Title:Responsive Pricing
Author(s):COURTY, Pascal; PAGLIERO, MarioDate:2008Type of Publication:ArticleAbstract:Abstract We study the efficiency property of responsive pricing, a scheme that proposes to increase prices as a function of the level of capacity utilization in environments where traditional allocation schemes (e.g. ...
Title:Risk Aversion, Wealth, and Background Risk
Author(s):GUISO, Luigi; PAIELLA, MonicaDate:2008Type of Publication:ArticleAbstract:We use household survey data to construct a direct measure of absolute risk aversion based on the maximum price a consumer is willing to pay for a risky security. We relate this measure to consumer's endowments and attributes ...
Title:Risk Preference and Indirect Utility in Portfolio-Choice Problems
Author(s):ROY, Santanu; WAGENVOORT, Rien J.L.M.Date:1996Type of Publication:ArticleAbstract:We consider a portfolio-choice problem with one risky and one safe asset, where the utility function exhibits decreasing absolute risk aversion (DARA). We show that the indirect utility function of the portfolio-choice ...
Title:A Robust Algorithm for Parameter Estimation in Smooth Transition Autoregressive Models
Author(s):BEKIROS, Stelios D.Date:2009Type of Publication:ArticleAbstract:Finding a precise estimate for the smoothness parameter of LSTAR models is notoriously difficult. This paper introduces a robust estimation method for the transition and autoregressive parameters of STAR models, comprising ...
Title:Rolling Back the Public Sector: Differential Effects on Employment, Investment, and Growth
Author(s):VAN DER PLOEG, FrederickDate:2006Type of Publication:ArticleAbstract:The macroeconomic effects of different ways of rolling back the welfare state are analysed. Cutting public spending on market goods induces a lower interest rate, a higher wage, a lower capital stock, and a fall in employment. ...
Title:Sectoral Survey-based Confidence Indicators for Europe
Author(s):CARRIERO, Andrea; MARCELLINO, MassimilianoDate:2011Type of Publication:ArticleAbstract:We analyse a novel dataset of Business and Consumer Surveys, using dynamic factor techniques, to produce composite coincident indices (CCIs) at the sectoral level for the European countries and for Europe. Surveys are ...
Title:Security: New Threats and New Strategies
Author(s):KRATOCHWIL, Friedrich; PETROVSKY, Vladimir; LANC, ErwinDate:2003Type of Publication:ArticleAbstract:Among many goals which governments and individuals always pursue, the broadest and most common is security. It is the basic context in which most other values are enjoyed, in the expectation that they will last for a long ...
Title:Should the UK join EMU?
Author(s):ARTIS, Michael J.Date:2000Type of Publication:Article
Title:Sign Prediction and Volatility Dynamics with Hybrid Neurofuzzy Approaches
Author(s):BEKIROS, Stelios D.Date:2011Type of Publication:ArticleAbstract:Reliable forecasting techniques for financial applications are important for investors either to make profit by trading or hedge against potential market risks. In this paper the efficiency of a trading strategy based on ...
Title:Similarities and Differences When Building Trust: The Role of Cultures
Author(s):BORNHORST, Fabian; ICHINO, Andrea; KIRCHKAMP, Oliver; SCHLAG, Karl H.; WINTER, EyalDate:2010Type of Publication:ArticleAbstract:We run an experiment in which students of different European nationalities are matched in groups of five and repeatedly choose with whom within their group they want to play a trust game. Participants observe of each other ...
Title:Skills, Search and the Persistence of High Unemployment
Author(s):ORTIGUEIRA, SalvadorDate:2006Type of Publication:ArticleAbstract:The persistence of high-unemployment rates in Europe has fueled theories advocating the existence of multiple natural rates of unemployment. Labor-market institutions and increasing returns to scale have been singled out ...