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The European Commission s Scoreboard of Macroeconomic Imbalances is a rare case of a publicly released early warning system. It allows the preferences of the politicians involved to be analysed with regard to the two potential errors of an early warning system missing a crisis and issuing a...
Persistent link: https://www.econbiz.de/10010337846
We study decision rules for committees that repeatedly take a binary decision. Committee members are privately informed about their payoffs and monetary transfers are not feasible. In static environments, the only strategy-proof mechanisms are voting rules which are criticized for being...
Persistent link: https://www.econbiz.de/10010341070
We apply recently proposed individual welfare measures in the context of preference heterogeneity, derived from structural labour supply models. Contrary to the standard practice of using reference preferences and wages, these measures preserve preference heterogeneity in the normative step of...
Persistent link: https://www.econbiz.de/10010341149
Exploiting a natural voting experiment we identify female preferences for real policy issues in the electorate. We then analyze whether female or male politicians in parliament more closely correspond to female preferences. Holding constant revealed constituent preferences, there is generally no...
Persistent link: https://www.econbiz.de/10010342808
This paper aims at formulating econometric tools for investigating stochastic rationality, using the Random Utility Models (RUM) to deal with unobserved heterogeneity nonparametrically. Theoretical implications of the RUM have been studied in the literature, and in particular this paper utilizes...
Persistent link: https://www.econbiz.de/10010342819
Is welfare economics still possible, when preferences are endogenously determined? The answer is yes, if and only if the hypothesis of adaptive preferences is correct. If preferences satisfy the conditions of continuity, non-satiation and regularity, then adaptive preferences imply that...
Persistent link: https://www.econbiz.de/10010344597
The present paper reports a repeated experiment on decision making under risk where subjects have to tackle the same choice problems in several rounds. We fit a simple error model and investigate how behavior changes in the course of the experiment. Our analysis complements and extends Hey...
Persistent link: https://www.econbiz.de/10010486756