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In New Keynesian as well as in Post Keynesian macroeconomic models, money supply is assumed to be endogenous. The reasons for the endogeneity and the role of the financial sector in the supply process, however, are seen very different. In this paper we explicitly derive the behaviour of the...
Persistent link: https://www.econbiz.de/10010266680
, we introduce the theory of mixed control, a model of compound-risk perception. This theory considers outcome expectancies … control beliefs is therefore at the core of our theory. Further, we discuss that risks are not only subjectively perceived but …
Persistent link: https://www.econbiz.de/10010266690
We model and analyze strategic interaction over time in a duopolis-tic market. Each period the firms independently and simultaneously choose whether to advertise or not. Advertising increases the own immediate sales, but may also cause an externality, e.g., increase or decrease the immediate...
Persistent link: https://www.econbiz.de/10010266695
The emergence of novelty is a driving agent for economic change. New technologies, new products and services, new institutional arrangements, to mention a few examples, are the backbone of development and growth. Important though it is, the emergence of novelty is not well understood. What seems...
Persistent link: https://www.econbiz.de/10010266699
The paper aims to account for the empirical stylised facts related to changes in sectoral structures that have led to the growth of services in most advanced countries over recent decades. A growth model with evolutionary micro-founded structural change is developed, which formalises the role of...
Persistent link: https://www.econbiz.de/10010266704
Amartya Sen has advanced a number of distinct arguments against utilitarianism and 'utility'-based views more generally. One of these invokes various ways in which underdogs can 'adapt' and learn to live with their situations. Sen's argument is related to Jon Elster's discussion of 'adaptive...
Persistent link: https://www.econbiz.de/10010266706
, Engel devised a quasi-behavioral theory of consumption centered on the concept of wants to justify and explain his empirical … results which he used to asses population living standards. Although incomplete, Engel's consumption theory tackles a much … neglected issue in consumption theory: what accounts for the manner in which consumption patterns change as income rises. …
Persistent link: https://www.econbiz.de/10010266708
In a Small Fish War two agents interacting on a body of water have essentially two options: they can fish with restraint or without. Fishing with restraint is not harmful; fishing without yields a higher immediate catch, but may induce lower future catches. Inspired by recent work in biology, we...
Persistent link: https://www.econbiz.de/10010266711
more that a "dual inheritance" theory; we have to consider the replication of social positions and routines as well. …
Persistent link: https://www.econbiz.de/10010266712
between individual cognitive dispositions at the micro level and cultural phenomena at the macro level, the theory of gene …
Persistent link: https://www.econbiz.de/10010266713