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Lloyd Shapley is considered one of the pioneers of game theory. His most prominent contributions are the inception and study of value theory and core theory. These two theories are the key to solving problems involving the allocation of goods or payoffs achievable through cooperation....
Persistent link: https://www.econbiz.de/10011141073
After rapidly cutting short-term interest rates to their effective lower bounds during the financial crisis of 2008–09, central banks in the USA and UK turned to quantitative easing (QE) in order to sustain aggregate demand and avoid a Japanese style deflationary spiral. The European...
Persistent link: https://www.econbiz.de/10011141074
Following the Internet’s widespread adoption, much economic work has studied ‘online platforms’: firms that mainly interact with consumers in cyberspace. This article surveys such work, focusing on the ways in which traditional economic models have been adapted to incorporate...
Persistent link: https://www.econbiz.de/10011141075
Christopher Sims is one of the leaders in time-series econometrics and empirical macroeconomics and is well known for introducing the VAR approach to econometrics and macroeconomic modelling. Sims' main contribution to empirical macroeconomics was to show how macro-econometric modeling should be...
Persistent link: https://www.econbiz.de/10011141077
Tommaso Padoa-Schioppa was a distinguished central banker and economist, a key player in the creation of Europe's single currency, a well-respected figure in international monetary policy-making and a former economy and finance minister of Italy.
Persistent link: https://www.econbiz.de/10011141078
Academic and policy debates on aid effectiveness frequently emphasise the vulnerability of recipients to the Dutch Disease, through which aid inflows appreciate the real exchange rate, thereby taxing the tradable export sector with potentially deleterious effects on growth. Fear of the Dutch...
Persistent link: https://www.econbiz.de/10011141079
Online recruitment describes hiring workers who were initially selected via the Internet. The practice is now widespread, with a majority of US jobseekers undertaking some online job search activity. The online intermediaries that allow employers and employees to connect with each other, leading...
Persistent link: https://www.econbiz.de/10011141080
Firms deliver a variety of services online, ranging from content, software and banking to entertainment and networking. This article examines a firm's pricing decision for online services. It first discusses how a firm's decision of pricing services online differs from offline pricing decisions....
Persistent link: https://www.econbiz.de/10011141081
This 2012 perspective of the 1987 Palgrave entry on ‘turnpike theory’ highlights the subsequent development of the subject in the light of a critical re-reading of the original. It distinguishes the 1949 conception, a response of Samuelson to a 1945 von Neumann challenge to the...
Persistent link: https://www.econbiz.de/10011141082
A mortgage is an exchange of a collection of rights between a borrower and a lender. In this article, we describe those rights and explain both their economic logic and their implications for economic analysis and policy. We briefly discuss the medieval origins of the American mortgage contract...
Persistent link: https://www.econbiz.de/10011141083