Now showing items 1-20 of 133

  • Age, life-satisfaction and relative income : insights from the UK and Germany 

    FitzRoy, Felix R; Nolan, Michael; Steinhardt, Max F. (University of St Andrews, 2011-10) - Working or discussion paper
    We first confirm previous results with the German Socio-Economic Panel by Layard et al. (2010), and obtain strong negative effects of comparison income. However, when we split the sample by age, we find quite different ...
  • Aid and growth in Malawi 

    Khomba, Daniel Chris; Trew, Alex (University of St Andrews, 2016-11-04) - Working or discussion paper
    We study the impact on the growth of foreign aid flows to districts in Malawi over the period 2000–13. To isolate a causal impact on growth, we employ two exogenous determinants of within-country aid disbursement: First, ...
  • Anticipation, learning and welfare : the case of distortionary taxation 

    Gasteiger, Emanuel; Zhang, Shoujian (University of St Andrews, 2013-08-26) - Working or discussion paper
    We study the impact of anticipated fiscal policy changes in a Ramsey economy where agents form long-horizon expectations using adaptive learning. We ex- tend the existing framework by introducing distortionary taxes as ...
  • Antitrust penalties and the implications of empirical evidence on cartel overcharges 

    Katsoulacos, Yannis; Ulph, David Tregear (2013-11) - Journal article
    In this paper we provide a number of extensions to the theory of antitrust fines and we use these, with existing and new datasets, to contribute to a better understanding of the current fining policies of Competition ...
  • Asymmetric dominance, deferral and status quo bias in a behavioral model of choice 

    Gerasimou, Georgios (2016-02) - Journal article
    This paper proposes and axiomatically characterizes a model of choice that builds on the criterion of partial dominance and allows for two types of avoidant behavior: *choice deferral* and *status quo bias*. These phenomena ...
  • Banking and industrialization 

    Trew, Alex William; Heblich, Stephan (University of St Andrews, 2015-09-07) - Working or discussion paper
    We exploit employment data from 10,528 parishes across nineteenth century England and Wales and find that a one standard deviation increase in finance employment increases the annualized growth rate of secondary labour by ...
  • A basic income can raise employment and welfare for a majority 

    FitzRoy, Felix R; Jin, Jim Yongtao (University of St Andrews, 2015-06) - Working or discussion paper
    With growing interest in a universal basic income (BI), we provide new results for a majority to benefit from replacing (some) unemployment benefits with BI. Given any income distribution and an extensive margin, such a ...
  • A behavioural model of choice in the presence of decision conflict 

    Gerasimou, Georgios (University of St Andrews, 2013-05) - Working or discussion paper
    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 ...
  • Beliefs and actions in the trust game : Creating instrumental variables to estimate the causal effect 

    Costa-Gomes, Miguel; Huck, Steffen; Weizsacker, Georg (Wissenschaftszentrum Berlin für Sozialforschung gGmbH, 2012-08-01) - Working or discussion paper
    In many economic contexts, an elusive variable of interest is the agent’s belief about relevant events, e.g. about other agents’ behavior. A growing number of surveys and experiments ask participants to state beliefs ...
  • Beliefs and actions in the trust game : creating instrumental variables to estimate the causal effect 

    Costa-Gomes, Miguel; Huck, Steffan; Weizsaecker, Georg (2014-11) - Journal article
    In many economic contexts, an elusive variable of interest is the agent's belief about relevant events, e.g. about other agents' behavior. A growing number of surveys and experiments ask participants to state beliefs ...
  • Boom goes the price : giant resource discoveries and real exchange rate appreciation 

    Harding, Torfinn; Stefanski, Radoslaw (Radek); Toews, Gerhard (University of St Andrews, 2016-05-21) - Working or discussion paper
    We estimate the effect of giant oil and gas discoveries on bilateral real exchange rates. The size and plausibly exogenous timing of such discoveries make them ideal for identifying the effects of an anticipated resource ...
  • A case of framing effects : the elicitation of time preferences 

    Manzini, Paola; Mariotti, Marco (University of St Andrews, 2014-07-21) - Working or discussion paper
    We compare three methods for the elicitation of time preferences in an experimental setting: the Becker-DeGroot-Marschak procedure (BDM); the second price auction; and the multiple price list format. The first two methods ...
  • A characterization of risk-neutral and ambiguity-averse behavior 

    Gerasimou, Georgios (University of St Andrews, 2015-12-09) - Working or discussion paper
    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 ...
  • Choice by lexicographic semiorders 

    Manzini, Paola; Mariotti, Marco (2012-01) - Journal article
    In Tversky’s (1969) model of a lexicographic semiorder, a preference is generated via the sequential application of numerical criteria by declaring an alternative x better than an alternative y if the first criterion that ...
  • Choice, deferral and consistency 

    Costa-Gomes, Miguel; Cueva, Carlos; Gerasimou, Georgios (University of St Andrews, 2014-12-26) - Working or discussion paper
    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 ...
  • Choosing on influence 

    Cuhadaroglu, Tugce (University of St Andrews, 2015-04-07) - Working or discussion paper
    Interaction, the act of mutual influence between two or more individuals, is an essential part of daily life and economic decisions. Yet, micro-foundations of interaction are unexplored. This paper presents a fi rst attempt ...
  • A comment on "Can relaxation of beliefs rationalize the winner's curse? An experimental study" 

    Costa-Gomes, M.A.; Shimoji, M. (2015) - Journal article
    Ivanov, Levin, and Niederle (2010) use a common-value second-price auction experiment to reject beliefs-based explanations for the winner's curse. ILN's conclusion, however, stems from the misuse of theoretical arguments. ...
  • Comparative statics of asset prices : the effects of other assets' risk 

    Diasakos, Theodoros (University of St Andrews, 2013-08) - Working or discussion paper
    Currently, financial economics is unable to predict changes in asset prices with respect to changes in the underlying risk factors, even when an asset's dividend is independent of a given factor. This paper takes steps ...
  • Compensatory and noncompensatory decision strategies in a monopolistic screening model 

    Papi, Mauro (2011-11-23) - Working or discussion paper
    A monopolist supplies a multi-attribute good and does not know whether the consumer makes or avoids tradeoffs between attributes. We illustrate a form of exploitation to which the tradeoff-avoiding consumer is vulnerable ...