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This article presents an equivalence notion of finite order stochastic processes. Local dependence measures are defined in terms of joint and marginal densities. The dependence measures are classified topologically using level sets. The corresponding bifurcation theory is illustrated with some...
Persistent link: https://www.econbiz.de/10011256454
Persistent link: https://www.econbiz.de/10004981115
Persistent link: https://www.econbiz.de/10004981137
This article presents a bifurcation theory of smooth stochastic dynamical systems that are governed by everywhere positive transition densities. The local dependence structure of the unique strictly stationary evolution of such a system can be expressed by the ratio of joint and marginal...
Persistent link: https://www.econbiz.de/10005136879
This article presents an equivalence notion of finite order stochastic processes. Local dependence measures are defined in terms of joint and marginal densities. The dependence measures are classified topologically using level sets. The corresponding bifurcation theory is illustrated with some...
Persistent link: https://www.econbiz.de/10005137320
Persistent link: https://www.econbiz.de/10005205076
This discussion paper led to a publication in <A href="http://www.sciencedirect.com/science/article/pii/S0095069611000556">'Journal of Environmental Economics and Management'</A>, 62(2), 229-40.<p>We analyze how the threat of a potential future regime shift affects optimal management. We use a simple general growth model to analyze four cases that involve combinations of stock...</p></a>
Persistent link: https://www.econbiz.de/10011257314
The rational expectations hypothesis is one of the cornerstones of current economic theorising. This review discusses a number of experiments that focus on expectation formation by human subjects and analyses the implications for the rational expectations hypothesis. The experiments show that...
Persistent link: https://www.econbiz.de/10011257595
This discussion paper led to a chapter in: (K.R. Schenk-Hoppe & T. Hens (Eds.,)) <I>Handbook of Financial Markets: Dynamics and Evolution</I>, Amsterdam:North Holland/Elsevier, 2009.<P> Traditional finance is built on the rationality paradigm. This chapter discusses simple models from an alternative...</p></i>
Persistent link: https://www.econbiz.de/10011257611
We study a stochastic dynamic game of process innovation in which firms can initiate and terminate R&D efforts and production at different times. We discern the impact of knowledge spillovers on the investments in existing markets, as well as on the likely structure of newly forming markets, for...
Persistent link: https://www.econbiz.de/10011265234