90 research outputs found
On Market Activity and the Value of Money
No full textIn a random-matching monetary economy, efficient and inefficient sellers choose between home or market production. Since inefficient sellers bargain up their prices, two equilibria may exist-with high or low market participation-depending on extent of heterogeneity and frictions. In equilibrium, the presence of inefficient sellers in the market has two opposing effects. It raises trading frequencies, so it lowers consumption risk, but it lowers the value of money, raising prices. This may reduce trading efficiency. Equilibria with full and limited participation can coexist; when average efficiency is high and agents are patient, limited participation is socially preferable.
Trading Horizons and the Value of Money
No full textThis paper shows that flat money can be feasible and essential even if the trading horizon is finite and deterministic. The result hinges on two features of our model. First, individual actions can affect the future availability of productive resources. So, agents may be willing to sell for money, even if on that date they have no reason to accept it. This makes monetary trade feasible in all preceding dates. Second, agents are anonymous and direct their search for partners. So, gift-giving arrangements may be prevented because agents can misrepresent their consumption needs. This makes money essential in exploiting any gains from specialization and trade
Forgive or Buy Back: An Experimental Study of Debt Relief
No full textA large share of the debt claims owed by the world’s poorest countries has been cancelled through the HIPC (highly indebted poor countries) debt relief initiative. It is believed that, with less debt burden, the HIPC will be able to devote more resources to investment and thus promote their own growth and benefit their creditors in the long run. But does debt forgiveness really provide the best incentive for those countries who suffers from debt overhang? In this paper, we adopt experimental methods to study the impact of two different schemes for relieving debt. The two schemes we consider here are debt forgiveness and debt buyback, with the latter being more market-based since it allows indebted countries to repurchase their own debt on the secondary market at a discount. We find that creditors tend to reduce more debt when the relief takes the form of debt forgiveness than that of buyback. Debtors under the scheme of forgiveness are not significantly more reciprocal than those of buyback. After controlling for the amount of debt relief, creditors are significantly worse off under forgiveness whereas debtors are indifferent between the two schemes. Overall, debt forgiveness yields less desirable outcomes than debt buybacks.Laboratory Experiments
Computational physics: an introduction
No full textAuthor Franz J. Vesely offers students an introductory text on computational physics, providing them with the important basic numerical/computational techniques. His unique text sets itself apart from others by focusing on specific problems of computational physics. The author also provides a selection of modern fields of research. Students will benefit from the appendixes which offer a short description of some properties of computing and machines and outline the technique of 'Fast Fourier Transformation.
A parametric smooth variational principle and support properties of convex sets and functions
No full textWe show a modified version of Georgiev's parametric smooth variational principle, and we use it to derive new support properties of convex functions and sets. For example, our results imply that, for any proper l.s.c. convex nonaffine function h on a Banach space Y, D(∂h) is pathwise connected and R(∂h) has cardinality at least continuum. If, in addition, Y is Fréchet-smooth renormable, then R(∂h) is pathwise connected and locally pathwise connected. Analogous properties for support points and normalized support functionals of closed convex sets are proved; they extend and strengthen recent results proved by C. De Bernardi and the author for bounded closed convex sets
Polyhedral direct sums of Banach spaces, and generalized centers of finite sets
No full textA Banach space is said to satisfy (GC) if
the set of minimizers
of the function is nonempty
for each integer , each and each
continuous nondecreasing coercive real-valued function on .
We study stability of certain polyhedrality properties under making direct sums,
in order to be able to use
results from a paper by Fonf, Lindenstrauss and the author to
show that if satisfies (GC) and an appropriate polyhedrality property
then the function space satisfies (GC) for every topological space
. This generalizes the author's result from 1997, proved for
finite dimensional polyhedral spaces . Moreover, under more restrictive conditions
on and , the mappings on ()
are continuous in the Hausdorff metric for each compact
On vector functions of bounded convexity
No full textsummary:Let be a normed linear space. We investigate properties of vector functions of bounded convexity. In particular, we prove that such functions coincide with the delta-convex mappings admitting a Lipschitz control function, and that convexity is equal to the variation of on . As an application, we give a simple alternative proof of an unpublished result of the first author, containing an estimate of convexity of a composed mapping
Semantics of Body in the novel by Artem Vesely “Walk Volga”
No full textThe object of the paper is Artem Vesely’s novel “Walk Volga” (1932) about the beginning of the colonization of Siberia by the Cossacks led by Yermak. The subject of the article is the place and role of descriptions of the body in the artistic world of the novel and in expressing the writer’s understanding of the historical nature of the Cossack campaign. Attention was paid to the form and external features of the body; to the body as a receptacle of energy, or, on the contrary, to that which is devoid of vitality; to the perception of someone else’s body; to the body as an object of external influences (natural conditions, labor, war) that deform the body. The author of the article comes to the conclusion that the images of the body and everything connected with it helped Artem Vesely express the idea of the ambiguous, antithetical character of Yermak’s campaign in Siberia
Social desirability in environmental psychology research: Three meta-analyses
No full textThat social desirability might be a confounder of people's survey responses regarding environmental actions has been discussed for a long time. To produce evidence for or against this assumption, we conducted meta-analyses of correlations between social desirability scales and self-reports of environmentally relevant behaviors, intentions, and (broadly defined) attitudes, based on data from 29 previously published papers. The pooled correlations with social desirability are generally small, ranging from 0.06 to 0.11 (0.08–0.13 when correcting for measurement error attenuation). However, our results do not lead to the conclusion that social desirability can be completely disregarded by environmental psychologists as a potential confounder. For example, we found evidence of substantial heterogeneity across studies, so the effect of social desirability may be more pronounced in specific cases. Continued attention to social desirability bias is needed to fully understand its possible subtle effects.publishedVersionCopyright © 2020 Vesely and Klöckner. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms
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