Now showing items 1-20 of 39

    • ​Afriat's Theorem and Samuelson's 'Eternal Darkness' 

      Polisson, Matthew; Renou, Ludovic (2016-08) - Journal article
      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 ...
    • Altruism and global environmental taxes 

      Daube, Marc (2018-09-20) - Journal article
      A global externality like the GHG emissions leading to climate change are both due to free-riding at the individual level as well as the government level. A government aiming to maximise domestic social welfare may make ...
    • 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 ...
    • 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 ...
    • The Chinese Phillips curve – inflation dynamics in the presence of structural change 

      Egan, Paul Gerard; Leddin, Anthony J (2017-05-16) - Journal article
      This paper models inflation dynamics in China from 1987 to 2014 using a Phillips curve framework. The Phillips curve is generally estimated under the assumption of linearity and parameter constancy. The existence of ...
    • 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 (2017-05-26) - Journal article
      Interaction, the act of mutual influence, is an essential part of daily life and economic decisions. This paper presents an individual decision procedure for interacting individuals. According to our model, individuals ...
    • Dominance solvable games with multiple payoff criteria 

      Gerasimou, Georgios (University of St Andrews, 2014-07-25) - Working or discussion paper
      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 ...
    • Dynamic benchmark targeting 

      Schlag, Karl H.; Zapechelnyuk, Andriy (2017-05-01) - Journal article
      We study decision making in complex discrete-time dynamic environments where Bayesian optimization is intractable. A decision maker is equipped with a finite set of benchmark strategies. She aims to perform similarly to ...
    • Education, income and happiness : panel evidence for the UK 

      FitzRoy, Felix R.; Nolan, Michael A. (2018-11-14) - Journal article
      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 ...
    • Endogenous price flexibility and optimal monetary policy 

      Senay, Ozge; Sutherland, Alan (2014) - Journal article
      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 ...
    • Examining monetary policy reaction in the People’s Republic of China – a Markov switching policy index approach 

      Egan, Paul Gerard; Leddin, Anthony J. (2016-05-13) - Journal article
      This paper estimates a monetary policy rule for the People’s Republic of China (PRC) using a standard OLS estimation and a Markov switching model. As the People’s Bank of China (PBOC) generally uses a battery of instruments ...
    • Examining monetary policy transmission in the People's Republic of China – structural change models with a Monetary Policy Index 

      Egan, Paul Gerard; Leddin, Anthony J. (2016-03) - Journal article
      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 ...
    • Fiscal policy multipliers in an RBC model with learning 

      Mitra, Kaushik; Evans, George W.; Honkapohja, Seppo (2019-01) - Journal article
      Using the standard real business cycle model with lump-sum taxes, we analyze the impact of fiscal policy when agents form expectations using adaptive learning rather than rational expectations (RE). The output multipliers ...
    • Free trade versus autarky under asymmetric Cournot oligopoly 

      Amir, Rabah; Jin, Jim Y.; Tröge, Michael (2017-02) - Journal article
      The paper compares free trade with autarky in an asymmetric multi-country world under Cournot competition with constant returns to scale and linear demand. We derive respective conditions under which free trade will hurt ...
    • Heterogeneous beliefs and instability 

      Lasselle, Laurence; Svizzero, Serge; Tisdell, Clem (School of Economics and Finance, University of St Andrews., 2001) - Working or discussion paper
      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 ...
    • Higher tax for top earners 

      FitzRoy, Felix; Jin, Jim (University of St Andrews, 2017-02) - Working or discussion paper
      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 ...
    • Information disclosure and asymmetric speed of learning in booms and busts 

      Palazzo, Francesco; Zhang, Min (2017-09) - Journal article
      We consider a model in which agents gradually learn about the aggregate market conditions — ‘boom’ or ‘bust’ — from the information disclosed after a trading round. The disclosure rules can generate asymmetric learning and ...
    • The ‘inventor balance’ and the functional specialization in global inventive activities 

      Picci, Lucio; Savorelli, Luca (2018-01) - Journal article
      Inventors and organizational assets are inputs of inventive activities which are often provided at a global scale, where countries might specialize in the provision of one or the other type of inputs. We introduce a new ...
    • Local currency pricing, foreign monetary shocks and exchange rate policy 

      Senay, Ozge; Sutherland, Alan (2015-09-01) - Journal article
      The implications of local currency pricing (LCP) for monetary regime choice are analysed for a country facing foreign monetary shocks. In this analysis expenditure switching is potentially welfare reducing. This contrasts ...