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Grant, Simon; Kajii, Atsushi; Polak, Ben - Cowles Foundation for Research in Economics, Yale University - 1999

Savage motivated his Sure Thing Principle by arguing that, whenever an act would be preferred if an event obtains and preferred if that event did not obtain, then it should be preferred overall. The idea that it should be possible to decompose and recompose decision problems in this way has...

Persistent link: https://www.econbiz.de/10004990721

An Analysis of the Dismal Theorem

Nordhaus, William D. - Cowles Foundation for Research in Economics, Yale University - 2009

conditions concerning the structure of uncertainty and preferences, society has an indefinitely large expected loss from high …-making under uncertainty. However, the conditions necessary for the Dismal Theorem to hold are limited and do not apply to a wide …

Persistent link: https://www.econbiz.de/10005593631

Intergenerational Justice when Future Worlds Are Uncertain

Llavador, Humberto; Roemer, John E.; Silvestre, Joaquim - Cowles Foundation for Research in Economics, Yale University - 2009

under this kind of uncertainty, with preferences that satisfy the expected utility hypothesis. Various social welfare … ignore the uncertainty concerning the possible disappearance of the human species in the future. We conclude with some …

Persistent link: https://www.econbiz.de/10005196022

Mean-Dispersion Preferences and Constant Absolute Uncertainty Aversion

Grant, Simon; Polak, Ben - Cowles Foundation for Research in Economics, Yale University - 2011

-by-state utility deviations from the mean, and rho(d) is a measure of (aversion to) dispersion that corresponds to an uncertainty … premium. The key feature of these mean-dispersion preferences is that they exhibit constant absolute uncertainty aversion … dispersion function rho(dot) correspond to known models, to probabilistic sophistication, and to some new notions of uncertainty …

Persistent link: https://www.econbiz.de/10009644449

A Consumable Money. An Elementary Discussion of Commodity Money, Fiat Money and Credit: Part I

Quint, Thomas; Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2004

In this paper we present a series of models, all within the context of a simple two-good economy, which bring out the distinctions among the different types of money and financial institutions. The models emphasize the physical properties of the economic goods, moneys, and trading systems. Part...

Persistent link: https://www.econbiz.de/10005093960

Gold, Fiat and Credit. An Elementary Discussion of Commodity Money, Fiat Money and Credit, Part II

Quint, Thomas; Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2004

In this paper we present a series of models, all within the context of a simple two-good economy, which bring out the distinctions between the different types of money and financial institutions. The models emphasize the physical properties of the economic goods, moneys, and trading systems. In...

Persistent link: https://www.econbiz.de/10005762717

The Theory of Money

Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2000

Fiat money(1) is a creation of both the state and society. Its value is supported by expectations which are conditioned by the dynamics of trust in government, the socio-economic structure and by outside events such as wars, plagues or political unrest. The micro-management of a dynamic economy...

Persistent link: https://www.econbiz.de/10005762736

El Farol Revisited: A Note on Emergence, Game Theory and Society

Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2009

The El Farol Bar problem with coordination is reconsidered in terms and extended with consideration of further context.

Persistent link: https://www.econbiz.de/10008531397

The Response of Prices, Sales, and Output to Temporary Changes in Demand

Copeland, Adam; Hall, George - Cowles Foundation for Research in Economics, Yale University - 2005

We determine empirically how the Big Three automakers accommodate shocks to demand. They have the capability to change prices, alter labor inputs through temporary layoffs and overtime, or adjust inventories. These adjustments are interrelated, non-convex, and dynamic in nature. Combining weekly...

Persistent link: https://www.econbiz.de/10005093962

An Empirical Model of Inventory Investment by Durable Commodity Intermediaries

Hall, George J.; Rust, John - Cowles Foundation for Research in Economics, Yale University - 1999

This paper introduces a new detailed data set of high-frequency observations on inventory investment by a U.S. steel … intermediary that engages in commodity price speculation. We demonstrate that the firm's inventory investment behavior at the … this model and show that the simulated data exhibit the key features of inventory investment we observe in the data. …

Persistent link: https://www.econbiz.de/10005087401