We derive a class of utility functions that are equivalent with respect to a well-defined functional form. We apply a general view of constant relative risk aversion to investigate on different equivalence relations. Then we compare our results with standard applications in economics and finance.

A bandwidth selector for local polynomial fitting is proposed following the bootstrap idea, which is just a double smoothing bandwidth selector with a bootstrap variance estimator, defined as the mean squared residuals of a pilot estimate. No simulated resampling is required in this context,...

In a social custom model of union membership with wage bargaining, higher levels of company taxes lower wages while having uncertain employment effects. A higher marginal income tax rate increases employment. Changes solely in the level of income taxation, retaining marginal rates, have...

Two signaling games of monetary policy are considered: game one examines the effect of hysteresis on the labor market on the results of the repeated monetary policy game. Disciplinary effects of reputation disappear in presence of hysteresis. The second game compares weifare effects of monetary...

Aggregation may be harmful but cannot always be avoided in the analysis of complex econometric models. It should be carried out intelligently by choosing ein aggregative model optimally for modes of aggregation speeified in advance, i.e. minimizing the bias introduced by aggregation and...

In this paper I investigate the effect of different stages of international trade on market structure and prices when production involves overhead cost, markets are intransparent, and customers have to search for offers. I show that two stages have to be distinguished: a first stage where each...

In the analysis of endogenous growth models often projections are used which map the balanced growth path into a single point. This is done in order to draw conclusions about the stability of the system or the determinacy of transition paths. This procedure hinges on the homogeneity of the...

We address the question of competition within the location choices of firms. In a framework of agglomeration effects, both spatial and temporal dimensions of the firms' decisions are studied. We show that the competition consequences of preemptive move and optimal time of entry can interfere...

In der vorliegenden Arbeit wurde das Verhalten des Migrations-Gittins-Index, welcher im sequentiellen Migrationsmodell die optimale Migrations-"Politik" determiniert, und variierendem Risiko untersucht. Das Hauptinteresse lag auf der Frage, inwieweit sich das für risiko-neutrale Migranten...

Over the last decade credit rationing has been regarded increasingly as the outcome of asymmetric Information. Profit maximization of the banks might lead to interest rates lower than the market equilibrium rate. Administering loans at a higher interest rate to the rationed customers will...