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Displaying results 1 to 18 of 18.

  1. Forward guidance and the role of Central Bank credibility under heterogeneous beliefs
    Author: Goy, Gavin; Hommes, Cars H.; Mavromatis, Kostas
    Published: [2018]
    Publisher:  De Nederlandsche Bank NV, Amsterdam, the Netherlands

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    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / De Nederlandsche Bank NV ; no. 614 (December 2018)
    Subjects: Forward Guidance; Heterogeneous Beliefs; Bounded Rationality; Central Bank Learning
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  2. Lucky numbers in simple games
    Author: Wolff, Irenaeus
    Published: 2019
    Publisher:  TWI, Thurgau Institute of Economics at the University of Konstanz, Kreuzlingen

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    Media type: Book
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    Series: Research paper series / Thurgau Institute of Economics and Department of Economics at the University of Konstanz ; no. 115
    Subjects: Bounded Rationality; Level-k; Salience; Heuristic; Hide & Seek; Discoordination; Rock-Paper-Scissors; Colonel Blotto; Representativeness
    Scope: 1 Online-Ressource (circa 31 Seiten)
  3. Monetary policy with imperfect information and bounded rationality
    Author: Brenneisen, Jan-Niklas
    Published: 2022
    Publisher:  Universitätsbibliothek Kiel, Kiel

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    Contributor: Wohltmann, Hans-Werner (AkademischeR BetreuerIn)
    Language: English
    Media type: Dissertation
    Format: Online
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    Subjects: Monetary Policy; Imperfect Information; Bounded Rationality
    Scope: 1 Online-Ressource (103 Seiten), Illustrationen
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    Kumulatives Verfahren, enthält 2 Aufsätze aus Zeitschriften

    Dissertation, Christian-Albrechts-Universität zu Kiel, 2022
  4. Monetary policy rules under bounded rationality
    Author: Dobrew, Michael; Gerke, Rafael; Kienzler, Daniel; Schwemmer, Alexander H.
    Published: [2023]
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    We study the welfare performance of various simple monetary policy rules under bounded rationality (BR) along the lines of Gabaix (2020) in a New Keynesian model with sticky wages and an effective lower bound (ELB) on interest rates. Policy... more

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    We study the welfare performance of various simple monetary policy rules under bounded rationality (BR) along the lines of Gabaix (2020) in a New Keynesian model with sticky wages and an effective lower bound (ELB) on interest rates. Policy strategies with a strong history dependence lose their advantage over inflation targeting in mitigating a demand-driven recessions when interest rates are constrained by the ELB. For supply shocks, inflation t argeting o utperforms h istory-dependent r ules f or a s ufficiently high degree of BR. An exponential average inflation targeting rule, which features a variable degree of history dependence, performs remarkably well, independent of the degree of BR.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
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    ISBN: 9783957299499
    Other identifier:
    hdl: 10419/273730
    Series: Discussion paper / Deutsche Bundesbank ; no 2023, 18
    Subjects: Bounded Rationality; Sticky Wages; Monetary Policy Strategies; Zero LowerBound
    Scope: 1 Online-Ressource (circa 76 Seiten), Illustrationen
  5. Myopic oligopoly pricing
    Author: Bos, Iwan; Marini, Marco; Saulle, Riccardo D.
    Published: [2021]
    Publisher:  Università degli studi di Padova, dSEA, [Padova]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Marco Fanno working papers ; 271 (December 2021)
    Subjects: Bounded Rationality; Capacity Constraints; Mergers; Myopic Stable Set; Oligopoly Pricing; Supply Shortages
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  6. Myopic oligopoly pricing
    Author: Bos, Iwan; Marini, Marco; Saulle, Riccardo D.
    Published: December 2021
    Publisher:  Fondazione Eni Enrico Mattei, Milano, Italia

    This paper examines capacity-constrained oligopoly pricing with sellers who seek myopic improvements. We employ the Myopic Stable Set solution concept and establish the existence of a unique pure-strategy price solution for any given level of... more

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    This paper examines capacity-constrained oligopoly pricing with sellers who seek myopic improvements. We employ the Myopic Stable Set solution concept and establish the existence of a unique pure-strategy price solution for any given level of capacity. This solution is shown to coincide with the set of pure-strategy Nash equilibria when capacities are large or small. For an intermediate range of capacities, it predicts a price interval that includes the mixed-strategy support. This stability concept thus encompasses all Nash equilibria and offers a pure-strategy solution when there is none in Nash terms. It particularly provides a behavioral rationale for different pricing patterns, including Edgeworth price cycles and states of hyper-competition with supply shortages. We also analyze the impact of a change in firm size distribution. A merger among the biggest firms may lead to more price dispersion as it increases the maximum and decreases the minimum myopically stable price.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
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    Other identifier:
    hdl: 10419/249967
    Series: Working paper / Fondazione Eni Enrico Mattei ; 2021, 032
    Subjects: Bounded Rationality; Capacity Constraints; Mergers; Myopic Stable Set; Oligopoly Pricing; Supply Shortages
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  7. Competitive markets and boundedly rational expectations
    Author: Schumacher, Heiner
    Published: [2022]
    Publisher:  KU Leuven, Department of Economics, Leuven

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    Language: English
    Media type: Book
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    Edition: Version: June 4, 2022
    Series: Discussion paper series / [KU Leuven, Department of Economics] ; DPS22, 03 (June 2022)
    Subjects: Competition; Add-On Pricing; Bounded Rationality
    Scope: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  8. Essays on macroeconomics
    Author: Gallegos Dago, José Elías
    Published: 2022
    Publisher:  Department of Economics, Stockholm University, Stockholm

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    Source: Union catalogues
    Language: English
    Media type: Dissertation
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    ISBN: 9789179118839
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    Series: Monograph series / Institute for International Economic Studies, Stockholm University ; no. 115
    Subjects: Macroeconomics; Monetary Policy; Inequality; Financial Frictions; Information Frictions; NoisyInformation; Behavioral Frictions; Bounded Rationality
    Scope: 1 Online-Ressource (circa 469 Seiten), Illustrationen
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    Dissertation, Stockholm University, 2022
  9. Make-up strategies with incomplete markets and bounded rationality
    Author: Dobrew, Michael; Gerke, Rafael; Giesen, Sebastian; Röttger, Joost
    Published: [2023]
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    We study the impact of market incompleteness and bounded rationality on the effectiveness of make-up strategies. To do so, we simulate a heterogeneous-agent New Keynesian (HANK) model with reflective expectations and an occasionally-binding effective... more

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    We study the impact of market incompleteness and bounded rationality on the effectiveness of make-up strategies. To do so, we simulate a heterogeneous-agent New Keynesian (HANK) model with reflective expectations and an occasionally-binding effective lower bound (ELB) on the policy rate. Our simulations show that make-up strategies can mitigate the negative consequences of the ELB for inflation and real economic activity. This result holds both for our HANK model as well as a corresponding representative-agent (RANK) model with complete markets, suggesting that market (in)completeness is not important for the effectiveness of make-up strategies. However, the stabilisation benefits of make-up strategies are small when agents’ cognitive ability is consistent with micro-evidence. This result is independent of market (in)completeness, emphasising the importance of rational expectations for make-up strategies. Furthermore, while market incompleteness and bounded rationality complement each other in attenuating the effects of forward guidance in our model, we do not observe such a complementarity with respect to the benefits of make-up strategies.

     
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    Language: English
    Media type: Ebook
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    ISBN: 9783957299321
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    hdl: 10419/268488
    Series: Discussion paper / Deutsche Bundesbank ; no 2023, 01
    Subjects: Make-Up Strategies; Incomplete Markets; Bounded Rationality; HANK; Effective Lower Bound; Average Inflation Targeting
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  10. The impact of asset purchases in an experimental market with consumption smoothing motives
    Author: Duan, Jieyi; Hanaki, Nobuyuki
    Published: November 2021
    Publisher:  The Institute of Social and Economic Research, Osaka University, Osaka, Japan

    We investigate the effect of preannounced market intervention on an asset price as well as participants' welfare in an experimental frame- work where participants have consumption smoothing motives to trade the asset. The results show that, on one... more

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    We investigate the effect of preannounced market intervention on an asset price as well as participants' welfare in an experimental frame- work where participants have consumption smoothing motives to trade the asset. The results show that, on one hand, the preannounced inter- vention results in significantly larger overpricing of the asset relative to the rational expectations equilibrium level in periods prior to the intervention compared with the treatment without it. The participants' welfare, measured by the discounted sum of the payoffs at the beginning of the experiment, on the other hand, are not significantly worsened by the intervention.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/248606
    Series: Discussion paper / The Institute of Social and Economic Research ; no. 1147
    Subjects: Asset Pricing; Consumption Smoothing; Bounded Rationality; Quantitative Easing
    Scope: 1 Online-Ressource (circa 75 Seiten), Illustrationen
  11. Imperfect information in firm growth strategy
    three essays on M&A and FDI activities
    Author: Han, Tao
    Published: [2021]
    Publisher:  Tilburg University, Tilburg

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    Language: English
    Media type: Dissertation
    Format: Online
    ISBN: 9789056686512
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    Series: [Dissertation series] / [Center for Economic Research, Tilburg University] ; [nr. 650 (2021)]
    Subjects: Foreign Direct Invesment; Imperfect InformationDE-206; Investment Activity; Growth Strategy; Firm Growth; Foreign Location; Conference Calls; Internal Governance; Location Choice; Bounded Rationality; Imitation; Intangible Assets; Information Processing; Board of Directors; Peers; Cross-border; Knowledge-based; Mergers And Acquisitions; Value Creation
    Scope: 1 Online-Ressource (circa 213 Seiten)
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    Dissertation, Tilburg University, 2021
  12. The lottery player's fallacy
    why labels predict strategic choices
    Author: Wolff, Irenaeus
    Published: 2021
    Publisher:  TWI, Thurgau Institute of Economics at the University of Konstanz, Kreuzlingen

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    Series: Research paper series / Thurgau Institute of Economics and Department of Economics at the University of Konstanz ; no. 124
    Subjects: Bounded Rationality; Level-k; Salience; Strategic Behaviour; Hide & Seek; Discoordination; Rock-Paper-Scissors; Representativeness
    Scope: 1 Online-Ressource (circa 29 Seiten)
  13. An elementary humanomics approach to boundedly rational quadratic models
    Author: Campbell, Michael J.; Smith, Vernon L.
    Published: 9-23-2020
    Publisher:  Chapman University, Economic Science Institute, [Orange, CA]

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    Language: English
    Media type: Book
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    Series: ESI working papers ; 20, 35
    Subjects: Agent Based Model; Bounded Rationality; Correlation Inequality; Humanomics; Phase Transition; Potential Game; Spin Glass
    Scope: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  14. Belief-driven dynamics in a behavioral SEIRD macroeconomic model with sceptics
    Author: Proano, Christian; Makarewicz, Tomasz
    Published: June 22, 2021
    Publisher:  Australian National University, Crawford School of Public Policy, Centre for Applied Macroeconomic Analysis, Canberra

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    Language: English
    Media type: Book
    Format: Online
    Series: CAMA working paper ; 2021, 51 (June 2021)
    Subjects: Endogenous Cycles; COVID-19 Pandemic; Bounded Rationality; Heterogenous Expectations
    Scope: 1 Online-Ressource (circa 14 Seiten), Illustrationen
  15. On the theory of emissions trading
    applications to the EU ETS
    Author: Hintermayer, Martin Otto
    Published: 2021
    Publisher:  Universitäts- und Stadtbibliothek Köln, Köln

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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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    Contributor: Bettzüge, Marc Oliver (AkademischeR BetreuerIn); Bierbrauer, Felix (AkademischeR BetreuerIn)
    Language: English
    Media type: Dissertation
    Format: Online
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    Subjects: Emissions Trading; EU ETS; Carbon Price Floor; Marginal Abatement Costs; Power Sector Modelling; Intertemporal Optimization; Hotelling; Hedging; Myopia; Bounded Rationality; Dynamic Optimization; Market Stability Reserve; Cancellation Mechanism; Cap and Trade
    Scope: 1 Online-Ressource (circa 129 Seiten), Illustrationen
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    Dissertation, Universität zu Köln, 2021
  16. Prise en compte de l'attention limitée dans l'analyse economique
    = Integration of limited attention in economic theory
    Author: Rafaï, Ismaël
    Published: [2019?]

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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
    Subjects: Behavioral Economics; Experimental Economics; Bounded Rationality; Limited Attention; Attention Allocation; Consideration Set; Rational (In)Attention; Revealed Preferences; Social Preference
    Scope: 1 Online-Ressource (circa 259 Seiten), Illustrationen
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    Dissertation, Université Côte d'Azur, 2019
  17. Reconciling empirics and theory: the behavioral hybrid New Keynesian model
    Author: Afsar, Atahan; Gallegos, José Elías; Jaimes, Richard; Silgado Gómez, Edgar
    Published: [2020]
    Publisher:  Pontificia Universidad Javeriana, Facultad de Ciencias Económicas y Administrativas, Departamento de Economía, Bogotá

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    Media type: Book
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    Series: Vniversitas económica / Pontificia Universidad Javeriana, Facultad de Ciencias Económicas y Administrativas, Departamento de Economía ; vol. 20, no. 7 (diciembre de 2020)
    Subjects: New Keynesian; Bounded Rationality; Bayesian Estimation
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  18. Biased beliefs in search markets
    Author: Gamp, Tobias; Krähmer, Daniel
    Published: [2022]
    Publisher:  Collaborative Research Center Transregio 190, [München]

    We study the implications of biased consumer beliefs for search market outcomes in the seminal framework due to Diamond (1971). Biased consumers base their search strategy on a belief function which specifies for any (true) distribution of utility... more

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    We study the implications of biased consumer beliefs for search market outcomes in the seminal framework due to Diamond (1971). Biased consumers base their search strategy on a belief function which specifies for any (true) distribution of utility offers in the market a possibly incorrect distribution of utility offers. If biased consumers overestimate the best offer in the market, a novel type of equilibrium may emerge in which firms make exceptionally favourable offers in order to meet biased consumers' unreasonable high expectations which then become partially self-fulfilling. Consequently, the presence of biased consumers may improve the welfare of all consumers.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
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    Other identifier:
    hdl: 10419/282057
    Series: Discussion paper / Rationality & Competition, CRC TRR 190 ; no. 365 (December 30, 2022)
    Subjects: Consumer search; Bounded Rationality; Cursed Beliefs
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen