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We consider optimal information acquisition for the control of linear discrete-time random systems with noisy observations and apply the findings to the problem of dynamically implementing emissions-reduction targets. The optimal policy, which is provided in closed form, depends on a single...
Persistent link: https://www.econbiz.de/10012936853
We develop a general framework for optimal health policy design in a dynamic setting. We consider a hypothetical medical intervention for a cohort of patients where one parameter varies across cohorts with imperfectly observable linear dynamics. We seek to identify the optimal time to change the...
Persistent link: https://www.econbiz.de/10012948117
We construct a ‘reflexivity' index to measure the activity generated endogenously within a market for cryptocurrencies. For this purpose, we fit a univariate self-exciting Hawkes process with two classes of parametric kernels to high-frequency trading data. A parsimonious model of both...
Persistent link: https://www.econbiz.de/10012847301
This paper reviews topics in price theory such as rational choice, Walrasian equilibria, complete and incomplete markets, externalities and nonmarket goods, strategic pricing with complete and incomplete information, and some behavioral anomalies. Contains index
Persistent link: https://www.econbiz.de/10012746758
We consider a general screening model with payoff externalities and type-dependent feasibility constraints. The principal can design contract instruments of arbitrary dimension to influence each agent's valuation of the proposed transaction, which also depends on the anticipated choice of other...
Persistent link: https://www.econbiz.de/10012707951
This paper examines the effects of firm-level innovation in carbon-abatement technologies on optimal cap-and-trade schemes with and without price controls. We characterize optimal cap-and-trade regulation with a price cap and price floor, and compare it to the individual cases of pure taxation...
Persistent link: https://www.econbiz.de/10012708535
Persistent link: https://www.econbiz.de/10012198644
In this paper we construct a "reflexivity" index for Bitcoin crypto currency that measures the amount of activity generated endogenously within the market. For this purpose we fit a univariate self-exciting Hawkes process with two-classes of parametric kernels to high-frequency trade data that...
Persistent link: https://www.econbiz.de/10012114920
Persistent link: https://www.econbiz.de/10012414481
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