Titlebook: Optimization, Dynamics, and Economic Analysis; Essays in Honor of G Engelbert J. Dockner,Richard F. Hartl,Gerhard Sorg Book 2000 Springer-V

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Cobweb Dynamics under Bounded Rationality, it has a unique rational expectations equilibrium (REE). Attention will be focused on whether this unique REE can be learned under bounded rationality, with agents using simple habitual rule of thumb forecasting rules, or whether other ‘approximate rational expectations equilibria’ can arise, where

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The Role of Extrinsic Motivation in the Dynamics of Creative Professions,nsion of a previous work in which self-esteem was assumed to be the unique source of motivation. By contrast, in this paper we assume that the individual is stimulated by a mix of intrinsic and extrinsic motivation and we show that extrinsic motivation is a stabilizing factor. Our theory explains th

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Income Distribution and Endogenous Growth,-investing) the economy may experience endogenous growth. It is shown that the distribution of capital among the agents has an effect on the growth rate of per-capita output. There exists a continuum of balanced growth paths with different growth rates. A higher growth rate can be achieved when inco

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Wage Bargaining and Incentive Compatibility: Is Unemployment Optimal After All?,yment. The present strategy of (European) unions of continuing to demand high wages despite substantial unemployment may be rational, even if the unions account for the unemployed. In fact, a union accounting for the gains of all - those employed and those unemployed (who must receive unemployment b

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Dynamic Investment Games,gopolistic product markets capacity choices and hence investment decisions of one firm influnence the strategies chosen by the rival firms. Based on this observation Spence in his seminal paper introduced a class of dynamic games which are frequently referred to as capital accumulation or investment

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