Search results for "Economic agents"
showing 5 items of 5 documents
Effects of Fiscal Stimulus in Structural Models
2010
The paper assesses, using seven structural models used heavily by policymaking institutions, the effectiveness of temporary fiscal stimulus. Models can, more easily than empirical studies, account for differences between fiscal instruments, for differences between structural characteristics of the economy, and for monetary-fiscal policy interactions. Findings are: (i) There is substantial agreement across models on the sizes of fiscal multipliers. (ii) The sizes of spending and targeted transfers multipliers are large. (iii) Fiscal policy is most effective if it has some persistence and if monetary policy accommodates it. (iv) The perception of permanent fiscal stimulus leads to significant…
The Convenience of Applying Multilevel Modeling on Real Estate Valuation
2015
There are many economic agents interested in valuing big amounts of real estate assets. One of these agents are the financial institutions, which must value their vast mortgage portfolios periodically. In this paper we analyze the use of the Hierarchical Linear Model to value real estate portfolios. This model gives valuable information compared with the traditional OLS models and is more accurate, as it takes into account the hierarchical structure of the data. DOI: http://dx.doi.org/10.4995/ICBM.2015.1314
Entropy-Based Behavioural Efficiency of the Financial Market
2021
The most known and used abstract model of the financial market is based on the concept of the informational efficiency (EMH) of that market. The paper proposes an alternative which could be named the behavioural efficiency of the financial market, which is based on the behavioural entropy instead of the informational entropy. More specifically, the paper supports the idea that, in the financial market, the only measure (if any) of the entropy is the available behaviours indicated by the implicit information. Therefore, the behavioural entropy is linked to the concept of behavioural efficiency. The paper argues that, in fact, in the financial markets, there is not a (real) informational effi…
Risk aversion in prediction markets: A framed-field experiment
2016
International audience; To make better decisions today, companies and other economic agents are interested in getting accurate predictions of future events. Prediction markets can, at least potentially, give those accurate forecasts for the probability of the event by aggregating information from traders. However, formal studies highlight that the risk attitudes of market participants may bias the market equilibrium prices, and consequently make the prediction unreliable. This research examines the effect of participants' risk attitudes on prediction market prices, through a framed field experiment on the two semifinals at the 2015 NCAA Men's Division Basketball Tournament. The results of t…
Morphological similarities between DBM and an economic geography model of city growth
2009
International audience; An urban microeconomic model of households evolving in a 2Dcellular automata allows to simulate the growth of a metropolitan area whereland is devoted to housing, road network and agricultural/green areas. Thissystem is self-organised: based on individualistic decisions of economic agentswho compete on the land market, the model generates a metropolitan area withhouses, roads, and agriculture. Several simulation are performed. The resultsshow strong similarities with physical Dieletric breackdown models (DBM). Inparticular, phase transitions in the urban morphology occur when a controlparameter reaches critical values. Population density in our model and theelectric …