infonet-economy

This paper surveys recent advances in the application of random dynamical systems theory in economics. It illustrates the usefulness of this framework for modeling and analysis of economic phenomena with stochastic components, mainly focusing on stochastic dynamic models in economic growth. The paper also highlights some directions for further applications and interdisciplinary...

Most professional economists believe that economist in general are more selfish than other persons and that this greater selfishness is due to economic education. In this paper we offer empirical evidence against this widely held belief. Using a unique data set about giving behaviour to two social funds at the University of Zurich, it is shown that economic training does not make...

With the decline of government-imposed trade barriers policymakers have given greater attention to the international distortions created by the practices of private firms, including cartels. We critically evaluate the techniques used in the economic literature to estimate the effects of these private practices, finding them wanting on several grounds. In contrast, many of the...

This paper presents a complete analysis of a stochastic version of the Solow growth model in which all parameters are ergodic random variables. Applying random dynamical systems theory, we prove that the dynamics and, in particular, the long-runnbehavior is uniquely determined by a globally attracting stable random fixed point. We also discuss the relation of our approach to that of...

Im Oktober 2000 verlieh die Königlich Schwedische Akademie der Wissenschaften den insgesamt mit ca. 2 Millionen Euro dotierten Nobelpreis für Wirtschaftswissenschaften zu gleichen Teilen an die beiden US-Amerikaner James J. Heckman und Daniel L. McFadden. Das Papier erklärt die Bedeutung ihrer wissenschaftlichen Leistungen im Bereich der Mikroökonometrie. Download Volltext: (pdf, 22...

We explore the incentives countries face in trade litigation within the new WTO Dispute Settlement System. Our analysis yields a number of interesting predictions. First, because sanctions are ruled out during the litigation process, the Dispute Settlement System does not preclude all new trade restrictions. However, the agenda-setting capacity of the complainant, including its right...

In this paper we show that a simple model of reciprocal preferences explains major experimental regularities of common pool resource (CPR) experiments. The evidence indicates that in standard CPR games without communication and without sanctioning possibilities inefficient excess appropriation is the rule. However, when communication or informal sanctions are available appropriation...

"This paper advances two propositions, one concerning content, the other concerning research strategy.n(1) The advent of wide-spread internet publishing reduces the stifling impact of the refereeing process on the papers accepted and submitted to journals. Economics scholars are less bound to devoting a large part of their time and effort on formalisms. They have more leeway to...