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Sequential versus independent commitment : an indirect evolutionary analysis of bargaining rules

Güth, Werner - 1998 - Rev.

Rational bargaining behavior depends crucially on the rules of bargaining, especially on whether parties decide sequentially or independently. Whereas in ultimatum bargaining the proposer can exploit the responder, independent commitments result in more balanced payoffs. To limit the scope of...

Persistent link: https://www.econbiz.de/10009574886

Stabilization policy and business cycle phases in Europe : a Markov Switching VAR analysis

Beine, Michel; Candelon, Bertrand; Sekkat, Khalid - 1999

Most of the empirical studies dealing with international business cycles have disregarded the credibility issues that …

Persistent link: https://www.econbiz.de/10009582416

A class of Health-Jarrow-Morton models in which the unbiased expectations hypothesis holds

Riedel, Frank - 1997

The unbiased expectations hypothesis states that forward rates are unbiased estimates for future short rates. Cox, Ingersoll and Ross [1] conjectured that this hypothesis should be inconsistent with the absence of arbitrage possibilities. Using the framework of Heath, Jarrow and Morton [4] we...

Persistent link: https://www.econbiz.de/10009632605

Fractional integration and the dynamics of UK unemployment

Gil-Alaña, Luis A.; Henry, S. G. B. - 2000

This article is concerned with the dynamic behaviour of UK unemployment. However, instead of using traditional approaches based on I(0) stationary or I(1) (integrated and/or cointegrated) models, we use the fractional integration framework. In doing so, we allow for a more careful study of the...

Persistent link: https://www.econbiz.de/10009582384

A fractionally integrated model with a mean shift for the US and the UK real oil prices

Gil-Alaña, Luis A. - 2000

In this article we model the log of the U.S. and the U.K. real oil prices in terms of fractionally integrated processes with a mean shift. We use different versions of the tests of Robinson (1994), which have standard null and local limit distributions. The results indicate that if we model the...

Persistent link: https://www.econbiz.de/10009611543

The great demand depression

Weder, Mark - 2001

This paper entertains the notion that disturbances on the demand side play a central role in our understanding of the Great Depression. In fact, from Euler equation residuals we are able to identify a series of unusually large negative demand shocks that appeared to have hit the U. S. economy...

Persistent link: https://www.econbiz.de/10009614288

Low-probability insurance decisions : the role of concern

Schade, Christian D.; Kunreuther, Howard; Kaas, Klaus Peter - 2002

On the basis of a real high stakes insurance experiment with small probabilities of losses, we demonstrate that concern is a more important driver of WTP for insurance than subjective probability estimates when there is ambiguity surrounding the estimate. Concern is still important when...

Persistent link: https://www.econbiz.de/10009621421

Lag selection in subset VAR models with an application to a US monetary system

Brüggemann, Ralf; Lütkepohl, Helmut - 2000

Alternative modeling strategies for specifying subset VAR models are considered. It is shown that under certain conditions a testing procedure based on t-ratios is equivalent to sequentially eliminating lags that lead to the largest improvement in a prespecified model selection criterion. A...

Persistent link: https://www.econbiz.de/10009583885

Arrow-Debreu equilibria with asymptotically heterogeneous expectations exist

Riedel, Frank - 2001

In infinite horizon economies only local equivalence of beliefs is needed to ensure the existence of an Arrow-Debreu equilibrium. In fact, agents can even disagree completely in the long run in the sense that asymptotically, their beliefs are singular. -- Heterogeneous expectations ;...

Persistent link: https://www.econbiz.de/10009613607

Framing effects on asset markets : an experimental analysis

Kirchler, Erich; Maciejovsky, Boris; Weber, Martin - 2001

In this paper we investigate four hypotheses which are inconsistent with expected utility theory, but may well be … explained by prospect theory. It deals with framing, the non-linearity of subjective probabilities, the disposition effect, and …) found little correspondence between different experimental risk elicitation methods. -- Prospect Theory ; Framing …

Persistent link: https://www.econbiz.de/10009613618