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Buying Online: Sequential Decision Making by Shopbot Visitors

Dulleck, Uwe; Hackl, Franz; Weiss, Bernhard; … - C.E.P.R. Discussion Papers - 2008

In this article we propose a two stage procedure to model demand decisions by customers who are balancing several dimensions of a product. We then test our procedure by analyzing the behavior of buyers from an Austrian price comparison site. Although in such a market a consumer will typically...

Persistent link: https://www.econbiz.de/10005504575

Human Capital, Innovation, and Climate Policy: An Integrated Assessment

Carraro, Carlo; De Cian, Enrica; Tavoni, Massimo - C.E.P.R. Discussion Papers - 2012

This paper looks at the interplay between human capital and innovation in the presence of climate and educational … moderate, short-term consumption loss. Human capital is complement to all forms of innovation and an educational policy … stimulates both energy and general purpose innovation. This result has important policy implications considering the growing …

Persistent link: https://www.econbiz.de/10011084481

How Should Control Theory be Used by a Time-Consistent Government?

Cohen, Daniel; Michel, Philippe - C.E.P.R. Discussion Papers - 1986

It has been recognized that the optimal strategy of a government is generally time-inconsistent: optimality requires that the government take into account expectations effects in the formulation of its policy and to ignore these effects when applying the policy. In order to analyse the problem,...

Persistent link: https://www.econbiz.de/10005666548

Macroeconomic Policy Design and Control Theory - A Failed Partnership?

Currie, David - C.E.P.R. Discussion Papers - 1984

This paper provides a general review of recent developments in the application of control theory to macroeconomic policy design. It starts by highlighting the crucial difference between the engineering and economic control problem, in that the latter, unlike the former, is concerned with the...

Persistent link: https://www.econbiz.de/10005791518

Manipulating Reliance on Intuition Reduces Risk and Ambiguity Aversion.

Butler, Jeff; Guiso, Luigi; Jappelli, Tullio - C.E.P.R. Discussion Papers - 2013

Prior research suggests that those who rely on intuition rather than effortful reasoning when making decisions are less averse to risk and ambiguity. The evidence is largely correlational, however, leaving open the question of the direction of causality. In this paper, we present experimental...

Persistent link: https://www.econbiz.de/10011083555

A Search Model of Optimal Pricing and Production

Alpern, Steve; Snower, Dennis J. - C.E.P.R. Discussion Papers - 1988

This paper presents an overview of the application of the mathematical theory of 'high-low' search to firms' pricing and production decisions. We show how this methodology can be used to determine an optimal sequence of price-quantity decisions by a firm through time. We suppose that the firm...

Persistent link: https://www.econbiz.de/10005656333

The role of intuition and reasoning in driving aversion to risk and ambiguity

Butler, Jeff; Guiso, Luigi; Jappelli, Tullio - C.E.P.R. Discussion Papers - 2011

Using a large sample of retail investors as well as experimental data we find that risk and ambiguity aversion are positively correlated. We show the common link is decision style: intuitive thinkers tolerate more risk and ambiguity than effortful reasoners. One interpretation is that intuitive...

Persistent link: https://www.econbiz.de/10008915807

Challenges and Opportunities for Resource Rich Economies

van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2006

The political economy of resource rich countries is surveyed. The empirical evidence suggests that countries with a large share of primary exports in GNP have bad growth records and high inequality, especially if the quality of institutions and the rule of law are bad. The economic argument that...

Persistent link: https://www.econbiz.de/10005661592

The Missing Link: The Knowledge Filter and Entrepreneurship in Endogenous Growth

Acs, Zoltán J; Audretsch, David B; Braunerhjelm, Pontus; … - C.E.P.R. Discussion Papers - 2004

The intellectual breakthrough contributed by the new growth theory was the recognition that investments in knowledge and human capital endogenously generate economic growth through the spillover of knowledge. Endogenous growth theory does not explain how or why spillovers occur. The missing link...

Persistent link: https://www.econbiz.de/10005504210

To What Extent Should Less-Developed Countries Enforce Intellectual Property?

Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2004

countries (LDCs). It starts by discussing the consequences of IP enforcement in LDCs for global innovation and welfare in poorer …

Persistent link: https://www.econbiz.de/10005504337