9,589 research outputs found
Every hierarchy of beliefs is a type
When modeling game situations of incomplete information one usually considers
the players' hierarchies of beliefs, a source of all sorts of complications.
Hars\'anyi (1967-68)'s idea henceforth referred to as the "Hars\'anyi program"
is that hierarchies of beliefs can be replaced by "types". The types constitute
the "type space". In the purely measurable framework Heifetz and Samet (1998)
formalize the concept of type spaces and prove the existence and the uniqueness
of a universal type space. Meier (2001) shows that the purely measurable
universal type space is complete, i.e., it is a consistent object. With the aim
of adding the finishing touch to these results, we will prove in this paper
that in the purely measurable framework every hierarchy of beliefs can be
represented by a unique element of the complete universal type space.Comment: 19 page
Out of credit: Evaluating the impact of the EU structural funds on Hungarian small business growth and access to finance
Totaling EUR 29 billion, Hungary is in the midst of implementing its largest economic development program in its young democratic history. At the center
of the European Union led development program is an effort to revitalize and
reequip Hungaryâs languishing small and medium sized enterprises (SME), long the country's heart of employment. This paper examines the efficiency
and impact of two Structural Fund's instruments to enhance SME development
â ECOP 2.1.1 and JEREMIE. A survey of 1275 SME and interviews with dozens of top policy-makers paint a flawed development program in dire need of reform. Despite this, empirical analysis suggests JEREMIE funds may have dampened the effects of the financial crisis and are crucial for the continued
liquidity of SME, who have been particularly hit hard by the world financial crisis
Cooperation in an HMMS-type supply chain: A management application of cooperative game theory = KooperĂĄciĂł egy HMMS-tĂpusĂș ellĂĄtĂĄsi lĂĄncban: A kooperatĂv jĂĄtĂ©kelmĂ©let egy menedzsment alkalmazĂĄsa
We apply cooperative game theory concepts to analyze a Holt-Modigliani-Muth-Simon (HMMS) supply chain. The bullwhip effect in a two-stage supply chain (supplier-manufacturer) in the framework of the HMMS-model with quadratic cost functions is considered. It is assumed that both firms minimize their relevant costs, and two cases are examined: the supplier and the manufacturer minimize their relevant costs in a decentralized and in a centralized (cooperative) way. The question of how to share the savings of the decreased bullwhip effect in the centralized (cooperative) model is answered by the weighted Shapley value, by a transferable utility cooperative game theory tool, where the weights are for the exogenously given âbargaining powersâ of the participants of the supply chain. = A cikkben a kooperatĂv jĂĄtĂ©kelmĂ©let fogalmait alkalmazzuk egy Holt-Mogigliani-Muth-Simon-tĂpusĂș ellĂĄtĂĄsi lĂĄnc esetĂ©ben. Az ostorcsapĂĄs-hatĂĄs elemeit egy beszĂĄllĂtĂł-termelĆ ellĂĄtĂĄsi lĂĄncban ragadjuk meg egy kvadratikus kĂ©szletezĂ©si Ă©s termelĂ©si költsĂ©g mellett. FeltĂ©telezzĂŒk, hogy mindkĂ©t vĂĄllalat minimalizĂĄlja a relevĂĄns költsĂ©geit. KĂ©t mƱködĂ©si rendszert hasonlĂtunk össze: egy hierarchikus döntĂ©shozatali rendszert, amikor elĆször a termelĆ, majd a beszĂĄllĂtĂł optimalizĂĄlja helyzetĂ©t, majd egy centralizĂĄlt (kooperatĂv) modellt, amikor a vĂĄllalatok az egyĂŒttes költsĂ©gĂŒket minimalizĂĄljĂĄk. A kĂ©rdĂ©s Ășgy merĂŒl fel, hogy a csökkentett ostorcsapĂĄs-hatĂĄs esetĂ©n hogyan osszĂĄk meg a rĂ©szvevĆk ebben a transzferĂĄlhatĂł hasznossĂĄgĂș kooperatĂv jĂĄtĂ©kban a költsĂ©g megtakarĂtĂĄst, exogĂ©n mĂłdon adott tĂĄrgyalĂĄsi pozĂciĂł mellett
The analysis of bullwhip effect in a HMMS-type supply chain
The aim of the paper is to investigate the well-known bullwhip effect of supply chains. Control theoretic analysis of bullwhip effect is extensively analyzed in the literature with Laplace transform. This paper tries to examine the effect for an extended Holt-Modigliani-Muth-Simon model. A two-stage supply chain (supplier-manufacturer) is studied with quadratic costs functional. It is assumed that both firms minimize the relevant costs. The order of the manufacturer is delayed with a known constant. Two cases are examined: supplier and manufacturer minimize the relevant costs decentralized, and a centralized decision rule. The question is answered, how to decrease the bullwhip effect
Efficiency of Effectiveness? The Hungarian Practice of Using the EU Funds
Efficiency or effectiveness? It not just the matter of definition. Experts and researchers have to make a difference between the qualitative and quantitative approach. The efficiency of EU subsidies means the ratio of the committed and disposable amount of EU subsidies can be measured, which was used and paid out within the given timeframe and along the legal regulations. The effectiveness of EU subsidies needs a much more complicated and complex approach than efficiency. The effectiveness of usage on a project level can be measured by the âadded valueâ of the project; and on the programme level by the added GDP growth or employment rate. The following research essentially analyses the project level or micro-effectiveness, however, it discusses the results of some macro-analyses as well (qualitative approach)
On the completeness of the universal knowledge-belief space
Meier (2008) shows that the universal knowledge-belief space exists. However, besides the universality there is an other important property might be imposed on knowledge-belief spaces, inherited also from type spaces, the completeness. In this paper we introduce the notion of complete knowledge-belief space, and demonstrate that the universal knowledge-belief space is not complete, that is, some subjective beliefs (probability measures) on the universal knowledge-belief space are not knowledge-belief types
Climate change in game theory
The study provides an overview of the application possibilities of game theory to
climate change. The characteristics of games are adapted to the topics of climate and carbon. The importance of uncertainty, probability, marginal value of adaptation, common pool resources, etc. are tailored to the context of international relations and the challenge of global warming
The moral economic man
Economic behavior is multifaceted and context-dependent. However, the so-called Homo Oeconomicus model states that agents are perfectly rational, self-interest-maximizing beings. This model can be criticized on both empirical and normative grounds. Understanding
economic behavior requires a more complex and dynamic framework. In the "I & We" paradigm developed by Amitai Etzioni, economic behavior is co-determined
by utility calculations and moral considerations. Two major factors can explain the ethicality
of economic behavior; namely, the moral character of the agents and the relative cost of
ethical behavior. Economic agents are moral beings, but the ethical fabric of the economy determines which
face of the Moral Economic Man predominates
Alternative Monetary Strategies before EMU Membership in Central Europe
As more and more transition coutries join the eurozone it is becoming reasonable to investigate what monetary policy might be most successful for countries prior to the introduction of the euro. One possible alternative is inflation targeting, which has found application in numerous economies in the last two decades, including the VisegrĂĄd Countries.
In this paper I am introducing some important aspects and an empirical examination of the monetary policy of the VisegrĂĄd Countries. I am providing an overview of previous empirical findings and trying to make some comparisons of new EU and recommendations for pre-accession countries, such as Croatia
Cooperation under incomplete contracting
We examine the notion of the core when cooperation takes place in a setting with time and uncertainty. We do so in a two-period general equilibrium setting with
incomplete markets. Market incompleteness implies that players cannot make all possible binding commitments regarding their actions at different date-events. We
unify various treatments of dynamic core concepts existing in the literature. This results in definitions of the Classical Core, the Segregated Core, the Two-stage Core, the Strong Sequential Core, and the Weak Sequential Core. Except for the Classical Core, all these concepts can be defined by requiring absence of blocking in period 0 and at any date-event in period 1. The concepts only differ with respect to the notion of blocking in period 0. To evaluate these concepts, we study three market structures in detail: strongly complete markets, incomplete markets in finance economies, and incomplete markets in settings with multiple commodities
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