This paper considers an auction design framework in which bidders get partial feedback about the distribution of bids submitted in earlier auctions: either bidders are asymmetric but past bids are disclosed in an anonymous way or several auction formats are being used and the distribution of...

The paper discusses the utilization of social complexity studies to enhance our understanding on many social phenomena. The discussions brings the concept of uncertainty in almost everything of social realms and makes some points related to the empirical findings of the power-law distributions...

During the last two decades, laboratory experiments have come into increasing prominence and constitute a popular method of research to examine behavioral outcomes and social preferences. However, it has been debated whether results from these experiments can be extrapolated to the real world...

The econometric models are frequently used in order to estimate the cost of equity in case of investments in the assets traded on the capital market. The utilization of these models as a basis for investment decisions aims at providing as correct as possible estimations regarding the level of...

Tanulmányunkban a magyarországi professzionális inflációs előrejelzések értékelésére vállalkoztunk. A Reuters által végzett felmérés első hat éve alapján igazolódni látszik az az előzetes sejtés, miszerint az egyes makroelemzők előrejelzéseinek átlagolása csökkenti...

In the context of an allocation game, this paper analyses the proposer's reported beliefs about the responder's willingness to accept (or reject) the proposed split of the pie. The proposer's beliefs are elicited via a quadratic scoring rule. An econometric model of the proposer's beliefs is...

The assumption of rational expectations is potentially a serious source of misspecification in DSGE models. Many recent theories of expectations formation have relaxed rational expectations and improved the predictive properties of benchmark macroeconomic models. Problematically, the space of...

This paper proposes a measure of real-time inflation expectations based on metadata, i.e., data about data, constructed from internet search queries performed on the search engine Google. The forecasting performance of the Google Inflation Search Index (GISI) is assessed relative to 37 other...