 14 (2020) 2020-16, pp. 1-38

The great recession (2008) triggered an apparent discrepancy between empirical findings and macroeconomic models based on rational expectations alone. This gap led to a series of recent developments of a behavioral microfoundation of macroeconomics combined with the underlying experimental and...

Persistent link: https://www.econbiz.de/10012233305

Overpricing persistence in experimental asset markets with intrinsic uncertainty

Sornette, Didier; Andraszewicz, Sandra; Wu, Ke; Murphy, … - In: Economics: The Open-Access, Open-Assessment E-Journal 14 (2020) 2020-20, pp. 1-53

To study coordination in complex social systems such as financial markets, the authors introduce a new prediction market set-up that accounts for fundamental uncertainty. Nonetheless, the market is designed so that its total value is known, and thus its rationality can be evaluated. In two...

Persistent link: https://www.econbiz.de/10012233309

Managerial optimism and the impact of cash flow sensitivity on corporate investment: The case of Greece

Maditinos, Dimitrios I.; Tsinani, Alexandra V.; … - In: International Journal of Business and Economic Sciences … 8 (2015) 2, pp. 35-54

Purpose - The existence of optimism as a personal psychological characteristic of managers is a necessity in contemporary economy and decision making, although the phenomenon of over-optimism may lead to unfavourable outcomes. The purpose of this study is to examine the optimism bias and its...

Persistent link: https://www.econbiz.de/10011516728

Unsicherheit der Unternehmen lähmt Konjunktur

Grömling, Michael; Matthes, Jürgen - In: Wirtschaftsdienst 99 (2019) 12, pp. 855-862

Die deutsche Wirtschaft befindet sich im Sog handelspolitischer Verunsicherungen. Der Begriff der ökonomischen Unsicherheit ist facettenreich, aber zahlreiche theoretische und empirische Studien mit unterschiedlichen Messkonzepten und Methoden zeigen: Es besteht ein klarer Zusammenhang zwischen...

Persistent link: https://www.econbiz.de/10012151542

Subjective information choice processes

Dillenberger, David; Krishna, R. Vijay; Sadowski, Philipp - In: Theoretical Economics 18 (2023) 2, pp. 529-559

We propose a class of dynamic models that capture subjective (and hence unobservable) constraints on the amount of information a decision maker can acquire, pay attention to, or absorb, via an Information Choice Process (ICP). An ICP specifies the information that can be acquired about the...

Persistent link: https://www.econbiz.de/10014536900

Unrestricted information acquisition

Denti, Tommaso - In: Theoretical Economics 18 (2023) 3, pp. 1101-1140

In many strategic environments, information acquisition is a central component of the game that is played. Being uncertain about a payoff-relevant state, a player in a game has a two-fold incentive to acquire information: learning the state and learning what others know. We develop a model of...

Persistent link: https://www.econbiz.de/10014536945

Agency-Beziehungen und Kontrakt-Design: Problem, Lösung, Beispiel

Edelmann, Ralf; Milde, Hellmuth; Weimerskirch, Pierre - In: Kredit und Kapital 31 (1998) 1, pp. 1-27

Agency-Beziehungen und Kontrakt-Design Die Arbeit beschäftigt sich mit dem Kontrakt-Design, welches zur Lösung eines einfachen Prinzipal-Agenten-Problems nötig ist. Letztlich geht es um die Möglichkeit einer wirksamen Kontrolle: Wie kann ein besser informierter Agent durch einen weniger gut...

Persistent link: https://www.econbiz.de/10014523569

Narratives and Economic Policy: Theoretical Explorations and the Case of Central Bank Communication in Brazil

Herrmann-Pillath, Carsten; Bau Macedo, Luís Otávio - In: Journal of Contextual Economics – Schmollers Jahrbuch 141 (2021) 3, pp. 243-272

Increasingly, economists study narratives and their causal impact on economic processes. This paper proposes a new theoretical framework of narrative analysis that is based on the philosophy of language, especially speech act theory, motivated by the observation that, so far, the economic...

Persistent link: https://www.econbiz.de/10014524531

Die Kreditbeziehung als Mittel zur Verhaltensbeeinflussung

Borner, Harald - In: Kredit und Kapital 32 (1999) 3, pp. 461-480

Credit Relations as an Instrument for Influencing the Behaviour of Customers An Overview On the basis of various models … for credit contracts, capital structure and financial intermediation, the present contribution discusses the possibilities … inherent in credit relations for influencing the behaviour of customers. It turns out that several precautions for influencing …

Persistent link: https://www.econbiz.de/10014522028

Die deutsche Abhängigkeit von russischem Gas

Gleißner, Werner; Follert, Florian - In: Wirtschaftsdienst 102 (2022) 7, pp. 558-562

Risikomanagement erscheint zunächst als originär betriebswirtschaftliches Sujet. Globale Krisen wie die internationale Finanzkrise, die COVID-19-Pandemie oder der russische Angriffskrieg sowie die daraus folgenden energiepolitischen Fragen zeigen jedoch, dass der staatliche Umgang mit Risiken...

Persistent link: https://www.econbiz.de/10013343141