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Anderlini, Luca; Gerardi, Dino; Lagunoff, Roger - Cowles Foundation for Research in Economics, Yale University - 2008

We study the intergenerational accumulation of knowledge in an infinite-horizon model of communication. Each in a … equilibria do not exist. This is so both in the case of private communication in which each player only hears the message of his … immediate predecessor, and in the case of public communication, in which each player hears the message of all previous players …

Persistent link: https://www.econbiz.de/10005593160

Intergenerational Justice and Sustainability under the Leximin Ethic

Roemer, John E. - Cowles Foundation for Research in Economics, Yale University - 2005

We model an intergenerational society, with a representative agent at each date, who must deplete a renewable resource, from which he derives utility, to produce consumption goods. We adopt the intergenerational lexicographic minimum as the social welfare function. Initially, technological...

Persistent link: https://www.econbiz.de/10005464028

Foundations of Intrinsic Habit Formation

Rozen, Kareen - Cowles Foundation for Research in Economics, Yale University - 2008

We provide theoretical foundations for several common (nested) representations of intrinsic linear habit formation. These representations are dynamically consistent and additive, with geometrically decaying coefficients of habit formation. Our axiomatization introduces a revealed preference...

Persistent link: https://www.econbiz.de/10005593267

Foundations of Intrinsic Habit Formation

Rozen, Kareen - Cowles Foundation for Research in Economics, Yale University - 2008

We provide theoretical foundations for several common (nested) representations of intrinsic linear habit formation. Our axiomatization introduces an intertemporal theory of weaning a decision-maker from her habits using the device of compensation. We clarify differences across specifications of...

Persistent link: https://www.econbiz.de/10005196007

The Ethics of Distribution in a Warming Planet

Roemer, John E. - Cowles Foundation for Research in Economics, Yale University - 2009

The discounted-utilitarian social welfare function (DU) is used by the great majority of researchers studying intergenerational resource allocation in the presence of climate change (e.g., W. Nordhaus, M. Weitzman, N. Stern, and P. Dasgupta). I present three justifications for using DU: (1) the...

Persistent link: https://www.econbiz.de/10005196040

An Economy with Personal Currency: Theory and Experimental Evidence

Angerer, Martin; Huber, Juergen; Shubik, Martin; … - Cowles Foundation for Research in Economics, Yale University - 2007

Is personal currency issued by participants sufficient to operate an economy efficiently, with no outside or government money? Sahi and Yao (1989) and Sorin (1996) constructed a strategic market game to prove that this is possible. We conduct an experimental game in which each agent issues her...

Persistent link: https://www.econbiz.de/10005463900

Testing for Fictive Learning in Decision-Making under Uncertainty

Bunn, Oliver; Calsamiglia, Caterina; Brown, Donald J. - Cowles Foundation for Research in Economics, Yale University - 2013

We conduct two experiments where subjects make a sequence of binary choices between risky and ambiguous binary lotteries. Risky lotteries are defined as lotteries where the relative frequencies of outcomes are known. Ambiguous lotteries are lotteries where the relative frequencies of outcomes...

Persistent link: https://www.econbiz.de/10010895663

Fictive Learning in Choice under Uncertainty: A Logistic Regression Model

Brown, Donald J.; Bunn, Oliver; Calsamiglia, Caterina; … - Cowles Foundation for Research in Economics, Yale University - 2013

This paper is an exposition of an experiment on revealed preferences, where we posit a novel discrete binary choice model. To estimate this model, we use general estimating equations or GEE. This is a methodology originating in biostatistics for estimating regression models with correlated data....

Persistent link: https://www.econbiz.de/10010895691

Fairness through the Lens of Cooperative Game Theory: An Experimental Approach

Clippel, Geoffroy de; Rozen, Kareen - Cowles Foundation for Research in Economics, Yale University - 2013

This paper experimentally investigates cooperative game theory from a normative perspective. Subjects designated as Decision Makers express their view on what is fair for others, by recommending a payoff allocation for three subjects (Recipients) whose substitutabilities and complementarities...

Persistent link: https://www.econbiz.de/10010895694

Sufficiency of an Outside Bank and a Default Penalty to Support the Value of Fiat Money: Experimental Evidence

Huber, Juergen; Shubik, Martin; Sunder, Shyam - Cowles Foundation for Research in Economics, Yale University - 2008

We present a model in which an outside bank and a default penalty support the value of fiat money, and experimental evidence that the theoretical predictions about the behavior of such economies, based on the Fisher-condition, work reasonably well in a laboratory setting. The import of this...

Persistent link: https://www.econbiz.de/10010895696