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Author: Paul Beaudry
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This paper shows how the interaction between decentralized information gathering and discreteness of investment decisions at the individual level can generate random fluctuations in aggregate investment that involve occasionally large allocation errors. This interaction is illustrated in a model in which private information is costly to acquire and prices reveal information. The unique rational expectations equilibrium outcome of the model is shown to always be noisy and characterized by investment levels which may be high simply because uninformed investors are buying under the impression that the high price is a signal of good investment opportunities.
Author: Paul Beaudry
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This paper shows how the interaction between decentralized information gathering and discreteness of investment decisions at the individual level can generate random fluctuations in aggregate investment that involve occasionally large allocation errors. This interaction is illustrated in a model in which private information is costly to acquire and prices reveal information. The unique rational expectations equilibrium outcome of the model is shown to always be noisy and characterized by investment levels which may be high simply because uninformed investors are buying under the impression that the high price is a signal of good investment opportunities.
Author:
Publisher:
ISBN:
Category : Mathematics
Languages : en
Pages : 796
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Book Description
Author: Joseph V. Femia
Publisher: Routledge
ISBN: 1317001877
Category : Social Science
Languages : en
Pages : 214
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Book Description
This collection examines the work of the Italian economist and social theorist Vilfredo Pareto, highlighting the extraordinary scope of his thought, which covers a vast range of academic disciplines. The volume underlines the enduring and contemporary relevance of Pareto's ideas on a bewildering variety of topics; while illuminating his attempt to unite different disciplines, such as history and sociology, in his quest for a 'holistic' understanding of society. Bringing together the world's leading experts on Pareto, this collection will be of interest to scholars working in the fields of sociology and social psychology, monetary theory and risk analysis, philosophy and intellectual history, and political science and rhetoric.
Author: Guillaume R. Fréchette
Publisher: Oxford University Press
ISBN: 0190202173
Category : Business & Economics
Languages : en
Pages : 491
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Book Description
The Handbook of Experimental Economic Methodology, edited by Guillaume R. Fréchette and Andrew Schotter, aims to confront and debate the issues faced by the growing field of experimental economics. For example, as experimental work attempts to test theory, it raises questions about the proper relationship between theory and experiments. As experimental results are used to inform policy, the utility of these results outside the lab is questioned, and finally, as experimental economics tries to integrate ideas from other disciplines like psychology and neuroscience, the question of their proper place in the discipline of economics becomes less clear. This book contains papers written by some of the most accomplished scholars working at the intersection of experimental, behavioral, and theoretical economics talking about methodology. It is divided into four sections, each of which features a set of papers and a set of comments on those papers. The intention of the volume is to offer a place where ideas about methodology could be discussed and even argued. Some of the papers are contentious---a healthy sign of a dynamic discipline---while others lay out a vision for how the authors think experimental economics should be pursued. This exciting and illuminating collection of papers brings light to a topic at the core of experimental economics. Researchers from a broad range of fields will benefit from the exploration of these important questions.
Author:
Publisher: Elsevier
ISBN: 0323915140
Category : Business & Economics
Languages : en
Pages : 788
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Book Description
Handbook of Industrial Organization, Volume Four highlights new advances in the field, with this new volume presenting interesting chapters written by an international board of expert authors. Presents authoritative surveys and reviews of advances in theory and econometrics Reviews recent research on capital raising methods and institutions Includes discussions on developing countries
Author: John B. Taylor
Publisher: Elsevier
ISBN: 0444594884
Category : Business & Economics
Languages : en
Pages : 2744
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Book Description
Handbook of Macroeconomics Volumes 2A and 2B surveys major advances in macroeconomic scholarship since the publication of Volume 1 (1999), carefully distinguishing between empirical, theoretical, methodological, and policy issues, including fiscal, monetary, and regulatory policies to deal with crises, unemployment, and economic growth. As this volume shows, macroeconomics has undergone a profound change since the publication of the last volume, due in no small part to the questions thrust into the spotlight by the worldwide financial crisis of 2008. With contributions from the world’s leading macroeconomists, its reevaluation of macroeconomic scholarship and assessment of its future constitute an investment worth making. Serves a double role as a textbook for macroeconomics courses and as a gateway for students to the latest research Acts as a one-of-a-kind resource as no major collections of macroeconomic essays have been published in the last decade Builds upon Volume 1 by using its section headings to illustrate just how far macroeconomic thought has evolved
Author: Russell W. Cooper
Publisher:
ISBN:
Category : Macroeconomics
Languages : en
Pages : 56
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Book Description
This paper provides empirical evidence on macroeconomic complementarities, a restriction on the nature of interaction between individuals in a multi-agent setting. These models imply that activities across agents will be positively correlated, that discrete decisions will be synchronized and that disturbances will be magnified and propagated. The paper shows that these implications are consistent with aggregate observations as well as some microeconomic evidence. Further, looking at certain historical episodes, such as the NIRA, as well as seasonal fluctuations provides additional support for models with macroeconomic complementarities.
Author: Kenneth Train
Publisher: Cambridge University Press
ISBN: 0521766559
Category : Business & Economics
Languages : en
Pages : 399
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Book Description
This book describes the new generation of discrete choice methods, focusing on the many advances that are made possible by simulation. Researchers use these statistical methods to examine the choices that consumers, households, firms, and other agents make. Each of the major models is covered: logit, generalized extreme value, or GEV (including nested and cross-nested logits), probit, and mixed logit, plus a variety of specifications that build on these basics. Simulation-assisted estimation procedures are investigated and compared, including maximum stimulated likelihood, method of simulated moments, and method of simulated scores. Procedures for drawing from densities are described, including variance reduction techniques such as anithetics and Halton draws. Recent advances in Bayesian procedures are explored, including the use of the Metropolis-Hastings algorithm and its variant Gibbs sampling. The second edition adds chapters on endogeneity and expectation-maximization (EM) algorithms. No other book incorporates all these fields, which have arisen in the past 25 years. The procedures are applicable in many fields, including energy, transportation, environmental studies, health, labor, and marketing.
Author: Robert Edward Rosenman
Publisher:
ISBN:
Category : Fisheries
Languages : en
Pages : 178
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Book Description
Author: Russell W. Cooper
Publisher:
ISBN:
Category : Automobile factories
Languages : en
Pages : 64
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Book Description
