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Sequential decision making among agents is a noticeable feature in strategic interactions in many subjects. The full estimation of sequential games, however, has been problematic due to the computational burden, especially when the game is large and asymmetric. In this paper, I propose an...
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measures. Combining a Monte Carlo simulation with a statistical model of player skill and random variation in scoring, we …
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. Simulation methods have been developed to approximate a solution for these integrals. This paper describes the Standard Halton … sequence and a modification of it, the Shuffled Halton sequence. Both are simulation methods which can reduce computational … effort compared to a random sequence. We compare the simulation methods in their coverage of the multi-dimensional area and …
Persistent link: https://www.econbiz.de/10011342045
Total Factor Productivity (TFP)is often used on the macro-economic level as an indicator of changes in efficiency of a country. In many transition economies TFP is seen to have been negative the last decade of the plan economy and starts increasing and become positive after a (quite a) few years...
Persistent link: https://www.econbiz.de/10011346474
In this paper, expected utility, defined by a Taylor series expansion around expected wealth, is maximized. The coefficient of relative risk aversion (CRRA) that is commensurate with a 100% investment in the risky asset is simulated. The following parameters are varied: the riskless return, the...
Persistent link: https://www.econbiz.de/10010490408
power has become a policy priority. To fill this knowledge gap, this paper introduces a simple simulation method, the …
Persistent link: https://www.econbiz.de/10012418634
conditional maximum likelihood methods are considered for the parameter estimation of the model. Moreover, simulation experiments …
Persistent link: https://www.econbiz.de/10014514104