A micro-founded comparison of fiscal policies: indirect and direct job creation
, 2023 This paper provides a micro-economic foundation for an argument that direct employment by a government is more desirable than government purchase of private goods to eliminate unemployment.
Ohtake, Kensuke
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Measuring Value Added in Gross Trade: Endogenous Approach of Vertical Differentiation
, 2023 From the beginning of the 1980s, the first theoretical analysis of intra-industry trade showed that the determinants and consequences of this type of trade are different, depending on whether the traded products differ in quality.
Dutta, Sourish
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The Value of Information and Circular Settings
, 2023 We present a universal concept for the Value of Information (VoI), based on the works of Claude Shannon's and Ruslan Stratonovich that can take into account very general preferences of the agents and results in a single number.
Behringer, Stefan, Belavkin, Roman V.
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A note on the logical inconsistency of the Hotelling Rule: A Revisit from the System's Analysis Perspective [PDF]
, 2023 The "Hotelling rule" (HR) called to be "the fundamental principle of the economics of exhaustible resources" has a logical deficiency which was never paid a sufficient attention to.
Khabarov, N. +2 more
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Rethinking the Theoretical Foundation of Economics II: Core Themes of the Multilevel Paradigm
EconomicsThis article introduces the core themes of the multilevel economic paradigm. This paradigm extends Darwin’s evolutionary framework of thought (concerned with living things) to economics, in contrast to the neoclassical paradigm, which is modeled after ...
Dennis J. Snower, David Sloan Wilson
semanticscholar +1 more source
Ultimatum game: regret or fairness?
, 2023 In the ultimatum game, the challenge is to explain why responders reject non-zero offers thereby defying classical rationality. Fairness and related notions have been the main explanations so far.
Aleksanyan, Lida H. +2 more
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Quantifying the rise and fall of scientific fields
, 2021 Science advances by pushing the boundaries of the adjacent possible. While the global scientific enterprise grows at an exponential pace, at the mesoscopic level the exploration and exploitation of research ideas is reflected through the rise and fall of
Barme, Emma +4 more
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Decision-making under risk: when is utility maximization equivalent to risk minimization?
, 2023 Motivated by the analysis of a general optimal portfolio selection problem, which encompasses as special cases an optimal consumption and an optimal debt-arrangement problem, we are concerned with the questions of how a personality trait like risk ...
Dubey, Ram Sewak +2 more
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Behavioural Macroeconomic Policy: New perspectives on time inconsistency [PDF]
This paper brings together divergent approaches to time inconsistency from macroeconomic policy and behavioural economics. Behavioural discount functions from behavioural microeconomics are embedded into a game-theoretic analysis of temptation versus ...
Baddeley, M
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Communication in the Infinitely Repeated Prisoner's Dilemma: Theory and Experiments
, 2023 So far, the theory of equilibrium selection in the infinitely repeated prisoner's dilemma is insensitive to communication possibilities. To address this issue, we incorporate the assumption that communication reduces -- but does not entirely eliminate --
Andres, Maximilian
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