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A Tractable Theory of Choice Based on Cell Behavior
Valdés-Edwards, Gonzalo; Valdés-Prieto, Salvador - CESifo - 2013
to what a traditional rational optimizing agent would choose. This model is a first step to understand decision-making in …
Persistent link: https://www.econbiz.de/10010700361
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Political Accountability and Real Authority of Government Bureaucracy
Dodlova, Marina - CESifo - 2013
extent to which their subordinate bureaucrats have real decision-making power. We show that the lower is the level of …
Persistent link: https://www.econbiz.de/10010703422
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Fundamental and Non-Fundamental Equilibria in the Foreign Exchange Market. A Behavioural Finance Framework
Grauwe, Paul de; Dieci, Roberto; Grimaldi, Marianna - CESifo - 2005
We develop a simple model of the exchange rate in which agents optimize their portfolio and use different forecasting rules. They check the profitability of these rules ex post and select the more profitable one. This model produces two kinds of equilibria, a fundamental and a bubble one. In a...
Persistent link: https://www.econbiz.de/10005406025
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Bubbles and Crashes in a Behavioural Finance Model
Grauwe, Paul De; Grimaldi, Marianna - CESifo - 2004
We develop a simple model of the exchange rate in which agents optimize their portfolio and use different forecasting rules. They check the profitability of these rules ex post and select the more profitable one. This model produces two kinds of equilibria, a fundamental and a bubble one. In a...
Persistent link: https://www.econbiz.de/10005406325
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The Weak Rationality Principle in Economics
Kirchgässner, Gebhard - CESifo - 2005
The weak rationality principle is not an empirical statement but a heuristic rule of how to proceed in social sciences. It is a necessary ingredient of any ‘understanding’ social science in the Weberian sense. In this paper, first this principle and its role in economic theorizing is...
Persistent link: https://www.econbiz.de/10005406455
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Framing Effects in Political Decision Making: Evidence from a Natural Voting Experiment
Buetler, Monika; Maréchal, Michel André - CESifo - 2007
on this unique natural experiment, the existence of emphasis framing effects is tested for and their determinants are …
Persistent link: https://www.econbiz.de/10005094330
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Reserve Price Formation in Online Auctions
Englmaier, Florian; Schmöller, Arno - CESifo - 2008
We use a unique hand collected data set of 6 258 auctions from the online football manager game Hattrick to study micro-patterns of reserve price formation. We find that chosen reserve prices exhibit both, very sophisticated and “irrational” behavior by the sellers. Reserve prices pick up...
Persistent link: https://www.econbiz.de/10005766032
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Bounded Rationality and Voting Decisions Exploring a 160-Year Period
Stadelmann, David; Torgler, Benno - CESifo - 2012
Using a natural voting experiment in Switzerland that encompasses a 160-year period (1848–2009), we investigate whether …
Persistent link: https://www.econbiz.de/10010568471
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Behavioral Economics as Applied to Firms: A Primer
Armstrong, Mark; Huck, Steffen - CESifo - 2010
We discuss the literatures on behavioral economics, bounded rationality and experimental economics as they apply to firm behaviour in markets. Topics discussed include the impact of imitative and satisficing behavior by firms, outcomes when managers care about their position relative to peers,...
Persistent link: https://www.econbiz.de/10008572583
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Back to Kyoto? US Participation and the Linkage between R&D and Climate Cooperation
Buchner, Barbara; Carraro, Carlo; Cersosimo, Igor; … - CESifo - 2002
The US decision not to ratify the Kyoto Protocol and the recent outcomes of the Bonn and Marrakech Conferences of the … induced by the US decision. Therefore, it is crucial to analyse whether an incentive strategy exists that could induce the US … to revise their decision and to comply with the Kyoto commitments. One solution, occasionally proposed in the literature …
Persistent link: https://www.econbiz.de/10005406394