Browsing Department of Economics (ECO) by Subject "D83"

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Browsing Department of Economics (ECO) by Subject "D83"

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    Title: Asymmetric Awareness and Moral Hazzard  Author(s): AUSTER, Sarah Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: This paper introduces asymmetric awareness into the classical principal-agent model and discusses the optimal contract between a fully aware principal and an unaware agent. The principal enlarges the agent’s awareness ...
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    Title: Social Networks and the Process of “Globalization”  Author(s): DUERNECKER, Georg; VEGA-REDONDO, Fernando Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We propose a stylised dynamic model to understand the role of social networks in the phenomenon we call “globalization.” This term refers to the process by which even agents who are geographically far apart come to interact, ...
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    Title: Sunspots and Multiplicity  Author(s): HOELLE, Matthew Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: This paper proves that a multiplicity of certainty equilibria is not necessary for the existence of sunspot effects in two-period general equilibrium models with incomplete markets. Sunspot effects are present, by definition, ...
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    Title: The Role of Intuition and Reasoning in Driving Aversion to Risk and Ambiguity  Author(s): BUTLER, Jeffrey V.; GUISO, Luigi; JAPPELLI, Tullio Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Using information on a large sample of retail investors and experimental data we find that risk aversion and risk ambiguity are correlated: individuals who dislike risk also dislike ambiguity. We show that what links these ...
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    Title: Markets for Information: Of Inefficient Firewalls and Efficient Monopolies  Author(s): CABRALES, Antonio; GOTTARDI, Piero Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: In this paper we study, within a formal model, market environments where information is costly to acquire and is of use also to potential competitors. Agents may then sell, or buy, reports over the information acquired and ...
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    Title: Network Organizations  Author(s): VEGA-REDONDO, Fernando Date: 2008 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: It is common to define a network organization as one that is fast and flexible in adapting to changes in the underlying environment. But besides the short-run advantages of adaptability, fast changes in the structure of ...
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    Title: Networks Emerging in a Volatile World  Author(s): EHRHARDT, Gorge; MARSILI, Matteo; VEGA-REDONDO, Fernando Date: 2008 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: The paper proposes a model to study the conditions under which complex networks emerge (or not) when agents are involved in a dynamic coordination setup. The focus, however, is not on the classical issue of equilibrium ...
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    Title: Distribution-Free Learning  Author(s): SCHLAG, Karl H. Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We select among rules for learning which of two actions in a stationary decision problem achieves a higher expected payoffs when payoffs realized by both actions are known in previous instances. Only a bounded set containing ...
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    Title: The Signalling Power of Sanctions in Collective Action Problems  Author(s): VAN DER WEELE, Joel Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We present a model of collective action in a heterogenous population of egoists and conditional cooperators. Each player is uncertain about the cooperative inclinations of the other player. A government or principal who ...
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    Title: Learning Strict Nash Equilibria through Reinforcement  Author(s): IANNI, Antonella Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Abstract: This paper studies the analytical properties of the reinforcement learning model proposed in Erev and Roth (1998), also termed cumulative reinforcement learning in Laslier et al. (2001). The stochastic model of ...