This paper explores the relationship between dynamic consistency and theexisting notions of unambiguous events for Choquet expected utility preferences.A decision maker is faced with an information structure represented bya filtration. We show that the decision maker’s preferences respect...

Two rationality arguments are used to justify the link between condi-tional and unconditional preferences in decision theory: dynamic consistencyand consequentialism. Dynamic consistency requires that ex ante contingentchoices are respected by updated preferences. Consequentialism states...

It is difficult to disagree with Vernon Smith's (2010) assessment of thestate of the art in experimental economics. It is informed by the experienceof someone who was there, right at the beginning of experimental economics.Some of the problems he discusses, like the frequent failure of backward...

Land is an essential but limited natural resource. We employ the concept of stocks to analysedriving forces for land-use conversion and to assess, whether the German political “30-hectares-goal” is feasible given the current institutional setting. In this paper major drivingforces for...

This article incorporates a political decision process into an urban land use model topredict the likely location of a public good. It fills an important gap in the literature bymodeling the endogenous location of open space. The article compares open spacedecisions made under a majority-rules...

This paper employs the unrestricted extended constant conditional correlationGARCH specification proposed in Conrad and Karanasos (2008) to examine theintertemporal relationship between the uncertainties of in°ation and output growthin the US. We find that inflation uncertainty effects output...

We consider time series models in which the conditional mean of the response variable given thepast depends on latent covariates. We assume that the covariates can be estimated consistentlyand use an iterative nonparametric kernel smoothing procedure for estimating the conditional meanfunction....

Tse (1998) proposes a model which combines the fractionally integrated GARCH formulationof Baillie, Bollerslev and Mikkelsen (1996) with the asymmetric power ARCH specification of Ding,Granger and Engle (1993). This paper analyzes the applicability of a multivariate constant...

Goeree & Holt (2001) observe that, for some parameter values, Nash equilibrium providesgood predictions for actual behaviour in experiments. For other payoff parameters, however,actual behaviour deviates consistently from that predicted by Nash equilibria. They attributethe robust deviations...

Competition is ubiquitous in economic life. Yet, negative consequences of competitive environments have been reported and everyday experience suggests that competitive situations can be very stressful. It is, however, an open question whether or not economic competitions in the laboratory indeed...