This study used stochastic dominance tests for ranking alternatives under ambiguity, to build an efficient set of assets for a different class of investors. We propose a two step procedure: first test for multivalued stochastic dominance and next calculate the value of preference relations. The...

The purpose of this paper is to compare the use of quasi-Monte Carlo methods, in particular the so--called $(t,m,s)-nets$ technique, versus classical Monte Carlo approaches for the simulation of econometric time series models. Some theoretic results indicate the superiority of quasi-Monte Carlo...

In many OECD countries, e.g. in Germany, France, or the UK, unemployment compensation consists of unemployment insurance and unemployment assis-tance. Unemployment assistance is provided subsequent to the expiration of entitlement to unemployment insurance and is lower. The e«ects of this...

Recently, there is an increasing demand in spatial planning for models based on the demographic concepts of birth and death of firms. This paper describes the structure of a spatial demographic simulation model of firms, and its application within the Netherlands. The model structure is...

In order to address the question whether Hayek might have been an Agent-based Computational Economist (ACE) avant-la-lettre, we consider an ACE model concerning the phenomenon of information contagion. Alongside increasing returns, network externalities, and information cascades, information...

The history of Economic Theory shows in several stages the influence of Thermodynamics. The analogies between economic systems and thermodynamic systems are at the same time quite obvious and misleading. Important thermodynamic notions lack of counterparts in Economics, making the goal of...

In the context of a multi-unit organization such as a retail chain, this paper explores the interaction of organizational structure - in terms of the allocation of authority - and market structure - in terms of the number of competing firms - on the rate of innovation in unit-level practices and...

We take the standard machine replacement model and introduce uncertainty about the productivity differential of new vintages made available as time passes. In particular, agents are uncertain about the quality of their match with a new vintage until they adopt it. Uncertainty allows us to...

In this paper we build an encompassing framework to analyse the stability conditions associated with various policy rules. Taylor and others have argued that model stability requires interest rate policy rules to have an inflation feedback parameter greater than one. In a world where there are...