Showing 71 - 80 of 639,599
This paper develops a new equilibrium model of two-sided search where agents have multiple attributes and general payoff functions. The model can be applied to several substantive issues. Here we use it to provide a novel understanding of the separate effects of equal opportunities for women in...
Persistent link: https://www.econbiz.de/10010227223
results extend the theory to classic models in finance such as Leland and Pyle (1977), Glosten (1989), and DeMarzo and Duffie …
Persistent link: https://www.econbiz.de/10010200417
forming an aggregate over goods that is consistent with economic theory. Finally, we find that three broad categories of …
Persistent link: https://www.econbiz.de/10009793392
This paper proposes a moment-matching method for approximating vector autoregressions by finite-state Markov chains. The Markov chain is constructed by targeting the conditional moments of the underlying continuous process. The proposed method is more robust to the number of discrete values and...
Persistent link: https://www.econbiz.de/10010126857
We discuss risk measures representing the minimum amount of capital a financial institution needs to raise and invest in a pre-specified eligible asset to ensure it is adequately capitalized. Most of the literature has focused on cash-additive risk measures, for which the eligible asset is a...
Persistent link: https://www.econbiz.de/10010258580
examples show that a theory of capital requirements allowing for general eligible assets is richer than the standard theory of …
Persistent link: https://www.econbiz.de/10010258584
The paper addresses a topical issue - how expansionary fiscal policy affects the debt to GDP ratio. It examines whether the projected future economic growth (stimulated by government spending) is sustained with the resulting national debt. It is discussedif government investment in...
Persistent link: https://www.econbiz.de/10010346737
Historians of the social sciences and historians of economics have come to agree that, in the United States, the 1940s transformation of economics from political economy to economic science was associated with economists’ engagements with other disciplines – e.g. mathematics, statistics,...
Persistent link: https://www.econbiz.de/10011524191
In this paper we investigate an important obstacle which substantially complicates cooperation between ecologists and economists but which has received little attention so far: differences between the modelling approaches in economics and ecology. To understand these differences, 60 models...
Persistent link: https://www.econbiz.de/10010466983
We establish a class of fully nonlinear conditional expectations. Similarly to the usage of linear expectations when a probabilistic description of uncertainty is present, we observe analogue quantitative and qualitative properties. The type of nonlinearity captures the agents sentiments of...
Persistent link: https://www.econbiz.de/10010477162