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Testing Myopia in Economic Models
This paper suggests a simple test of whether agents are forward-looking or myopic that
can be implemented on the type of backward-looking econometric models that are usually
estimated.. We argue that myopic behaviour implies a simple parametric restriction that will not hold if agents are forward-looking. We illustrate our tests by examining price adjustment in the
UK using aggregate quarterly data from 1963-1997. Our evidence strongly suggests that pricesetting
is forward-looking and not myopic
Economic models of employee motivation
Workers, being human beings, present employers with a range of tricky problems. Humans, unlike filing cabinets, can be crooked, subversive, surly, or indolent, even if they are paid on time. In this article we explore economists' main models of how compensation is used to address employee motivation and how these models help to explain puzzling features of the labor market.Wages ; Management ; Labor market
Admissible target paths in economic models
Social Psychology;econometrics
Economic models of consumer protection policies
This paper summarizes some of my recent work on consumer protection. I present three theoretical models which illustrate the merits and drawbacks of a number of common consumer protection policies, namely: policies which prevent firms from setting unduly high prices; policies which prevent firms requiring on-the-spot decision making by prospective customers, and policies which prevent suppliers from paying commission payments to sales intermediaries.Consumer protection, consumer search, marketing, commission sales
Towards Economic Models for MOOC Pricing Strategy Design
MOOCs have brought unprecedented opportunities of making high-quality courses
accessible to everybody. However, from the business point of view, MOOCs are
often challenged for lacking of sustainable business models, and academic
research for marketing strategies of MOOCs is also a blind spot currently. In
this work, we try to formulate the business models and pricing strategies in a
structured and scientific way. Based on both theoretical research and real
marketing data analysis from a MOOC platform, we present the insights of the
pricing strategies for existing MOOC markets. We focus on the pricing
strategies for verified certificates in the B2C markets, and also give ideas of
modeling the course sub-licensing services in B2B markets
Terminal conditions in forward-looking economic models
In this paper we show how the popular L-B-J algorithm for solving forward-looking economic models using Newton methods can be gen- eralised to allow for a block of terminal equations for variables that appear with a lead. The eĀ¤ect of choosing diĀ¤erent types of termi- nal condition is explored in a simple stochastic growth model using WinSolve, a general nonlinear model solution package.
On the policy function in continuos time economic models
In this paper, I consider a general class of continuous-time economic models with unbounded horizon. I study the sets of conditions under which the policy function is continuous, Lipschitz continuous, and Cl differentiable. 1 also single out certain postulates which may prevent higher-order differentiability. The analysis provides, therefore, a fmn foundation to the use of dynamic programming methods in continuous time models with unbounded horizo
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