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We investigate if, and under which conditions, the distinction between dictatorial and incentive-based policy interventions affects the capacity of Instrument Variable (IV) methods to estimate the relevant treatment effect parameter of an outcome equation. The analysis is set in a non-trivial...
Persistent link: https://www.econbiz.de/10003944633
We argue that even when macroeconomic variables are constant, underlying microeconomic uncertainty and borrowing constraints generate inflation. We study stochastic economies with fiat money, a central bank, one nondurable commodity, countably many time periods, and a continuum of agents. The...
Persistent link: https://www.econbiz.de/10004979386
We embed learning (without experimentation) in optimal growth. We extend the Mirman-Zilcha results of stochastic optimal growth to the learning case. We use recursive methods to study the effect of learning on the dynamic program by considering the case of iso-elastic utility and linear...
Persistent link: https://www.econbiz.de/10011123764
This paper shows that the framework proposed by Barberis and Huang (2009) to incorporate narrow framing and loss aversion into dynamic models of portfolio choice and asset pricing can be extended to also account for probability weighting and for a value function that is convex on losses and...
Persistent link: https://www.econbiz.de/10010577447
Persistent link: https://www.econbiz.de/10002403035
This paper develops and tests a dynamic optimization model of fishermen's investment behavior in a limited-entry fishery. Because exit from limited-entry fisheries may be irreversible, the fisherman has an incentive to maintain the right to fish (whether by actually fishing or by purchasing an...
Persistent link: https://www.econbiz.de/10011606646
This paper develops and tests a dynamic optimization model of fishermen's investment behavior in a limited-entry fishery. Because exit from limited-entry fisheries may be irreversible, the fisherman has an incentive to maintain the right to fish (whether by actually fishing or by purchasing an...
Persistent link: https://www.econbiz.de/10014070513
with uncertainty, such as expectation, reliability, value at risk, etc. In this paper, we will first summarize our recent … work on a dynamic programming based optimal path algorithm for maximizing the time reliability. We then study the … connection between the maximum reliability problem and the shortest and k-shortest path problems. Copyright Springer Science …
Persistent link: https://www.econbiz.de/10005698758
In this work the problem of obtaining an optimal maintenance policy for a single-machine, single-product workstation that deteriorates over time is addressed, using Markov Decision Process (MDP) models. Two models are proposed. The decision criteria for the first model is based on the cost of...
Persistent link: https://www.econbiz.de/10010662504
Persistent link: https://www.econbiz.de/10009705732