Similar Search Results

Investment and financing constraints in China: does working capital management make a difference?

Knight, John; Ding, Sai; Guariglia, Alessandra - Department of Economics, Oxford University - 2010

linkages between investment in fixed and working capital and financing constraints. We find that those firms characterized by … high working capital display high sensitivities of investment in working capital to cash flow (WKS) and low sensitivities … of investment in fixed capital to cash flow (FKS). We then construct and analyze firm-level FKS and WKS measures and …

Persistent link: https://www.econbiz.de/10008763474

The Capital Stock and Equilibrium Unemployment: A New Theoretical Perspective

Kapadia, Sujit - Department of Economics, Oxford University - 2003

By assuming Cobb-Douglas production technology, many well-known imperfectly competitive macroeconomic models of the labour market (e.g. Layard, Nickell and Jackman, 1991) imply that equilibrium unemployment is independent of the capital stock. This paper introduces a new notion of capacity into...

Persistent link: https://www.econbiz.de/10004977880

Monetary Policy with an Endogenous Capital Stock when Inflation is Persistent

Mash, Richard - Department of Economics, Oxford University - 2002

The paper presents a monetary policy model with an endogenous capital stock when a backward looking element in wage setting causes inflation persistence. We analyse how the endogeneity of the capital stock changes the macroeconomic dynamics with which policy interacts and its implications for...

Persistent link: https://www.econbiz.de/10005051081

Ordering Ambiguous Acts

Jewitt, Ian; Mukerji, Sujoy - Department of Economics, Oxford University - 2011

We investigate what it means for one act to be more ambiguous than another. The question is evidently analogous to asking what makes one prospect riskier than another, but beliefs are neither objective nor representable by a unique probability. Our starting point is an abstract class of...

Persistent link: https://www.econbiz.de/10009143652

Definitions of Ambiguous Events and the Smooth Ambiguity Model

Mukerji, Sujoy; Klibanoff, Peter; Marinacci, Massimo - Department of Economics, Oxford University - 2011

We examine a variety of preference-based definitions of ambiguous events in the context of the smooth ambiguity model. We first consider the definition proposed in Klibanoff, Marinacci, and Mukerji (2005) based on the classic Ellsberg two-urn paradox (Ellsberg (1961)), and show that it...

Persistent link: https://www.econbiz.de/10008800184

Foundations of ambiguity and economic modeling

Mukerji, Sujoy - Department of Economics, Oxford University - 2009

Are foundations of models of ambiguity-sensitive preferences too flawed to be usefully applied to economic models? Al-Najjar and Weinstein (2009) say such is indeed the case. In this paper, first, we point out that many of the key arguments by Al-Najjar and Weinstein do not apply to quite a...

Persistent link: https://www.econbiz.de/10004999235

On the Smooth Ambiguity Model: A Reply

Mukerji, Sujoy; Klibanoff, Peter - Department of Economics, Oxford University - 2009

ambiguity model of decision making under uncertainty developed by Klibanoff, Marinacci and Mukerji (2005). We revisit these …

Persistent link: https://www.econbiz.de/10004984412

A Smooth Model of Decision,Making Under Ambiguity

Mukerji, Sujoy; Klibanoff, Peter - Department of Economics, Oxford University - 2002

We propose and axiomatize a model of preferences over acts such that the decision maker evaluates acts according to the expectation (over a set of probability measures) of an increasing transformation of an act`s expected utility. This expectation is calculated using a subjective probability...

Persistent link: https://www.econbiz.de/10005090642

Learning Within Rational-Expectations Equilibrium

Norman, Thomas - Department of Economics, Oxford University - 2012

Models of macroeconomic learning are populated by agents who possess a great deal of knowledge of the "true" structure of the economy, and yet ignore the impact of their own learning on that structure; they may learn about an equilibrium, but they do not learn within it. An alternative learning...

Persistent link: https://www.econbiz.de/10009421152

Re-Thinking Reputation

Mell, Andrew - Department of Economics, Oxford University - 2011

Economic models of reputation make strong assumptions about the information available to players. In particular, it is assumed that they know the entire history of the game to date. Such models can seldom reproduce the cycling of reputations we observe in the real world. We build a model...

Persistent link: https://www.econbiz.de/10009291911