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European Union Economy System Dynamic Model Development
Skribans, Valerijs - Volkswirtschaftliche Fakultät, … - 2012
The formation of the European Union (EU) is the one of the biggest political – economic events of the last 50 years. The aim of this study is to develop EU economy functioning system dynamic model. Main research method is system dynamics. General scheme of EU economy system dynamic model is...
Persistent link: https://www.econbiz.de/10011259562
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How Much Did Excess Debt Contribute to the 1997 Currency Crisis in Korea?
Qin, Duo - 2002
It is widely believed that seriously excess debt problems form a major cause of the 1997 Asian financial crisis. This … paper investigates empirically the role of the debt problems with respect to both the won/$US rate fluctuations and the won … the predictor of a likely crash in the won rate in late 1997. Excess debt is hence found to only constitute one of the …
Persistent link: https://www.econbiz.de/10014181602
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Towards money market in general equilibrium framework
Truong Hong Trinh - In: International Journal of Financial Studies : open … 10 (2022) 1, pp. 1-18
money supply and national outcome, inflation, and price level are studied in three cases: full-employment equilibrium …
Persistent link: https://www.econbiz.de/10013040920
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Optimal allocations with α-MaxMin utilities, Choquet expected utilities, and Prospect Theory
Beißner, Patrick; Werner, Jan - In: Theoretical Economics 18 (2023) 3, pp. 993-1022
The analysis of optimal risk sharing has been thus far largely restricted to non-expected utility models with concave utility functions, where concavity is an expression of ambiguity aversion and/or risk aversion. This paper extends the analysis to α-maxmin expected utility, Choquet expected...
Persistent link: https://www.econbiz.de/10014537001
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Uncertainty, risk, and capital growth
Segal, Gill; Shaliastovich, Ivan - 2023
We find that high macroeconomic uncertainty is associated with greater accumulation of physical capital, despite a reduction in investment and valuations. To reconcile this puzzling evidence, we show that uncertainty predicts lower depreciation and utilization of existing capital, which...
Persistent link: https://www.econbiz.de/10014285747
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Ambiguity aversion solves the conflict between efficiency and incentive compatibility
De Castro, Luciano I.; Yannelis, Nicholas C. - 2010
The conflict between Pareto optimality and incentive compatibility, that is, the fact that some Pareto optimal (efficient) allocations are not incentive compatible is a fundamental fact in information economics, mechanism design and general equilibrium with asymmetric information. This important...
Persistent link: https://www.econbiz.de/10010282940
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Ambiguity aversion solves the conflict between efficiency and incentive compatibility
Castro, Luciano I. de; Yannelis, Nicholas C. - 2010 - This Version: December 2010
The conflict between Pareto optimality and incentive compatibility, that is, the fact that some Pareto optimal (efficient) allocations are not incentive compatible is a fundamental fact in information economics, mechanism design and general equilibrium with asymmetric information. This important...
Persistent link: https://www.econbiz.de/10009237124
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Tractable Graphical Device for Analyzing Stationary SOLG Economies
Ohtaki, Eisei - 2013
This article develops a tractable graphical device for analyzing the stochastic overlapping generations (SOLG) economy. In this paper, the graphical device is applied to the theoretical study on stochastic bubbles per Weil [”Confidence and the real value of money in an overlapping generations...
Persistent link: https://www.econbiz.de/10013083632
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Brownian Equilibria under Knightian Uncertainty
Beissner, Patrick - 2013
This paper establishes, in the setting of Brownian information, a general equilibrium existence result in a heterogeneous agent economy. The existence is generic among income distributions. Agents differ moreover in their stochastic differential formulation of intertemporal recursive utility....
Persistent link: https://www.econbiz.de/10013091317
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Liquidity as an Investment Style
Ibbotson, Roger G. - 2013
We present comprehensive evidence in support of giving liquidity equal standing to size, value/growth, and momentum as investment styles, as defined by Sharpe (1992). First, we show that financial market liquidity, as identified by stock turnover, is an economically significant indicator of...
Persistent link: https://www.econbiz.de/10013093548