Central banks and ambiguity

Autor: Willy Spanjers

Publikováno v: International Review of Economics & Finance. 17:85-102

In referring to the ‘animal spirits’ of investors, Keynes had already pointed to a basic distinction between ‘calculable’ and ‘non-calculable’ risk or ‘ambiguity’. The purpose of this paper is to discuss the effects of ambiguity on th

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::ac767bc65cac5253cdce1e45561f07ba
https://doi.org/10.1016/j.iref.2006.04.003

Ambiguity in Partnerships

Autor: David Kelsey, Willy Spanjers

Publikováno v: The Economic Journal. 114:528-546

The consequences of ambiguity for partnerships are addressed. Partnerships with symmetric linear production functions are analysed in a Choquet Expected Utility (CEU)-framework. Nash equilibrium in pure strategies is extended to CEU-games. A class of

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=doi_________::14c63089dcbb55f131d9cb8efe58522d
https://doi.org/10.1111/j.1468-0297.2004.00230.x

Cash holdings and financing decisions under ambiguity

Autor: Elettra Agliardi, Rossella Agliardi, Willy Spanjers

Publikováno v: Agliardi, Elettra ; Agliardi, Rossella ; Spanjers, Willem (2014) Cash holdings and financing decisions under ambiguity. Bologna: Dipartimento di Scienze economiche DSE, p. 22. DOI 10.6092/unibo/amsacta/4111 . In: Quaderni-Working Paper DSE (979). ISSN 2282-6483.

This paper addresses the following unresolved questions: Why do some firms issue equity instead of debt? Why did most firms retain their cash holdings instead of distributing them as dividends in recent times? How do firms change their financing poli

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Hierarchically Structured Exchange Economies

Autor: Willy Spanjers

Publikováno v: Hierarchically Structured Economies ISBN: 9781441947710

In this chapter we introduce the basic concepts of the model we work with throughout this monograph. Since we only consider exchange economies, we use the term hierarchically structured economy as a short hand for hierarchically structured exchange e

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https://doi.org/10.1007/978-1-4757-5394-3_2

Bid and Ask Prices in Hierarchical Trees

Autor: Willy Spanjers

Publikováno v: Hierarchically Structured Economies ISBN: 9781441947710

The main problem with the models of Chapter 3 is that in a natural economic environment equilibrium may fail to exist. In particular, this is the case if one considers the simple model of successive monopolies in which all agents are consumers. The r

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=doi_________::3a32e894542ef9739088eac631b94161
https://doi.org/10.1007/978-1-4757-5394-3_4