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作者：Sohngen, B; Mendelsohn, R
作者单位：University System of Ohio; Ohio State University; Yale University
摘要：This paper establishes a methodology for valuing the impact of large-scale ecological changes in a market. Given the large capital stocks inherent in most ecological systems, the dynamic nature of most ecological change, and the dynamic response of markets, it is critical to build dynamic models to capture the resulting effects. This paper demonstrates how to construct such a model using the impacts of climate change on U.S. timber markets as an example. Across a wide range of scenarios and mo...
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作者：Erev, I; Roth, AE
作者单位：Technion Israel Institute of Technology; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Harvard University; Harvard University
摘要：We examine learning in all experiments we could locate involving 100 periods or more of games with a unique equilibrium in mixed strategies, and in a new experiment. We study both the ex post (best fit) descriptive power of learning models, and their ex ante predictive power, by simulating each experiment using parameters estimated from the other experiments. Even a one-parameter reinforcement learning model robustly outperforms the equilibrium predictions. Predictive power is improved by addi...
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作者：Chiu, YS
作者单位：Chinese University of Hong Kong
摘要：This paper reexamines the effect of asset ownership on investment decisions for a joint relationship in the absence of contracts on investment levels. It obtains some results which contradict findings by Grossman, Hart, and Moore. In particular, it finds that the loss of ownership of an asset may increase the asset loser's investment incentive. The difference between this paper and those authors' papers stems from the different interpretations of the roles of the threat point and outside optio...
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作者：Imrohoroglu, A; Imrohoroglu, S; Joines, DH
作者单位：University of Southern California
摘要：In this paper we develop an applied general equilibrium model to examine the effects of tax-favored retirement accounts on the capital stock. The results from our benchmark model indicate that a modest IRA contribution limit similar to that in effect during the early 1980's raises the steady-state capital stock by 6.18 percent; approximately 9 percent of IRA contributions constitutes incremental saving. Our results lend support to recent suggestions that retirement accounts with favorable tax ...
