Showing 61 - 70 of 184
Persistent link: https://www.econbiz.de/10005130022
Persistent link: https://www.econbiz.de/10005146356
In this paper I consider a dynamically complete market model without intrinsic uncertainty. Agents' beliefs are different, but correct in the limit. Some agents are more patient than others. I show that infinitely often share prices are low and the economy stagnates. Also, infinitely often share...
Persistent link: https://www.econbiz.de/10005147319
This paper models an agent in a multi-period setting who does not update according to Bayes. Rule, and who is self-aware and anticipates her updating behavior when formulating plans. Choice-theoretic axiomatic foundations are provided. Then the model is specialized axiomatically to capture...
Persistent link: https://www.econbiz.de/10005220922
The difficulties in properly anticipating key economic variables may encourage decision makers to rely on experts' forecasts. Professional forecasters, however, may not be reliable and so their forecasts must be empirically tested. This may induce experts to forecast strategically in order to...
Persistent link: https://www.econbiz.de/10005231282
We analyze a model of participation in elections in which voting is costly and no vote is pivotal. Ethical agents are motivated to participate when they determine that agents of their type are obligated to do so. Unlike previous duty-based models of participation, in our model an ethical...
Persistent link: https://www.econbiz.de/10005237754
It is well known that when agents are fully rational, compulsory public insurance may make all agents better off in the Rothschild and Stiglitz (1976) model of insurance markets. We find that when sufficiently many agents underestimate their personal risks, compulsory insurance makes low-risk...
Persistent link: https://www.econbiz.de/10005237924
Persistent link: https://www.econbiz.de/10005159600
Persistent link: https://www.econbiz.de/10005307405
We consider a dynamic general equilibrium asset pricing model with heterogeneous agents and asymmetric information. We show how agents' different methods of gathering information affect their chances of survival in the market depending upon the nature of the information and the level of noise in...
Persistent link: https://www.econbiz.de/10005242620