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  1. Naive calibration
    Published: 27 May 2022
    Publisher:  Centre for Economic Policy Research, London

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    Verlag (lizenzpflichtig)
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    LZ 161
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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17329
    Subjects: Selection Bias; bounded rationality; Misspecified models
    Scope: 1 Online-Ressource (circa 26 Seiten)
  2. Relative investor sentiment measurement
    Published: [2022]
    Publisher:  U.S.E. Research Institute, Utrecht, The Netherlands

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: U.S.E. working paper series ; nr: 22, 05
    Subjects: sentiment; emotional bias; cognitive error; bounded rationality; preservers; accumulators; momentum; return predictability
    Scope: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  3. The agenda for evolutionary economics
    results, dead ends, and challenges ahead
    Published: [2022]
    Publisher:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    This essay outlines the evolutionary research agenda thoroughly explored in its microeconomic aspects in the forthcoming Manual, The Foundations of Complex Evolving Economies. Part One: Innovation, Organization and Industrial Dynamics, Oxford... more

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    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 203
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    This essay outlines the evolutionary research agenda thoroughly explored in its microeconomic aspects in the forthcoming Manual, The Foundations of Complex Evolving Economies. Part One: Innovation, Organization and Industrial Dynamics, Oxford University Press, 2023. But is there an ''evolutionary paradigm'', in the first place? And if yes, what is it? In brief, in such a paradigm, the economy is interpreted as a complex evolving system. In that, a wide set of techno-economic phenomena are understood as emergent properties - outcomes of far-from-equilibrium interactions among heterogeneous agents - characterized by endogenous preferences, most often ''boundedly rational'' - but always capable of learning, adapting, and innovating with respect to their understandings of the world in which they operate, the technologies they master, their organizational forms, and their behavioral repertoires. All that involves some crucial properties. First, if the entities are genuinely evolving, new elements, new technologies, new organizational forms, new patterns of interaction are bound to appear along the course of evolution. Second, evolution is a multi-scale phenomenon. This is a fundamental property of biological evolution, and even more so is the evolution of economies and whole societies, nested in different institutions - possibly evolving at different paces, and coupled with technological and organizational changes. Third, but relatedly, economies are complex interactive systems. Interaction generally implies emergence. There is no isomorphism between macroscopic phenomena, say, the dynamics of industries, markets, and whole economies, on the one hand, and the behaviours of individual entities, on the other. More is different (Anderson, 1972). Fourth, complexity is intimately linked with non-linearities, and thus multiple possible dynamical paths. History counts. And this, even more so, in socio-economic environments characterized by knowledge accumulation. Knowledge builds upon itself, thus involving what economists in their jargon call dynamic increasing returns. As summarized in this essays Part One of the Manual addresses in the foregoing perspective, (i) Innovation and technological evolution; (ii) The theory of the firm in evolving environments; (iii) The formalization of learning processes; (iv) the theory of production; (v) consumption patterns; (vi) economic interactions and the working of markets; and, (vii) The ensuing structures and evolution of industries. Further in this essay we sketch some fundamental topics of the macroeconomic and developmental research ahead, which we mean to explore in Part Two of the Manual, in progress. At the same time the reader is warned against multiple risks of ''normalization'' by which 'evolution' is reduced to sheer 'innovation', and the latter is handled by standard econometric instruments, which are inevitably bound to largely neglect, among other features, the emergence of novelty, coupled dynamics, profound heterogeneities at all levels, and various forms of complementarities.

     

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/273626
    Series: LEM working paper series ; 2022, 24 (September 2022)
    Subjects: Economic evolution; complex systems; technological and organizational innovation; heterogeneity; market processes; bounded rationality; organizational capabilities; routines and heuristics; theory of production; industrial structures
    Scope: 1 Online-Ressource (circa 25 Seiten)
  4. Herd behavior in the choice of motorcycles: evidence from Nepal
    Published: [2022]
    Publisher:  CER-ETH - Center of Economic Research at ETH Zurich, Zürich

    This article sheds light on a scarcely explored area of research related to herd behavior in urban settings of developing economies, where the use of motorized twowheelers has been increasing rapidly. Using primary survey-based data from Nepal, we... more

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    Resolving-System (kostenfrei)
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 590
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    This article sheds light on a scarcely explored area of research related to herd behavior in urban settings of developing economies, where the use of motorized twowheelers has been increasing rapidly. Using primary survey-based data from Nepal, we examine whether potential motorcycle buyers in the Kathmandu valley exhibit herd behavior or price-conscious behavior when making a hypothetical choice decision and then evaluate the determinants of the observed behavior. Using factor analysis, the paper identifies distinct homogeneous groups of respondents based on their preferences towards motorcycle attributes and on their psychological traits and attitudes. Not only do we find a prevalence of herding in the choice of motorcycles, the results also find strong suggestive evidence that, in addition to gender and income, several latent factors related to preferences and psychological traits might play a crucial role in determining the herd behavior. We discuss policy implications in the context of consumer behavior and environmental policy in the backdrop of rapid vehicle demand and dangerous air pollution levels.

     

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/249270
    Edition: Last revision: December 14, 2021
    Series: Working paper / CER-ETH - Center of Economic Research at ETH Zurich ; 22, 366 (January 2022)
    Subjects: herd behavior; determinants; motorcycle choice; psychological factors; bounded rationality; Nepal
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen