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that a decision maker is unaware of an event if and only if her choices reveal that the event is null and the negation of … the event is null. Moreover, I characterize impersonal expected utility that is behaviorally indistinguishable from …
Persistent link: https://www.econbiz.de/10010282094
observe that a decision maker is unaware of an event if and only if her choices reveal that the event is null and the negation … of the event is null. Moreover, we characterize impersonal expected utility that is behaviorally indistinguishable from …
Persistent link: https://www.econbiz.de/10010282109
Persistent link: https://www.econbiz.de/10012150017
Persistent link: https://www.econbiz.de/10011801724
that a decision maker is unaware of an event if and only if her choices reveal that the event is “null” and the negation of … the event is “null”. Moreover, we characterize “impersonal” expected utility that is behaviorally indistinguishable from …
Persistent link: https://www.econbiz.de/10010993381
It is often alleged that high auction prices inhibit build-out. We investigate this claim under the extreme case of budget-constrained bidders. Low prices maximize overall the gains from trade. If there are n licenses, the price where the budget constraint just binds maximizes consumer surplus...
Persistent link: https://www.econbiz.de/10010851321
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This paper evaluates new evidence on price setting practices and inflation persistence in the euro area with respect to its implications for macro modelling. It argues that several of the most commonly used assumptions in micro-founded macro models are seriously challenged by the new findings.
Persistent link: https://www.econbiz.de/10010851363
In monetary unions, monetary policy is typically made by delegates of the member countries. This procedure raises the possibility of strategic delegation- that countries may choose the types of delegates to influence outcomes in their favor. We show that without commitment in monetary policy,...
Persistent link: https://www.econbiz.de/10010851374
A generalized rise in unemployment rates for both college and high-school graduates, a widening education wage premium, and a sharp increase in college education participation are characteristic features of the transformations observed in the U.S. labor market between 1970 and 1990. This paper...
Persistent link: https://www.econbiz.de/10010851392