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Measuring Time and Risk Preferences : Reliability, Stability, Domain Specificity

Woelbert, Eva - 2013

To accurately predict behavior economists need reliable measures of individual time preferences and attitudes toward risk and typically need to assume stability of these characteristics over time and across decision domains. We test the reliability of two choice tasks for eliciting discount...

Persistent link: https://www.econbiz.de/10013078528

Probability Adjusted Rank-Discounted Utilitarianism

Asheim, Geir B.; Zuber, Stéphane - 2021

We propose and axiomatize probability adjusted rank-discounted critical-level generalized utilitarianism (PARDCLU). We thus generalize rank-discounted utilitarianism (RDU) (proposed by Zuber and Asheim, 2012) to variable population and risky situations and thereby take important steps towards...

Persistent link: https://www.econbiz.de/10013315618

What Marx Means Today

Sinn, Hans-Werner - 2017

Marx made significant contributions to macroeconomics, laying the grounds for both Keynes's theory of aggregate demand … and Schumpeter's theory of creative destruction. His law of the tendency of the rate of profit to fall parallels Alvin … Hansen's theory of secular stagnation which has recently received much attention among scholars studying the financial crises …

Persistent link: https://www.econbiz.de/10012954595

Comparing Default Predictions in the Rating Industry for Different Sets of Obligors

Krämer, Walter - 2016

We generalize the refinement ordering for well calibrated probability forecasters to the case were the debtors under consideration are not necessarily identical. This ordering is consistent with many well known skill scores used in practice. We also add an illustration using default predictions...

Persistent link: https://www.econbiz.de/10012996461

Probabilistic Procurement Auctions

Giebe, Thomas - 2013

We analyse procurement auctions in which sellers are distinguished on the basis of the ratios of quality per unit of money that they offer. Sellers are privately informed on the offered quality of the technology or good. We assume that the procurer cannot perfectly identify the best offer. Thus,...

Persistent link: https://www.econbiz.de/10013078958

Reactivity in Economic Science

Frey, Bruno S. - 2017

There is a fundamental difference between the natural and the social sciences due to reactivity. This difference remains even in the age of Artificially Intelligent Learning Machines and Big Data. Many academic economists take it as a matter of course that economics should become a natural...

Persistent link: https://www.econbiz.de/10012949113

Another Road to Serfdom

Komlos, John - 2021

Friedrich Hayek’s The Road to Serfdom is an influential book more than seventy years after its publication. This paper examines his arguments and finds that they come up short in many ways and suggests that we have taken “another road to serfdom”. Hayek’s mind was completely closed to...

Persistent link: https://www.econbiz.de/10013315496

Household Models : An Historical Perspective

Apps, Patricia; Rees, Ray - 2021

the earlier contributions, and using them to place the current state of the theory in perspective. One of its aims is to …

Persistent link: https://www.econbiz.de/10013316648

Aleatoric Democracy

Frey, Bruno S. - 2017

Democracy usually is identified by the right to vote. However, in recent times voting procedures have been criticized, as they seemingly do not guarantee that all parts of the population have an adequate voice in the established political process. We suggest invigorating an old but nearly...

Persistent link: https://www.econbiz.de/10012964771

Monetary Policy Crisis Management as a Threat to Economic Order

Freytag, Andreas - 2017

The paper analyses the effects of the monetary policy crisis management of the European Central Bank on the economic order of Germany. It is argued that in post-war Europe the German social market economy as designed by Eucken (1952) and Müller-Armack (1966) has been a core element of growth,...

Persistent link: https://www.econbiz.de/10012960114