2024-03-28T10:55:35Z
https://mpra.ub.uni-muenchen.de/cgi/oai2
oai:mpra.ub.uni-muenchen.de:437
2019-09-29T21:38:54Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D43:4336:433639
7375626A656374733D44:4437:443731
7375626A656374733D43:4337:433731
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/437/
Computability of simple games: A characterization and application to the core
Kumabe, Masahiro
Mihara, H. Reiju
D90 - General
C69 - Other
D71 - Social Choice ; Clubs ; Committees ; Associations
C71 - Cooperative Games
It was shown earlier that the class of algorithmically computable simple games (i) includes the class of games that have finite carriers and (ii) is included in the class of games that have finite winning coalitions. This paper characterizes computable games, strengthens the earlier result that computable games violate anonymity, and gives examples showing that the above inclusions are strict. It also extends Nakamura’s theorem about the nonemptyness of the core and shows that computable simple games have a finite Nakamura number, implying that the number of alternatives that the players can deal with rationally is restricted.
2006-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/437/1/MPRA_paper_437.pdf
Kumabe, Masahiro and Mihara, H. Reiju (2006): Computability of simple games: A characterization and application to the core.
en
oai:mpra.ub.uni-muenchen.de:440
2019-09-30T01:47:07Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D43:4336:433639
7375626A656374733D44:4437:443731
7375626A656374733D43:4337:433731
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/440/
Computability of simple games: A complete investigation of the sixty-four possibilities
Kumabe, Masahiro
Mihara, H. Reiju
D90 - General
C69 - Other
D71 - Social Choice ; Clubs ; Committees ; Associations
C71 - Cooperative Games
Classify simple games into sixteen "types" in terms of the four conventional axioms: monotonicity, properness, strongness, and nonweakness. Further classify them into sixty-four classes in terms of finiteness (existence of a finite carrier) and computability. For each such class, we either show that it is empty or give an example of a game belonging to it. We observe that if a type contains an infinite game, then it contains both computable infinitegames and noncomputable ones. This strongly suggests that computability is logically, as well as conceptually, unrelated to the conventional axioms.
2006-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/440/1/MPRA_paper_440.pdf
Kumabe, Masahiro and Mihara, H. Reiju (2006): Computability of simple games: A complete investigation of the sixty-four possibilities.
en
oai:mpra.ub.uni-muenchen.de:3296
2019-10-10T12:51:16Z
7374617475733D696E7072657373
7375626A656374733D44:4439:443930
7375626A656374733D44:4437:443731
7375626A656374733D43:4337:433731
7375626A656374733D43:4336:433639
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3296/
Computability of simple games: A characterization and application to the core
Kumabe, Masahiro
Mihara, H. Reiju
D90 - General
D71 - Social Choice ; Clubs ; Committees ; Associations
C71 - Cooperative Games
C69 - Other
It was shown earlier that the class of algorithmically computable simple games (i) includes the class of games that have finite carriers and (ii) is included in the class of games that have finite winning coalitions. This paper characterizes computable games, strengthens the earlier result that computable games violate anonymity, and gives examples showing that the above inclusions are strict. It also extends Nakamura’s theorem about the nonemptyness of the core and shows that computable games have a finite Nakamura number, implying that the number of alternatives that the players can deal with rationally is restricted.
2007-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3296/1/MPRA_paper_3296.pdf
Kumabe, Masahiro and Mihara, H. Reiju (2007): Computability of simple games: A characterization and application to the core. Forthcoming in: Journal of Mathematical Economics
en
oai:mpra.ub.uni-muenchen.de:3629
2019-09-27T02:03:56Z
7374617475733D756E707562
7375626A656374733D44:4436:443631
7375626A656374733D44:4439:443930
7375626A656374733D45:4532:453231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3629/
Parental altruism, life expectancy and dynamically inefficient equilibria
d'Albis, Hippolyte
Decreuse, Bruno
D61 - Allocative Efficiency ; Cost-Benefit Analysis
D90 - General
E21 - Consumption ; Saving ; Wealth
Macrodynamic models with finite lifetime and selfish individuals may feature
(dynamically) inefficient equilibria, while models with infinite lifetime and altruistic
individuals cannot. Do strong intergenerational altruism and high life expectancy
prevent the occurence of inefficient equilibria? To answer this question, we present
a continuous time OLG model which generalizes the Blanchard-Buiter-Weil model.
Our main innovation relies on the introduction of parental altruism, whose intensity
is variable. We show that parental altruism and life expectancy actually favor
overaccumulation. Theoretical results are illustrated by a parametrization from
US data. Our numerical exercises suggest that the US economy is dynamically
inefficient, mainly because life expectancy is sufficiently short.
2007-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3629/1/MPRA_paper_3629.pdf
d'Albis, Hippolyte and Decreuse, Bruno (2007): Parental altruism, life expectancy and dynamically inefficient equilibria.
en
oai:mpra.ub.uni-muenchen.de:4403
2019-10-10T12:57:39Z
7374617475733D696E7072657373
7375626A656374733D43:4337:433731
7375626A656374733D44:4439:443930
7375626A656374733D44:4437:443731
7375626A656374733D43:4336:433639
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4403/
Computability of simple games: A characterization and application to the core
Kumabe, Masahiro
Mihara, H. Reiju
C71 - Cooperative Games
D90 - General
D71 - Social Choice ; Clubs ; Committees ; Associations
C69 - Other
The class of algorithmically computable simple games (i) includes the class of games that have finite carriers and (ii) is included in the class of games that have finite winning coalitions. This paper characterizes computable games, strengthens the earlier result that computable games violate anonymity, and gives examples showing that the above inclusions are strict. It also extends Nakamura's theorem about the nonemptyness of the core and shows that computable games have a finite Nakamura number, implying that the number of alternatives that the players can deal with rationally is restricted.
2007-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4403/1/MPRA_paper_4403.pdf
Kumabe, Masahiro and Mihara, H. Reiju (2007): Computability of simple games: A characterization and application to the core. Forthcoming in: Journal of Mathematical Economics
en
oai:mpra.ub.uni-muenchen.de:4405
2019-09-29T14:21:12Z
7374617475733D756E707562
7375626A656374733D43:4337:433731
7375626A656374733D44:4439:443930
7375626A656374733D44:4437:443731
7375626A656374733D43:4336:433639
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4405/
Computability of simple games: A complete investigation of the sixty-four possibilities
Kumabe, Masahiro
Mihara, H. Reiju
C71 - Cooperative Games
D90 - General
D71 - Social Choice ; Clubs ; Committees ; Associations
C69 - Other
Classify simple games into sixteen "types" in terms of the four conventional axioms: monotonicity, properness, strongness, and nonweakness. Further classify them into sixty-four classes in terms of finiteness (existence of a finite carrier) and algorithmic computability. For each such class, we either show that it is empty or give an example of a game belonging to it. We observe that if a type contains an infinite game, then it contains both computable infinite games and noncomputable ones. This strongly suggests that computability is logically, as well as conceptually, unrelated to the conventional axioms.
2007-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4405/1/MPRA_paper_4405.pdf
Kumabe, Masahiro and Mihara, H. Reiju (2007): Computability of simple games: A complete investigation of the sixty-four possibilities.
en
oai:mpra.ub.uni-muenchen.de:6803
2019-09-28T23:14:59Z
7374617475733D707562
7375626A656374733D43:4337:433731
7375626A656374733D44:4439:443930
7375626A656374733D44:4437:443731
7375626A656374733D43:4336:433639
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/6803/
Computability of simple games: A characterization and application to the core
Kumabe, Masahiro
Mihara, H. Reiju
C71 - Cooperative Games
D90 - General
D71 - Social Choice ; Clubs ; Committees ; Associations
C69 - Other
The class of algorithmically computable simple games (i) includes the class of games that have finite carriers and (ii) is included in the class of games that have finite winning coalitions. This paper characterizes computable games, strengthens the earlier result that computable games violate anonymity, and gives examples showing that the above inclusions are strict. It also extends Nakamura's theorem about the nonemptyness of the core and shows that computable games have a finite Nakamura number, implying that the number of alternatives that the players can deal with rationally is restricted.
2007-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/6803/1/MPRA_paper_6803.pdf
Kumabe, Masahiro and Mihara, H. Reiju (2007): Computability of simple games: A characterization and application to the core. Published in: Journal of Mathematical Economics , Vol. 44, No. 3-4 (February 2008): pp. 348-366.
en
oai:mpra.ub.uni-muenchen.de:7088
2019-10-01T11:15:42Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D44:4438:443833
7375626A656374733D4F:4F33:4F3331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/7088/
The Dynamics of Knowledge Diversity and Economic Growth
Berliant, Marcus
Fujita, Masahisa
D90 - General
D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief ; Unawareness
O31 - Innovation and Invention: Processes and Incentives
How is long run economic growth related to the diversity of knowledge? We formulate and study a microeconomic model of knowledge creation, through the interactions among a group of R & D workers, embedded in a growth model to address this question. Income to these workers accrues as patent income, whereas transmission of newly created knowledge to all such workers occurs due to public transmission of patent information. Our model incorporates two key aspects of the cooperative process of knowledge creation: (i) heterogeneity of people in their state of knowledge is essential for successful cooperation in the joint creation of new ideas, while (ii) the very process of cooperative knowledge creation affects the heterogeneity of people through the accumulation of knowledge in common. The model features myopic R & D workers in a pure externality model of interaction. Surprisingly, in the general case for a large set of initial conditions we find that the equilibrium process of knowledge creation converges to the most productive state, where the population splits into smaller groups of optimal size; close interaction takes place within each group only. Equilibrium paths are found analytically. Long run economic growth is positively related to both the effectiveness of pairwise R & D worker interaction and to the effectiveness of public knowledge transmission.
2008-02-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/7088/1/MPRA_paper_7088.pdf
Berliant, Marcus and Fujita, Masahisa (2008): The Dynamics of Knowledge Diversity and Economic Growth.
en
oai:mpra.ub.uni-muenchen.de:7461
2019-09-27T16:54:16Z
7374617475733D756E707562
7375626A656374733D44:4437:443731
7375626A656374733D44:4439:443930
7375626A656374733D51:5130:513031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/7461/
Sustainable preferences via nondiscounted, hyperreal intergenerational welfare functions
Pivato, Marcus
D71 - Social Choice ; Clubs ; Committees ; Associations
D90 - General
Q01 - Sustainable Development
We define an intergenerational social welfare function Sigma from |R^|N (the set of all infinite-horizon utility streams) into *|R (the ordered field of hyperreal numbers). The function Sigma is continuous, linear, and increasing, and is well-defined even on unbounded (e.g. exponentially increasing) utility streams. This yields a complete social welfare ordering on |R^|N which is Pareto and treats all generations equally (i.e. does not discount future utility). In particular, it is what Chichilnisky (1996) calls a `sustainable' preference ordering: it is neither a `dictatorship of the present' nor a `dictatorship of the future'.
We then show how an agent with no `pure' time preferences may still `informationally discount' the future, due to uncertainty. Last, we model intergenerational choice for an exponentially growing economy and population. In one parameter regime, our model shows `instrumental discounting' due to declining marginal utility of wealth. In another regime, we see a disturbing `Paradox of Eternal Deferral'.
2008-03-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/7461/1/MPRA_paper_7461.pdf
Pivato, Marcus (2008): Sustainable preferences via nondiscounted, hyperreal intergenerational welfare functions.
en
oai:mpra.ub.uni-muenchen.de:9353
2019-09-29T04:38:37Z
7374617475733D707562
7375626A656374733D44:4437:443731
7375626A656374733D43:4331:433134
7375626A656374733D44:4439:443930
7375626A656374733D44:4430:443031
7375626A656374733D42:4234:423431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9353/
A Deeper Look at Hyperbolic Discounting
Sopher, Barry
Sheth, Arnav
D71 - Social Choice ; Clubs ; Committees ; Associations
C14 - Semiparametric and Nonparametric Methods: General
D90 - General
D01 - Microeconomic Behavior: Underlying Principles
B41 - Economic Methodology
We conduct an experiment to investigate the degree to
which deviations from exponential discounting can be accounted for by
the hypothesis of hyperbolic discounting. Subjects are asked to choose
between an earlier or later payoff in a series of 40 choice questions. Each
question consists of a pair of monetary amounts determined by com-
pounding a given base amount at a constant rate per period. Two bases
(8 and 20 dollars), three compounding rates (low, medium and high) and
three delays (2, 4, and 6 weeks) are each used. There are also 2 initial
periods (Today and 2 weeks) and there are two separate questionnaires,
one with lower “realistic” compounding rates and the other with higher
compounding rates, typical of those used in previous studies. We ana-
lyze the detailed patterns of choice in 6 groups of 6 related questions
each (in which the base and rate is fixed but the initial period and delay
varies), documenting the frequency of patterns consistent with exponen-
tial discounting and with hyperbolic discounting. We find that exponen-
tial discounting is the clear modal choice pattern in virtually all cases.
Hyperbolic discounting is never the modal pattern (except in the sense
that constant discounting is a special case of hyperbolic discounting). We
also estimate a linear probability model that takes account of individual
heterogeneity. The estimates show substantial increases in the probabil-
ity of choosing the later option when the compounding rate increases,
as one would expect. There are small, sometimes significant, increases in
this probability when the delay is increased or the initial period is in the
future. Such behavior is consistent with hyperbolic discounting, but can
account for only a small proportion of choices. Overall, deviations from
exponential discounting appear to be due to error, or to other effects
not accounted for by hyperbolic discounting. Principal among these is
an increase in later choices when the base is larger.
2006-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9353/1/MPRA_paper_9353.pdf
Sopher, Barry and Sheth, Arnav (2006): A Deeper Look at Hyperbolic Discounting. Published in: Theory and Decision , Vol. 60, No. 2-3 (May 2006): pp. 219-255.
en
oai:mpra.ub.uni-muenchen.de:9514
2019-09-29T04:31:41Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D44:4438:443833
7375626A656374733D4F:4F33:4F3331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9514/
The dynamics of knowledge diversity and economic growth
Berliant, Marcus
Fujita, Masahisa
D90 - General
D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief ; Unawareness
O31 - Innovation and Invention: Processes and Incentives
How is long run economic growth related to the diversity of knowledge? We formulate and study a microeconomic model of knowledge creation, through the interactions among a group of heterogeneous R & D workers, embedded in a growth model to address this question. Income to these workers accrues as patent income, whereas transmission of newly created knowledge to all such workers occurs due to public transmission of patent information. The model features myopic R & D workers in a pure externality model of interaction. Surprisingly, in the general case for a large set of initial conditions we find that the equilibrium process of knowledge creation converges to the most productive state, where the population splits into smaller groups of optimal size; close interaction takes place within each group only. Equilibrium paths are found analytically. Long run economic growth is positively related to both the effectiveness of pairwise R & D worker interaction and to the effectiveness of public knowledge transmission.
2008-07-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9514/1/MPRA_paper_9514.pdf
Berliant, Marcus and Fujita, Masahisa (2008): The dynamics of knowledge diversity and economic growth.
en
oai:mpra.ub.uni-muenchen.de:10245
2019-09-29T20:26:08Z
7374617475733D756E707562
7375626A656374733D49:4933:493330
7375626A656374733D49:4933:493331
7375626A656374733D44:4439:443930
7375626A656374733D5A:5A31:5A3133
7375626A656374733D48:4837:483730
7375626A656374733D4A:4A34:4A3430
7375626A656374733D4A:4A30:4A3030
7375626A656374733D42:4232:423230
7375626A656374733D49:4930:493030
7375626A656374733D48:4838:483830
7375626A656374733D42:4232:423234
7375626A656374733D44:4435:443530
7375626A656374733D49:4930
7375626A656374733D44:4433:443330
7375626A656374733D4C:4C31:4C3130
7375626A656374733D42:4233:423330
7375626A656374733D48:4830:483030
7375626A656374733D42:4230:423030
7375626A656374733D41:4131:413130
7375626A656374733D49:4933:493332
7375626A656374733D41:4133:413330
7375626A656374733D49:4933:493339
7375626A656374733D48:4834:483430
7375626A656374733D42:4234:423430
7375626A656374733D4A:4A31:4A3130
7375626A656374733D49:4933:493338
7375626A656374733D44:4436:443630
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10245/
Social Quality and Precarity: Approaching New Patterns of Societal (Dis)Integration
Herrmann, Peter
van der Maesen, Laurent J.G.
I30 - General
I31 - General Welfare, Well-Being
D90 - General
Z13 - Economic Sociology ; Economic Anthropology ; Social and Economic Stratification
H70 - General
J40 - General
J00 - General
B20 - General
I00 - General
H80 - General
B24 - Socialist ; Marxist ; Sraffian
D50 - General
I0 - General
D30 - General
L10 - General
B30 - General
H00 - General
B00 - General
A10 - General
I32 - Measurement and Analysis of Poverty
A30 - General
I39 - Other
H40 - General
B40 - General
J10 - General
I38 - Government Policy ; Provision and Effects of Welfare Programs
D60 - General
The main issue of this article is to discuss the question of ‘precarity’ in the context of the theory of social quality (see Beck et al, 2001), with which to pave the way for developing further the theoretical foundation of precarity. Societal practice is the main challenge this concept tries to address. However, the danger is to introduce a new term, yet maintaining a discussion on traditional problems as poverty, marginalisation and exclusion. Our thesis is that these problems, far from being sufficiently tackled, are currently going along with and being adjunct to another challenge, namely precarity. Although the ‘old problems’ are not problems of individuals and expression of their ‘personal failure’, precarity – seen in the context of the theory of social quality – means a new stage of socialisation of the problems by further individualisation of the victims. In principle, we can say that this understanding of precarity is an expression of a further erosion of society, characterising especially periods of transformation of economic systems.
2008-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10245/1/MPRA_paper_10245.pdf
Herrmann, Peter and van der Maesen, Laurent J.G. (2008): Social Quality and Precarity: Approaching New Patterns of Societal (Dis)Integration.
en
oai:mpra.ub.uni-muenchen.de:10512
2019-10-01T03:54:35Z
7374617475733D756E707562
7375626A656374733D4F:4F34:4F3431
7375626A656374733D44:4437:443731
7375626A656374733D44:4436:443633
7375626A656374733D4F:4F33:4F3330
7375626A656374733D44:4439:443930
7375626A656374733D43:4336:433631
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10512/
Allais-anonymity as an alternative to the discounted-sum criterion in the calculus of optimal growth I: Consensual optimality
Mabrouk, Mohamed
O41 - One, Two, and Multisector Growth Models
D71 - Social Choice ; Clubs ; Committees ; Associations
D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
O30 - General
D90 - General
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
The objective of this work is to try to define and calculate the optimal growth path, in the presence of exogenous technical change, without resorting to the discounted-sum criterion. The solution suggested is to consider an optimality criterion expressing an Allais-anonymous intergenerational consensus. The partial characterization of consensual optimality was made possible thanks to the decomposition of the dual of the space of sub-geometric sequences of reason p. The main finding is a relation between the marginal rate of substitution between bequest and heritage, and the growth rate, relation which is a necessary condition for consensual optimality. The necessary study of the Pareto-optimality of the consensual optimum is the subject of a forthcoming paper "Allais-anonymity as an alternative to the discounted-sum criterion in the calculus of optimal growth II: Pareto optimality and some economic interpretations".
2006-04-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10512/1/MPRA_paper_10512.pdf
Mabrouk, Mohamed (2006): Allais-anonymity as an alternative to the discounted-sum criterion in the calculus of optimal growth I: Consensual optimality.
en
oai:mpra.ub.uni-muenchen.de:10611
2019-09-27T10:00:24Z
7374617475733D696E7072657373
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10611/
Türkiye’de Ekonomik Büyüme ve Turizm İlişkisi Üzerine Ekonometrik Analiz
Aslan, Alper
D90 - General
Bu çalışmada Türkiye’nin uzun dönem ekonomik gelişiminde turizmin rolü 1992:1-2007:2 dönemi için incelenmiştir. Çalışmada turizmin ekonomik büyümeyi teşvik etmesi hipotezi Johansen eş bütünleşim ve Granger nedensellik testleri ile doğrulanmıştır. Sonuçlar turizmin yaklaşık son 15 yıllık dönemi boyunca Türkiye’nin ekonomik büyümesini desteklediğini göstermiştir.
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10611/1/MPRA_paper_10611.pdf
Aslan, Alper (2008): Türkiye’de Ekonomik Büyüme ve Turizm İlişkisi Üzerine Ekonometrik Analiz. Forthcoming in: Erciyes Üniversitesi SBE Dergisi No. 24 (2008)
tr
oai:mpra.ub.uni-muenchen.de:10650
2019-09-29T04:42:29Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D44:4430:443031
7375626A656374733D43:4339:433931
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10650/
Time discounting for primary and monetary rewards
Reuben, Ernesto
Sapienza, Paola
Zingales, Luigi
D90 - General
D01 - Microeconomic Behavior: Underlying Principles
C91 - Laboratory, Individual Behavior
This paper shows that there is a positive and statistically significant correlation between the short-term discount rate over a monetary reward and the short-term discount rate over a primary reward (chocolate). This correlation, however, is absent among subjects who do not like chocolate and are not hungry. This suggests that monetary rewards are suitable for the study of intertemporal choice. In fact, given the problems associated with the use of primary rewards (differing tastes for the good, hunger, and possible satiation), we argue that measurement with monetary rewards is more reliable.
2008-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10650/1/MPRA_paper_10650.pdf
Reuben, Ernesto and Sapienza, Paola and Zingales, Luigi (2008): Time discounting for primary and monetary rewards.
en
oai:mpra.ub.uni-muenchen.de:12215
2019-09-26T17:37:56Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D44:4439:443931
7375626A656374733D43:4336:433631
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12215/
On Discounted Dynamic Programming with Unbounded Returns
Matkowski, Janusz
Nowak, Andrzej S.
D90 - General
D91 - Intertemporal Household Choice ; Life Cycle Models and Saving
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
In this paper, we apply the idea of $k$-local contraction
of \cite{zec, zet} to study discounted stochastic dynamic programming models with unbounded returns. Our main results concern the existence of a unique solution to the Bellman equation and are applied to the theory of stochastic optimal growth. Also a discussion of some subtle issues concerning k-local and global contractions is included.
2008-10-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12215/1/MPRA_paper_12215.pdf
Matkowski, Janusz and Nowak, Andrzej S. (2008): On Discounted Dynamic Programming with Unbounded Returns.
en
oai:mpra.ub.uni-muenchen.de:13664
2019-09-27T10:32:06Z
7374617475733D707562
7375626A656374733D44:4436:443632
7375626A656374733D51:5132:513236
7375626A656374733D4F:4F31:4F3130
7375626A656374733D51:5135:513536
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13664/
Consumption of private goods as substitutes for environmental goods in an economic growth model
Antoci, Angelo
Galeotti, Marcello
Russu, Paolo
D62 - Externalities
Q26 - Recreational Aspects of Natural Resources
O10 - General
Q56 - Environment and Development ; Environment and Trade ; Sustainability ; Environmental Accounts and Accounting ; Environmental Equity ; Population Growth
D90 - General
We analyze growth dynamics in an economy where a private good
can be consumed as a substitute for a free access environmental good. In
this context we show that environmental deterioration may be an engine of
economic growth. To protect themselves against environmental deterioration,
economic agents are forced to increase their labour supply to increase the
production and consumption of the private good. This, in turn, further depletes
the environmental good, leading economic agents to further increase their labour
supply and private consumption and so on. This substitution process may give
rise to self-enforcing growth dynamics characterized by a lack of correlation
between capital accumulation and private consumption levels, on one side, and
economic agents’ welfare, on the other.
Furthermore, we show that agents’ self-protection consumption choices can
generate indeterminacy; that is, they can give rise to the existence of a continuum
of (Nash) equilibrium orbits leading to the same attracting fixed point or periodic
orbit.
2005
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13664/1/MPRA_paper_13664.pdf
Antoci, Angelo and Galeotti, Marcello and Russu, Paolo (2005): Consumption of private goods as substitutes for environmental goods in an economic growth model. Published in: Nonlinear Analysis: modelling and Control , Vol. 10, No. 1 (2005): pp. 3-34.
en
oai:mpra.ub.uni-muenchen.de:14763
2019-09-27T10:54:27Z
7374617475733D756E707562
7375626A656374733D44:4437:443730
7375626A656374733D44:4439:443930
7375626A656374733D44:4436:443630
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14763/
A comment on "Intergenerational equity: sup, inf, lim sup, and lim inf"
Alcantud, José Carlos R.
García-Sanz, María D.
D70 - General
D90 - General
D60 - General
We reexamine the analysis of Chambers (Social Choice and Welfare, 2009), that produces a characterization of a family of social welfare functions in the context of intergenerational equity: namely, those that coincide with either the sup, inf, lim sup, or lim inf rule. Reinforcement, ordinal covariance, and monotonicity jointly identify such class of rules. We show that the addition of a suitable axiom to this three properties permits to characterize each particular rule. A discussion of the respective distinctive properties is provided.
2009-04-21
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14763/1/MPRA_paper_14763.pdf
Alcantud, José Carlos R. and García-Sanz, María D. (2009): A comment on "Intergenerational equity: sup, inf, lim sup, and lim inf".
en
oai:mpra.ub.uni-muenchen.de:15475
2019-10-01T15:44:02Z
7374617475733D756E707562
7375626A656374733D4F:4F34:4F3431
7375626A656374733D44:4437:443731
7375626A656374733D44:4436:443633
7375626A656374733D4F:4F33:4F3330
7375626A656374733D44:4439:443930
7375626A656374733D43:4336:433631
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/15475/
Allais-anonymity as an alternative to the discounted-sum criterion in the calculus of optimal growth II: Pareto optimality and some economic interpretations
Mabrouk, Mohamed
O41 - One, Two, and Multisector Growth Models
D71 - Social Choice ; Clubs ; Committees ; Associations
D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
O30 - General
D90 - General
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
This paper studies the Pareto-optimality of the consensual optimum established in "Allais-anonymity as an alternative to the discounted-sum criterion I: consensual optimality" (Mabrouk 2006a). For that, a Pareto-optimality criterion is set up by the application of the generalized Karush, Kuhn and Tucker theorem and thanks to the decomposition of the space of geometrically-growing real sequences. That makes it possible to find sufficient conditions so that a bequest-rule path is Pareto-optimal. Through an example, it is then shown that the golden rule must be checked to achieve Allais-anonymous optimality.
The introduction of an additive altruism makes it possible to highlight the intergenerational-preference rate compatible with Allais-anonymous optimality. In this approach, it is not any more the optimality which depends on the intergenerational-preference rate, but the optimal intergenerational-preference rate which rises from Allais-anonymous optimality.
2006-04-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/15475/1/MPRA_paper_15475.pdf
Mabrouk, Mohamed (2006): Allais-anonymity as an alternative to the discounted-sum criterion in the calculus of optimal growth II: Pareto optimality and some economic interpretations.
en
oai:mpra.ub.uni-muenchen.de:15527
2019-10-04T04:54:14Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D45:4532:453231
7375626A656374733D4F:4F34:4F3430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/15527/
Conspicuous Consumption and Overlapping Generations
Wendner, Ronald
D90 - General
E21 - Consumption ; Saving ; Wealth
O40 - General
This paper investigates household decisions, and optimal taxation in an overlapping generations model in which individual utility depends on a weighted average of consumption of ones peers --- a ``keeping up with the Joneses'' consumption externality. In contrast to representative agent economies, the consumption externality \emph{generally} affects steady state savings and growth rates. The nature of the externality's impact, however, critically depends on the rate at which labor productivity declines with age. For a (strongly enough) declining labor productivity (or when people gradually retire), the consumption externality \emph{lowers} the steady state propensity to consume out of total wealth. The opposite holds for a constant labor productivity. The market economy can be decentralized by a (reverse) unfunded social security system if the rate of labor productivity decline is high (low). In contrast to previous results, the \emph{optimal} steady state capital income tax is zero, in spite of the consumption externality.
2009-06-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/15527/1/MPRA_paper_15527.pdf
Wendner, Ronald (2009): Conspicuous Consumption and Overlapping Generations.
en
oai:mpra.ub.uni-muenchen.de:15733
2013-02-11T14:30:10Z
oai:mpra.ub.uni-muenchen.de:15742
2019-09-29T10:12:29Z
7374617475733D756E707562
7375626A656374733D45:4533:453332
7375626A656374733D4F:4F34:4F3437
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/15742/
Capital misallocation and aggregate factor productivity
Azariadis, Costas
Kaas, Leo
E32 - Business Fluctuations ; Cycles
O47 - Empirical Studies of Economic Growth ; Aggregate Productivity ; Cross-Country Output Convergence
D90 - General
We propose a sectoral-shift theory of aggregate factor productivity for a class of economies with AK technologies, limited loan enforcement, a constant production possibilities frontier, and finitely many sectors producing the same good. Both the growth rate and total factor productivity in these economies respond to random and persistent endogenous fluctuations in the sectoral distribution of physical capital which, in turn, responds to persistent and reversible exogenous shifts in relative sector productivities. Surplus capital from less productive sectors is lent to more productive ones in the form of secured collateral loans, as in Kiyotaki-Moore (1997), and also as unsecured reputational loans suggested in Bulow-Rogoff (1989). Endogenous debt limits slow down capital reallocation, preventing the equalization of risk-adjusted equity yields across sectors. Economy-wide factor productivity and the aggregate growth rate are both negatively correlated with the dispersion of sectoral rates of return, sectoral TFP and sectoral growth rates. If sector productivities follow a symmetric two-state Markov process, many of our economies converge to a limit cycle alternating between mild expansions and abrupt contractions. We also find highly periodic and volatile limit cycles in economies with small amounts of collateral.
2009-06-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/15742/1/MPRA_paper_15742.pdf
Azariadis, Costas and Kaas, Leo (2009): Capital misallocation and aggregate factor productivity.
en
oai:mpra.ub.uni-muenchen.de:16475
2019-09-28T16:38:44Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D44:4438:443833
7375626A656374733D4F:4F33:4F3331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/16475/
The dynamics of knowledge diversity and economic growth
Berliant, Marcus
Fujita, Masahisa
D90 - General
D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief ; Unawareness
O31 - Innovation and Invention: Processes and Incentives
How is long run economic growth related to the endogenous diversity of knowledge? We formulate and study a microeconomic model of knowledge creation, through the interactions among a group of heterogeneous R & D workers, embedded in a growth model to address this question. In contrast with the traditional literature, in our model the composition of the research work force in terms of knowledge heterogeneity matters, in addition to its size, in determining the production of new knowledge. Moreover, the heterogeneity of the work force is endogenous. Income to these workers accrues as patent income, whereas transmission of newly created knowledge to all such workers occurs due to public transmission of patent information. Knowledge in common is required for communication, but differential knowledge is useful to bring originality to the endeavor. Whether or not the system reaches the most productive state depends on the strength of the public knowledge transmission technology. Equilibrium paths are found analytically. Long run economic growth is positively related to both the effectiveness of pairwise R & D worker interaction and to the effectiveness of public knowledge transmission.
2009-07-27
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/16475/1/MPRA_paper_16475.pdf
Berliant, Marcus and Fujita, Masahisa (2009): The dynamics of knowledge diversity and economic growth.
en
oai:mpra.ub.uni-muenchen.de:16998
2019-10-05T14:20:00Z
7374617475733D707562
7375626A656374733D4F:4F34:4F3431
7375626A656374733D44:4439:443930
7375626A656374733D4A:4A32:4A3234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/16998/
Occupational Choice and Dynamic Indeterminacy
Mino, Kazuo
Shimomura, Koji
Wang, Pin
O41 - One, Two, and Multisector Growth Models
D90 - General
J24 - Human Capital ; Skills ; Occupational Choice ; Labor Productivity
This paper constructs a two-sector model of two-period lived overlapping generations with endogenous occupational choice where ability-heterogeneous agents choose whether to become educated when young and henceforth to become skilled when old. We show that endogenous occupational choice in this two-sector framework can result in dynamic indeterminacy without complicate preferences/technologies and without requiring the consumption-good production to be more capital-intensive.
2004-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/16998/1/MPRA_paper_16998.pdf
Mino, Kazuo and Shimomura, Koji and Wang, Pin (2004): Occupational Choice and Dynamic Indeterminacy. Published in: Review of Economic Dynamics (2004)
en
oai:mpra.ub.uni-muenchen.de:17063
2019-09-30T17:19:54Z
7374617475733D756E707562
7375626A656374733D4F:4F34:4F3431
7375626A656374733D44:4439:443930
7375626A656374733D4A:4A32:4A3234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/17063/
Occupational Choice and Dynamic Indeterminacy
Mino, Kazuo
Koji, Shimomura
Wang, Ping
O41 - One, Two, and Multisector Growth Models
D90 - General
J24 - Human Capital ; Skills ; Occupational Choice ; Labor Productivity
This paper construct a two-sector model of two-period lived overlapping generations with endogenous occupational choice where ability-heterogeneous agents choose whether to become educated when young and henceforth to become skilled when old. We show that endogenous occupational choice in this two-sector framework can result in dynamic indeterminacy without complicate preferences/technologies and without requiring the consumption-good production to be more capital-intensive.
2003-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/17063/1/MPRA_paper_17063.pdf
Mino, Kazuo and Koji, Shimomura and Wang, Ping (2003): Occupational Choice and Dynamic Indeterminacy.
en
oai:mpra.ub.uni-muenchen.de:20133
2019-09-27T02:00:50Z
7374617475733D756E707562
7375626A656374733D44:4437:443731
7375626A656374733D44:4436:443633
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/20133/
Evaluations of infinite utility streams: Pareto-efficient and egalitarian axiomatics
Alcantud, José Carlos R.
García-Sanz, María D.
D71 - Social Choice ; Clubs ; Committees ; Associations
D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
D90 - General
Two factors influence the resolution of the conflict among infinite generations: the consistency/ethical postulates requested; and the utilities that each generation can possess. We contribute to qualifying the Basu-Mitra approach to this problem, that concerns social welfare functions. Firstly we examine efficiency and strengthened forms of Hammond Equity for the Future both when the feasible utilities are [0,1] and natural numbers. This complements Banerjee (Economics Letters, 2006) and Alcantud and Garcia- Sanz (Economics Letters, 2010). Secondly, we analyze the possibility of combining Pareto-efficiency and the spirit of the Hammond Equity principle for both specfications of the feasible utilities. Here the case study is richer since we analyze four different versions of this principle. We conclude that the Anonymity, Hammond Equity for the Future, and Hammond Equity ethics can be combined with weak specifications of the Pareto postulate at a time even through explicit social welfare functions.
2010-01-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/20133/1/MPRA_paper_20133.pdf
Alcantud, José Carlos R. and García-Sanz, María D. (2010): Evaluations of infinite utility streams: Pareto-efficient and egalitarian axiomatics.
en
oai:mpra.ub.uni-muenchen.de:21009
2019-09-27T01:15:11Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D44:4438:443833
7375626A656374733D4F:4F33:4F3331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/21009/
The Dynamics of Knowledge Diversity and Economic Growth
Berliant, Marcus
Fujita, Masahisa
D90 - General
D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief ; Unawareness
O31 - Innovation and Invention: Processes and Incentives
How is long run economic growth related to the endogenous diversity of knowledge? We formulate and study a microeconomic model of knowledge creation, through the interactions among a group of heterogeneous R & D workers, embedded in a growth model to address this question. In contrast with the traditional literature, in our model the composition of the research work force in terms of knowledge heterogeneity matters, in addition to its size, in determining the production of new knowledge. Moreover, the heterogeneity of the work force is endogenous. Income to these workers accrues as patent income, whereas transmission of newly created knowledge to all such workers occurs due to public transmission of patent information. Knowledge in common is required for communication, but differential knowledge is useful to bring originality to the endeavor. Whether or not the system reaches the most productive state depends on the strength of the public knowledge transmission technology. Equilibrium paths are found analytically. Long run economic growth is positively related to both the effectiveness of pairwise R & D worker interaction and to the effectiveness of public knowledge transmission.
2010-02-27
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/21009/1/MPRA_paper_21009.pdf
Berliant, Marcus and Fujita, Masahisa (2010): The Dynamics of Knowledge Diversity and Economic Growth.
en
oai:mpra.ub.uni-muenchen.de:21860
2019-10-01T06:17:39Z
7374617475733D756E707562
7375626A656374733D48:4835:483531
7375626A656374733D49:4931:493138
7375626A656374733D44:4439:443930
7375626A656374733D43:4336:433631
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/21860/
Diversify or focus: spending to combat infectious diseases when budgets are tight
Anderson, Soren
Laxminarayan, Ramanan
Salant, Stephen W.
H51 - Government Expenditures and Health
I18 - Government Policy ; Regulation ; Public Health
D90 - General
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
We consider a health authority seeking to allocate annual budgets optimally over time to minimize the discounted social cost of infection(s) evolving in a finite set of R >= 2 groups. This optimization problem is challenging, since as is well known, the standard epidemiological model describing the spread of disease (SIS) contains a nonconvexity. Standard continuous-time optimal control is of little help, since a phase diagram is needed to address
the nonconvexity and this diagram is 2R dimensional (a costate and state variable for each of the R groups). Standard discrete-time dynamic programming cannot be used either, since the minimized cost function is neither concave nor convex globally. We modify the standard dynamic programming algorithm and show how familiar, elementary arguments
can be used to reach conclusions about the optimal policy with any finite number of groups. We show that under certain conditions it is optimal to focus the entire annual budget on one of the R groups at a time rather than divide it among several groups, as is often done in practice; faced with two identical groups whose only difference is their starting level of
infection, it is optimal to focus on the group with fewer sick people. We also show that under certain conditions it remains optimal to focus on one group when faced with a wealth constraint instead of an annual budget.
2010-02-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/21860/1/MPRA_paper_21860.pdf
Anderson, Soren and Laxminarayan, Ramanan and Salant, Stephen W. (2010): Diversify or focus: spending to combat infectious diseases when budgets are tight.
en
oai:mpra.ub.uni-muenchen.de:22201
2019-09-26T17:56:30Z
7374617475733D707562
7375626A656374733D44:4431:443131
7375626A656374733D44:4439:443930
7375626A656374733D43:4336:433632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/22201/
Модели равновесного экономического роста
Polterovich, Victor
D11 - Consumer Economics: Theory
D90 - General
C62 - Existence and Stability Conditions of Equilibrium
We develop a turnpike theory for a class of dynamic general equilibrium models where total demand function satisfy monotonicity conditions. As special cases, we receive well known results about asymptotic behavior of optimal paths.
1976
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/22201/1/MPRA_paper_22201.pdf
Polterovich, Victor (1976): Модели равновесного экономического роста. Published in: Economics and Mathematical Methods / Ekonomika i matematicheskie metody , Vol. 12, No. 3 (1976): pp. 527-540.
ru
oai:mpra.ub.uni-muenchen.de:22284
2019-09-30T00:26:34Z
7374617475733D756E707562
7375626A656374733D44:4437:443731
7375626A656374733D44:4436:443633
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/22284/
The compromise efficiency vs. egalitarianism among generations with an infinite horizon
Alcantud, José Carlos R.
D71 - Social Choice ; Clubs ; Committees ; Associations
D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
D90 - General
This paper concerns ethical aggregation of infinite utility streams. Position i is typically interpreted as the endowment of generation i. We analyze the broad question: In order for the social welfare to increase, the interest of how many generations can be respected if we intend to be "ethical"? Here "ethical" refers to verifying adequate equity axioms,
and case-studies cover: extensions of restricted non-substitution; or Hammond Equity-related principles; together with the usual Anonymity axiom.
2010-04-22
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/22284/1/MPRA_paper_22284.pdf
Alcantud, José Carlos R. (2010): The compromise efficiency vs. egalitarianism among generations with an infinite horizon.
en
oai:mpra.ub.uni-muenchen.de:22467
2019-09-30T20:02:34Z
7374617475733D756E707562
7375626A656374733D44:4437:443731
7375626A656374733D44:4436:443633
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/22467/
The compromise efficiency vs. egalitarianism among generations with an infinite horizon
Alcantud, José Carlos R.
D71 - Social Choice ; Clubs ; Committees ; Associations
D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
D90 - General
This paper concerns ethical aggregation of infinite utility streams. Position i is typically interpreted as the endowment of generation i. We analyze the broad question: In order for the social welfare to increase, the interest of how many generations can be respected if we intend to be "ethical"? Here "ethical" refers to verifying adequate equity axioms, and case-studies cover: extensions of restricted non-substitution; or Hammond Equity-related principles; together with the usual Anonymity axiom.
2010-05-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/22467/1/MPRA_paper_22467.pdf
Alcantud, José Carlos R. (2010): The compromise efficiency vs. egalitarianism among generations with an infinite horizon.
en
oai:mpra.ub.uni-muenchen.de:23559
2019-09-27T11:24:10Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D43:4339:433931
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23559/
Preference for increasing wages: How do people value various streams of income?
Duffy, Sean
Smith, John
D90 - General
C91 - Laboratory, Individual Behavior
Prior studies have found that subjects prefer an improving sequence of income over a constant sequence, even if the constant sequence offers a larger present discounted value. However, little is known about how these preferences vary with the size of the wage payments. In each of our three studies, we find a relationship between the preference for increasing payments and the size of the payments. Further, our measure of the shape of the utility curve is not significantly related to this behavior. Our results roughly confirm an earlier theoretical prediction that the preference for increasing wage payments will be largest for payments which are neither very likely nor very unlikely to cover the cost of effort. Finally, consistent with the literature, we find mixed evidence regarding the applicability of these time preferences in domains other than money.
2010-06-28
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23559/1/MPRA_paper_23559.pdf
Duffy, Sean and Smith, John (2010): Preference for increasing wages: How do people value various streams of income?
en
oai:mpra.ub.uni-muenchen.de:23653
2019-10-02T16:47:46Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23653/
Altrusim. Education Subsidy and Growth
Armellini, Mauricio
Basu, Parantap
D90 - General
An optimal education subsidy formula is derived using an overlapping generations model with parental altruism. The model predicts that public education subsidy is greater in economies with lesser parental altruism because a benevolent government has to compensate for the shortfall in private education spending of less altruistic parents with a finite life. On the other hand, growth is higher in economies with greater parental altruism. Cross-country regressions using the World Values Survey for altruism lend support to our model predictions. The model provides insights about the reasons for higher education subsidy in richer countries.
2010-07-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23653/1/MPRA_paper_23653.pdf
Armellini, Mauricio and Basu, Parantap (2010): Altrusim. Education Subsidy and Growth.
en
oai:mpra.ub.uni-muenchen.de:25234
2019-09-27T15:52:47Z
7374617475733D707562
7375626A656374733D48:4837:483732
7375626A656374733D44:4439:443930
7375626A656374733D48:4837:483734
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/25234/
Constraining the spending behavior of subnational governments through borrowing limitation: The case of Malaysia.
Abdul Jalil, Ahmad Zafarullah
Abdul Karim, Noor Al-Huda
H72 - State and Local Budget and Expenditures
D90 - General
H74 - State and Local Borrowing
In literature, subnational governments have been identified as being prone to fiscal profligacy. In response to this problem, some countries choose to put a limit on the borrowing capacity of the state and local governments. This is notably the case for Malaysia with the enactment of Article 111 (12) of the Constitution. However it remains to be answered whether such regulation really has an impact on the spending behavior of the state governments. This paper attempts to shed some light on this question by employing the methodology usually found in the study of intertemporal behavior. The underlying objective is to examine whether a decision to further decentralize the economy in the future will not be translated into macroeconomic instability due to the fiscally irresponsible behavior of the state governments. Indeed such eventuality can be avoided if the federal government has what it takes in order to put the spending behavior of the state governments under control. Our findings point to the conclusion that the regulation has failed to produce a significant effect on the spending behavior of the state governments. The results indicate that the state governments in Malaysia manage to observe a forward looking behavior implying that they are not subject to any liquidity constraint.
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/25234/1/MPRA_paper_25234.pdf
Abdul Jalil, Ahmad Zafarullah and Abdul Karim, Noor Al-Huda (2008): Constraining the spending behavior of subnational governments through borrowing limitation: The case of Malaysia. Published in: The IUP Journal of Public Finance , Vol. 4, No. 3 (2008): pp. 7-28.
en
oai:mpra.ub.uni-muenchen.de:27541
2019-09-27T14:01:46Z
7374617475733D756E707562
7375626A656374733D44:4430:443033
7375626A656374733D45:4534:453433
7375626A656374733D47:4731:473132
7375626A656374733D44:4438:443831
7375626A656374733D44:4439:443930
7375626A656374733D43:4339:433931
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/27541/
Linking Decision and Time Utilities
Kontek, Krzysztof
D03 - Behavioral Microeconomics: Underlying Principles
E43 - Interest Rates: Determination, Term Structure, and Effects
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
D81 - Criteria for Decision-Making under Risk and Uncertainty
D90 - General
C91 - Laboratory, Individual Behavior
This paper presents the functional relationship between two areas of interest in contemporary behavioral economics: one concerning choices under conditions of risk, the other concerning choices in time. The paper first presents the general formula of the relationship between decision utility, the survival function, and the discounting function, where decision utility is an alternative to Cumulative Prospect Theory in describing choices under risk (Kontek, 2010). The stretched exponential function appears to be a simple functional form of the resulting discounting function. Solutions obtained using more complex forms of decision utility and survival functions are also considered. These likewise lead to the stretched exponential discounting function. The paper shows that the relationship may also have other forms, including the hyperbolic functions typically used to describe the intertemporal experimental results. This solution has however several descriptive disadvantages, which restricts its common use in the description of lottery and intertemporal choices, and in financial asset valuations.
2010-12-18
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/27541/1/MPRA_paper_27541.pdf
Kontek, Krzysztof (2010): Linking Decision and Time Utilities.
en
oai:mpra.ub.uni-muenchen.de:27618
2019-09-26T22:01:35Z
7374617475733D756E707562
7375626A656374733D44:4437:443731
7375626A656374733D44:4436:443633
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/27618/
Inequality averse criteria for evaluating infinite utility streams: The impossibility of Weak Pareto
Alcantud, José Carlos R.
D71 - Social Choice ; Clubs ; Committees ; Associations
D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
D90 - General
This paper investigates ethical aggregation of infinite utility streams by representable social welfare relations. We prove that the Hammond Equity postulate and other variations of it like the Pigou-Dalton transfer principle are incompatible with positive responsiveness to welfare improvements by every generation. The case of Hammond Equity for the Future is investigated too.
2010-11-30
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/27618/1/MPRA_paper_27618.pdf
Alcantud, José Carlos R. (2010): Inequality averse criteria for evaluating infinite utility streams: The impossibility of Weak Pareto.
en
oai:mpra.ub.uni-muenchen.de:28262
2019-09-29T16:23:27Z
7374617475733D756E707562
7375626A656374733D44:4438:443831
7375626A656374733D44:4439:443930
7375626A656374733D44:4436:443631
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/28262/
Additive representation of separable preferences over infinite products
Pivato, Marcus
D81 - Criteria for Decision-Making under Risk and Uncertainty
D90 - General
D61 - Allocative Efficiency ; Cost-Benefit Analysis
Let X be a set of states, and let I be an infinite indexing set. Our first main result states that any separable, permutation-invariant preference order (>) on X^I admits an additive representation. That is: there exists a linearly ordered abelian group A and a `utility function' u:X-->A such that, for any x,y in X^I which differ in only finitely many coordinates, we have x>y if and only if the sum of [u(x_i)-u(y_i)] over all i in I is positive.
Our second result states: If (>) also satisfies a weak continuity condition, then, for any x,y in X^I, we have x>y if and only if the `hypersum' of [u(x_i)-u(y_i)] over all i in I is positive. The `hypersum' is an infinite summation operator defined using methods from nonstandard analysis. Like an integration operator or series summation operator, it allows us to define the sum of an infinite set of values. However, unlike these operations, the hypersum does not depend on some form of convergence (recall: A has no topology) ---it is always well-defined. Also, unlike an integral, the hypersum does not depend upon a sigma-algebra or measure on the indexing set I. The hypersum takes values in a linearly ordered abelian group A*, which is an ultrapower extension of A.
These results are applicable to infinite-horizon intertemporal choice, choice under uncertainty, and variable-population social choice.
2011-01-19
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/28262/1/MPRA_paper_28262.pdf
Pivato, Marcus (2011): Additive representation of separable preferences over infinite products.
en
oai:mpra.ub.uni-muenchen.de:29000
2019-09-28T22:53:02Z
7374617475733D696E7072657373
7375626A656374733D43:4337:433731
7375626A656374733D44:4439:443930
7375626A656374733D44:4437:443731
7375626A656374733D43:4336:433639
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/29000/
Computability of simple games: A complete investigation of the sixty-four possibilities
Kumabe, Masahiro
Mihara, H. Reiju
C71 - Cooperative Games
D90 - General
D71 - Social Choice ; Clubs ; Committees ; Associations
C69 - Other
Classify simple games into sixteen "types" in terms of the four conventional axioms: monotonicity, properness, strongness, and nonweakness. Further classify them into sixty-four classes in terms of finiteness (existence of a finite carrier) and algorithmic computability. For each such class, we either show that it is empty or give an example of a game belonging to it. We observe that if a type contains an infinite game, then it contains both computable ones and noncomputable ones. This strongly suggests that computability is logically, as well as conceptually, unrelated to the conventional axioms.
2011-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/29000/1/MPRA_paper_29000.pdf
Kumabe, Masahiro and Mihara, H. Reiju (2011): Computability of simple games: A complete investigation of the sixty-four possibilities. Forthcoming in: Journal of Mathematical Economics
en
oai:mpra.ub.uni-muenchen.de:29961
2019-09-27T19:52:17Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D43:4339:433931
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/29961/
Preference for increasing wages: How do people value various streams of income?
Duffy, Sean
Smith, John
D90 - General
C91 - Laboratory, Individual Behavior
Prior studies have found that subjects prefer an improving sequence of income over a constant sequence, even if the constant sequence offers a larger present discounted value. However, little is known about how these preferences vary with the size of the wage payments. In each of our three studies, we find a relationship between the preference for increasing payments and the size of the payments. Further, our measure of the decreasing marginal utility of money is only weakly associated with this relationship. Additionally, our results roughly confirm an earlier theoretical prediction that the preference for increasing wage payments will be largest for intermediate sized payments. Finally, consistent with the literature, we find mixed evidence regarding the relationship between the preference for increasing payments and such preferences in other domains.
2010-06-28
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/29961/1/MPRA_paper_29961.pdf
Duffy, Sean and Smith, John (2010): Preference for increasing wages: How do people value various streams of income?
en
oai:mpra.ub.uni-muenchen.de:30823
2019-09-28T16:44:14Z
7374617475733D707562
7375626A656374733D44:4439:443930
7375626A656374733D44:4435:443531
7375626A656374733D43:4336:433632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/30823/
Intertemporal competitive equilibrium: a reappraisal of a basic source of instability
Sergio, Parrinello
D90 - General
D51 - Exchange and Production Economies
C62 - Existence and Stability Conditions of Equilibrium
Abstract
This paper resumes a source of instability of intertemporal equilibrium which was anticipated by Garegnani (2003) and criticized by Schefold (2004). The author points out that a non orthodox tâtonnement pricing must be accepted if the theory has to be consistent with the Jevons’s law of
unique price. Such tâtonnement prescribes that the rule for adjusting the relative prices of commodities available at different times is different from the rule applied to the relative prices of contemporary commodities. The working of such a mechanism can be a fundamental source of instability of the intertemporal equilibria. This result seems to be a challenge for the stability of general equilibrium also in the context of more realistic nontâtonnement disequilibrium processes. Final version of this working paper: S.Parrinello, “Intertemporal Competitive Equilibrium, Capital and the Stability of Tâtonnement Pricing Revisited”, Metroeconomica 56:4 (2005). Further development: S. Parrinello, Numeraire, Savings and the Instability of a Competitive Equilibrium”, Metroeconomica 62:2 (2011) 328–355.
2004-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/30823/1/MPRA_paper_30823.pdf
Sergio, Parrinello (2004): Intertemporal competitive equilibrium: a reappraisal of a basic source of instability. Published in: Working Paper Dipartimento di Economia Pubblica , Vol. 67, (April 2004): pp. 1-20.
en
oai:mpra.ub.uni-muenchen.de:31069
2019-09-28T16:31:45Z
7374617475733D696E7072657373
7375626A656374733D44:4439:443930
7375626A656374733D43:4336:433631
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/31069/
On Variable Discounting in Dynamic Programming: Applications to Resource Extraction and Other Economic Models
Jaśkiewicz, Anna
Matkowski, Janusz
Nowak, Andrzej S.
D90 - General
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
This paper generalizes the classical discounted utility model introduced by Samuelson by replacing a constant discount rate with a function. The existence of recursive utilities and their constructions are based on Matkowski's
extension of the Banach Contraction Principle. The derived utilities go beyond the class of recursive utilities studied in the literature and enable a discussion on subtle issues concerning time preferences in the theory of finance, economics or psychology. Moreover, our main results are applied to the theory of optimal growth with unbounded utility functions.
2011-01-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/31069/1/MPRA_paper_31069.pdf
Jaśkiewicz, Anna and Matkowski, Janusz and Nowak, Andrzej S. (2011): On Variable Discounting in Dynamic Programming: Applications to Resource Extraction and Other Economic Models. Forthcoming in: Annals of Operations Research : pp. 1-15.
en
oai:mpra.ub.uni-muenchen.de:31755
2019-10-06T21:56:31Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D43:4336:433631
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/31755/
Persistently optimal policies in stochastic dynamic programming with generalized discounting
Jaśkiewicz, Anna
Matkowski, Janusz
Nowak, Andrzej S.
D90 - General
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
In this paper we study a Markov decision process with
a non-linear discount function.
Our approach is
in spirit of the von Neumann-Morgenstern concept and is
based on the notion of expectation. First, we define
a utility on the space of trajectories of the process in the finite and infinite time horizon and then take their expected values. It turns out that the associated optimization problem leads to a non-stationary dynamic programming and an infinite system of Bellman equations, which result in obtaining persistently optimal policies.
Our theory is enriched by examples.
2011-06-21
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/31755/1/MPRA_paper_31755.pdf
Jaśkiewicz, Anna and Matkowski, Janusz and Nowak, Andrzej S. (2011): Persistently optimal policies in stochastic dynamic programming with generalized discounting.
en
oai:mpra.ub.uni-muenchen.de:31910
2019-09-27T12:23:23Z
7374617475733D756E707562
7375626A656374733D44:4430:443033
7375626A656374733D44:4438:443831
7375626A656374733D42:4235:423532
7375626A656374733D44:4439:443930
7375626A656374733D44:4430:443031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/31910/
Scelte e razionalità nei modelli economici: un'analisi multidisciplinare
Schilirò, Daniele
Graziano, Mario
D03 - Behavioral Microeconomics: Underlying Principles
D81 - Criteria for Decision-Making under Risk and Uncertainty
B52 - Institutional ; Evolutionary
D90 - General
D01 - Microeconomic Behavior: Underlying Principles
This paper argues critically the issue of choices and rationality in economic models through a multidisciplinary analysis. First, the analysis aims at highlight the scientific contributions of psychology in economics, since psychology and the related approach of cognitive economics has made more complex and problematic the analysis of choices of the standard neoclassical economics. The cognitive approach in economics has pointed out the complexity of the choice process and the unsolved relationship between economic and psychological dimensions of such a process, showing the biases and the limits of rationality. Second, the analysis focuses on the use of
evolutionary concepts in economic theory. Economic models, which are consistent with an evolutionary approach, have necessarily to be very different from those of standard economics. In particular, this paper examines the works of Alfred Marshall, since he is the first major economist to
refer explicitly to biology for explaining economic evolution. The purpose of the analysis is to reveal the conditions required to succeed in building a real evolutionary model. A major condition, which is found in Marshall models, particularly in his Principles of Economics, is the understanding and the integration of darwinian philosophical matrix in his general economic approach.
The paper, therefore, aims at demonstrating that economics has not been historically a discipline
homogenously aligned to a single, undifferentiated form of thought, locked into the idea of perfect
rationality, but that is a discipline that enriched and still enriches itself by contributions and
contaminations from other disciplines.
2011-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/31910/1/MPRA_paper_31910.pdf
Schilirò, Daniele and Graziano, Mario (2011): Scelte e razionalità nei modelli economici: un'analisi multidisciplinare.
it
oai:mpra.ub.uni-muenchen.de:32198
2019-10-04T04:55:22Z
7374617475733D756E707562
7375626A656374733D44:4437:443731
7375626A656374733D44:4436:443633
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/32198/
Liberal approaches to ranking infinite utility streams: When can we avoid interferences?
Alcantud, José Carlos R.
D71 - Social Choice ; Clubs ; Committees ; Associations
D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
D90 - General
In this work we analyse social welfare relations on sets of infinite utility streams that verify various types of liberal non-interference principles. Earlier contributions have established that (finitely) anonymous and strongly Paretian quasiorderings exist that agree with axioms of that kind together with weak preference continuity and further consistency. Nevertheless Mariotti and Veneziani prove that a fully liberal non-interfering view of a finite society leads to dictatorship if weak Pareto optimality is imposed. We first prove that extending the horizon to infinity produces a reversal of such impossibility result. Then we investigate a related problem: namely, the possibility of combining “standard” semicontinuity with efficiency in the presence of non-interference. We provide several impossibility results that prove that there is a generalised incompatibility between continuity and non-interference principles, both under ordinal and cardinal views of the problem. Our analysis ends with some insights on the property of representability in the presence of non-interference assumptions. In particular we prove that all social welfare functions that verify a very mild efficiency property must exert some interference (penalising both adverse and favorable changes) on the affairs of particular generations.
2011-07-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/32198/1/MPRA_paper_32198.pdf
Alcantud, José Carlos R. (2011): Liberal approaches to ranking infinite utility streams: When can we avoid interferences?
en
oai:mpra.ub.uni-muenchen.de:32618
2019-09-28T17:32:00Z
7374617475733D756E707562
7375626A656374733D44:4430:443033
7375626A656374733D44:4430
7375626A656374733D44:4438:443831
7375626A656374733D44:4438:443834
7375626A656374733D44:4439:443930
7375626A656374733D4A:4A32:4A3232
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/32618/
Dynamic model of procrastination
Vrany, Martin
D03 - Behavioral Microeconomics: Underlying Principles
D0 - General
D81 - Criteria for Decision-Making under Risk and Uncertainty
D84 - Expectations ; Speculations
D90 - General
J22 - Time Allocation and Labor Supply
Procrastination is the notorious tendency to postpone work for tomorrow. This paper presents a formal model of procrastination based on expectations and prospect theory, which differs signficantly from the prevalent model of O’Donoghue and Rabin. Subject is assumed to work on a task for distant reward which depends on the number of periods actually spent working, where the subject faces varying op-
portunity costs of working each period before the deadline. In order to assess a hypothesis that procrastination is an evolved and stable habit, the model is rendered dynamic in that past decisions and circumstances affect the present. The model is first explored via qualitative analysis and simulations are performed to further reveal its functionality.
2010-10-14
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/32618/1/MPRA_paper_32618.pdf
Vrany, Martin (2010): Dynamic model of procrastination.
en
oai:mpra.ub.uni-muenchen.de:32636
2019-10-02T22:30:47Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D43:4339:433931
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/32636/
Preference for increasing wages: How do people value various streams of income?
Duffy, Sean
Smith, John
D90 - General
C91 - Laboratory, Individual Behavior
Prior studies have found that subjects prefer an improving sequence of income over a constant sequence, even if the constant sequence offers a larger present discounted value. However, little is known about how these preferences vary with the size of the wage payments. In each of our three studies, we find a positive relationship between the preference for increasing payments and the size of the payments. Further, our measure of the decreasing marginal utility of money is only weakly associated with this relationship. Additionally, our results roughly confirm an earlier theoretical prediction that the preference for increasing wage payments will be largest for intermediate sized payments. Finally, consistent with the literature, we find mixed evidence regarding the relationship between the preference for increasing payments and such preferences in other domains.
2010-06-28
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/32636/3/MPRA_paper_32636.pdf
Duffy, Sean and Smith, John (2010): Preference for increasing wages: How do people value various streams of income?
en
oai:mpra.ub.uni-muenchen.de:33279
2019-10-08T17:12:13Z
7374617475733D696E7072657373
7375626A656374733D44:4438:443831
7375626A656374733D43:4330
7375626A656374733D44:4439:443930
7375626A656374733D43:4336:433631
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/33279/
Defensive online portfolio selection
Stella, Fabio
Ventura, Alfonso
D81 - Criteria for Decision-Making under Risk and Uncertainty
C0 - General
D90 - General
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
The class of defensive online portfolio selection algorithms,designed for fi nite investment horizon, is introduced. The Game Constantly Rebalanced Portfolio and the Worst Case Game Constantly Rebalanced Portfolio, are presented and theoretically analyzed. The analysis exploits the rich set of mathematical tools available by means of the connection between Universal Portfolios and the Game-
Theoretic framework. The empirical performance of the Worst Case Game Constantly Rebalanced Portfolio algorithm is analyzed through numerical experiments concerning the FTSE 100, Nikkei 225, Nasdaq 100 and S&P500 stock markets for the time interval, from January 2007 to December 2009, which includes the credit crunch crisis from September 2008 to March 2009. The results emphasize the relevance of the proposed online investment algorithm which signi fi cantly
outperformed the market index and the minimum variance Sharpe-Markowitz’s portfolio.
2010
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/33279/1/MPRA_paper_33279.pdf
Stella, Fabio and Ventura, Alfonso (2010): Defensive online portfolio selection. Forthcoming in: Int. J of Financial Markets and Derivatives
en
oai:mpra.ub.uni-muenchen.de:33716
2019-10-01T04:46:33Z
7374617475733D756E707562
7375626A656374733D44:4436:443633
7375626A656374733D44:4437:443731
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/33716/
The impossibility of social evaluations of infinite streams with strict inequality aversion
Alcantud, José Carlos R.
D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
D71 - Social Choice ; Clubs ; Committees ; Associations
D90 - General
We are concerned with the problem of aggregating infinite utility streams and the possible adoption of consequentialist equity principles when using numerical evaluations of the streams. We find a virtually universal incompatibility between the Basu-Mitra approach (that advocates for social welfare functions and renounces continuity assumptions) and postulates that capture various forms of strict preference for a reduction in inequality like the Strong Equity Principle, the Pigou-Dalton Transfer principle, or Altruistic Equity.
2011-09-25
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/33716/1/MPRA_paper_33716.pdf
Alcantud, José Carlos R. (2011): The impossibility of social evaluations of infinite streams with strict inequality aversion.
en
oai:mpra.ub.uni-muenchen.de:35971
2019-09-27T01:00:15Z
7374617475733D756E707562
7375626A656374733D44:4430:443033
7375626A656374733D44:4438:443831
7375626A656374733D42:4235:423532
7375626A656374733D44:4439:443930
7375626A656374733D42:4231:423133
7375626A656374733D44:4430:443031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/35971/
Rationality and choices in economics: behavioral and evolutionary approaches
Graziano, Mario
Schilirò, Daniele
D03 - Behavioral Microeconomics: Underlying Principles
D81 - Criteria for Decision-Making under Risk and Uncertainty
B52 - Institutional ; Evolutionary
D90 - General
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
D01 - Microeconomic Behavior: Underlying Principles
The paper critically discusses the issue of rationality and choices in economics in both the behavioural and evolutionary approaches. Our study aims, on the one hand, to highlight the scientific contributions of psychology in economics, since psychology, and with it the theoretical approach of the behavioral economics, has made more complex and problematic the analysis of economic choices, showing the limits of rationality.
On the other hand, the work offers a reinterpretation of the theory of Alfred Marshall in a biologicalevolutionary
perspective. The reinterpretation of Marshall's theory in a evolutionary perspective aims to show that, historically, economics has not been a discipline aligned in a homogenous way to a single and undifferentiated thought, locked into the idea of perfect rationality, but, on the opposite, is a discipline that has enriched itself and continually is enriching by contributions and significant contaminations with other research fields.
2012-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/35971/1/MPRA_paper_35971.pdf
Graziano, Mario and Schilirò, Daniele (2012): Rationality and choices in economics: behavioral and evolutionary approaches.
en
oai:mpra.ub.uni-muenchen.de:36607
2019-10-04T16:29:06Z
7374617475733D756E707562
7375626A656374733D4F:4F34:4F3431
7375626A656374733D43:4330
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/36607/
El turismo como motor de crecimiento económico: impacto de las preferencias intertemporales de los agentes
Brida, Juan Gabriel
London, Silvia
Rojas, Mara
O41 - One, Two, and Multisector Growth Models
C0 - General
D90 - General
This paper studies the relationships between tourism and economic growth through a dynamic model showing how the time preference affect the investment in a economic sector based on natural resources as tourism. Assuming extreme values, it is possible to verify that a high time preference or discounting rate (greater preference for the present consumption) leads to systems with negative net investment rates (gross investment rates equal to the depreciation rate) and to the natural resources depletion. Given the dynamic of the model, three results can be analized: constant economic growth, whose rate will depend on the willingness to the protection of the environment and the parameters of the model; a scenario with moderate economic growth according to positive values although low of the discounting rate; and a poverty trap situation in those societies with extremely low future valuation.
2012-02-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/36607/1/MPRA_paper_36607.pdf
Brida, Juan Gabriel and London, Silvia and Rojas, Mara (2012): El turismo como motor de crecimiento económico: impacto de las preferencias intertemporales de los agentes.
es
oai:mpra.ub.uni-muenchen.de:37002
2019-09-26T20:19:26Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D49:4931:493130
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/37002/
Deriving time discounting correction factors for TTO tariffs
Attema, Arthur
Brouwer, Werner
D90 - General
I10 - General
The Time Tradeoff (TTO) method is a popular method for valuing health state utilities and is frequently used in economic evaluations. However, this method produces utilities that are distorted by several biases. One important bias entails the failure to incorporate time discounting. This paper aims to measure time discounting for health outcomes in a sample representative for the general population. In particular, we estimate TTO scores alongside time discounting in order to derive a set of correction factors that can be employed to correct raw TTO scores for the downward bias caused by time discounting. We find substantial positive correction factors, which are increasing with the severity of the health state. Furthermore, higher discounting is found when using more severe health states in the discounting elicitation task. More research is needed to further develop discount rate elicitation procedures and test their validity, especially in general public samples. Moreover, future research should investigate the correction of TTO score for other biases as well, such as loss aversion, and to develop a criterion to test the external validity of TTO scores.
2012-02-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/37002/1/MPRA_paper_37002.pdf
Attema, Arthur and Brouwer, Werner (2012): Deriving time discounting correction factors for TTO tariffs.
en
oai:mpra.ub.uni-muenchen.de:37990
2019-09-28T16:32:53Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D49:4931:493130
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/37990/
Would you rather be ill now, or later?
Attema, AE
Versteegh, MM
D90 - General
I10 - General
The Time Tradeoff (TTO) method is used to calculate the quality adjustment of the Quality Adjusted Life Year, and is therefore an important element in the calculation of the benefits of medical interventions. New specifications of TTO, known as ‘lead time’ TTO and ‘lag time’ TTO, have been developed to overcome methodological issues of the ‘classic’ TTO. In the lead time TTO, ill-health is explicitly placed in the future, after a period of good health, while in lag time TTO a health state starts immediately and is followed by a ‘lag time’ of good health. In this study, we take advantage of these timing properties of lead and lag time TTO. In particular, we use data from a previous study that employed lead and lag time TTO to estimate their implied discounting parameters. We show that individuals prefer being ill later, rather than now, with larger per-period discount rates for longer durations of the health states.
2012-04-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/37990/1/MPRA_paper_37990.pdf
Attema, AE and Versteegh, MM (2012): Would you rather be ill now, or later?
en
oai:mpra.ub.uni-muenchen.de:39079
2019-09-28T17:18:05Z
7374617475733D756E707562
7375626A656374733D4F:4F34:4F3431
7375626A656374733D4F:4F31:4F3130
7375626A656374733D45:4532:453234
7375626A656374733D43:4330:433032
7375626A656374733D44:4439:443930
7375626A656374733D43:4336:433631
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/39079/
Global analysis and indeterminacy in a two-sector growth model with human capital
Antoci, Angelo
Galeotti, Marcello
Russu, Paolo
O41 - One, Two, and Multisector Growth Models
O10 - General
E24 - Employment ; Unemployment ; Wages ; Intergenerational Income Distribution ; Aggregate Human Capital ; Aggregate Labor Productivity
C02 - Mathematical Methods
D90 - General
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
The purpose of the present paper is to highlight some features of global dynamics of the two-sector growth model with accumulation of human and physical capital analyzed by Brito, P. and Venditti, A. (2010). In particular, we explore two cases where the Brito-Venditti system admits
two balanced growth paths each of them corresponding, after a change of variables, to an equilibrium point of a 3-dimensional system. In the former one, the two stationary states have, respectively, a 2-dimensional and a 1-dimensional stable manifold (i.e. they are, in the Brito-Venditti terminology, locally indeterminate of order 2 and determinate, respectively). In the latter case, instead, the stable manifolds of the two equilibria have,
respectively, dimension two and three (i.e. they are locally indeterminate of order 2 and 3). In both cases we prove the possible existence of points P such that in any neighborhood of P lying on the plane corresponding to a fixed value of the state variable there exist points Q whose positive trajectories tend to either equilibrium point. Moreover we show examples where the 2-dimensional stable manifold of the order 2 locally indeterminate equilibrium, in the former case, and the basin of the attracting equilibrium, in the latter case, are proven to be both unbounded.
2012-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/39079/1/MPRA_paper_39079.pdf
Antoci, Angelo and Galeotti, Marcello and Russu, Paolo (2012): Global analysis and indeterminacy in a two-sector growth model with human capital.
en
oai:mpra.ub.uni-muenchen.de:40100
2019-09-29T11:30:38Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D45:4535:453532
7375626A656374733D44:4439:443930
7375626A656374733D48:4836:483633
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/40100/
Sustainable debt and deficits in emerging markets
Goyal, Ashima
E62 - Fiscal Policy
E52 - Monetary Policy
D90 - General
H63 - Debt ; Debt Management ; Sovereign Debt
Rising deficits and high debt ratios characterized currency crises in countries with low private savings rates and low population densities. But in emerging markets with large population transferring to more productive employment, sustainable debts and deficits may be higher. Debt ratios fall with growth rates. Higher private savings can compensate for government dissaving. An optimizing model of such an economy with dualistic labour markets and two types of consumers demonstrates these features but also shows debt ratios tend to rise in high growth phases. Policy conclusions for fiscal consolidation and coordination with monetary policy are derived in the Indian context.
2010
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/40100/1/MPRA_paper_40100.pdf
Goyal, Ashima (2010): Sustainable debt and deficits in emerging markets. Published in: International Journal of Trade and Global Markets , Vol. 4, No. 2 (May 2010): pp. 113-136.
en
oai:mpra.ub.uni-muenchen.de:40846
2019-10-05T03:22:00Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D44:4438:443830
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/40846/
De-synchornized Clocks in Preemption Games with Risky Prospects
Barbos, Andrei
D90 - General
D80 - General
We study an optimal timing decision problem where an agent endowed with a risky investment opportunity trades the benefits of waiting for additional information against a potential loss in first-mover advantage. The players' clocks are de-synchronized in that they learn of the investment opportunity at different times. Previous literature has uncovered an inverted-U shaped relationship between a player's equilibrium expected expenditures and the measure of his competitors. This result no longer holds when the increase in the measure of players leads to a decrease in the degree of clock synchronization in the game. We show that the result reemerges if information arrives only at discrete times, and thus, a player's strategic beliefs are updated between decision times in a measurably meaningful way.
2012-05-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/40846/1/MPRA_paper_40846.pdf
Barbos, Andrei (2012): De-synchornized Clocks in Preemption Games with Risky Prospects.
en
oai:mpra.ub.uni-muenchen.de:42291
2019-09-27T19:38:57Z
7374617475733D756E707562
7375626A656374733D4F:4F34:4F3432
7375626A656374733D44:4439:443930
7375626A656374733D45:4534:453431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/42291/
Real effects of money growth and optimal rate of inflation in a cash-in-advance economy with labor-market frictions
Wang, Ping
Xie, Danyang
O42 - Monetary Growth Models
D90 - General
E41 - Demand for Money
This paper studies the consequences of labor-market frictions for the real effects of steady inflation when cash is required for households' consumption purchases and firms' wage payments. Money growth may generate a positive real effect by encouraging vacancy creation and raising job matches. This may result in a positive optimal rate of inflation, particularly in an economy with moderate money injections to firms and with nonnegligible labor-market frictions in which wage bargains are not efficient. This main finding holds for a wide range of money injection schemes, with alternative cash constraints, and in a second-best world with pre-existing distortionary taxes.
2012-10-29
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/42291/1/MPRA_paper_42291.pdf
Wang, Ping and Xie, Danyang (2012): Real effects of money growth and optimal rate of inflation in a cash-in-advance economy with labor-market frictions.
en
oai:mpra.ub.uni-muenchen.de:42717
2019-10-01T18:23:24Z
7374617475733D756E707562
7375626A656374733D44:4430:443033
7375626A656374733D5A:5A31
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/42717/
Reconciling economics and psychology on intrinsic motivation
Bruno, Bruna
D03 - Behavioral Microeconomics: Underlying Principles
Z1 - Cultural Economics ; Economic Sociology ; Economic Anthropology
D90 - General
The paper analyzes how the debate on intrinsic motivation was imported from psychology into economics. The most important differences between the two disciplines are in the definition of intrinsic motivation and in the timing of the undermining effect of rewards. The economic framework of inter-temporal choices is proposed to reconcile the different empirical and theoretical results arising in the literature, and it is shown how rewards induce substitution and income effects depending on whether they are transitory or permanent. Furthermore, a distinction between input and output oriented intrinsic motivation is introduced.
2012-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/42717/1/MPRA_paper_42717.pdf
Bruno, Bruna (2012): Reconciling economics and psychology on intrinsic motivation.
en
oai:mpra.ub.uni-muenchen.de:44372
2019-09-26T19:32:35Z
7374617475733D756E707562
7375626A656374733D44:4436:443633
7375626A656374733D44:4437:443731
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/44372/
The impossibility of social evaluations of infinite streams with strict inequality aversion
Alcantud, José Carlos R.
D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
D71 - Social Choice ; Clubs ; Committees ; Associations
D90 - General
We are concerned with the problem of aggregating infinite utility streams and the possible adoption of consequentialist equity principles. We find a virtually universal incompatibility between the Basu-Mitra approach (that advocates for social welfare functions and renounces continuity assumptions) and postulates that capture various forms of strict preference for a reduction in inequality like the Strong Equity Principle, the Pigou-Dalton Transfer principle, or Altruistic Equity. We also prove that the Hara-Shinotsuka-Suzumura-Xu impossibility for semicontinuous social welfare relations remains under the latter distributional postulate.
2011-09-25
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/44372/3/MPRA_paper_44372.pdf
Alcantud, José Carlos R. (2011): The impossibility of social evaluations of infinite streams with strict inequality aversion.
en
oai:mpra.ub.uni-muenchen.de:45008
2019-09-28T04:46:53Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D49:4932:493231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/45008/
Solerzia e successo accademico
Novarese, Marco
Di Giovinazzo, Viviana
D90 - General
I21 - Analysis of Education
This article uses university administration data to investigate the relation between student behavior (rapid response in finalizing enrolment procedures) and academic performance. It shows how student solicitude in enrolment, or a lack of it, can be a useful forecast of academic success. Several explanations can be given, including the greater or lesser tendency to procrastinate.
2013-02-20
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/45008/1/MPRA_paper_45008.pdf
Novarese, Marco and Di Giovinazzo, Viviana (2013): Solerzia e successo accademico.
it
oai:mpra.ub.uni-muenchen.de:45382
2019-09-26T15:17:02Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D49:4930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/45382/
Time preference and health behaviour: A review
Lawless, Lydia J.R.
Nayga, Rodolfo
Drichoutis, Andreas
D90 - General
I0 - General
Time preferences indicate preferences over streams of future consumption which significantly shape individual decision making including the health domain. In this paper, we review published studies to assess the influence of time preferences on human health behaviour. We first discuss the theoretical background of time preferences; ascertain the differences between private and social discount rates; identify the impact of time preferences on governments of developing nations; and then assess how time preferences influence risky behaviour such as being overweight, smoking, and engaging in risky sexual behaviour. The issue of whether to use proxies or experimental time preference elicitation methods in time preference studies is also addressed.
2013-03-21
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/45382/1/MPRA_paper_45382.pdf
Lawless, Lydia J.R. and Nayga, Rodolfo and Drichoutis, Andreas (2013): Time preference and health behaviour: A review.
en
oai:mpra.ub.uni-muenchen.de:47703
2019-09-29T19:56:17Z
7374617475733D756E707562
7375626A656374733D43:4336:433638
7375626A656374733D44:4439
7375626A656374733D44:4439:443930
7375626A656374733D45:4531:453137
7375626A656374733D4F:4F34:4F3434
7375626A656374733D51:5135:513534
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/47703/
Climate Change and Economic Growth: An Intertemporal General Equilibrium Analysis for Egypt
Elshennawy, Abeer
Robinson, Sherman
Willenbockel, Dirk
C68 - Computable General Equilibrium Models
D9 - Intertemporal Choice
D90 - General
E17 - Forecasting and Simulation: Models and Applications
O44 - Environment and Growth
Q54 - Climate ; Natural Disasters and Their Management ; Global Warming
Due to the high concentration of economic activity along the low-lying coastal zone of the Nile delta and its dependence on Nile river streamflow, Egypt's economy is highly exposed to adverse climate change. Adaptation planning requires a forward-looking assessment of climate change impacts on economic performance at economy-wide and sectoral level and a cost-benefit assessment of conceivable adaptation investments.
This study develops a multisectoral intertemporal general equilibrium model with forward-looking agents, population growth and technical progress to analyse the long-run growth prospects of Egypt in a changing climate. Based on a review of existing estimates of climate change impacts on agricultural productivity, labor productivity and the potential losses due to sea-level rise for the country, the model is used to simulate the effects of climate change on aggregate consumption, investment and welfare up to 2050. Available cost estimates for adaptation investments are employed to explore adaptation strategies.
On the methodological side, the present study overcomes the limitations of existing recursive-dynamic computable general models for climate change impact analysis by incorporating forward-looking expectations. Moreover, it extends the existing family of discrete-time intertemporal computable general equilibrium models to which our model belongs by incorporating population growth and technical progress. On the empirical side, the model is calibrated to a social accounting matrix that reflects the observed current structure of the Egyptian economy, and the climate change impact and adaptation scenarios are informed by a close review of existing quantitative estimates for the size order of impacts and the costs of adaptation measures.
The simulation analysis suggests that in the absence of policy-led adaptation investments, real GDP towards the middle of the century will be nearly 10 percent lower than in a hypothetical baseline without climate change. A combination of adaptation measures, that include coastal protection investments for vulnerable sections along the low-lying Nile delta, support for changes in crop management practices and investments to raise irrigation efficiency, could reduce the GDP loss in 2050 to around 4 percent.
2013-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/47703/1/MPRA_paper_47703.pdf
Elshennawy, Abeer and Robinson, Sherman and Willenbockel, Dirk (2013): Climate Change and Economic Growth: An Intertemporal General Equilibrium Analysis for Egypt.
en
oai:mpra.ub.uni-muenchen.de:52910
2019-09-27T00:30:49Z
7374617475733D756E707562
7375626A656374733D42:4235:423539
7375626A656374733D44:4439:443930
7375626A656374733D45:4531:453139
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/52910/
Mathematical Proof of the Breakdown of Capitalism
Kakarot-Handtke, Egmont
B59 - Other
D90 - General
E19 - Other
The existence proof of general equilibrium, which is based on subjective-behavioral axioms, is replaced by the existence proof of a final turning point,
which is based on objective-structural axioms. The final turning point is
characterized by an irreversible switch from profits to losses for the business
sector as a whole and marks the beginning of the breakdown of the monetary
economy. This has nothing to do with any market failures or irrationalities.
The final turning point can be preceded by an arbitrary number of temporary
profit/loss reversals and is in full accordance with the households’ optimal
intertemporal consumption plans.
2014-01-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/52910/1/MPRA_paper_52910.pdf
Kakarot-Handtke, Egmont (2014): Mathematical Proof of the Breakdown of Capitalism.
en
oai:mpra.ub.uni-muenchen.de:59057
2019-09-28T04:33:52Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D45:4532:453230
7375626A656374733D4F:4F34:4F3431
7375626A656374733D52:5231:523133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/59057/
Housing Dynamics: Theory Behind Empirics
Wang, Ping
Xie, Danyang
D90 - General
E20 - General
O41 - One, Two, and Multisector Growth Models
R13 - General Equilibrium and Welfare Economic Analysis of Regional Economies
We construct a dynamic general equilibrium model of housing, incorporating some key features that bridge time and space. We model explicitly the evolution of housing structures/household durables and the separate role played by land, fully accounting for households’ locational choice decisions. Housing services derive positive utility, but are decayed away from the city center. Our model enables a full characterization of the dynamic paths of housing as well as housing and land prices. The model is particularly designed to be calibrated to fit some important
stylized facts, including faster growth of housing structure/household durables than housing, faster
growth of land prices than housing prices, a locationally steeper land rent gradient than the housing
price gradient, and relatively flatter housing quantity and price gradients in larger cities with flatter
population gradients. The calibrated model is then used to quantitatively assess the dynamic and spatial consequences of demand and supply shifts. We find that nonhomotheticity in forms of income-elastic spending on housing/household durables and minimum structure requirement in
housing production are essential ingredients.
2014-09-29
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/59057/1/MPRA_paper_59057.pdf
Wang, Ping and Xie, Danyang (2014): Housing Dynamics: Theory Behind Empirics.
en
oai:mpra.ub.uni-muenchen.de:60129
2019-09-29T21:29:19Z
7374617475733D756E707562
7375626A656374733D43:4339
7375626A656374733D43:4339:433931
7375626A656374733D44:4438:443831
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/60129/
A Theory of Rational Attitude Polarization
Benoît, Jean-Pierre
Dubra, Juan
C9 - Design of Experiments
C91 - Laboratory, Individual Behavior
D81 - Criteria for Decision-Making under Risk and Uncertainty
D90 - General
Numerous experiments have demonstrated the possibility of attitude polarization. For instance, Lord, Ross & Lepper (1979) partitioned subjects into two groups, according to whether or not they believed the death penalty had a deterrent effect, and presented them with a set of studies on the issue. Believers and skeptics both become more convinced of their initial views; that is, the population polarized. Many scholars have concluded that attitude polarization shows that people process information in a biased manner. We argue that not only is attitude polarization consistent with an unbiased evaluation of evidence, it is to be expected in many circumstances where it arises. At the same time, some experiments do not find polarization, under the conditions in which our theory predicts the absence of polarization.
2014-11-20
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/60129/1/MPRA_paper_60129.pdf
Benoît, Jean-Pierre and Dubra, Juan (2014): A Theory of Rational Attitude Polarization.
en
oai:mpra.ub.uni-muenchen.de:60205
2019-10-07T01:52:08Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D45:4531:453133
7375626A656374733D45:4533:453332
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/60205/
Time Preference Shocks
Harashima, Taiji
D90 - General
E13 - Neoclassical
E32 - Business Fluctuations ; Cycles
The rate of time preference (RTP) has traditionally not been regarded as an important source of economic fluctuations. In this paper, I show that it is an important factor influencing economic fluctuations because households must have an expected RTP for the representative household (RTP RH) to behave optimally. Because it is impossible for a household to know the intrinsic RTP RH, it cannot know the parameters of the structural model of the RTP RH. Without a structural model, a household must use its beliefs to generate an expected RTP RH. As a result, the expected value can change more frequently than the intrinsic RTP RH. Because households often change their beliefs about their expected future paths, economic fluctuations caused by time preference shocks also can occur more frequently in an economy than previously thought.
2014-11-26
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/60205/1/MPRA_paper_60205.pdf
Harashima, Taiji (2014): Time Preference Shocks.
en
oai:mpra.ub.uni-muenchen.de:60570
2019-09-27T11:24:23Z
7374617475733D707562
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/60570/
2D:4D Digit Ratio Predicts Delay of Gratification in Preschoolers
Da Silva, Sergio
Moreira, Bruno
Da Costa Jr, Newton
D90 - General
We replicate the Stanford marshmallow experiment with a sample of 141 preschoolers and find a correlation between lack of self-control and 2D:4D digit ratio. Children with low 2D:4D digit ratio are less likely to delay gratification. Low 2D:4D digit ratio may indicate high fetal testosterone. If this hypothesis is true, our finding means high fetal testosterone children are less likely to delay gratification.
2014-12-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/60570/1/MPRA_paper_60570.pdf
Da Silva, Sergio and Moreira, Bruno and Da Costa Jr, Newton (2014): 2D:4D Digit Ratio Predicts Delay of Gratification in Preschoolers. Published in: PLoS One , Vol. 9, No. 12 (9 December 2014): e114394.
en
oai:mpra.ub.uni-muenchen.de:64212
2019-09-29T17:29:59Z
7374617475733D756E707562
7375626A656374733D43:4339:433931
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/64212/
How does the preference for increasing payments depend on the size and source of the payments?
Duffy, Sean
Smith, John
Woods, Kristin
C91 - Laboratory, Individual Behavior
D90 - General
It is well-known that subjects can exhibit a preference for increasing payments. Smith (2009a) makes a related prediction that the difference between the preference increasing wage payments and the preference for increasing non-wage payments will be largest for intermediate payments. We find evidence consistent with this prediction. Consistent with previous experiments, we find that the preference for increasing payments is increasing in the size of the payments. Also consistent with the literature, we find that the preference for increasing wage payments is stronger than the preference for non-wage payments.
2015-05-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/64212/1/MPRA_paper_64212.pdf
Duffy, Sean and Smith, John and Woods, Kristin (2015): How does the preference for increasing payments depend on the size and source of the payments?
en
oai:mpra.ub.uni-muenchen.de:68088
2019-09-26T19:59:46Z
7374617475733D756E707562
7375626A656374733D42:4231:423133
7375626A656374733D42:4232:423230
7375626A656374733D43:4336:433631
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/68088/
The ongoing history of economic conservation laws
Heinrich, Torsten
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B20 - General
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
D90 - General
Building on Mirowski’s historical analysis in the 1980s, the role of conservation laws in economic equilibrium theories is reexamined. Both static Walrasian systems and dynamic systems of intertemporal optimization are considered. While the formal derivation of conservation laws is discussed in detail, the paper also reviews the growing literature tradition in economics that is aware of the existence of conservation laws in economic equilibrium theories and tries to incorporate them into their models.
2013-07-29
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/68088/1/MPRA_paper_68088.pdf
Heinrich, Torsten (2013): The ongoing history of economic conservation laws.
en
oai:mpra.ub.uni-muenchen.de:69591
2019-09-27T16:53:48Z
7374617475733D707562
7375626A656374733D44:4430:443031
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/69591/
Dyskontowanie nagród pieniężnych w czasie i w przestrzeni społecznej: studium eksperymentalne
Osiński, Jerzy
Karbowski, Adam
D01 - Microeconomic Behavior: Underlying Principles
D90 - General
Assuming the analogy between discounting of monetary rewards in time and in social space, it is hypothesized that: (1) the rate of social discounting is higher in the case of choices between monetary reward for oneself and other person than in the case of choices between monetary rewards for others; (2) the rate of temporal discounting decreases when the beneficiary (who benefits from the choices made by the subject) is moved to more distant positions on the social distance axis. In accordance with expectations the rate of social discounting decreased when the pair of beneficiaries was moved to more distant positions. Multivariate analysis of variance (with beneficiary as the within-subjects factor) did not confirm the expectations formulated in the second hypothesis. The observed effect was opposite in direction to the expectations formulated in the second hypothesis. It is postulated that decision-makers in making financial choices on behalf of others become less egoistic and less patient than in making financial choices for oneselves.
2015
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/69591/1/MPRA_paper_69591.pdf
Osiński, Jerzy and Karbowski, Adam (2015): Dyskontowanie nagród pieniężnych w czasie i w przestrzeni społecznej: studium eksperymentalne. Published in: Bank i Kredyt , Vol. 46, No. 3 (2015): pp. 237-252.
pl
oai:mpra.ub.uni-muenchen.de:71213
2019-10-01T18:26:43Z
7374617475733D756E707562
7375626A656374733D44:4437:443732
7375626A656374733D44:4439:443930
7375626A656374733D48:4831:483131
7375626A656374733D4A:4A32:4A3234
7375626A656374733D4F:4F34:4F3431
7375626A656374733D4F:4F34:4F3433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/71213/
Rent-seeking, Government Size and Economic Growth
Wadho, Waqar Ahmed
Ayaz, Umair
D72 - Political Processes: Rent-Seeking, Lobbying, Elections, Legislatures, and Voting Behavior
D90 - General
H11 - Structure, Scope, and Performance of Government
J24 - Human Capital ; Skills ; Occupational Choice ; Labor Productivity
O41 - One, Two, and Multisector Growth Models
O43 - Institutions and Growth
We explore the relationship between government size and economic growth in an endogenous
growth model with human capital and unproductive social capital. We show that with endogenous
discounting, growth outcome is history dependent and is function of initial endowment of human
capital. With low endowment, government intervention of any size is growth depressing. With high
endowment, government intervention is not associated with any depressing effect. For intermediate
levels, there are multiple equilibria. Furthermore, countries with identical endowment and government
size can be in different equilibrium, and can have different growth rates within same equilibrium if
they differ in institutional quality.
2015-02-22
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/71213/1/MPRA_paper_71213.pdf
Wadho, Waqar Ahmed and Ayaz, Umair (2015): Rent-seeking, Government Size and Economic Growth.
en
oai:mpra.ub.uni-muenchen.de:71674
2019-09-27T00:05:00Z
7374617475733D756E707562
7375626A656374733D44:4432:443232
7375626A656374733D44:4439:443930
7375626A656374733D4C:4C31:4C3131
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/71674/
The hidden side of dynamic pricing in airline markets
Alderighi, Marco
Gaggero, Alberto A
Piga, Claudio A
D22 - Firm Behavior: Empirical Analysis
D90 - General
L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
An often disregarded, albeit central, aspect of the airline pricing's problem consists in assigning a fare to all the available seats on an airplane at the beginning of and during the whole booking period. We show how a flight's fare distribution is set in practice and how it changes over time using evidence from a leading European low-cost carrier. Such pricing behavior is consistent with the main predictions from the theoretical model we present. First, fare distributions are increasing across seats because a lower fare for the seat on sale enhances the likelihood of selling the subsequent seats. Second, over time fare distributions move, on average, downward to reflect the perishable nature of a flight's seats. Third, due to the increasing profile of the fare distributions across seats, we find that the price observed by prospective buyers tends to increase as the date of departure nears.
2016-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/71674/1/MPRA_paper_71674.pdf
Alderighi, Marco and Gaggero, Alberto A and Piga, Claudio A (2016): The hidden side of dynamic pricing in airline markets.
en
oai:mpra.ub.uni-muenchen.de:73548
2019-10-07T21:38:34Z
7374617475733D756E707562
7375626A656374733D44:4438:443830
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/73548/
Intertemporal stability of survey-based measures of risk and time preferences over a three-year course
Drichoutis, Andreas C.
Vassilopoulos, Achilleas
D80 - General
D90 - General
Given the importance of risk and time preferences for economics and other disciplines, we seek to examine the intertemporal stability of six related survey-based measures. Using a panel of subjects over a three-year course, between 2013 and 2015, we find aggregate stability of all six measures over the time span of our data. With few exceptions, the measures also show remarkably high individual stability over the examined period. Our results contribute to the wider adoption of survey-based measures, especially considering the ease with which such measures can be incorporated in large-scale surveys.
2016-08-29
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/73548/1/MPRA_paper_73548.pdf
Drichoutis, Andreas C. and Vassilopoulos, Achilleas (2016): Intertemporal stability of survey-based measures of risk and time preferences over a three-year course.
en
oai:mpra.ub.uni-muenchen.de:76977
2019-09-26T21:49:00Z
7374617475733D756E707562
7375626A656374733D44:4432:443232
7375626A656374733D44:4439:443930
7375626A656374733D4C:4C31:4C3131
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/76977/
The hidden side of dynamic pricing in airline markets
Alderighi, Marco
Gaggero, Alberto A
Piga, Claudio A
D22 - Firm Behavior: Empirical Analysis
D90 - General
L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
To study dynamic pricing in airline markets it is essential to model the time variation of the distribution of fares that airlines assign to all the airplane's seats.
We show how a flight's fare distribution is set in practice and its consistency with the properties of a theoretical model. First, fare distributions are increasing across seats. Second, over time fare distributions move downward to reflect the perishable nature of seats. Third, we find that the fare observed by prospective buyers tends to increase as the date of departure nears.
2016-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/76977/1/MPRA_paper_76977.pdf
Alderighi, Marco and Gaggero, Alberto A and Piga, Claudio A (2016): The hidden side of dynamic pricing in airline markets.
en
oai:mpra.ub.uni-muenchen.de:77620
2019-10-02T04:43:49Z
7374617475733D756E707562
7375626A656374733D44:4431:443130
7375626A656374733D44:4439:443930
7375626A656374733D4A:4A31:4A3130
7375626A656374733D5A:5A31:5A3130
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/77620/
Heritability of time preference: Evidence from German twin data
Hübler, Philipp
D10 - General
D90 - General
J10 - General
Z10 - General
Intergenerational correlations of time preference are well documented. However, there is still limited empirical evidence about the role of genetics in this transmission process. In our paper, we use data on roughly 3,000 twins from the German TwinLife project to estimate the heritability of time preference. We rely on an experimentally validated survey measure of temporal discounting, namely, self-assessed patience. The analysis of monozygotic and dizygotic twins enables us to apply standard biometric models. We find that genetic differences explain up to 23 percent of individual variation in patience. Whereas the additive genetic effect and common environmental effects are of minor importance, a major dominant genetic
effect is present. These results indicate a notable degree of genetic infuence on economic time preferences.
2017-03-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/77620/1/MPRA_paper_77620.pdf
Hübler, Philipp (2017): Heritability of time preference: Evidence from German twin data.
en
oai:mpra.ub.uni-muenchen.de:78193
2019-09-28T04:26:24Z
7374617475733D756E707562
7375626A656374733D44:4435
7375626A656374733D44:4439:443930
7375626A656374733D45:4534:453434
7375626A656374733D47:4731:473132
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/78193/
Assets with possibly negative dividends
Pham, Ngoc-Sang
D5 - General Equilibrium and Disequilibrium
D90 - General
E44 - Financial Markets and the Macroeconomy
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
The paper introduces assets whose dividends can take any value (positive, negative or zero) in a dynamic general equilibrium model with financial market imperfections. We investigate the interplay between the asset markets and the production sector. The behavior of asset price and value is also studied.
2017-04-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/78193/1/MPRA_paper_78193.pdf
Pham, Ngoc-Sang (2017): Assets with possibly negative dividends.
en
oai:mpra.ub.uni-muenchen.de:79573
2019-10-02T19:55:43Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D52:5231:523131
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/79573/
Artists, Engineers, and Aspects of Economic Growth in a Creative Region
Batabyal, Amitrajeet
Beladi, Hamid
D90 - General
R11 - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
We study aspects of economic growth in a region that is creative in the sense of Richard Florida. Members of the creative class fall into one of two possible groups. This grouping stems from the manner in which creative capital is acquired by the individual members. In this setting, we accomplish five tasks. First, we derive the wage of members in each of the two creative class groups. Second, we show that the average wage increases with the physical capital per creative class member ratio. Third, we derive an expression for the steady state physical capital per creative class member ratio. Fourth, we show that in a particular circumstance, the distribution of income does not affect the steady state physical capital per creative class member ratio. Finally, we ascertain the optimal income redistribution rule that maximizes the average steady state income of the creative class in the region under study.
2017-06-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/79573/1/MPRA_paper_79573.pdf
Batabyal, Amitrajeet and Beladi, Hamid (2017): Artists, Engineers, and Aspects of Economic Growth in a Creative Region.
en
oai:mpra.ub.uni-muenchen.de:79959
2019-10-02T04:51:04Z
7374617475733D707562
7375626A656374733D44:4439:443930
7375626A656374733D47:4731:473131
7375626A656374733D4A:4A33:4A3333
7375626A656374733D4D:4D31:4D3132
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/79959/
A Simple Model of Managerial Incentives and Portfolio-Investment Decision
Deng, Binbin
D90 - General
G11 - Portfolio Choice ; Investment Decisions
J33 - Compensation Packages ; Payment Methods
M12 - Personnel Management ; Executives; Executive Compensation
What is the optimal portfolio allocation when a manager is investing both for his firm and for
himself? I address this question by solving a manager’s decision problem under a specific executive compensation
structure. I study how flat wage and stock compensation affect the manager’s investment decision. I show that the
allocation is the same regardless of whether the manager is prohibited from trading the public shares of his own
firm. Results from calibration show that the manager invests less in firm-specific technology and more in the
aggregate stock market as the risk of the firm’s project increases. More stock compensation discourages him from
investing in the firm’s risky technology, but encourages more risk-taking in terms of personal investment. In
addition, I prove that flat wage, effectively as a riskless bond, hedges risk and leads to more risk-taking behavior
both in firm investment and personal investment.
2016
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/79959/1/MPRA_paper_79959.pdf
Deng, Binbin (2016): A Simple Model of Managerial Incentives and Portfolio-Investment Decision. Published in: Journal of Business and Economics , Vol. 7, No. 7 (2016): pp. 1059-1076.
en
oai:mpra.ub.uni-muenchen.de:82086
2019-09-26T18:33:19Z
7374617475733D707562
7375626A656374733D44:4438
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/82086/
Framing Effects in Intertemporal Choice: A Nudge Experiment
Faralla, Valeria
Novarese, Marco
Ardizzone, Antonella
D8 - Information, Knowledge, and Uncertainty
D90 - General
This paper experimentally investigates the framing effects of intertemporal choice using two different elicitation modes, termed classical and penal. In the classical mode, participants are given the choice between receiving a certain amount of money, smaller and sooner, today and a higher amount, larger and later, delayed (e.g., “€55 today vs. €75 in 61 days”). This is referred to as the standard mode. In the penalty mode, the participant must give up an explicit amount of money in order to choose the smaller and sooner option (e.g., “€75 in 61 days vs. €55 today with a penalty of €20”). This is the explicit mode. We find that estimates of individual discount rates are lower in the explicit mode than in the standard mode. This result suggests that even very simple information about the amount of money one must surrender for choosing the earlier option increases delayed consumption. The finding has relevant implications for self-control and long-term planning in intertemporal choice.
2017-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/82086/2/MPRA_paper_82086.pdf
Faralla, Valeria and Novarese, Marco and Ardizzone, Antonella (2017): Framing Effects in Intertemporal Choice: A Nudge Experiment. Published in: Journal of Behavioural and Experimental Economics , Vol. 2017, No. 71 : pp. 13-25.
en
oai:mpra.ub.uni-muenchen.de:83131
2019-09-29T10:38:17Z
7374617475733D756E707562
7375626A656374733D43:4337:433731
7375626A656374733D43:4337:433733
7375626A656374733D44:4430:443033
7375626A656374733D44:4439:443930
7375626A656374733D51:5132:513230
7375626A656374733D51:5132:513239
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/83131/
Cascading Defections from Cooperation Triggered by Present-Biased Behaviors in the Commons
Persichina, Marco
C71 - Cooperative Games
C73 - Stochastic and Dynamic Games ; Evolutionary Games ; Repeated Games
D03 - Behavioral Microeconomics: Underlying Principles
D90 - General
Q20 - General
Q29 - Other
This work shows that defective behaviors from the cooperative equilibrium in the management of common resources can be fueled and triggered by the presence of agents with myopic behaviors; a similar phenomenon is also possible with cooperative motivations.
This paper demonstrates and discusses that the apparent and detectable decay of the cooperative choices in the dilemmas of common resources are not an exclusive and indisputable signal of an escalation in free-riding intentions, but can also be an outcome of the present-biased preferences and myopic behaviors of the cooperative agents.
In fact, within the context populated by conditional cooperators with a heterogeneous myopic discount factor, in the absence of information about agents’ intentions, the present-biased preferences can trigger a strategy that directs the community to excessively increase its harvesting level, even in presence of the other-regarding motives.
The behavior implemented by naïve agents, even if done with cooperative intent, can activate a dynamic of cascading defections from the cooperative strategy within the harvester group. Therefore, a lowering of the cooperative behaviors can also be the effect of the absence of coordination instruments in response to the cognitive bias that influences human behaviors.
2016-07-20
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/83131/8/MPRA_paper_83131.pdf
Persichina, Marco (2016): Cascading Defections from Cooperation Triggered by Present-Biased Behaviors in the Commons.
en
oai:mpra.ub.uni-muenchen.de:83171
2019-09-30T19:01:24Z
7374617475733D707562
7375626A656374733D44:4439:443930
7375626A656374733D45:4530:453033
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/83171/
Personality influences hyperbolic discounting
Da Silva, Sergio
De Faveri, Dinorá
Matsushita, Raul
D90 - General
E03 - Behavioral Macroeconomics
We gather survey evidence for the influence of the HEXACO personality traits on the phenomenon of hyperbolic discounting. We also consider the demographics of age, sex, income and education, and evaluate how these interact with personality and hyperbolic discounting. Due to a sampling technique of “snowball,” we assembled a sample of well-educated and relatively wealthy adults from both sexes. Most respondents escaped hyperbolic discounting, and for those affected there was no “magnitude effect.” Those participants showing higher conscientiousness were less hyperbolic. Moreover, those more open to experience who were more extroverted at the same time were also less hyperbolic. We also detail how such personality traits influence hyperbolic discounting mediated by the demographics of age, sex, income and educational attainment. Thus, conscientiousness, openness to experience and extraversion are traits that contribute to rational decisions in intertemporal choice in our sample, in that participants with these personality traits are less hyperbolic.
2017
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/83171/1/MPRA_paper_83171.pdf
Da Silva, Sergio and De Faveri, Dinorá and Matsushita, Raul (2017): Personality influences hyperbolic discounting. Published in: Open Access Library Journal , Vol. 12, No. 4 (2017): pp. 1-12.
en
oai:mpra.ub.uni-muenchen.de:84277
2019-09-26T12:01:36Z
7374617475733D756E707562
7375626A656374733D44:4430:443031
7375626A656374733D44:4430:443033
7375626A656374733D44:4439:443930
7375626A656374733D44:4439:443931
7375626A656374733D51:5132:513230
7375626A656374733D51:5135:513530
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/84277/
Other-regarding Preferences and Social Norms in the Intergenerational Transfer of Renewable Resources when Agent has Present-Biased Preferences
Persichina, Marco
D01 - Microeconomic Behavior: Underlying Principles
D03 - Behavioral Microeconomics: Underlying Principles
D90 - General
D91 - Intertemporal Household Choice ; Life Cycle Models and Saving
Q20 - General
Q50 - General
The paper analyses the effects of the present-bias in terms of reduction of the welfare of future generations in the framework of renewable resources harvesting. In particular, this study queries the behavioral traits that emerge when the agent is present-biased and also in presence of other-regarding preferences toward future generations, which are expressed through the adherence to genuine other-regarding preferences or social norms.
This investigation demonstrates that the strategic short-sightedness imposed by the “dictatorship of the present” causes a reduction in the well-being of future generations, despite the existence of strong social preferences. Faced with this problem, this study argues that if the social preferences of the individuals are not left only and exclusively to their own spontaneous behavior, and if these social preferences are also expressed through social norms that prescribe to not reevaluate the harvesting decisions, a mitigation of the effect of present bias on the intergenerational equity can occur.
2016-07-20
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/84277/1/MPRA_paper_84277.pdf
Persichina, Marco (2016): Other-regarding Preferences and Social Norms in the Intergenerational Transfer of Renewable Resources when Agent has Present-Biased Preferences.
en
oai:mpra.ub.uni-muenchen.de:86263
2019-09-27T14:49:03Z
7374617475733D756E707562
7375626A656374733D43:4339:433931
7375626A656374733D44:4430:443033
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/86263/
Intertemporal Consumption with Risk: A Revealed Preference Analysis
Lanier, Joshua
Miao, Bin
Quah, John
Zhong, Songfa
C91 - Laboratory, Individual Behavior
D03 - Behavioral Microeconomics: Underlying Principles
D90 - General
This paper presents a nonparametric, revealed preference analysis of intertemporal consumption with risk. In an experimental setting, subjects allocate tokens over four commodities, consisting of consumption in two contingent states and at two time periods, subject to different budget constraints. With this data, one could test, using Afriat's Theorem and its generalizations, whether a subject's choices are consistent with utility maximization, and also utility maximization with various additional properties on the utility function. Our results broadly support a model where subjects maximize a utility function that is weakly separable across states but there is little support for weak separability across time. Our result sheds light on the source of the failure of the discounted expected utility model.
2018-02-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/86263/1/MPRA_paper_86263.pdf
Lanier, Joshua and Miao, Bin and Quah, John and Zhong, Songfa (2018): Intertemporal Consumption with Risk: A Revealed Preference Analysis.
en
oai:mpra.ub.uni-muenchen.de:86697
2019-10-01T17:20:35Z
7374617475733D756E707562
7375626A656374733D44:4430:443033
7375626A656374733D44:4439:443930
7375626A656374733D51:5132:513230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/86697/
Present Bias in Renewable Resources Management Reduces Agent’s Welfare
Persichina, Marco
D03 - Behavioral Microeconomics: Underlying Principles
D90 - General
Q20 - General
This study investigates the effects generated by myopic and present-biased preferences in the context of resource harvesting, specifically on the impact that the present bias has on the agent’s welfare when the agent is engaged in an intertemporal harvesting activity from a stock of renewable resources. The harvesting activity, in this context, poses a conflict between the long-run benefit of the agent and the short-run desire. The paper assumes there is evidence of the existence of a dual system of response to short and long-term stimuli. Thus, the study shows and argues that in the decision-making that involves intertemporal choices in renewable resources management, the naive behavior, strongly influenced by the emotional-affective system, leads to a reduction in the lifetime utility enjoyed by the individual because of the present bias.
2016-07-20
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/86697/1/MPRA_paper_86697.pdf
Persichina, Marco (2016): Present Bias in Renewable Resources Management Reduces Agent’s Welfare.
en
oai:mpra.ub.uni-muenchen.de:88237
2019-10-02T16:41:02Z
7374617475733D756E707562
7375626A656374733D44:4438:443830
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/88237/
Intertemporal stability of survey-based measures of risk and time preferences
Drichoutis, Andreas C.
Vassilopoulos, Achilleas
D80 - General
D90 - General
Given the importance of risk and time preferences for economics and other disciplines, we seek to examine the intertemporal stability of six related survey-based measures. Using a panel of subjects over three waves, between 2013 and 2015, we find remarkably high aggregate stability over the examined period in all six measures while we observe significant patterns of instability at the individual level. Our results contribute to the discussion on the wider adoption of survey-based measures, especially considering the ease with which such measures can be incorporated in large-scale surveys.
2016-08-29
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/88237/1/MPRA_paper_88237.pdf
Drichoutis, Andreas C. and Vassilopoulos, Achilleas (2016): Intertemporal stability of survey-based measures of risk and time preferences.
en
oai:mpra.ub.uni-muenchen.de:93710
2019-09-26T18:36:21Z
7374617475733D756E707562
7375626A656374733D43:4336:433630
7375626A656374733D43:4336:433631
7375626A656374733D44:4431:443131
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/93710/
Saving and dissaving under Ramsey - Rawls criterion
Ha-Huy, Thai
Nguyen, Thi Tuyet Mai
C60 - General
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
D11 - Consumer Economics: Theory
D90 - General
This article studies an inter-temporal optimization problem using a criterion which is a combination between Ramsey and Rawls criteria. A detailed description of the saving behaviour through time is provided. The optimization problem under $\alpha-$\emph{maximin} criterion is also considered with optimal solution characterized.
2019-06-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/93710/1/MPRA_paper_93710.pdf
Ha-Huy, Thai and Nguyen, Thi Tuyet Mai (2019): Saving and dissaving under Ramsey - Rawls criterion.
en
oai:mpra.ub.uni-muenchen.de:94023
2019-10-01T12:47:32Z
7374617475733D756E707562
7375626A656374733D43:4336:433633
7375626A656374733D44:4438:443833
7375626A656374733D44:4438:443834
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/94023/
A probabilistic interpretation of the constant gain algorithm
Berardi, Michele
C63 - Computational Techniques ; Simulation Modeling
D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief ; Unawareness
D84 - Expectations ; Speculations
D90 - General
This paper proposes a novel interpretation of the constant gain learning algorithm through a probabilistic setting with Bayesian updating. Such framework allows to understand the gain coefficient in terms of the probability of changes in the estimated quantity.
2019-05-19
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/94023/1/MPRA_paper_94023.pdf
Berardi, Michele (2019): A probabilistic interpretation of the constant gain algorithm.
en
oai:mpra.ub.uni-muenchen.de:94469
2019-09-26T12:15:28Z
7374617475733D756E707562
7375626A656374733D44:4431:443132
7375626A656374733D44:4432:443232
7375626A656374733D44:4434:443430
7375626A656374733D44:4438:443830
7375626A656374733D44:4438:443833
7375626A656374733D44:4439:443930
7375626A656374733D45:4533:453331
7375626A656374733D4B:4B34:4B3432
7375626A656374733D4C:4C31:4C3131
7375626A656374733D4C:4C31:4C3136
7375626A656374733D4C:4C32:4C3230
7375626A656374733D4C:4C34
7375626A656374733D4C:4C34:4C3439
7375626A656374733D4C:4C38:4C3831
7375626A656374733D4D:4D32:4D3231
7375626A656374733D4D:4D33:4D3330
7375626A656374733D4D:4D33:4D3331
7375626A656374733D4D:4D33:4D3337
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/94469/
If You Think 9-Ending Prices Are Low, Think Again
Snir, Avichai
Levy, Daniel
D12 - Consumer Economics: Empirical Analysis
D22 - Firm Behavior: Empirical Analysis
D40 - General
D80 - General
D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief ; Unawareness
D90 - General
E31 - Price Level ; Inflation ; Deflation
K42 - Illegal Behavior and the Enforcement of Law
L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
L16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change ; Industrial Price Indices
L20 - General
L4 - Antitrust Issues and Policies
L49 - Other
L81 - Retail and Wholesale Trade ; e-Commerce
M21 - Business Economics
M30 - General
M31 - Marketing
M37 - Advertising
9-ending prices are a dominant feature of many retail settings, which according to the existing literature, is because consumers perceive them as being relatively low. Are 9-ending prices really lower than comparable non 9-ending prices? Surprisingly, the empirical evidence on this question is scarce. We use 8 years of weekly scanner price data with over 98 million price observations to document four findings. First, at the category level, 9-ending prices are usually higher, on average, than non 9-ending prices. Second, at the product level, in most cases, 9-ending prices are, on average, higher than prices with other endings. Third, sale prices are more likely to be non-9 ending than the corresponding regular prices. Fourth, among sale prices, 9-ending prices are often lower, on average, than comparable non 9-ending prices. The first three findings imply that although consumers may associate 9-ending prices with low prices, the data indicates otherwise. The fourth finding offers a possible explanation for this misperception. Retailers may be using 9-ending prices to draw consumers’ attention to particularly large price cuts during sales, which perhaps conditions the shoppers to associate 9-ending prices with low prices.
2019-06-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/94469/1/MPRA_paper_94469.pdf
Snir, Avichai and Levy, Daniel (2019): If You Think 9-Ending Prices Are Low, Think Again.
en
oai:mpra.ub.uni-muenchen.de:94516
2019-09-27T11:03:33Z
7374617475733D756E707562
7375626A656374733D43:4330:433030
7375626A656374733D44:4431:443130
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/94516/
Savage's theorem with atoms
Ha-Huy, Thai
C00 - General
D10 - General
D90 - General
The famous theorem of Savage is based on the richness of the states space, by assuming a \textit{continuum} nature for this set. In order to fill the gap, this article considers Savage's theorem with discrete state space. The article points out the importance the existence of pair event in the existence of utility function and the subjective probability. Under the discrete states space, this can be ensured by the intuitive \textit{atom swarming} condition. Applications for the establishment of an inter-temporal evaluation \emph{\`a la } Koopman \cite{K60}, \cite{K72}, and for the configuration under \textit{unlikely atoms} of Mackenzie \cite{Mackenzie2018} are provided.
2019-06-16
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/94516/1/MPRA_paper_94516.pdf
Ha-Huy, Thai (2019): Savage's theorem with atoms.
en
oai:mpra.ub.uni-muenchen.de:95540
2024-03-28T07:08:25Z
7374617475733D756E707562
7375626A656374733D43:4336:433630
7375626A656374733D43:4336:433631
7375626A656374733D44:4431:443131
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/95540/
Saving and dissaving under Ramsey - Rawls criterion
Ha-Huy, Thai
Nguyen, Thi Tuyet Mai
C60 - General
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
D11 - Consumer Economics: Theory
D90 - General
This article studies an inter-temporal optimization problem using a criterion which is a combination between Ramsey and Rawls criteria. A detailed description of the saving behaviour through time is provided. The optimization problem under $\alpha-$\emph{maximin} criterion is also considered with optimal solution characterized.
2019-06-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/95540/5/MPRA_paper_95540.pdf
application/pdf
en
https://mpra.ub.uni-muenchen.de/95540/1/MPRA_paper_93710.pdf
Ha-Huy, Thai and Nguyen, Thi Tuyet Mai (2019): Saving and dissaving under Ramsey - Rawls criterion.
en
oai:mpra.ub.uni-muenchen.de:95629
2019-09-30T11:17:05Z
7374617475733D756E707562
7375626A656374733D43:4336:433631
7375626A656374733D44:4431:443131
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/95629/
A tale of two Rawlsian criteria
Ha-Huy, Thai
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
D11 - Consumer Economics: Theory
D90 - General
This work considers optimisation problems under Rawls and maximin with multiple discount factors criteria. It proves that though these criteria are different, they have the same optimal value and solution.
2019-08-19
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/95629/1/MPRA_paper_95629.pdf
Ha-Huy, Thai (2019): A tale of two Rawlsian criteria.
en
oai:mpra.ub.uni-muenchen.de:95853
2019-09-30T16:08:39Z
7374617475733D756E707562
7375626A656374733D43:4336:433631
7375626A656374733D44:4431:443131
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/95853/
A tale of two Rawlsian criteria
Ha-Huy, Thai
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
D11 - Consumer Economics: Theory
D90 - General
This work considers optimization problems under Rawls and maximin with multiple discount factors criteria. It proves that though these criteria are different, they have the same optimal value and solution.
2019-08-19
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/95853/1/MPRA_paper_95853.pdf
Ha-Huy, Thai (2019): A tale of two Rawlsian criteria.
en
oai:mpra.ub.uni-muenchen.de:96108
2019-09-26T10:08:26Z
7374617475733D756E707562
7375626A656374733D43:4330:433030
7375626A656374733D44:4431:443130
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/96108/
Savage's theorem with atoms
Ha-Huy, Thai
C00 - General
D10 - General
D90 - General
The famous theorem of Savage is based on the richness of the states space, by assuming a continuum nature for this set. In order to fill the gap, this article considers Savage's theorem with discrete state space. The article points out the importance the existence of pair event in the existence of utility function and the subjective probability. Under the discrete states space, this can be ensured by the intuitive atom swarming condition. Applications for the establishment of an inter-temporal evaluation a la Koopman, and for the configuration under unlikely atoms of Mackenzie Mackenzie2018 are provided.
2019-06-16
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/96108/1/MPRA_paper_96108.pdf
Ha-Huy, Thai (2019): Savage's theorem with atoms.
en
oai:mpra.ub.uni-muenchen.de:96614
2019-10-24T21:03:44Z
7374617475733D696E7072657373
7375626A656374733D44:4431:443132
7375626A656374733D44:4432:443232
7375626A656374733D44:4434:443430
7375626A656374733D44:4438:443837
7375626A656374733D44:4439:443930
7375626A656374733D44:4439:443931
7375626A656374733D45:4533:453331
7375626A656374733D45:4535:453530
7375626A656374733D4B:4B32:4B3232
7375626A656374733D4C:4C31:4C3131
7375626A656374733D4C:4C31:4C3136
7375626A656374733D4C:4C38:4C3831
7375626A656374733D4D:4D32:4D3231
7375626A656374733D4D:4D33:4D3330
7375626A656374733D4D:4D33:4D3331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/96614/
If You Think 9-Ending Prices Are Low, Think Again
Snir, Avichai
Levy, Daniel
D12 - Consumer Economics: Empirical Analysis
D22 - Firm Behavior: Empirical Analysis
D40 - General
D87 - Neuroeconomics
D90 - General
D91 - Intertemporal Household Choice ; Life Cycle Models and Saving
E31 - Price Level ; Inflation ; Deflation
E50 - General
K22 - Business and Securities Law
L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
L16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change ; Industrial Price Indices
L81 - Retail and Wholesale Trade ; e-Commerce
M21 - Business Economics
M30 - General
M31 - Marketing
9-ending prices, which comprise between 40%–95% of retail prices, are popular because shoppers perceive them as being low. We study whether this belief is justified using scanner price-data with over 98-million observations from a large US grocery-chain. We find that 9-ending prices are higher than non 9-ending prices, by as much as 18%. Two factors explain why shoppers believe, mistakenly, that 9-ending prices are low. First, we find that among sale-prices, 9-ending prices are indeed lower than non 9-ending prices, giving 9-ending prices an aura of being low. Second, at first, 9-ending prices were indeed lower than other prices. Shoppers, therefore, learned to associate 9-endings with low prices. Over time, however, 9-ending prices rose substantially, which shoppers failed to notice, because the continuous use of 9-ending prices for promoting deep price cuts draws shoppers’ attention to them, and helps to maintain-and-preserve the image of 9-ending prices as bargain prices.
2019-10-18
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/96614/1/MPRA_paper_96614.pdf
Snir, Avichai and Levy, Daniel (2019): If You Think 9-Ending Prices Are Low, Think Again. Forthcoming in: Journal of the Association for Consumer Research , Vol. 6, No. 1
en
oai:mpra.ub.uni-muenchen.de:96684
2019-10-31T16:13:53Z
7374617475733D756E707562
7375626A656374733D43:4336:433631
7375626A656374733D44:4431:443131
7375626A656374733D44:4439:443930
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/96684/
A tale of two Rawlsian criteria
Ha-Huy, Thai
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
D11 - Consumer Economics: Theory
D90 - General
This work considers optimization problems under Rawls and maximin with multiple discount factors criteria. It proves that though these criteria are different, they have the same optimal value and solution.
2019-08-19
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/96684/1/MPRA_paper_95853.pdf
Ha-Huy, Thai (2019): A tale of two Rawlsian criteria.
en
oai:mpra.ub.uni-muenchen.de:97143
2019-11-27T13:27:36Z
7374617475733D756E707562
7375626A656374733D44:4430:443033
7375626A656374733D44:4439:443930
7375626A656374733D51:5132:513230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/97143/
Present Bias in Renewable Resources Management Reduces Agent’s Welfare
Persichina, Marco
D03 - Behavioral Microeconomics: Underlying Principles
D90 - General
Q20 - General
This study investigates the effects generated by myopic and present-biased preferences in the context of resource harvesting, specifically on the impact that the present bias has on the agent’s welfare when the agent is engaged in an intertemporal harvesting activity from a stock of renewable resources. The harvesting activity, in this context, poses a conflict between the long-run benefit of the agent and the short-run desire. The paper assumes there is evidence of the existence of a dual system of response to short and long-term stimuli. Thus, the study shows and argues that in the decision-making that involves intertemporal choices in renewable resources management, the naive behavior, strongly influenced by the emotional-affective system, leads to a reduction in the lifetime utility enjoyed by the individual because of the present bias.
2016-07-20
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/97143/1/MPRA_paper_86697.pdf
Persichina, Marco (2016): Present Bias in Renewable Resources Management Reduces Agent’s Welfare.
en
oai:mpra.ub.uni-muenchen.de:97144
2019-12-09T08:11:15Z
7374617475733D756E707562
7375626A656374733D44:4430:443033
7375626A656374733D44:4439:443930
7375626A656374733D51:5132:513230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/97144/
Present Bias in Renewable Resources Management Reduces Agent’s Welfare
Persichina, Marco
D03 - Behavioral Microeconomics: Underlying Principles
D90 - General
Q20 - General
This paper analyses the effects of myopic and present-biased preferences on the welfare of a naive agent when she is engaged in an intertemporal harvesting activity from a stock of renewable resources. The analysis is conducted by taking into account also the nature of present-biased behaviors as phenomena that is derived from a dual system of discounting and of response to short and long-term stimuli.
In the task of harvesting from a stock of renewable resources, the present biased preferences of a naive agent create a conflict between the long run benefit of the agent and the short run desire.
Thus, this paper demonstrates and argues that in the decision-making, which involves intertemporal choices in renewable resources management, the prevalence of naive behavior, strongly influenced by the emotional-affective system, can lead to a reduction in the overall utility enjoyed by the individual due to the present bias.
2019
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/97144/1/MPRA_paper_97144.pdf
Persichina, Marco (2019): Present Bias in Renewable Resources Management Reduces Agent’s Welfare.
en
oai:mpra.ub.uni-muenchen.de:97149
2019-12-09T08:11:43Z
7374617475733D756E707562
7375626A656374733D43:4337:433731
7375626A656374733D43:4337:433733
7375626A656374733D44:4430:443033
7375626A656374733D44:4439:443930
7375626A656374733D51:5132:513230
7375626A656374733D51:5132:513239
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/97149/
Cascading Defections from Cooperation Triggered by Present-Biased Behaviors in the Commons
Persichina, Marco
C71 - Cooperative Games
C73 - Stochastic and Dynamic Games ; Evolutionary Games ; Repeated Games
D03 - Behavioral Microeconomics: Underlying Principles
D90 - General
Q20 - General
Q29 - Other
This work shows that defective behaviors from the cooperative equilibrium in the management of common resources can be fueled and triggered by the presence of agents with myopic behaviors. The behavior implemented by naïve agents, even if done with cooperative intent, can activate a dynamic of cascading defections from the cooperative strategy within the harvesters’ group.
This paper demonstrates and discusses that the apparent and detectable decay of the cooperative choices in the dilemmas of common resources are not an exclusive and indisputable signal of an escalation in free-riding intentions, but can also be an outcome of the present-biased preferences and myopic behaviors of the cooperative agents. In fact, within the context populated by conditional cooperators with a heterogeneous myopic discount factor, in the absence of information about agents’ intentions, the present-biased preferences can trigger a strategy that directs the community to excessively increase its harvesting level, even in presence of the other-regarding motives. Therefore, a lowering of the cooperative behaviors can also be the effect of the absence of coordination instruments in response to the cognitive bias that influences human behaviors.
2019
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/97149/1/MPRA_paper_97149.pdf
Persichina, Marco (2019): Cascading Defections from Cooperation Triggered by Present-Biased Behaviors in the Commons.
en
oai:mpra.ub.uni-muenchen.de:97150
2019-12-09T08:11:55Z
7374617475733D756E707562
7375626A656374733D44:4430:443031
7375626A656374733D44:4430:443033
7375626A656374733D44:4439:443930
7375626A656374733D44:4439:443931
7375626A656374733D51:5132:513230
7375626A656374733D51:5135:513530
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/97150/
Other-regarding Preferences and Social Norms in the Intergenerational Transfer of Renewable Resources when Agent has Present-Biased Preferences
Persichina, Marco
D01 - Microeconomic Behavior: Underlying Principles
D03 - Behavioral Microeconomics: Underlying Principles
D90 - General
D91 - Intertemporal Household Choice ; Life Cycle Models and Saving
Q20 - General
Q50 - General
The paper analyses the effects of present-biased preferences on the transfer of resources to future generations in the framework of renewable resources harvesting. The paper assumes that the current generation has other-regarding motivations for future generations, which are expressed through the adherence to spontaneous other-regarding preferences or social norms.
Faced with the problem that the short-sighted behavior imposed by the “dictatorship of the present” can cause a reduction in the well-being of future generations, despite the existence of social preferences, the model presented in this study demonstrates that if the social preferences are also expressed through social norms that prescribe to not reevaluate the harvesting decisions, a mitigation of the effect of present bias on the intergenerational equity can occur.
In this paper, the model presented shows the properties that a social norm should have to avoid the intergenerational inequality that can derive from present-biased preferences in the intergenerational renewable resources management. Besides the model defines the necessary and the sufficient conditions so that the implementation of the social norm can neutralize the effect of present-biased preferences guaranteeing the optimal harvesting path defined at the beginning.
2019
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/97150/1/MPRA_paper_97150.pdf
Persichina, Marco (2019): Other-regarding Preferences and Social Norms in the Intergenerational Transfer of Renewable Resources when Agent has Present-Biased Preferences.
en
oai:mpra.ub.uni-muenchen.de:97545
2019-12-19T14:17:15Z
7374617475733D756E707562
7375626A656374733D44:4439:443930
7375626A656374733D45:4532:453234
7375626A656374733D4A:4A32:4A3233
7375626A656374733D4A:4A33:4A3332
7375626A656374733D4A:4A34:4A3431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/97545/
Employment fluctuations in a dynamic model with long-term and short-term contracts
Matsue, Toyoki
D90 - General
E24 - Employment ; Unemployment ; Wages ; Intergenerational Income Distribution ; Aggregate Human Capital ; Aggregate Labor Productivity
J23 - Labor Demand
J32 - Nonwage Labor Costs and Benefits ; Retirement Plans ; Private Pensions
J41 - Labor Contracts
Fluctuations in employment are one of the central issues in the labor market literature and have been investigated in a number of empirical and theoretical studies. This study presents a dynamic framework that can analyze the economy in which long-term and short-term contracts coexist. The particular differences between long-term and short-term contracts are stickiness of employment adjustments and explicit employment duration. The simulation results show that the large short-term employment ratio and the high quit rate lead to the high variations in employment. Moreover, they indicate that the large adjustment cost and the long employment duration bring about decreased employment fluctuations.
2019-12-18
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/97545/1/MPRA_paper_97545.pdf
Matsue, Toyoki (2019): Employment fluctuations in a dynamic model with long-term and short-term contracts.
en
oai:mpra.ub.uni-muenchen.de:97985
2020-01-07T10:50:25Z
7374617475733D756E707562
7375626A656374733D44:4430:443031
7375626A656374733D44:4430:443033
7375626A656374733D44:4439:443930
7375626A656374733D44:4439:443931
7375626A656374733D51:5132:513230
7375626A656374733D51:5135:513530
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/97985/
Other-Regarding Preferences and Social Norms in the Intergenerational Transfer of Renewable Resources when the Agent has Present-Biased Preferences
Persichina, Marco
D01 - Microeconomic Behavior: Underlying Principles
D03 - Behavioral Microeconomics: Underlying Principles
D90 - General
D91 - Intertemporal Household Choice ; Life Cycle Models and Saving
Q20 - General
Q50 - General
The paper analyzes the effects of present-biased preferences on the transfer of resources to future generations in the framework of renewable resource harvesting. The paper assumes that the current generation has other-regarding motivations for future generations, expressed through the adherence to spontaneous other-regarding preferences or social norms.
Because the short-sighted behavior imposed by the “dictatorship of the present” can cause a reduction in the well-being of future generations, despite the existence of social preferences, the model presented in this study demonstrates that if the social preferences are also expressed through social norms that prescribe no reevaluation of the harvesting decisions, a mitigation of the effect of present bias on intergenerational equity can occur.
In this paper, the model presented shows the properties that a social norm should have to avoid the intergenerational inequality that can be derived from present-biased preferences in intergenerational renewable resource management. Additionally, the model defines the necessary and sufficient conditions such that the implementation of the social norm can neutralize the effect of present-biased preferences, guaranteeing the optimal harvesting path defined at the beginning.
2019
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/97985/1/MPRA_paper_97985.pdf
Persichina, Marco (2019): Other-Regarding Preferences and Social Norms in the Intergenerational Transfer of Renewable Resources when the Agent has Present-Biased Preferences.
en
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