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Incomplete-Market Equilibria Solved Recursively on anEvent Tree

Dumas, Bernard; Lyasoff, Andrew - National Centre of Competence in ResearchFinancial … - 2008

We develop a method that allows one to compute incomplete-market equilibria routinely forMarkovian equilibria (when they exist). The main difficulty to be overcome arises from the setof state variables. There are, of course, exogenous state variables driving the economy but, in anincomplete...

Persistent link: https://www.econbiz.de/10005868691

Drivers of automation and consequences for jobs in engineering services: an agent-based modelling approach

Kyvik Nordås, Hildegunn; Klügl, Franziska - 2020

(ABM). It simulates the adoption of automation software as well as job destruction and job creation in its wake. There are …: consulting or automated software. From the engineering firms' point of view, the model exhibits static economies of scale in the … software model and dynamic (learning by doing) economies of scale in the consultancy model. From the manufacturing firms' point …

Persistent link: https://www.econbiz.de/10012654470

Envelope theorems for non-smooth and non-concave optimization

Clausen, Andrew; Strub, Carlo - 2012

We study general dynamic programming problems with continuous and discrete choices and general constraints. The value functions may have kinks arising (1) at indifference points between discrete choices and (2) at constraint boundaries. Nevertheless, we establish a general envelope theorem:...

Persistent link: https://www.econbiz.de/10010316853

The cost of benefits, financial conditions, and employment dynamics in recent U.S. Recoveries

Gu, Grace Weishi - 2013

This paper explores how much firm-paid employee benefits and firms' financial conditions have contributed to delayed employment recoveries relative to output since 1990, using a DSGE model. Empirically, I document the underexplored pro-cyclicality of per worker benefit costs. Post-1990 period...

Persistent link: https://www.econbiz.de/10010369499

From simple Growth to Numerical Simulations: A Primer in Dynamic Programming

Femminis, Gianluca - 2016

These notes provide an intuitive introduction to dynamic programming. The first two Sections, which can be skipped, present the standard deterministic Ramsey model using the Lagrangian approach. Section 3 reformulates the Ramsey problem by means of a Bellman equation, while Section 4 shows how...

Persistent link: https://www.econbiz.de/10011739624

Training intensity and first labor market outcomes of apprenticeship graduates

Euwals, Rob; Winkelmann, Rainer - 2003

The apprenticeship system is the most important source of formal post-secondary training in Germany. Using German register data - the IAB Employment Sample - we find that apprentices staying with their training firm after graduation have longer first-job durations but not higher wages than...

Persistent link: https://www.econbiz.de/10010315550

Educational financing and lifetime earnings

Sauer, Robert M. - 2002

This paper formulates and estimates a dynamic: programming model of the optimal edueational financing dedsions and post-graduation career choices of law school graduates. The purpose of the paper is to measure the effect of short-term parental cash transfers, received during school, on in-school...

Persistent link: https://www.econbiz.de/10010318906

Artificial intelligence, tasks, skills and wages: Worker-level evidence from Germany

Engberg, Erik; Koch, Michael; Lodefalk, Magnus; … - 2023

This paper documents novel facts on within-occupation task and skill changes over the past two decades in Germany. In a second step, it reveals a distinct relationship between occupational work content and exposure to artificial intelligence (AI) and automation (robots). Workers in occupations...

Persistent link: https://www.econbiz.de/10014551741

Artificial intelligence and worker stress: Evidence from Germany

Koch, Michael; Lodefalk, Magnus - 2024

We use individual survey data providing detailed information on stress, technology adoption, and work, worker, and employer characteristics, in combination with recent measures of AI and robot exposure, to investigate how new technologies affect worker stress. We find a persistent negative...

Persistent link: https://www.econbiz.de/10014581241

Stability of college rankings: A study of relative earnings estimates applying different methods and models on Swedish data

Gartell, Marie - 2009

The ranking of colleges varies both across methods and model specifications. Still, earnings equations tend to be consistent with regard to which colleges that on average are found in the top and bottom half of the earnings distribution. Moreover, there are no systematic differences in the...

Persistent link: https://www.econbiz.de/10010273978