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This article describes how prices are treated in economic theory. Section 17.2 begins by introducing the concepts of ‘rational preference’ and ‘utility function’, which are standard building blocks of models that attempt to explain choice behaviour. Sectio ...
In contrast with expected utility theory, empirical findings indicate that decision-makers are sensitive to departures from reference points rather than states. Several tests of the reference-dependent preference framework have been carried out in experime ...
Snowmaking is now used by ski resorts worldwide as a measure to cope with both natural snow reduction and variability. This extensive recourse casts doubt on its sustainability mainly because of the large amount of natural resources being used (energy, wat ...
Mortgages characterized by negative or low early amortization schedules amplify the macroeconomic effects of a housing risk shock. We analyze the role of mortgage amortization in a two-sector DSGE model with housing risk and endogenous default. Mortgage lo ...
The use of geothermal resources for the polygeneration of energy services has recently gained interest and is expected to know an important development in the future. Major research questions concern the increase of the efficiency in the usage of geotherma ...
Aidic Servizi Srl, Via Giuseppe Colombo 81/A, Milano, Mi 20133, Italy2011
In an estimated two-country DSGE model, we find that efficiency shocks specific to investment account for more than half of the forecast variance of cyclical fluctuations in the US trade balance. Both domestic and foreign investment-specific shocks have a ...
Ghent University Faculty of Economics and Business Administration Working Paper 2008/5442011
Two-sided matching markets play a prominent role in economic theory. A prime example of such a market is the sponsored search market where n advertisers compete for the assignment of one of k sponsored search results, also known as "slots", for certain key ...
Abstract of the book: While the importance of innovation to economic development is widely understood, the conditions conducive to it remain the focus of much attention. This volume offers new theoretical and empirical contributions to fundamental question ...
A dynamic model of a pure-solar combined-cycle power plant has been developed in order to allow determination of the thermodynamic and economic performance of the plant for a variety of operating conditions and superstructure layouts. The model was then us ...
In the context of liberalization in the public utility sectors, performance criteria have mainly focused on efficiency and effectiveness. However, the realization that restructuring based on the latter criteria has not been consistently successful in the w ...
