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Expectations, Learning and Monetary Policy: An Overview of Recent Rersearch

Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2008

Expectations about the future are central for determination of current macroeconomic outcomes and the formulation of monetary policy. Recent literature has explored ways for supplementing the benchmark of rational expectations with explicit models of expectations formation that rely on...

Persistent link: https://www.econbiz.de/10005666454

Prudence in Bargaining: The Effect of Uncertainty on Bargaining Outcomes

White, Lucy - C.E.P.R. Discussion Papers - 2006

We investigate the outcome of bargaining when a player’s pay-off from agreement is risky. We find that a risk-averse player typically increases his equilibrium receipts when his pay-off is made risky. This is because the presence of risk makes individuals behave 'more patiently' in bargaining....

Persistent link: https://www.econbiz.de/10005666445

Risk Aversion, Wealth and Background Risk

Guiso, Luigi; Paiella, Monica - C.E.P.R. Discussion Papers - 2001

decisions, including occupation and portfolio choice, moving decisions and health status. …

Persistent link: https://www.econbiz.de/10005791378

Background Uncertainty and the Demand for Insurance Against Insurable Risks

Guiso, Luigi; Jappelli, Tullio - C.E.P.R. Discussion Papers - 1996

characterized by decreasing absolute prudence. …

Persistent link: https://www.econbiz.de/10005123926

Parametric Characterizations of Risk Aversion and Prudence

Lajeri, Fatma; Nielsen, Lars Tyge - C.E.P.R. Discussion Papers - 1997

. Second, we use the concept of prudence to solve a long-standing problem in mean-variance analysis: what is the economic … distributions, utility is concave as a function of variance and mean if, and only if, it exhibits decreasing prudence. …

Persistent link: https://www.econbiz.de/10005136604

Prudent Monetary Policy: Applications of Cautious LQG Control and Prediction

van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2004

modelling errors, since precaution reduces the power of its instruments by these variances. Also, prudence implies less weight …. Prudence pushes up this reaction coefficient as well. If data are poor and appear with a lag, a prudent central bank responds … less strongly to new measurements of the output gap. Prudence attenuates this policy reaction and biases the prediction of …

Persistent link: https://www.econbiz.de/10005114367

Precautionary Bidding in Auctions

Esö, Péter; White, Lucy - C.E.P.R. Discussion Papers - 2003

We analyse bidding behaviour in auctions when risk-averse buyers bid for a good whose value is risky. We show that when risk in the valuations increases, DARA bidders will reduce their bids by more than the appropriate increase in the risk premium. Ceteris paribus, buyers will be better off...

Persistent link: https://www.econbiz.de/10005114473

Does quality affect patients’ choice of doctor? Evidence from the UK

Gravelle, Hugh S; Propper, Carol; Santos, Rita - C.E.P.R. Discussion Papers - 2013

Provider competition is a currently popular healthcare reform model. A necessary condition for greater competition to improve quality is that providers will face higher demand if they improve their quality. We test this crucial assumption in an important part of the health care market using data...

Persistent link: https://www.econbiz.de/10011084725

Extending Choice In English Health Care: The implications of the economic evidence

Burgess, Simon; Propper, Carol; Wilson, Deborah - C.E.P.R. Discussion Papers - 2005

Extending choice in health care is currently popular amongst English, and other, politicians. Those promoting choice … choice acts as a major driver for efficiency. Giving service users the ability to choose applies competitive pressure to … subjects this assumption to the scrutiny provided by a review of the theoretical and empirical economic evidence on choice in …

Persistent link: https://www.econbiz.de/10005067537

Culture, Discrimination and Individual Productivity: Regional Evidence from Personnel Data in a Large Italian Firm

Ichino, Andrea; Ichino, Pietro - C.E.P.R. Discussion Papers - 1997

discrimination or to individual effort. The absence of any evidence of regional discrimination in the process by which misconduct …

Persistent link: https://www.econbiz.de/10005504322