2024-03-29T15:38:37Zhttps://research-repository.st-andrews.ac.uk/oai/requestoai:research-repository.st-andrews.ac.uk:10023/85762022-05-06T11:30:35Zcom_10023_64com_10023_22com_10023_879com_10023_878col_10023_65col_10023_880
Egan, Paul Gerard
Leddin, Anthony J.
2016-04-07T15:00:03Z
2016-04-07T15:00:03Z
2016-03
Egan , P G & Leddin , A J 2016 , ' Examining monetary policy transmission in the People's Republic of China – structural change models with a Monetary Policy Index ' , Asian Development Review , vol. 33 , no. 1 , pp. 74-110 . https://doi.org/10.1162/ADEV_a_00062
0116-1105
PURE: 241730792
PURE UUID: c1c9b2a0-9616-4e72-8497-76c9037cd3d4
Scopus: 84962644254
http://hdl.handle.net/10023/8576
https://doi.org/10.1162/ADEV_a_00062
This paper estimates augmented versions of the Investment–Saving curve for the People's Republic of China in an attempt to examine the relationship between monetary policy and the real economy. It endeavors to account for any structural break, nonlinearity, or asymmetry in the transmission process by estimating a breakpoint model and a Markov switching model. The Investment–Saving curve equations are estimated using a Monetary Policy Index, which has been calculated using the Kalman filter. This index will account for the various monetary policy tools, both quantitative and qualitative, that the People's Bank of China has used over the period 1991–2014. The results of this paper suggest that monetary policy has an asymmetric affect depending on the level of output in relation to potential, and that the People's Republic of China's exchange rate policy has restricted the effectiveness of the People's Bank of China's monetary policy response.
eng
© 2016 Asian Development Bank and Asian Development Bank Institute. This is an Open Access article. Articles in Asian Development Review are published under a CC BY 3.0 IGO license.
IS curve
Kalman filter
Monetary policy
People's Bank of China
Structural change
HB Economic Theory
Examining monetary policy transmission in the People's Republic of China – structural change models with a Monetary Policy Index
Journal article
oai:research-repository.st-andrews.ac.uk:10023/6582019-03-29T15:48:49Zcom_10023_64com_10023_22col_10023_65
Poyago-Theotoky, Joanna
Beath, John
Siegel, Donald S.
2009-04-14T09:34:47Z
2009-04-14T09:34:47Z
2002
School of Economics and Finance discussion paper series ; 0201
0962-4031
http://ideas.repec.org/p/san/wpecon/0201.html
http://hdl.handle.net/10023/658
The recent rise in university-industry partnerships has stimulated an
important public policy debate regarding how these relationships affect
fundamental research. In this paper, we examine the antecedents and
consequences of policies to promote university-industry alliances. Although the
preliminary evidence appears to suggest that these partnerships have not had a
deleterious effect on the quantity and quality of basic research, some legitimate
concerns have been raised about these activities that require additional analysis.
We conclude that additional research is needed to provide a more accurate
assessment of the optimal level of commercialisation.
en
University-Industry Partnerships
Basic Research
Research Joint Ventures (RJVs)
Technology Transfer Offices (TTOs)
National Co-operative Research Act (NCRA)
Bayh-Dole Act.
Universities and fundamental research: reflections on the growth of university-industry partnership
Working or discussion paper
oai:research-repository.st-andrews.ac.uk:10023/6562019-03-29T15:48:50Zcom_10023_64com_10023_22col_10023_65
FitzRoy, Felix
Funke, Michael
Nolan, Michael A.
2009-04-14T08:57:03Z
2009-04-14T08:57:03Z
2001-08
School of Economics and Finance discussion paper series ; 0112
http://ideas.repec.org/p/san/wpecon/0112.html
http://hdl.handle.net/10023/656
This paper combines collective bargaining over wages and working time with models of
endogenous and neoclassical growth. Public expenditure is funded by taxes on capital and labour
supplied by infinitely-lived households in a closed economy. Taxes on labour are generally
inefficient in both growth models, there is a “dynamic Laffer Curve”, and employment is increased
by a reduction of working hours below the collective bargaining level – except in the case of a
monopoly union. Although growth is maximised by competitive (efficient) hours, welfare-optimal
working time is below the collective bargain when union are ‘too weak’, and vice-versa.
en
taxation
unemployment
working time
growth
Taxation, unemployment and working time in models of economic growth
Working or discussion paper
oai:research-repository.st-andrews.ac.uk:10023/9052019-03-29T15:48:53Zcom_10023_64com_10023_22col_10023_65
Sutherland, Alan
Senay, Ozge
2010-06-09T17:03:07Z
2010-06-09T17:03:07Z
2010
Senay, O. & Sutherland, A. (2010). 'Endogenous Price Flexibility and Optimal Monetary Policy.' Centre for Dynamic Macroeconomic Analysis working paper series ;10/07
http://ideas.repec.org/p/san/cdmawp/1007.html
http://hdl.handle.net/10023/905
Much of the literature on optimal monetary policy uses models in which the degree of nominal price flexibility is exogenous. There are, however, good reasons to suppose that the degree of price flexibility adjusts endogenously to changes in monetary conditions. This paper extends the standard New Keynesian model to incorporate an endogenous degree of price flexibility. The model shows that endogenising the degree of price flexibility tends to shift optimal monetary policy towards complete inflation stabilisation, even when shocks take the form of cost-push distur¬bances. This contrasts with the standard result obtained in models with exogenous price flexibility, which show that optimal monetary policy should allow some degree of inflation volatility in order to stabilise the welfare-relevant output gap.
en
welfare
endogenous price flexibility
optimal monetary policy
Endogenous Price Flexibility and Optimal Monetary Policy
Working or discussion paper
oai:research-repository.st-andrews.ac.uk:10023/6522019-03-29T15:48:53Zcom_10023_64com_10023_22col_10023_65
Lasselle, Laurence
Aloi, Marta
McMillan, David G.
2009-04-13T15:32:37Z
2009-04-13T15:32:37Z
2000
School of Economics and Finance discussion paper series ; 0013
http://ideas.repec.org/p/san/wpecon/0013.html
http://hdl.handle.net/10023/652
Fatás (2000) argues that in a cross-section analysis of countries there exists a positive
correlation between long-term growth rates and the persistence of output fluctuations.
The current paper extends this line of research by examining manufacturing sectors of an
economy which can be characterised by two levels of technology; a low level and a high
level. Analysis of the data reveals a positive correlation between long-term growth rates
and the persistence of output fluctuations in ‘high-tech’ sectors. This empirical analysis is
further supported by reformulating the model of Matsuyama (1999b) in a stochastic
environment. Within this framework the model is able to capture the two main theories of
growth, namely; the Solow model and the Romer model. The stochastic nature of the
long run output trend is endogenous and based on technological shocks. Despite the
cyclical nature of the shocks we are able to show that output fluctuations are more
persistent in ‘high-tech’ sectors.
en
Persistence
Growth
Endogenous fluctuations
Stochastic trends
On the persistence of output fluctuations in high technology sectors
Working or discussion paper
oai:research-repository.st-andrews.ac.uk:10023/6532019-03-29T15:48:57Zcom_10023_64com_10023_22col_10023_65
Aloi, Marta
Lasselle, Laurence
2009-04-13T15:50:05Z
2009-04-13T15:50:05Z
2001
School of Economics and Finance discussion paper series ; 0109
http://ideas.repec.org/p/san/wpecon/0109.html
http://hdl.handle.net/10023/653
We consider an overlapping generation model based on Matsuyama (1999)
and show that, whenever actual capital accumulation falls below its balanced
growth path, subsidising innovators by taxing consumers has stabilising effects
and increases welfare. Further, if the steady state is unstable under
laissez faire, the introduction of the subsidy can make the steady state stable.
Such a policy has positive welfare effects as it fosters output growth
along the transitional adjustment path. Therefore, fast growing economies,
in which high factor accumulation plays a crucial role alongside innovative
sectors that enjoy temporary monopoly rents, should follow an unorthodox
approach to stabilisation. Namely, taxing the consumers and reallocate resources
to the innovative sectors.
en
Growth
Endogenous Cycles
Stabilisation
Innovation
Subsidy
Welfare
Growing through subsidies
Working or discussion paper
oai:research-repository.st-andrews.ac.uk:10023/45322016-04-15T15:52:37Zcom_10023_64com_10023_22com_10023_879com_10023_878col_10023_65col_10023_880
Gerasimou, Georgios
2014-03-19T15:31:01Z
2014-03-19T15:31:01Z
2013-05
Gerasimou , G 2013 ' A behavioural model of choice in the presence of decision conflict ' School of Economics & Finance Discussion Paper , no. 1302 , University of St Andrews .
0962-4031
PURE: 104364739
PURE UUID: de9d06d4-5684-4f2b-9ec9-d580265df9be
http://hdl.handle.net/10023/4532
http://ideas.repec.org/p/san/wpecon/1302.html
This paper proposes a model of choice that does not assume completeness of the decision maker’s preferences. The model explains in a natural way, and within a unified framework choice when preference-incomparable options are present, four behavioural phenomena: the attraction effect, choice deferral, the strengthening of the attraction e.ect when deferral is permissible, and status quo bias. The key element in the proposed decision rule is that an individual chooses an alternative from a menu if it is worse than no other alternative in that menu and is also better than at least one. Utility-maximising behaviour is included as a special case when preferences are complete. The relevance of the partial dominance idea underlying the proposed choice procedure is illustrated with an intuitive generalisation of weakly dominated strategies and their iterated deletion in games with vector payoffs.
eng
(c) 2013 the author
Choice with incomplete preferences
attraction effect
status quo bias
games with payoff vectors
iterative dominance
HB Economic Theory
A behavioural model of choice in the presence of decision conflict
Working or discussion paper
oai:research-repository.st-andrews.ac.uk:10023/165812023-04-25T23:55:34Zcom_10023_64com_10023_22com_10023_879com_10023_878col_10023_65col_10023_880
FitzRoy, Felix R.
Nolan, Michael A.
2018-11-29T17:30:05Z
2018-11-29T17:30:05Z
2018-11-14
FitzRoy , F R & Nolan , M A 2018 , ' Education, income and happiness : panel evidence for the UK ' , Empirical Economics , vol. First Online . https://doi.org/10.1007/s00181-018-1586-5
0377-7332
PURE: 256754110
PURE UUID: 83abc865-05fb-4dc1-9051-c507147b904a
Scopus: 85056663800
WOS: 000524956100020
http://hdl.handle.net/10023/16581
https://doi.org/10.1007/s00181-018-1586-5
Using panel data from the BHPS and its Understanding Society extension, we study life satisfaction (LS) and income over nearly two decades, for samples split by education, and age, to our knowledge for the first time. The highly educated went from lowest to highest LS, though their average income was always higher. In spite of rapid income growth up to 2008/2009, the less educated showed no rise in LS, while highly educated LS rose after the crash despite declining real income. In panel LS regressions with individual fixed effects, none of the income variables was significant for the highly educated.
eng
Copyright © The Author(s) 2018. Open Access. This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.
Easterlin paradox
Economic growth
Education
Income
Life satisfaction
HB Economic Theory
H Social Sciences (General)
Statistics and Probability
Mathematics (miscellaneous)
Social Sciences (miscellaneous)
Economics and Econometrics
3rd-DAS
SDG 8 - Decent Work and Economic Growth
Education, income and happiness : panel evidence for the UK
Journal article
oai:research-repository.st-andrews.ac.uk:10023/67542016-04-15T15:52:42Zcom_10023_64com_10023_22com_10023_879com_10023_878col_10023_65col_10023_880
Costa-Gomes, Miguel
Cueva, Carlos
Gerasimou, Georgios
2015-06-04T13:40:03Z
2015-06-04T13:40:03Z
2014-12-26
Costa-Gomes , M , Cueva , C & Gerasimou , G 2014 ' Choice, deferral and consistency ' School of Economics & Finance Discussion Paper , no. 1416 , University of St Andrews , pp. 1-48 .
0962-4031
PURE: 192881450
PURE UUID: 6ec72159-7483-4055-932c-e53a47ca6021
http://hdl.handle.net/10023/6754
https://ideas.repec.org/p/san/wpecon/1416.html
In this paper we study decision making in situations where the individual's preferences are not assumed to be complete. First, we identify conditions that are necessary and sufficient for choice behavior in general domains to be consistent with maximization of a possibly incomplete preference relation. In this model of maximally dominant choice, the agent defers/avoids choosing at those and only those menus where a most preferred option does not exist. This allows for simple explanations of conflict-induced deferral and choice overload. It also suggests a criterion for distinguishing between indifference and incomparability based on observable data. A simple extension of this model also incorporates decision costs and provides a theoretical framework that is compatible with the experimental design that we propose to elicit possibly incomplete preferences in the lab. The design builds on the introduction of monetary costs that induce choice of a most preferred feasible option if one exists and deferral otherwise. Based on this design we found evidence suggesting that a quarter of the subjects in our study had incomplete preferences, and that these made significantly more consistent choices than a group of subjects who were forced to choose. The latter effect, however, is mitigated once data on indifferences are accounted for.
eng
(c) the author 2014
Incomplete preferences
Choice deferral
Indecisiveness
Preference elicitation
Choice consistency
HB Economic Theory
Choice, deferral and consistency
Working or discussion paper
oai:research-repository.st-andrews.ac.uk:10023/103612024-03-04T00:39:11Zcom_10023_64com_10023_22com_10023_879com_10023_878col_10023_65col_10023_880
FitzRoy, Felix
Jin, Jim
2017-02-24T11:30:08Z
2017-02-24T11:30:08Z
2017-02
FitzRoy , F & Jin , J 2017 ' Higher tax for top earners ' School of Economics and Finance Discussion Paper , no. 1702 , University of St Andrews , St Andrews .
0962-4031
https://hdl.handle.net/10023/10361
https://ideas.repec.org/p/san/wpecon/1702.html
The literature can justify increasing and decreasing marginal taxes (IMT & DMT) on top income under different social objectives and income distributions. Even if DMT are optimal, they are often politically infeasible. Then a flat tax seems to be a constrained optimal solution. We show however that, if we want to maximize the utility of a poor majority any flat tax can be inferior to some IMT. We provide a sufficient condition for (two-band) IMT to dominate any flat tax and further generalize this result to allow different welfare weights, declining elasticity of labour supply and more tax bands.
eng
Flat tax
Increasing marginal taxes
Income redistribution
HG Finance
HB Economic Theory
HF5601 Accounting
Higher tax for top earners
Working or discussion paper
oai:research-repository.st-andrews.ac.uk:10023/34972023-04-25T23:35:52Zcom_10023_64com_10023_22com_10023_879com_10023_878col_10023_65col_10023_880
La Manna, Manfredi M A
2013-04-26T09:01:03Z
2013-04-26T09:01:03Z
2013-04
La Manna , M M A 2013 , ' Multi-task research and research joint ventures ' , The B.E. Journal of Theoretical Economics , vol. 13 , no. 1 , pp. 1-19 . https://doi.org/10.1515/bejte-2012-0004
1935-1704
PURE: 20028748
PURE UUID: 02713616-35b9-47f9-a6e6-21abccffa314
Scopus: 84907695455
ORCID: /0000-0001-5542-7114/work/50743939
http://hdl.handle.net/10023/3497
https://doi.org/10.1515/bejte-2012-0004
The paper shows that, whenever the completion of a research project requires the overcoming of more than one research obstacle, then Research Joint Ventures enjoy an intrinsic advantage relative to independent firms. This advantage, which has hitherto escaped attention in the RJV literature, relates to the RJV’s ability to organize research more efficiently than independent firms. The fact that RJVs can be both more profitable and yield higher expected net welfare than independent firms is surprising because it is derived from a model in which RJVs do not optimize over R&D investment. The paper exploits a basic result in systems reliability theory to establish the organizational superiority of RJVs.
eng
(c) The author 2013. This is an open access article.
Research joint ventures
Spillovers
Organization of R&D
Multi-task research
Systems reliability theory
HB Economic Theory
SDG 9 - Industry, Innovation, and Infrastructure
Multi-task research and research joint ventures
Journal article
oai:research-repository.st-andrews.ac.uk:10023/6552019-03-29T15:49:14Zcom_10023_64com_10023_22col_10023_65
Lasselle, Laurence
Svizzero, Serge
Tisdell, Clem
2009-04-13T16:24:13Z
2009-04-13T16:24:13Z
2001
School of Economics and Finance discussion paper series ; 0111
http://ideas.repec.org/p/san/wpecon/0111.html
http://hdl.handle.net/10023/655
While Rational Expectations have dominated the paradigm of expectations formation,
they have been more recently challenged on the empirical ground such as, for
instance, in the dynamics of the exchange rate. This challenge has led to the
introduction of heterogeneous expectations in economic modeling. More specifically,
the forecasts of the market participants have been drawn from competing views. Two
behaviours are usually considered: agents are either fundamentalist or chartist.
Moreover, the possibility of switching from one behaviour to the other one is also
assumed.
In a simple cobweb model, we study the dynamics associated with different
endogenous switching process based on the path of prices. We provide an example
with an asymmetric endogenous switching process built on the dynamics of past
prices. This example confirms the widespread belief that fundamentalist market
behaviour as compared with that of chartist tends to promote market stability.
en
bounded rationality
chartists
chaos
fundamentalists
rational expectations
Heterogeneous beliefs and instability
Working or discussion paper
oai:research-repository.st-andrews.ac.uk:10023/122742023-04-18T10:16:24Zcom_10023_64com_10023_22com_10023_879com_10023_878col_10023_65col_10023_880
Polisson, Matthew
Renou, Ludovic
2017-12-07T00:32:04Z
2017-12-07T00:32:04Z
2016-08
Polisson , M & Renou , L 2016 , ' Afriat's Theorem and Samuelson's 'Eternal Darkness' ' , Journal of Mathematical Economics , vol. 65 , pp. 36-40 . https://doi.org/10.1016/j.jmateco.2016.05.003
0304-4068
PURE: 249052046
PURE UUID: 82539a3c-1d3d-4c7a-8a46-11aefc9148d5
Scopus: 84973167171
WOS: 000381245900004
http://hdl.handle.net/10023/12274
https://doi.org/10.1016/j.jmateco.2016.05.003
http://hdl.handle.net/2381/37746
Suppose that we have access to a finite set of expenditure data drawn from an individual consumer, i.e., how much of each good has been purchased and at what prices. Afriat (1967) was the first to establish necessary and sufficient conditions on such a data set for rationalizability by utility maximization. In this note, we provide a new and simple proof of Afriat’s Theorem, the explicit steps of which help to more deeply understand the driving force behind one of the more curious features of the result itself, namely that a concave rationalization is without loss of generality in a classical finite data setting. Our proof stresses the importance of the non-uniqueness of a utility representation along with the finiteness of the data set in ensuring the existence of a concave utility function that rationalizes the data.
eng
© 2016 Elsevier B.V. This work is made available online in accordance with the publisher’s policies. This is the author created, accepted version manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at https://doi.org/10.1016/j.jmateco.2016.05.003
Afriat’s Theorem
Concavity
Revealed preference
Utility maximization
HB Economic Theory
BDC
Afriat's Theorem and Samuelson's 'Eternal Darkness'
Journal article
oai:research-repository.st-andrews.ac.uk:10023/25992023-04-18T09:45:15Zcom_10023_64com_10023_22com_10023_879com_10023_878col_10023_65col_10023_880
Kim, Seong-Hoon
2012-05-10T00:13:50Z
2012-05-10T00:13:50Z
2012
Kim , S-H 2012 , ' Sequential action and beliefs under partially observable DSGE environments ' , Computational Economics , vol. 40 , no. 3 , pp. 219-244 . https://doi.org/10.1007/s10614-012-9323-1
0927-7099
PURE: 20509275
PURE UUID: 61679142-70b5-46bb-b8c8-53738eac9cdb
Scopus: 84866137574
http://hdl.handle.net/10023/2599
https://doi.org/10.1007/s10614-012-9323-1
http://www.springerlink.com/content/m1k22230460815p4/
This paper introduces a classification of DSGEs from a Markovian perspective, and positions the class of POMDP (Partially Observable Markov Decision Process) to the center of a generalization of linear rational expectations models. The analysis of the POMDP class builds on the previous development in dynamic controls for linear system, and derives a solution algorithm by formulating an equilibrium as a fixed point of an operator that maps what we observe into what we believe.
eng
© Springer Science+Business Media New York 2012. The original publication is available at http://www.springerlink.com
DSGE
Partially Observable Markov Decision Process
POMDP
Observation channel
Kalman filter
HB Economic Theory
Sequential action and beliefs under partially observable DSGE environments
Journal article
oai:research-repository.st-andrews.ac.uk:10023/6572019-03-29T15:49:33Zcom_10023_64com_10023_22col_10023_65
Cobham, David
Papadopoulos, Athanasios
Zis, George
2009-04-14T09:15:20Z
2009-04-14T09:15:20Z
2001
School of Economics and Finance discussion paper series ; 0114
0962-4031
http://ideas.repec.org/p/san/wpecon/0114.html
http://hdl.handle.net/10023/657
Data from a unique monetary ‘experiment’ conducted in the UK during the period
1994-97 are used to investigate the cost of political intervention in monetary policy.
The paper finds that the difference between government bond yields in Germany (but
not the US) and the UK was systematically related to an index of the credibility of
monetary policy constructed on the basis of the frequency of agreements/
disagreements between the Minister of Finance who took the decisions on interest
rates and the Bank of England, whose recommendations were published with a lag,
with disagreements causing an increase in the yield differential.
en
monetary policy
time-inconsistency
credibility
The cost of political intervention in monetary policy
Working or discussion paper
oai:research-repository.st-andrews.ac.uk:10023/6592019-03-29T15:49:33Zcom_10023_64com_10023_22col_10023_65
FitzRoy, Felix
Smith, Ian
2009-04-14T11:15:56Z
2009-04-14T11:15:56Z
2002
School of Economics and Finance discussion paper series ; 0204
0962-4031
http://ideas.repec.org/p/san/wpecon/0204.html
http://hdl.handle.net/10023/659
In his wide ranging attempt to review the literature on economic development and welfare in
relation to the environment, Lomborg claims balance and objectivity, but actually presents a
thoroughly misleading picture of environmental prospects and research, global economic
development, and the real determinants of human welfare. Statistician Lomborg blatantly
distorts the evidence by systematically selecting statistics to support his claims that global
welfare is generally improving and environmental policy is unnecessary, while denying
catastrophic risks such as prolonged drought in major food growing areas (though such
events cannot be ruled out by climate models). In spite of its numerous errors and biases,
"the Lomborg scam" (as leading biologist E.O.Wilson aptly calls it) has been welcomed by
gullible or like-minded journalists and politicians.
en
Lomborg
environmental optimism
Welfare, growth and environment: a sceptical review of the skeptical environmentalist (Bjørn Lomborg, Cambridge University Press, 2001)
Working or discussion paper
oai:research-repository.st-andrews.ac.uk:10023/79922016-04-15T15:52:43Zcom_10023_64com_10023_22com_10023_879com_10023_878col_10023_65col_10023_880
Gerasimou, Georgios
2016-01-08T15:40:06Z
2016-01-08T15:40:06Z
2015-12-09
Gerasimou , G 2015 ' A characterization of risk-neutral and ambiguity-averse behavior ' School of Economics & Finance Discussion Paper , no. 1511 , University of St Andrews , St Andrews , pp. 1-7 .
0962-4031
PURE: 236740333
PURE UUID: d53515ae-669f-41d0-9378-4a6e877e7605
https://ideas.repec.org/p/san/wpecon/1511.html
http://hdl.handle.net/10023/7992
This paper studies a decision maker who chooses monetary bets/investment portfolios under pure uncertainty. Necessary and sufficient conditions on his preferences over these objects are provided for his choice behavior to be guided by the maxmin expected value rule, and therefore to exhibit both "risk neutrality" and ambiguity aversion. This result is obtained as an extension of a simple re-characterization of de Finetti's theorem on maximization of subjective expected value.
eng
(c) The author 2015
Maxim expected value
ambiguity aversion
risk neutrality
multiple priors
de Finetti
HB Economic Theory
A characterization of risk-neutral and ambiguity-averse behavior
Working or discussion paper
oai:research-repository.st-andrews.ac.uk:10023/6542019-03-29T15:49:41Zcom_10023_64com_10023_22col_10023_65
Briec, Walter
Lasselle, Laurence
2009-04-13T16:05:30Z
2009-04-13T16:05:30Z
2001
School of Economics and Finance discussion paper series ; 0110
http://ideas.repec.org/p/san/wpecon/0110.html
http://hdl.handle.net/10023/654
The purpose of this paper is to give new insights of the method of Helleman (1980) in the
context of macrodynamics. This method explains how a difference equation can be
locally studied from the Feigenbaum equation in the case of a constant Jacobian matrix.
First we introduce this technique. Second we apply it in two models: the model of
Matsuyama (1999) and the model of Kaldor (1957). Finally we present an extension of
the technique in the case of non constant (linear) Jacobian matrix and apply this extension
in the model of Médio (1992).
en
Feigenbaum equation
two-dimensional map
renormalization procedure
Renormalization method and its economic applications
Working or discussion paper
oai:research-repository.st-andrews.ac.uk:10023/51022016-04-15T15:52:41Zcom_10023_64com_10023_22com_10023_879com_10023_878col_10023_65col_10023_880
Gerasimou, Georgios
2014-08-11T13:31:08Z
2014-08-11T13:31:08Z
2014-07-25
Gerasimou , G 2014 ' Dominance solvable games with multiple payoff criteria ' School of Economics & Finance Discussion Paper , no. 1406 , University of St Andrews , St. Andrews , pp. 1-8 .
0962-4031
PURE: 136148207
PURE UUID: 4f10e6ca-c580-4dca-8be2-05b472fe8f39
http://hdl.handle.net/10023/5102
http://ideas.repec.org/p/san/wpecon/1406.html
Two logically distinct and permissive extensions of iterative weak dominance are introduced for games with possibly vector-valued payoffs. The first, iterative partial dominance, builds on an easy-to-check condition but may lead to solutions that do not include any (generalized) Nash equilibria. However, the second and intuitively more demanding extension, iterative essential dominance, is shown to be an equilibrium refinement. The latter result includes Moulin's (1979) classic theorem as a special case when all players' payoffs are real-valued. Therefore, essential dominance solvability can be a useful solution concept for making sharper predictions in multicriteria games that feature a plethora of equilibria.
eng
(c) The author 2014
Dominance solvability
Multicriteria games
Partial dominance
Essential dominance
HB Economic Theory
Dominance solvable games with multiple payoff criteria
Working or discussion paper