Now showing items 64-83 of 83 starting with S

    • Satisficing choice procedures 

      Papi, Mauro (2012-09) - Journal article
      Standard choice theory assumes that the budget set is known to the decision-maker in advance. In contrast, we develop a model in which alternatives are examined sequentially and decision-makers exhibit `satisficing' ...
    • Sequential action and beliefs under partially observable DSGE environments 

      Kim, Seong-Hoon (2012) - Journal article
      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 ...
    • Size invariant measures of association : characterization and difficulties 

      Negri, Margherita; Sprumont, Yves (2015-05) - Journal article
      A measure of association on cross-classification tables is row-size invariant if it is unaffected by the multiplication of all entries in a row by the same positive number. It is class-size invariant if it is unaffected ...
    • Social groups and credit shocks : evidence of inequalities in consumption smoothing 

      Saxena, Vibhor; Bindal, Ishaan; LeMay-Boucher, Philippe (University of St Andrews, 2019-01-31) - Working or discussion paper
      A strand of research holds the view that restricting access to credit to regulate over-borrowing can worsen consumers’ financial condition. Another strand of research holds the view that access to credit in the developing ...
    • Solving asset pricing models with stochastic volatility 

      de Groot, Oliver (2015-03) - Journal article
      This paper provides a closed-form solution for the price-dividend ratio in a standard asset pricing model with stochastic volatility. The growth rate of the endowment is a first-order Gaussian autoregression, while the ...
    • Spatial takeoff in the first industrial revolution 

      Trew, Alex William (University of St Andrews, 2014-01) - Working or discussion paper
      Using the framework of Desmet and Rossi-Hansberg (forthcoming), we present a model of spatial takeoff that is calibrated using spatially-disaggregated occupational data for England in c.1710. The model predicts changes in ...
    • Stabilization and commitment : forward guidance in economies with rational expectations 

      Hughes Hallett, Andrew; Acocella, Nicola (2018-01) - Journal article
      We construct a theory of forward guidance in economic policy making in order to provide a framework for explaining the role and strategic advantages of including forward guidance as an explicit part of policy design. We ...
    • State dependent choice 

      Manzini, Paola; Mariotti, Marco (2015-09) - Journal article
      We propose a theory of choices that are influenced by the psychological state of the agent. The central hypothesis is that the psychological state controls the urgency of the attributes sought by the decision maker in the ...
    • Subjective well-being, peer comparisons and optimal income taxation 

      Ulph, David; Slack, Sean Edward (University of St Andrews, 2016-11-23) - Working or discussion paper
      Empirical evidence suggests that an important determinant of subjective well-being is how an individual’s consumption compares with that of their immediate peers. We introduce peer comparisons into the standard optimal tax ...
    • Taxation, unemployment and working time in models of economic growth 

      FitzRoy, Felix; Funke, Michael; Nolan, Michael A. (School of Economics and Finance, University of St Andrews., 2001-08) - Working or discussion paper
      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 ...
    • A time varying DSGE model with financial frictions 

      Galvão, Ana Beatriz; Giraitis, Liudas; Kapetanios, George; Petrova, Katerina (2016-09-02) - Journal article
      We build a time varying DSGE model with financial frictions in order to evaluate changes in the responses of the macroeconomy to financial friction shocks. Using U.S. data, we find that the transmission of the financial ...
    • The timing of asset trade and optimal policy in dynamic open economies 

      Senay, Ozge; Sutherland, Alan (2013-12) - Journal article
      Using a standard open economy DSGE model, it is shown that the timing of asset trade relative to policy decisions has a potentially important impact on the welfare evaluation of monetary policy at the individual country ...
    • Transaction costs and institutions : investments in exchange 

      Nolan, Charles; Trew, Alex William (2015) - Journal article
      This paper proposes a simple model for understanding transaction costs – their composition, size and policy implications. We distinguish between investments in institutions that facilitate exchange and the cost of conducting ...
    • Uncertainty shocks in a model of effective demand : comment 

      de Groot, Oliver; Richter, Alexander W.; Throckmorton, Nathaniel A. (2018-08-02) - Journal article
      Basu and Bundick, 2017 showed an intertemporal preference volatility shock has meaningful effects on real activity in a New Keynesian model with Epstein and Zin, 1991 preferences. We show that when the distributional weights ...
    • Universities and fundamental research: reflections on the growth of university-industry partnership 

      Poyago-Theotoky, Joanna; Beath, John; Siegel, Donald S. (School of Economics and Finance, University of St Andrews, 2002) - Working or discussion paper
      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 ...
    • University funding : impact on teaching and research 

      Beath, John A; Poyago-Theotoky, Joanna; Ulph, David Tregear (2012-01-12) - Journal article
      We address the following question: how does a higher education funding system influence the trade-off that universities make between research and teaching? We do so by constructing a model that allows universities to choose ...
    • Validity of willingness to pay measures under preference uncertainty 

      Braun, Carola; Rehdanz, Katrin; Schmidt, Ulrich (2016-04-20) - Journal article
      Recent studies in the marketing literature developed a new method for eliciting willingness to pay (WTP) with an open-ended elicitation format: the Range-WTP method. In contrast to the traditional approach of eliciting WTP ...
    • Welfare economics and bounded rationality : The case for model-based approaches 

      Manzini, Paola; Mariotti, Marco (2014-12) - Journal article
      In this paper we examine the problems facing a policy maker who observes inconsistent choices made by agents who are boundedly rational. We contrast a model-less and a model-based approach to welfare economics. We make the ...
    • Welfare, growth and environment: a sceptical review of the skeptical environmentalist (Bjørn Lomborg, Cambridge University Press, 2001) 

      FitzRoy, Felix; Smith, Ian (School of Economics and Finance, University of St Andrews, 2002) - Working or discussion paper
      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 ...
    • What's in a wedge? Misallocation and taxation in the oil industry 

      Stefanski, Radek; Toews, Gerhard (University of St Andrews, 2018-10-01) - Working or discussion paper
      Resource misallocation explains a large part of cross-country productivity differences. Measuring differences in marginal revenue products of labor and capital across countries and firms allows for a quantification of the ...