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Is Noise Trading Cancelled Out by Aggregation?

Yan, Hongjun - School of Management, Yale University - 2008

Conventional wisdom suggests that investors' independent biases should cancel each other out and have little impact on equilibrium at the aggregate level. In contrast to this intuition, this paper analyzes models with biased investors and finds that biases often have a significant impact on the...

Persistent link: https://www.econbiz.de/10008854026

Vierteljährliche Volkswirtschaftliche Gesamtrechnungen für Sachsen: Aktuelle Ergebnisse nach der neuen Wirtschaftszweigklassifikation WZ 2008

Nierhaus, Wolfgang - In: ifo Dresden berichtet 20 (2013) 03, pp. 21-25

Das ifo Institut legt erstmals vierteljährliche Ergebnisse der Volkswirtschaftlichen Gesamtrechnungen (VGR) für Sachsen nach der Klassifikation der Wirtschaftszweige WZ 2008 vor. Die Quartalsergebnisse sind mit den im Februar/März 2013 veröffentlichten Jahreswerten des Arbeitskreises VGR der...

Persistent link: https://www.econbiz.de/10011148748

Vierteljährliche VGR für Sachsen: Ergebnisse für das vierte Quartal 2013

Nierhaus, Wolfgang - In: ifo Dresden berichtet 21 (2014) 03, pp. 47-48

Das preisbereinigte Bruttoinlandsprodukt (BIP) hat im vierten Vierteljahr 2013 um 1,1 % gegenüber dem vergleich - baren Vorjahreszeitraum zugenommen, nach einem Anstieg von 1,3 % (revidiert) im dritten Vierteljahr (vgl. Tab. 1). Im Jahresdurchschnitt hat die gesamtwirtschaftliche Produktion um...

Persistent link: https://www.econbiz.de/10011148783

Aggregation of Efficiency Indices

Blackorby, Charles; Russell, R. - In: Journal of Productivity Analysis 12 (1999) 1, pp. 5-20

Measurement of technical efficiency is carried out at many levels of aggregation—at the individual branch, plant …-wide level. In this paper, we examine the conditions under which these indexes constructed at various levels of aggregation can … itself are required to enable consistent aggregation (or disaggregation). Copyright Kluwer Academic Publishers 1999 …

Persistent link: https://www.econbiz.de/10011154935

The Price-Quantity Decomposition of Capital Values Revisited: Framework and Examples

Biørn, Erik - Økonomisk institutt, Universitetet i Oslo - 2014

The often discussed problems of aggregating tangible capital assets across vintages and of decomposing value aggregates into quantity and price aggregates are revisited. For stock values and service flow values, some new results are given, and illustrated by examples, along with...

Persistent link: https://www.econbiz.de/10011171786

Vierteljährliche VGR für Sachsen: Ergebnisse für das zweite Quartal 2014

Nierhaus, Wolfgang - In: ifo Dresden berichtet 21 (2014) 06, pp. 44-45

Persistent link: https://www.econbiz.de/10011186143

Information aggregation, speculation, and arbitrage in a simple option market experiment

Rockenbach, Bettina - In: Revue d'économie politique 111 (2001) 1, pp. 41-65

The fact that all arbitrage opportunities are exploited is a fundamental assumption of option pricing theory. Empirical and experimental studies of investment decisions, however, found that arbitrage is not completely exploited by individuals. Instead, observed behavior is much better explained...

Persistent link: https://www.econbiz.de/10011187167

Aggregating sets of von Neumann–Morgenstern utilities

Danan, Eric; Gajdos, Thibault; Tallon, Jean-Marc - In: Journal of Economic Theory 148 (2013) 2, pp. 663-688

We analyze the preference aggregation problem without the assumption that individuals and society have fully determined …

Persistent link: https://www.econbiz.de/10011042931

Community standards

Miller, Alan D. - In: Journal of Economic Theory 148 (2013) 6, pp. 2696-2705

I introduce a model of community standards relevant to the judicial determination of obscenity. Standards are defined as subjective judgments restricted only by a simple reasonableness condition. Individual standards are aggregated to form the community standard. Several axioms reflect legal...

Persistent link: https://www.econbiz.de/10011043039

Forecasting contemporaneous aggregates with stochastic aggregation weights

Brüggemann, Ralf; Lütkepohl, Helmut - In: International Journal of Forecasting 29 (2013) 1, pp. 60-68

Many contemporaneously aggregated variables have stochastic aggregation weights. We compare different forecasts for … and the aggregation weights, and a forecast which aggregates univariate forecasts of individual disaggregate components … and the aggregation weights. In empirical illustrations based on aggregate GDP and money stock series, we find forecast …

Persistent link: https://www.econbiz.de/10011051411