Showing 111 - 120 of 606
The present paper studies the limiting behavior of the average score of a sequentially selected group of items or individuals, the underlying distribution of which, F, belongs to the Gumbel domain of attraction of extreme value distribution. This class contains the Normal, log Normal, Gamma,...
Persistent link: https://www.econbiz.de/10004998251
It is known that the value of a zero-sum infinitely repeated game with incomplete information on both sides need not exist [Aumann Maschler 95]. It is proved that any number between the minmax and the maxmin of the zero-sum infinitely repeated game with incomplete information on both sides is...
Persistent link: https://www.econbiz.de/10004998252
Kolmogorov's setting for probability theory is given an original generalization to account for probabilities arising from Quantum Mechanics. The sample space has a central role in this presentation and random variables, i.e., observables, are defined in a natural way. The mystery presented by...
Persistent link: https://www.econbiz.de/10005036062
Recent studies involving intertemporal choice have prompted many economists to abandon the classical exponential discount utility function in favor of one characterized by hyperbolic discounting. Hyperbolic discounting, however, implies a reversal of preferences over time that is often described...
Persistent link: https://www.econbiz.de/10005036063
We introduce a simple riskier than order between gambles, from which the index of riskiness developed by Aumann and Serrano (2008) is directly obtained.
Persistent link: https://www.econbiz.de/10005046733
It has been noted and demonstrated that people are reluctant to make changes in their current state (called the status quo bias, Samuelson & Zeckhauser, 1988), and to trade objects they own (called the endowment effect, Thaler, 1980). This reluctance has been explained by a combination of loss...
Persistent link: https://www.econbiz.de/10004964327
We analyze the nature of optimal contracts in a dynamic model of repeated (and persistent) adverse selection and moral hazard. In particular we consider the case of surgeons who diagnose patients and then decide whether to perform an operation, and if so, whether to exert a costly but...
Persistent link: https://www.econbiz.de/10005013000
It has been argued that increased life expectancy raises the rate of return on education, causing a rise in the investment in education followed by an increase in lifetime labor supply. Empirical evidence of these relations is rather weak. Building on a lifecycle model with uncertain longevity,...
Persistent link: https://www.econbiz.de/10005013877
Several species of glaphyrid beetles forage and mate on Mediterranean red flowers. In red anemones and poppies in Israel, female beetles occupy only bowl-shaped a subset of the flowers, do not aggregate, and are hidden below the petals. This raises the question how males find their mates. The...
Persistent link: https://www.econbiz.de/10005061239
Two salient features of modern economic growth are the rise in aggregate savings rates and the steady increase in life expectancy. This paper links these processes, showing that under certain conditions economic theory supports the hypothesis that increased longevity leads to higher aggregate...
Persistent link: https://www.econbiz.de/10005064209