Similar Search Results

Ex-ante regulation and ex-post liability under uncertainty and irreversibility: governing the coexistence of GM crops

Beckmann, Volker; Soregaroli, Claudio; Wesseler, Justus - Institut für Weltwirtschaft (IfW) - 2009

standard model is advanced by including irreversibility and uncertainty and taking into account transaction costs of …

Persistent link: https://www.econbiz.de/10008561127

Modeling the Effects of Financial Constraints on Firm´s Investment

Tomat, Gian Maria - Institut für Weltwirtschaft (IfW) - 2007

The paper develops a model of firm´s investment under uncertainty with financial market imperfections and analyzes the … effects of financial constraints on firm´s investment. Firm´s investment is an increasing function of the firm´s marginal q …, however the investment function is characterized by an upper bound that depends on the firm´s borrowing capabilities. The firm …

Persistent link: https://www.econbiz.de/10005083386

The Contribution of Economics to the Analysis of Climate Change and Uncertainty: A Survey of Approaches and Findings

Peterson, Sonja - Institut für Weltwirtschaft (IfW) - 2004

analysis of climate change is confronted with a large degree of uncertainty and (c) that these uncertainties need to be taken … task is to provide formal frameworks and techniques for analyzing climate policy in the context of uncertainty. The aim of …

Persistent link: https://www.econbiz.de/10005818798

Nonlinear Expectations in Speculative Markets - Evidence from the ECB Survey of Professional Forecasters

Reitz, Stefan; Rülke, Jan-Christoph; Stadtmann, Georg - Institut für Weltwirtschaft (IfW) - 2011

Chartist and fundamentalist models have proven to be capable of replicating stylized facts on speculative markets. In general, this is achieved by specifying nonlinear interactions of otherwise linear asset price expectations of the respective trader groups. This paper investigates whether or...

Persistent link: https://www.econbiz.de/10009132529

The importance of time series extrapolation for macroeconomic expectations

Roos, Michael W.M.; Schmidt, Ulrich - Institut für Weltwirtschaft (IfW) - 2011

This paper presents a simple experiment on how laypeople form macroeconomic expectations. Subjects have to forecast inflation and GDP growth. By varying the information provided in different treatments, we can assess the importance of historical time-series information versus information...

Persistent link: https://www.econbiz.de/10009216277

Individual Expectations and Aggregate Behavior in Learning to Forecast Experiments

Hommes, Cars; Lux, Thomas - Institut für Weltwirtschaft (IfW) - 2008

Models with heterogeneous interacting agents explain macro phenomena through interactions at the micro level. We propose genetic algorithms as a model for individual expectations to explain aggregate market phenomena. The model explains all stylized facts observed in aggregate price fluctuations...

Persistent link: https://www.econbiz.de/10005755154

Stochastic Behavioral Asset Pricing Models and the Stylized Facts

Lux, Thomas - Institut für Weltwirtschaft (IfW) - 2008

High-frequency financial data are characterized by a set of ubiquitous statistical properties that prevail with surprising uniformity. While these 'stylized facts' have been well-known for decades, attempts at their behavioral explanation have remained scarce. However, recently a new branch of...

Persistent link: https://www.econbiz.de/10005755238

Transaction taxes and traders with heterogeneous investment horizons in an agent-based financial market model /

Demary, Markus - Institut für Weltwirtschaft (IfW) - 2009

allowed to have different investment horizons as introduced by Demary (Who Does a Currency Transaction Tax Harm More: Short … investment horizons has for agent-based financial market models and second, how effective transaction taxes are in stabilizing … financial markets. In detail, we are interested in how the popularity of different trading rules and investment horizons change …

Persistent link: https://www.econbiz.de/10008561116

Switching Rates and the Asymptotic Behavior of Herding Models

Irle, Albrecht; Kauschke, Jonas; Lux, Thomas; … - Institut für Weltwirtschaft (IfW) - 2010

Markov chains have experienced a surge of economic interest in the form of behavioral agent-based models that aim at explaining the statistical regularities of financial returns. We review some of the relevant mathematical facts and show how they apply to agent-based herding models, with the...

Persistent link: https://www.econbiz.de/10008583487

On Determinacy and Learnability in a New Keynesian Model with Unemployment

Tesfaselassie, Mewael F.; Schaling, Eric - Institut für Weltwirtschaft (IfW) - 2009

We analyze determinacy and stability under learning (E-stability) of rational expectations equilibria in the Blanchard and Galí (2006, 2008) New-Keynesian model of inflation and unemployment, where labor market frictions due to costs of hiring workers play an important role. We derive results...

Persistent link: https://www.econbiz.de/10005566204