Now showing items 1-20 of 77

    • ​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 ...
    • Aid and growth in Malawi 

      Khomba, Daniel Chris; Trew, Alex (University of St Andrews, 2019-02-01) - Working or discussion paper
      We study the local impact of foreign aid to constituencies and districts in Malawi over the period 1999--2013 using a highly detailed new aid database that includes annual disbursements at each project location. First, we ...
    • 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 ...
    • 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 ...
    • 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, 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 ...
    • Capital deaccumulation and the large persistent effects of financial crises 

      Knowles, Matthew Paul (2015-01-17) - Working or discussion paper
      In a panel of OECD and emerging economies, I find that banking crises are characterized by larger initial drops in investment than other large recessions and are followed by particularly persistent drops in output. ...
    • 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 ...
    • 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. ...
    • Dirty little secrets : inferring fossil-fuel subsidies from patterns in emission intensities 

      Stefanski, Radoslaw (University of St Andrews, 2017-03-06) - Working or discussion paper
      I develop a unique database of international fossil-fuel subsidies by examining country specific patterns in carbon emission-to-GDP ratios, known as emission-intensities. For most - but not all - countries, intensities ...
    • 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 ...
    • Entrepreneurship, agency frictions and redistributive capital taxation 

      Knowles, Matthew Paul; Boar, Corina (2017-08-27) - Working or discussion paper
      Motivated by the observation that among OECD countries redistribution is negatively correlated with entrepreneurial activity, we examine the implications of entrepreneurial financial frictions for optimal linear capital ...
    • 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 ...