Similar Search Results

Prominent Numbers, Indices and Ratios in Exchange Rate Determination and Financial Crashes: in Economists’ Models, in the Field and in the Laboratory

Pope, Robin; Selten, Reinhard; Kube, Sebastian; von … - 2009

laboratory. Third, nominalist heuristics are incompatible with expected utility theory which excludes the evaluation stage, and … are also incompatible with prospect theory which assumes that, while the evaluation stage can involve systematic mistakes … model and identify what is a mistake, and b) decision makers can maximise. However, contrary to prospect theory, in the …

Persistent link: https://www.econbiz.de/10010274186

Migration, tied foreign aid and the welfare state

Hatzipanayotou, Panos; Michael, Michael S. - 2005

In this paper we highlight aspects related to the links between international migration, foreign tied aid and the welfare state. We model migration as a costly movement from an aid-recipient developing country with low income, poor infrastructure, and no welfare system, towards a rich donor,...

Persistent link: https://www.econbiz.de/10010274196

Nonlinear Incentive Provision in Walrasian Markets : A Cournot Convergence Approach

Hellwig, Martin - 2004

The paper studies insurance with moral hazard in a system of contingent-claims markets. Insurance buyers are modelled as Cournot monopolists or oligopolists. The other agents condition their expectations on market prices, as in models of rational-expectations equilibrium with asymmetric...

Persistent link: https://www.econbiz.de/10010274197

Identification and Estimation of Hedonic Models

Ekeland, Ivar; Heckman, James Joseph; Nesheim, Lars - 2003

This paper considers the identification and estimation of hedonic models. We establish that in an additive version of the hedonic model, technology and preferences are generically identified up to affine transformations from data on demand and supply in a single hedonic market. For a very...

Persistent link: https://www.econbiz.de/10010274203

Unemployment Benefits, Risk Aversion, and Migration Incentives

Heitmüller, Axel - 2002

With reference to the EU enlargement, a framework is derived which allows the study of the effect of unemployment benefits on the migration decision. While benefits simply increase the expected gain for risk neutral individuals, they work as an insurance device for risk averse migrants; the...

Persistent link: https://www.econbiz.de/10010274213

Using Matching, Instrumental Variables and Control Functions to Estimate Economic Choice Models

Heckman, James Joseph; Navarro-Lozano, Salvador - 2003

This paper investigates four topics. (1) It examines the different roles played by the propensity score (probability of selection) in matching, instrumental variable and control functions methods. (2) It contrasts the roles of exclusion restrictions in matching and selection models. (3) It...

Persistent link: https://www.econbiz.de/10010274216

Coordination Failures in Network Migration

Heitmüller, Axel - 2003

Previous migration facilitates future population moves, a phenomenon called network migration. However, thus far, network migration has been closely linked to network externalities. In contrast, this paper argues that the incumbent migration population can actively impact on future migration...

Persistent link: https://www.econbiz.de/10010274217

Fifty Years of Mincer Earnings Regressions

Heckman, James Joseph; Lochner, Lance J.; Todd, Petra E. - 2003

resolution of uncertainty and option values, the internal rate of return - a cornerstone of classical human capital theory - is …

Persistent link: https://www.econbiz.de/10010274219

Removing the Veil of Ignorance in Assessing the Distributional Impacts of Social Policies

Carneiro, Pedro; Hansen, Karsten T.; Heckman, James Joseph - 2002

This paper summarizes our recent research on evaluating the distributional consequences of social programs. This research advances the economic policy evaluation literature beyond estimating assorted mean impacts to estimate distributions of outcomes generated by different policies and determine...

Persistent link: https://www.econbiz.de/10010274221

A contribution to the theory of optimal utilitarian income taxation

Hellwig, Martin - 2005

The paper provides a new proof of the positivity of the optimal marginal income tax, in a more general model, under weaker assumptions. The analysis focusses on the (weakly) relaxed problem in which upward incentive constraints are replaced by a monotonicity condition on consumption. Without...

Persistent link: https://www.econbiz.de/10010274226