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In this paper we study the implications of random discount rates of future generations for saving behavior and capital holdings in steady-state competitive equilibrium. We examine conditions under which this randomness is sufficient for households other than the most patient to save, thus...
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If we express our knowledge in sentences, we will find that these sentences to some extent are linked by logical rules. We ask whether the structure logic imposes on our knowledge restricts what we forget and what we remember. The model is a two period S5-style modal logic. In this logic we...
Persistent link: https://www.econbiz.de/10005675340
This paper proposes a procedurally rational solution concept for two-person extensive-form games with complete information. The solution concept is based on the observation that the ex-post justifiability of choices is often a primary concern for decision-makers, especially in organizations. The...
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A long-standing conjecture is that winner-take-all games such as patent races lead to the survival of risk-takers and … the extinction of risk-averters. In many species a winner-take-all game determines the males' right to reproduce, and the … same argument suggests that males will evolve to be risk-takers. Psychological and sociological evidence buttresses the …
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We study selection contests in which the strategic variable is degree of risk rather than amount of effort. The …
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