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Block-Recursive Equilibria in Heterogenous-Agent Models

Kaas, Leo - 2021

Equilibrium models with heterogeneous agents and aggregate uncertainty are difficult to analyze since policy functions and market prices depend on the cross-sectional distribution over agents’ state variables which is generally a high-dimensional object. This paper develops and applies a...

Persistent link: https://www.econbiz.de/10013314853

The penalty-duel and institutional design: is there a Neeskens-effect?

Leininger, Wolfgang; Ockenfels, Axel - 2008

No abstract available

Persistent link: https://www.econbiz.de/10010264282

A strategic R&D investment with flexible development time in real option game analysis

Villani, Giovanni - 2009

The real option theory provides a useful tool to evaluate an R&D investment under uncertainty because, unlike the NPV …

Persistent link: https://www.econbiz.de/10010266007

An Equilibrium Theory of Nominal Exchange Rates

Hagedorn, Marcus - 2021

This paper proposes an equilibrium theory of nominal exchange rates, which offers a new perspective on various issues … features of this theory are that the nominal exchange rate is determined in international financial markets, that the risk … from the nominal exchange rate. In terms of policy, this novel theory implies that a country with an exchange rate peg and …

Persistent link: https://www.econbiz.de/10013212261

Global Comparatives Statics in General Equilibrium : Model Building from Theoretical Foundations

Markusen, James R. - 2020

International trade economists made seminal contributions to general equilibrium theory, moving away from an emphasis …

Persistent link: https://www.econbiz.de/10012832190

Equilibrium Trade in Automobile Markets

Gillingham, Kenneth - 2019

We introduce a computationally tractable dynamic equilibrium model of the automobile market where new and used cars of multiple types (e.g. makes/models) are traded by heterogeneous consumers. Prices and quantities are determined endogenously to equate supply and demand for all car types and...

Persistent link: https://www.econbiz.de/10012866396

Adding Geography to the New Economic Geography

Bosker, Erik Maarten; Brakman, Steven; Garretsen, Harry; … - 2021

For reasons of analytical tractability, new economic geography (NEG) models treat geography in a very simple way: attention is either confined to a simple 2-region or to an equidistant multi-region world. As a result, the main predictions regarding the impact of e.g. diminishing trade costs are...

Persistent link: https://www.econbiz.de/10013316995

The bail-out! Positive political economics of greek-type crises in the EMU

Fahrholz, Christian; Wójcik, Cezary - 2010

The Greek bail-out was highly controversial. An oft-heard assessment is that i) the bail-out was a mistake, ii) the political haggling over it was irrational and iii) the bail-out will create a moral hazard problem. Contrary to this view, our analysis suggests that, given EMU's present...

Persistent link: https://www.econbiz.de/10010274897

The Eurozone needs exit rules

Fahrholz, Christian; Wójcik, Cezary - 2012

This paper argues that the key issue for defining and solving the Eurozone's (EZ) difficulties lies in readjusting the relationship between the centre and the periphery of the EZ. Our argument proceeds in two steps. Firstly, the basic finance problem of a centre-periphery system is captured by a...

Persistent link: https://www.econbiz.de/10010283606

Authoritarian Leaders Share Conspiracy Theories to Attack Opponents, Promote In-Group Unity, Shift Blame, and Undermine Democratic Institutions

Ren, Zhiying (Bella); Carton, Andrew; Dimant, Eugen; … - 2022

Although many virtuous leaders are guided by the ideal of prioritizing the need and welfare of their subordinates, others advance their self-interest at the expense of the people they purport to serve. In this article, we discuss the relationship between leadership and the spread of conspiracy...

Persistent link: https://www.econbiz.de/10014076504