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When 0 + 1/3+1/3>2/3, but 0 + 0 +1/3 <1/3. How the median outcome impacts lottery valuation?
(2016-09)This paper presents the results of two experiments that exhibit monotonicity violations: some lotteries with three equally likely outcomes are valued more than a superior two-outcome lottery, while others are valued less ... -
Why may large economies suffer more at the zero lower bound?
(2016-06)This paper compares the consequences of hitting the zero lower bound in small open and large closed economies. I costruct a two-economy New Kenynesian model and calibrate it so that one economy is small and open and the ...
