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Land Conversion and Market Equilibrium – Insights from a Simulated Landscape

Iovanna, Richard; Vance, Colin - 2010

We specify a system of equations that fully reflects the supply and demand sides of the market for agricultural open space at equilibrium. Although simple, the system is exceedingly flexible and allows for household and parcel heterogeneity. We derive an empirical model directly from the...

Persistent link: https://www.econbiz.de/10010269978

Practice and Prospects of Medium-term Economic Forecasting

Hofer, Helmut; Schmidt, Torsten; Weyerstrass, Klaus - 2010

Government agencies and other national and international institutions are asked to perform forecasts over the medium term. In particular, the EU Stability and Growth Pact contains the obligation to formulate stability programmes over four years, covering a general economic outlook as well as the...

Persistent link: https://www.econbiz.de/10010269986

Demographic Change and the Labour Share of Income

Schmidt, Torsten; Vosen, Simeon - 2010

Despite similar levels of per capita income, education, and technology the development of labour shares in OECD countries has displayed different patterns since 1960. The paper examines the role of demography in this regard. Employing an overlapping generations model we first examine the...

Persistent link: https://www.econbiz.de/10010269987

Does Affirmative Action Reduce Effort Incentives? – A Contest Game Analysis

Franke, Jörg - 2010

This paper analyzes the incentive effects of affirmative action in competitive environments modeled as contest games. Competition is between heterogeneous players where heterogeneity might be due to past discrimination. Two policy options are analyzed that tackle the underlying asymmetry: Either...

Persistent link: https://www.econbiz.de/10010269992

Product Pricing when Demand Follows a Rule of Thumb

Matzke, Christina; Wirth, Benedikt - 2009

We analyze the strategic behavior of firms when demand is determined by a rule of thumb behavior of consumers. We assume consumer dynamics where individual consumers follow simple behavioral decision rules governed by imitation and habit as suggested in consumer research. On this basis, we...

Persistent link: https://www.econbiz.de/10010270001

Collusion via Resale

Garratt, Rodney - 2008

The English auction is susceptible to tacit collusion when post-auction inter-bidder resale is allowed. We show this by constructing equilibria where, with positive probability, one bidder wins the auction without any competition and divides the spoils by optimally reselling the good to the...

Persistent link: https://www.econbiz.de/10010270002

Ascending combinatorial scoring auctions

Rieck, Thomas - 2009

In multi-attribute procurement auctions with multiple objects, the auctioneer may care about the interplay of quality attributes that do not belong to the same item – like each item’s delivery time, if all items are needed at once. This can in?uence the performance of the auction mechanism....

Persistent link: https://www.econbiz.de/10010270005

When Randomization in Collective Tournaments is Profitable for the Principal

Lehmann, Stefanie Aniela - 2008

In the context of principal-agent theory risk is largely seen as a source that causes inefficiencies and lowers …

Persistent link: https://www.econbiz.de/10010270007

Matching Heterogeneous Agents with a Linear Search Technology

Nöldeke, Georg; Tröger, Thomas - 2009

Steady state equilibria in heterogeneous agent matching models with search frictions have been shown to exist in Shimer and Smith (2000) under the assumption of a quadratic search technology. We extend their analysis to the commonly investigated linear search technology.

Persistent link: https://www.econbiz.de/10010270012

Risk and Expected Utility Theory

Pope, Robin; Selten, Reinhard - 2009

The paper re-expresses and complements arguments against the normative validity of expected utility theory in Robin …. It will be shown that there are serious objections against the modification of expected utility theory axiomatised by … Kreps and Porteus (1978, 1979). By contrast the umbrella theory proffered by Pope that she has now termed SKAT, the Stages …

Persistent link: https://www.econbiz.de/10010270013