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Displaying results 1 to 25 of 28.

  1. Strongly rational expectations equilibria with endogenous acquisition of information
    Author: Desgranges, Gabriel; Heinemann, Maik
    Published: 2004
    Publisher:  Univ., Fachbereich Wirtschafts- und Sozialwiss., Lüneburg

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    RVK Categories: QB 910 ; QC 020 ; QB 910 ; QC 020
    Series: Arbeitsbericht / Universität Lüneburg, Fachbereich Wirtschafts- und Sozialwissenschaften ; Nr. 306
    Subjects: Rationale Erwartung; Asymmetrische Information; Lernkurve; Theorie; Gleichgewichtsmodell
    Other subjects: (stw)Rationale Erwartung; (stw)Asymmetrische Information; (stw)Lernprozess; (stw)Theorie; (stw)Gleichgewichtsmodell; Arbeitspapier; Graue Literatur; Buch
    Scope: 27, 2 S., graph. Darst., 21 cm
  2. Endogenous redistributive cycles
    Author: Clemens, Christiane; Heinemann, Maik
    Published: 2004
    Publisher:  Univ., Fachbereich Wirtschafts- und Sozialwiss., Lüneburg

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Edition: Stand: März 2004
    Series: Arbeitsbericht / Universität Lüneburg, Fachbereich Wirtschafts- und Sozialwissenschaften ; Nr. 307
    Subjects: Umverteilung; Politischer Konjunkturzyklus; Wachstumstheorie; Chaostheorie; Theorie
    Other subjects: (stw)Umverteilung; (stw)Politischer Konjunkturzyklus; (stw)Stochastisches Wachstumsmodell; (stw)Chaostheorie; (stw)Theorie; Arbeitspapier; Graue Literatur; Buch
    Scope: 28, 2 S., graph. Darst., 21 cm
    Notes:

    Literaturverz. S. 25 - 27
  3. Endogenous redistributive cycles
    an overlapping generations approach to social conflict and cyclical growth
    Author: Clemens, Christiane; Heinemann, Maik
    Published: 2005
    Publisher:  Inst. für Volkswirtschaftslehre, Lüneburg

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Working paper series in economics ; No. 5
    Subjects: Umverteilung; Politischer Konjunkturzyklus; Wachstumstheorie; Chaostheorie; Theorie
    Other subjects: (stw)Umverteilung; (stw)Politischer Konjunkturzyklus; (stw)Stochastisches Wachstumsmodell; (stw)Chaostheorie; (stw)Theorie; Arbeitspapier; Graue Literatur; Buch
    Scope: 26 S., graph. Darst., 21 cm
    Notes:

    Literaturverz. S. 19 - 22
  4. Strongly rational expectations equilibria with endogenous acquisition of information
    Author: Desgranges, Gabriel; Heinemann, Maik
    Published: 2005
    Publisher:  Inst. für Volkswirtschaftslehre, Lüneburg

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    RVK Categories: QB 910 ; QC 020 ; QB 910 ; QC 020
    Series: Working paper series in economics ; No. 9
    Subjects: Rationale Erwartung; Asymmetrische Information; Lernkurve; Theorie; Gleichgewichtsmodell
    Other subjects: (stw)Rationale Erwartung; (stw)Asymmetrische Information; (stw)Lernprozess; (stw)Theorie; (stw)Gleichgewichtsmodell; Arbeitspapier; Graue Literatur; Buch
    Scope: 29 S., graph. Darst., 21 cm
  5. Modellierung von Preiserwartungen durch neuronale Netze
    Author: Heinemann, Maik; Lange, Carsten
    Published: 1997
    Publisher:  Fachbereich Wirtschaftswiss., Univ., Hannover

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    Source: Staatsbibliothek zu Berlin
    Language: German
    Media type: Book
    RVK Categories: QC 020
    Series: Diskussionspapiere / Fachbereich Wirtschaftswissenschaften, Universität Hannover ; 203
    Scope: 24 Bl., graph. Darst.
  6. Ist die empirische Makroökonomik eine wissenschaftliche Illusion?
    Author: Breitung, Jörg; Haslinger, Franz; Heinemann, Maik
    Published: 1992
    Publisher:  Univ., Fachber. Wirtschaftswiss., Hannover

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    Source: Staatsbibliothek zu Berlin
    Language: German
    Media type: Book
    Series: Diskussionspapiere / Universität Hannover, Fachbereich Wirtschaftswissenschaften ; 171
    Scope: 37 S.
  7. Convergence of adaptive learning and the concept of expectational stability in linear rational expectations
    models with multiple equilibria
    Author: Heinemann, Maik
    Published: 1997
    Publisher:  Univ., Fachbereich Wirtschaftswiss., Hannover

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Series: Diskussionspapiere / Universität Hannover, Fachbereich Wirtschaftswissenschaften ; 207
    Scope: 18 Bl., graph. Darst.
  8. Convergence of adaptive learning and the concept of expectational stability in linear rational expectations models with multiple equilibria
    Author: Heinemann, Maik
    Published: 1997
    Publisher:  Fachbereich Wirtschaftswiss., Univ., Hannover

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    DDC Categories: 330; 380; 650; 670
    Series: Diskussionspapiere / Fachbereich Wirtschaftswissenschaften, Universität Hannover ; Nr. 207
    Subjects: Rationale Erwartung; Lernkurve; Adaptive Erwartung; Gleichgewichtstheorie; Theorie
    Other subjects: (stw)Rationale Erwartung; (stw)Lernprozess; (stw)Adaptive Erwartungen; (stw)Gleichgewichtstheorie; (stw)Theorie; Arbeitspapier; Graue Literatur
    Scope: 18 Bl., graph. Darst., 30 cm
  9. Ist die empirische Makroökonomik eine wissenschaftliche Illusion?
    Tagungsbeitrag für die Frühjahrstagung des Arbeitskreises Politische Ökonomie vom 24. - 26. April 1992 in Regenstauf
    Author: Breitung, Jörg; Haslinger, Franz; Heinemann, Maik
    Published: 1992
    Publisher:  Univ., Fachbereich Wirtschaftswiss., Hannover

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    Source: Union catalogues
    Language: German
    Media type: Book
    Format: Print
    DDC Categories: 330; 380; 650; 670
    Series: Diskussionspapiere / Fachbereich Wirtschaftswissenschaften, Universität Hannover ; Nr. 171
    Subjects: Makroökonomie; Ökonometrie; Theorie
    Other subjects: (stw)Makroökonomik; (stw)Ökonometrie; (stw)Theorie; Arbeitspapier; Graue Literatur
    Scope: 37 Bl., 30 cm
    Notes:

    Literaturverz. Bl. 33 - 37
  10. Modellierung von Preiserwartungen durch neuronale Netze
    Author: Heinemann, Maik; Lange, Carsten
    Published: 1997
    Publisher:  Fachbereich Wirtschaftswiss., Univ., Hannover

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    Source: Union catalogues
    Language: German
    Media type: Book
    Format: Print
    DDC Categories: 330; 380; 650; 670
    Series: Diskussionspapiere / Fachbereich Wirtschaftswissenschaften, Universität Hannover ; Nr. 203
    Subjects: Preistheorie; Spinngewebetheorem; Erwartungsbildung; Neuronales Netz; Theorie
    Other subjects: (stw)Preistheorie; (stw)Cobweb; (stw)Erwartungsbildung; (stw)Neuronale Netze; (stw)Theorie; Arbeitspapier; Graue Literatur
    Scope: 24 Bl., graph. Darst., 30 cm
  11. The market of sustainable and responsible investment
    Author: Eskelson, Daniela
    Published: 2018

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    Source: Union catalogues
    Contributor: Heinemann, Maik (AkademischeR BetreuerIn); Jaeger, Carlo (AkademischeR BetreuerIn); Fuhrmann, Wilfried (AkademischeR BetreuerIn)
    Language: English
    Media type: Dissertation
    Format: Print
    RVK Categories: QK 800
    Subjects: Nachhaltige Kapitalanlage; Finanzmarkt; Risiko-Ertrags-Verhältnis; Corporate Social Responsibility; Vergleich; Kapitalanlage; Schätzung; Welt
    Scope: xxxiv, 426 Seiten, Seite xxxvi-lxxiii, Illustrationen, Diagramme
    Notes:

    Literaturverzeichnis Seite xxxv-lxxii

    Datum der Disputation: Potsdam, den 19. November 2018

    Dissertation, Universität Potsdam, 2018
  12. Inequality over the business cycle
    the role of distributive shocks
    Author: Clemens, Marius; Eydam, Ulrich; Heinemann, Maik
    Published: 2020
    Publisher:  DIW Berlin, German Institute for Economic Research, Berlin

    This paper examines the dynamics of wealth and income inequality along the business cycle and assesses how they are related to fluctuations in the functional income distribution. In a panel estimation for OECD countries between 1970 and 2016 we find... more

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    This paper examines the dynamics of wealth and income inequality along the business cycle and assesses how they are related to fluctuations in the functional income distribution. In a panel estimation for OECD countries between 1970 and 2016 we find that on average income inequality - measured by the Gini coefficient - is countercyclical and also shows a significant association with the capital share. Up on a closer look, we find that a remarkable share of one third of all countries display a rather pro- or acyclical relationship. In order to understand the underlying cyclical dynamics of inequality we incorporate distributive shocks, modeled as exogenous changes in the capital share, into a real business cycle model, where agents are ex-ante heterogeneous with respect to wealth and ability. We show how to derive standard inequality measures within this framework, which allow us to analyze how productivity and distributive shocks affect both, the macroeconomic variables and the personal income and wealth distribution over the business cycle. We find that whether wealth and income inequality in the model behaves countercyclical or not depends on two aspects. The intertemporal elasticity of substitution and the persistence of the shocks. We use Bayesian techniques in order to match GDP, capital share and consumption to quarterly U.S. data. The resulting parameter estimates point towards a non-monotonic relationship between productivity fluctuations and inequality. On impact, inequality increases in response to TFP shocks but declines in later periods. This pattern is consistent with the empirically observed relationship in the USA. Furthermore, we find that TFP shocks explain about 17 percent of the cyclical fluctuations in inequality in the USA.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/218973
    Series: Discussion papers / Deutsches Institut für Wirtschaftsforschung ; 1852
    Scope: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  13. Fiscal policy and energy price shocks
    Author: Blanz, Alkis; Eydam, Ulrich; Heinemann, Maik; Kalkuhl, Matthias; Moretti, Nikolaj
    Published: [2023]
    Publisher:  Universität Potsdam, Potsdam

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    Language: English
    Media type: Book
    Format: Online
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    Series: CEPA discussion papers ; no. 70 (November 2023)
    Subjects: energy prices; E-DSGE; fiscal policy; welfare
    Scope: 1 Online-Ressource (33 Seiten; 705 KB), Illustrationen
    Notes:

    The effects of energy price increases are heterogeneous between households and firms. Financially constrained poorer households, who spend a larger relative share of their income on energy, are particularly affected. In this analysis, we examine the macroeconomic and welfare effects of energy price shocks in the presence of credit-constrained households that have subsistence-level energy demand. Within a Dynamic Stochastic General Equilibrium (DSGE) model calibrated for the German economy, we compare the performance of different policy measures (transfers and energy subsidies) and different financing schemes (income tax vs. debt). Our results show that credit-constrained households prefer debt over tax financing regardless of the compensation measure due to their difficulty to smooth consumption. On the contrary, rich households tend to prefer tax-financed measures as they increase the labor supply of poor households. From an aggregate perspective, tax-financed measures targeting firms effectively cushion aggregate output losses
  14. Endogenous redistributive cycles
    Author: Clemens, Christiane; Heinemann, Maik
    Published: 2004
    Publisher:  Univ., Fachbereich Wirtschafts- und Sozialwiss., Lüneburg

    Location:
    Technische Universität Hamburg, Universitätsbibliothek
    Signature:
    2222-0473

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    Gottfried Wilhelm Leibniz Bibliothek - Niedersächsische Landesbibliothek
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    4 Kap. 31708
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Edition: Stand: März 2004
    Series: Arbeitsbericht / Universität Lüneburg, Fachbereich Wirtschafts- und Sozialwissenschaften ; 307
    Subjects: Umverteilung; Politischer Konjunkturzyklus; Stochastisches Wachstumsmodell; Chaostheorie; Theorie
    Scope: 28, 2 S, graph. Darst
    Notes:

    Literaturverz. S. 25 - 27
  15. Fiscal policy and energy price shocks
    Author: Blanz, Alkis; Eydam, Ulrich; Heinemann, Maik; Kalkuhl, Matthias; Moretti, Nikolaj
    Published: [2023]
    Publisher:  Universität Potsdam, Potsdam

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    Language: English
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    Series: CEPA discussion papers ; no. 70 (November 2023)
    Subjects: energy prices; E-DSGE; fiscal policy; welfare
    Scope: 1 Online-Ressource (33 Seiten; 705 KB), Illustrationen
    Notes:

    The effects of energy price increases are heterogeneous between households and firms. Financially constrained poorer households, who spend a larger relative share of their income on energy, are particularly affected. In this analysis, we examine the macroeconomic and welfare effects of energy price shocks in the presence of credit-constrained households that have subsistence-level energy demand. Within a Dynamic Stochastic General Equilibrium (DSGE) model calibrated for the German economy, we compare the performance of different policy measures (transfers and energy subsidies) and different financing schemes (income tax vs. debt). Our results show that credit-constrained households prefer debt over tax financing regardless of the compensation measure due to their difficulty to smooth consumption. On the contrary, rich households tend to prefer tax-financed measures as they increase the labor supply of poor households. From an aggregate perspective, tax-financed measures targeting firms effectively cushion aggregate output losses
  16. The market of sustainable and responsible investment
    Author: Eskelson, Daniela
    Published: 2018

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    Universität Potsdam, Universitätsbibliothek
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    Source: Union catalogues
    Contributor: Heinemann, Maik (AkademischeR BetreuerIn); Jaeger, Carlo (AkademischeR BetreuerIn); Fuhrmann, Wilfried (AkademischeR BetreuerIn)
    Language: English
    Media type: Dissertation
    Format: Print
    RVK Categories: QK 800
    Subjects: Nachhaltige Kapitalanlage; Finanzmarkt; Risiko-Ertrags-Verhältnis; Corporate Social Responsibility; Vergleich; Kapitalanlage; Schätzung; Welt
    Scope: xxxiv, 426 Seiten, Seite xxxvi-lxxiii, Illustrationen, Diagramme
    Notes:

    Literaturverzeichnis Seite xxxv-lxxii

    Datum der Disputation: Potsdam, den 19. November 2018

    Dissertation, Universität Potsdam, 2018
  17. Optimal carbon pricing with fluctuating energy prices
    emission targeting vs. price targeting
    Author: Blanz, Alkis; Eydam, Ulrich; Heinemann, Maik; Kalkuhl, Matthias
    Published: [2022]
    Publisher:  Universität Potsdam, Potsdam

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    Series: CEPA discussion papers ; no. 51 (September 2022)
    Subjects: energy prices; E-DSGE; climate policy; welfare
    Scope: 1 Online-Ressource (12 Seiten; 2140 KB)
    Notes:

    Prices of primary energy commodities display marked fluctuations over time. Market-based climate policy instruments (e.g., emissions pricing) create incentives to reduce energy consumption by increasing the user cost of fossil energy. This raises the question of whether climate policy should respond to fluctuations in fossil energy prices? We study this question within an environmental dynamic stochastic general equilibrium (E-DSGE) model calibrated on the German economy. Our results indicate that the welfare implications of dynamic emissions pricing crucially depend on how the revenues are used. When revenues are fully absorbed, a reduction in emissions prices stabilizes the economy in response to energy price shocks. However, when revenues are at least partially recycled, a stable emissions price improves overall welfare. This result is robust to different modeling assumptions
  18. Borrowing constraints, entrepreneurial risks, and the wealth distribution in a heterogeneous agent model
    Author: Clemens, Christiane; Heinemann, Maik
    Published: 2008
    Publisher:  Univ., FEMM, Magdeburg

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    Universität Potsdam, Universitätsbibliothek
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    Source: Union catalogues
    Language: English
    Media type: Book
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    Series: Working paper series / Otto von Guericke University, FEMM, Faculty of Economics and Management ; 2008,8
    Subjects: Berufswahl; Entrepreneurship; Unternehmensgründung; Liquiditätsbeschränkung; Vermögensverteilung; Soziale Mobilität; Dynamisches Gleichgewicht; Agentenbasierte Modellierung; Allgemeines Gleichgewicht; Theorie
    Scope: 38 S., graph. Darst.
  19. Convergence of adaptive learning and the concept of expectational stability in linear rational expectations
    models with multiple equilibria
    Author: Heinemann, Maik
    Published: 1997
    Publisher:  Fachbereich Wirtschaftswissenschaften, Hannover

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Staatsbibliothek zu Berlin
    Language: English
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    Series: Diskussionspapiere / Fachbereich Wirtschaftswissenschaften, Universität Hannover ; 207
    Subjects: Rationale Erwartung; Lernprozess; Adaptive Erwartungen; Gleichgewichtstheorie; Theorie
    Scope: 18 Bl., graph. Darst.
    Notes:

    Literaturverz. Bl. 17 - 18
  20. Stability under learning of equilibria in financial markets with supply information
    Author: Heinemann, Maik
    Published: 2009
    Publisher:  Univ., Lüneburg

    In a recent paper Ganguli and Yang [2009] demonstrate, that there can exist multiple equilibria in a financial market model á la Grossman and Stiglitz [1980] if traders possess private information regarding the supply of the risky asset. The... more

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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    In a recent paper Ganguli and Yang [2009] demonstrate, that there can exist multiple equilibria in a financial market model á la Grossman and Stiglitz [1980] if traders possess private information regarding the supply of the risky asset. The additional equilibria differ in some important respects fromthe usual equilibrium of the GrossmanStiglitz type which still exists in this model. This note shows that these additional equilibria are always unstable under learning. This is true for both eductive learning following Guesnerie [2002] and adaptive learning via leastsquares estimation (cf. Marcet and Sargent [1988] or Evans and Honkapohja [2001]). Regarding the original GrossmanStiglitz type equilibrium, the stability results are less clear cut, since this equilibrium might be unstable under eductive learning while it is always stable under adaptive learning. -- Recursive Least Squares Learning ; Eductive Stability ; Rational Expectations ; Private Information

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/28239
    Series: University of Lüneburg Working Paper Series in Economics ; 122
    Subjects: Kapitalmarkttheorie; Asymmetrische Information; Gleichgewichtsmodell; Lernprozess; Rationale Erwartung; Theorie
    Scope: Online-Ressource (8 S.), graph. Darst.
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    Parallel als Druckausg. erschienen
  21. Borrowing constraints, entrepreneurial risks, and the wealth distribution in a heterogeneous agent model
    Author: Clemens, Christiane; Heinemann, Maik
    Published: 2008
    Publisher:  Univ., FEMM, Magdeburg

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    Universitätsbibliothek Braunschweig
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    2859-7207
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    W 1300 (2008.8)
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    Universität Potsdam, Universitätsbibliothek
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    07036835
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Working paper series / Otto von Guericke University, FEMM, Faculty of Economics and Management ; 2008,8
    Subjects: Berufswahl; Entrepreneurship; Unternehmensgründung; Liquiditätsbeschränkung; Vermögensverteilung; Soziale Mobilität; Dynamisches Gleichgewicht; Agentenbasierte Modellierung; Allgemeines Gleichgewicht; Theorie
    Scope: 38 S., graph. Darst.
  22. Endogenous growth, the distribution of wealth, and optimal policy under incomplete markets and idiosyncratic risk
    Author: Clemens, Christiane; Heinemann, Maik
    Published: 2012
    Publisher:  CESifo, München

    This paper combines the standard incomplete markets model of uninsurable idiosyncratic risks and borrowing constraints with the Arrow/Romer approach to endogenous growth to analyze the interaction of risk, growth, and inequality, the latter also... more

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    Staats- und Universitätsbibliothek Bremen
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    This paper combines the standard incomplete markets model of uninsurable idiosyncratic risks and borrowing constraints with the Arrow/Romer approach to endogenous growth to analyze the interaction of risk, growth, and inequality, the latter also endogenously determined in equilibrium. We derive conditions on existence and nonexistence of balanced growth paths. Major results include that growth, inequality, and risk are positively related in our model, but we also identify a hump-shaped relationship between welfare and risk, indicating a tradeoff relationship between risk-pooling and growth in the determination of welfare. We employ the prototypical policy implications of the underlying growth model (i.e. subsidizing capital returns) and find that the tax-transfer scheme positively affects growth while simultaneously reducing wealth inequality in the economy. The benefits and burdens of the underlying policy are unequally distributed, which raises the issue of politico-economic equilibria. We provide results on majority voting, finding that that the median voter prefers less than optimal subsidies on investment. Interestingly, the society might even vote against a policy providing full insurance against idiosyncratic risk, because welfare losses of lower growth more than offset welfare gains from lower risk. -- endogenous growth ; wealth distribution ; idiosyncratic risk ; borrowing constraints ; heterogeneous agents ; optimal policy

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/58342
    RVK Categories: QB 910
    Series: Array ; 3832
    Subjects: Endogenes Wachstumsmodell; Vermögensverteilung; Risiko; Liquiditätsbeschränkung; Sozialpolitik; Medianwähler-Modell; Wohlfahrtsanalyse; Theorie
    Scope: Online-Ressource (PDF-Datei: 30 S., 305 KB), graph. Darst.
  23. The effects of international financial integration in a model with heterogeneous firms and credit frictions
    Author: Clemens, Christiane; Heinemann, Maik
    Published: 2013
    Publisher:  CESifo, München

    This paper examines the consequences of international financial integration in a two-sector heterogeneous-agent dynamic general equilibrium model of occupational choice with financial constraints and idiosyncratic risks. We discuss the macroeconomic... more

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    Staats- und Universitätsbibliothek Bremen
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    This paper examines the consequences of international financial integration in a two-sector heterogeneous-agent dynamic general equilibrium model of occupational choice with financial constraints and idiosyncratic risks. We discuss the macroeconomic and distributional effects of financial market integration for small economies which differ only with respect to the tightness of constraints on the domestic credit market. The results contribute to an explanation of the "Lucas paradox", i.e. the empirical observation of capital flowing from poor to rich countries, where lending countries are characterized by tighter domestic constraints and lower capital returns. Capital market liberalization goes along with adjustments towards the world return. Capital-exporting countries experience an increase in GNP, whereas the GDP effect is of ambiguous sign and driven by the tightness of the domestic credit market. Countries with less tight constraints or unlimited access to external business financing loose throughout integration due to a decline in aggregate output and a very unequal distribution of welfare gains and losses in the underlying heterogeneous-agent economy. We find that international integration is only beneficial for economies where financial constraints on entrepreneurial activity are very tight. Here, we observe an accumulation-driven rise in the entrepreneurship rate, overall positive output effects and welfare gains for all members of society.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/89659
    RVK Categories: QB 910
    Series: Array ; 4441
    Scope: Online-Ressource (29 S.), graph. Darst.
  24. Modellierung von Preiserwartungen durch neuronale Netze
    Author: Heinemann, Maik; Lange, Carsten
    Published: April 1997
    Publisher:  [Fachbereich Wirtschaftswissenschaften, Universität Hannover], [Hannover]

    Das Papier untersucht, wie Erwartungsbildung mit Hilfe neuronaler Netze modelliert werden kann. Die Grundlage bildet ein Cobweb-Modell, in dem Firmen Preiserwartungen auf Basis eines Feedforward-Netzes bilden. Zunächst wird anhand von Simulationen... more

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    Das Papier untersucht, wie Erwartungsbildung mit Hilfe neuronaler Netze modelliert werden kann. Die Grundlage bildet ein Cobweb-Modell, in dem Firmen Preiserwartungen auf Basis eines Feedforward-Netzes bilden. Zunächst wird anhand von Simulationen gezeigt, daß Firmen durch neuronale Erwartungsbildung approximativ rationale Erwartungen bilden können. Im Gegensatz zur Hypothese rationaler Erwartungen ist dafür die Kenntnis des relevanten Modells nicht mehr erforderlich, lediglich Beobachtungen des Marktpreises und der ihn beeinflussenden Variablen vergangener Perioden werden benötigt. Abschließend erfolgt eine allgemeine Analyse neuronalen Lernens. Es ist möglich, Bedingungen dafür abzuleiten, daß die neuronalen Erwartungen der Firmen asymptotisch mit rationalen Preiserwartungen übereinstimmen.

     
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    Source: Union catalogues
    Language: German
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/78322
    Series: Diskussionspapier / [Fachbereich Wirtschaftswissenschaften, Universität Hannover] ; Nr. 203
    Subjects: Preistheorie; Cobweb; Erwartungsbildung; Neuronale Netze; Theorie
    Scope: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  25. Convergence of adaptive learning and the concept of expectational stability in linear rational expectations models with multiple equilibria
    Author: Heinemann, Maik
    Published: September 1997
    Publisher:  [Fachbereich Wirtschaftswissenschaften, Universität Hannover], [Hannover]

    This paper analyzes the relationship between the expectational stability of rational expectations equilibria and the possible convergence of adaptive learning processes. Results obtained using recursive least squares lead to the conjecture that a... more

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    This paper analyzes the relationship between the expectational stability of rational expectations equilibria and the possible convergence of adaptive learning processes. Results obtained using recursive least squares lead to the conjecture that a correspondence between these both selection criteria exists. This paper demonstrates on the basis of a simple linear model and an alternative learning procedure that such a conjecture would be incorrect: there exist learning procedures that may converge to rational expectations equilibria which are not expectationally stable.

     
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    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/78341
    Series: Diskussionspapier / [Fachbereich Wirtschaftswissenschaften, Universität Hannover] ; Nr. 207
    Subjects: Rationale Erwartung; Lernprozess; Adaptive Erwartungen; Gleichgewichtstheorie; Theorie
    Scope: 1 Online-Ressource (circa 19 Seiten), Illustrationen