Blar i Discussion papers (FOR) på emneord "VDP::Social science: 200::Economics: 210::Business: 213"
Viser treff 1-20 av 25
-
A maximum entropy approach to the newsvendor problem with partial information
(Discussion paper;2011:14, Working paper, 2011-08)In this paper, we consider the newsvendor model under partial information, i.e., where the demand distribution D is partly unknown. We focus on the classical case where the retailer only knows the expectation and variance ... -
Analyzing risk of stock collapse in a fishery under stochastic profit maximization
(Discussion paper;2012:4, Working paper, 2012-04)In commercial fisheries, stock collapse is an intrinsic problem caused by overexploitation or due to pure stochasticity. To analyze the risk of stock collapse, we apply a relatively simple Monte Carlo approach which can ... -
Costs and benefits of speculation
(Discussion paper;2012:12, Working paper, 2012-10)We quantify the effects of financial regulation in an equilibrium model with delegated portfolio management. Fund managers trade stocks and bonds in an order-driven market, subject to transaction taxes and constraints ... -
Credit supply shocks, financial constraints and investments for small and medium-sized firms
(Discussion paper;2012:11, Working paper, 2012-09)In this paper, we find that reduced credit supply reduces firm investments in our sample of small private firms. The effect is strongest for the least financially constrained firms. We use a representative survey of ... -
Dead battery? Wind power, the spot market, and hydro power interaction in the Nordic electricity market
(Discussion paper;2011:16, Working paper, 2011-09)It is well established within both the economics and power system engineering literature that hydro power can act as a complement to large amounts of intermittent energy. In particular, hydro power can act as a "battery" ... -
Empirical evidence on the relationship between mobile termination rates and firms' profit
(Discussion paper;2012:10, Working paper, 2012-08)The comprehensive theoretical literature on mobile termination rates (MTRs) is inconclusive on how the level of MTRs affects overall consumer charges and firms’ profit. In a theoretical model, well suited for econometric ... -
Fisheries management under irreversible investment : does stochasticity matter?
(Discussion paper;2011:20, Working paper, 2011-11)We present a continuous, nonlinear, stochastic and dynamic model for capital investment in the exploitation of a renewable resource. Both the resource stock and capital stock are treated as state variables. The resource ... -
How time preferences differ : evidence from 45 countries
(Discussion paper;2011:18, Working paper, 2011-10)We present results from the first large-scale international survey on time discounting, conducted in 45 countries. Cross-country variation cannot simply be explained by economic variables such as interest rates or ... -
Insider trading with partially informed traders
(Discussion paper;2011:21, Working paper, 2011-11)The single auction equilibrium of Kyle's (1985) is studied, in which noise traders may be partially informed, or alternatively they can be manipulated. Unlike Kyle's assumption that the quantity traded by the noise ... -
Modeling an integrated market for sawlogs, pulpwood and forest bioenergy
(Discussion paper;2011:11, Working paper, 2011-06)Traditionally, most applications in the initial stage of forest supply chain deal with sawlogs to sawmills, pulpwood to pulp or paper mills and forest residues to heating plants. However, in the past decades, soaring ... -
Now or Later? Trading wind power closer to real-time and how poorly designed subsidies lead to higher balancing costs
(Discussion papers;2013/01, Working paper, 2013-04)An important challenge facing many deregulated electricity markets is dealing with the increasing penetration of intermittent generation. Simulation studies have pointed to the advantages of trading closer to real-time ... -
Performance sensitive debt - investment and financing incentives
(Discussion paper;2012:7, Working paper, 2012-06)Performance sensitive debt (PSD) contracts link the paid coupon to a measure of firm performance. PSD contracts are widely used, especially as corporate bank loans. In a model where a firm has assets in place and the ... -
Product quality, competition, and multi-purchasing
(Discussion paper;2012:9, Working paper, 2012-08)In a Hotelling duopoly model, we introduce quality that is more appreciated by closer consumers. Then higher common quality raises equilibrium prices, in contrast to the standard neutrality result. Furthermore, we allow ... -
Prospect theory around the world
(Discussion paper;2011:19, Working paper, 2011-10)We present results from the first large-scale international survey on risk preferences, conducted in 45 countries. We show substantial cross-country differences in risk aversion, loss aversion and probability weighting. ... -
R & D investment responses to R & D subsidies : a theoretical analysis and a microeconometric study
(Discussion paper;2011:15, Working paper, 2011-09)Subsidies to the Norwegian high-tech industries have traditionally been given as matching grants , i.e. the subsidies are targeted, and the firms have to contribute a 50 % own risk capital to the subsidized projects. ... -
Recursive utility and disappearing puzzles for continuous-time models
(Discussion papers;2013/02, Working paper, 2013-05)Motivated by the problems of the conventional model in rational- izing market data, we derive the equilibrium interest rate and risk premiums using recursive utility in a continuous time model. Two ordinally equivalent ... -
Recursive utility and the equity premium puzzle: A discrete-time approach
(Discussion papers;2013/03, Working paper, 2013-05)We study the Epstein-Zin model with recursive utility. Recognizing that recursive preferences implies that the underlying model is not Markovian, we use methods not depending upon the Markov property to solve the model. ... -
Risk aversion in the large and in the small
(Discussion paper;2011:12, Working paper, 2011-06)Estimates of agents' risk aversion differ between market studies and experimental studies. We demonstrate that the estimates can be reconciled through consistent treatment of agents' tendency for narrow framing, regarding ... -
Stackelberg equilibria in a multiperiod vertical contracting model with uncertain and price-dependent demand
(Discussion paper;2012:2, Working paper, 2012-02)In this paper, we consider Stackelberg games in a multiperiod vertical contracting model with uncertain demand. Demand has a distribution with a mean and variance that depend on the current retail price, and this ... -
Technological change in renewable resource industries: an alternative
(Discussion paper;2012:14, Working paper, 2012-12)I set forth a generalized stochastic time trend approach, based upon the Kalman filter, as an alternative to the general index approach to measure technological change. Technology is treated as a latent variable in a ...