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Index numbers and revealed preference rankings

Hjertstrand, Per; Swofford, James L.; Whitney, Gerald A. - 2019

For previously identified weakly separable blockings of goods and assets, we construct aggregates using four superlative index numbers, the Fisher, Sato-Vartia, Törnqvist and Walsh, two non-superlative indexes, the Laspeyres and Paasche and the atheoretical simple summation. We conduct several...

Persistent link: https://www.econbiz.de/10012145533

General Revealed Preference Tests of Weak Separability and Utility Maximization with Incomplete Adjustment

Hjertstrand, Per; Swofford, James L.; Whitney, Gerald A. - 2020

Boards hire and fire CEOs based on imperfect information. Using comprehensive data on 28 cohorts in Sweden, we analyze the role of a potentially important unobserved attribute - CEO health - in corporate governance. We find CEOs are significantly healthier than the population and other highskill...

Persistent link: https://www.econbiz.de/10012615395

Revealed preference tests of utility maximization and weak separability of consumption, leisure and money with incomplete adjustment

Hjertstrand, Per; Swofford, James L.; Whitney, Gerald A. - 2013

Swofford and Whitney (1987) investigated the validity of two types of assumptions that underlie the representative agent models of modern macroeconomics and monetary economics. These assumptions are utility maximization and weak or functional separability that is required for an economic...

Persistent link: https://www.econbiz.de/10010335627

Samuelson's approach to revealed preference theory: Some recent advances

Demuynck, Thomas; Hjertstrand, Per - 2019

Since Paul Samuelson introduced the theory of revealed preference, it has become one of the most important concepts in economics. This chapter surveys some recent contributions in the revealed preference literature. We depart from Afriat's theorem, which provides the conditions for a data set to...

Persistent link: https://www.econbiz.de/10012145499

Empirical welfare analysis for discrete choice: Some general results

Bhattacharya, Debopam - In: Quantitative Economics 9 (2018) 2, pp. 571-615

This paper develops nonparametric methods for welfare-analysis of economic changes in the common setting of multinomial choice. The results cover (a) simultaneous price-change of multiple alternatives, (b) introduction/elimination of an option, (c) changes in choice-characteristics, and (d)...

Persistent link: https://www.econbiz.de/10012215339

Is UK Risky Money Weakly Separable? A Stochastic Approach

Binner, Jane; Elger, Thomas; de Peretti, Philipe - 2002

developments in monetary aggregation theory dealt with risk and risk aversion in the calculation of user costs. It is, however, not …

Persistent link: https://www.econbiz.de/10013208435

Ein nutzungskostenbasierter Ansatz zur Messung des Faktors Kapital in aggregierten Produktionsfunktionen

Knetsch, Thomas A. - 2012

Es wird eine Methode zur Messung des Produktionsfaktors Kapital vorgeschlagen, in der Vermögensarten nach ihrem Nutzungswert im Produktionsprozess gewichtet werden. Dazu werden Nutzungskosten für die einzelnen Anlageklassen mit Hilfe von Daten der Volkswirtschaftlichen Gesamtrechnungen sowie...

Persistent link: https://www.econbiz.de/10010308268

A user cost approach to capital measurement in aggregate production functions

Knetsch, Thomas A. - 2012

A method is proposed to measure capital services in production. This means that productive assets are weighted according to their user costs. The user costs of the individual asset classes are estimated based on data from the national accounts and other sources. The results show that, in the...

Persistent link: https://www.econbiz.de/10010308269

Gateveys: An R toolbox for re-traceable aggregation of business tendency survey data

Bannert, Matthias - 2013

This paper describes how to use the R package gateveys to establish a transparent and reproducible aggregation work …. The package has two main features: First, it provides functions to build an aggregation process that re-calculates all … to dynamically add localized meta information to the resulting time series object during the aggregation process. Besides …

Persistent link: https://www.econbiz.de/10010319728

Real Options Effects on Employment : Does Exchange Rate Uncertainty Matter for Aggregation?

Göcke, Matthias; Belke, Ansgar - 2004

exchange rate uncertainty. Based on this micro foundation an aggregation approach is presented. Under uncertainty, intervals of … where the aggregation of microeconomic real options effects under uncertainty are relevant, they may even be of a more …

Persistent link: https://www.econbiz.de/10010261879