Reference points and loss aversion are two essential and commonly used concepts in behavioral economics. In this paper, based on insight of Loewenstein’s (1988) reference point model, we construct a structural model for intertemporal choice with reference points and loss aversion by considering four scenarios: delay of gains, delay of losses, speed-up of gains, and speed-up of losses. We use pa...

Journal of Policy Analysis and Management, Vol. 24, No. 3, 543–558 (2005) © 2005 by the Association for Public Policy Analysis and Management Published by Wiley Periodicals, Inc. Published online in Wiley InterScience (www.interscience.wiley.com) DOI: 10.1002/pam.20114 Manuscript received July 2004; review complete September 2004; revision complete October 2004; revision review complete Decembe...

English mathematician Arthur Cayley (August 16, 1821 – January 26, 1895), one of the greatest and most prolific mathematicians, helped found the British school of pure mathematics. He was one of the first to realize how many different areas of mathematics could be drawn together by the theory of groups. Together with James Joseph Sylvester, Cayley established the theory of algebraic invariants,...

Surely the essential feature is the presence of a significant degree of mitral stenosis -that is to say, enough to raise left atrial pressure under various conditions such as exercise, emotion, pregnancy, or tachycardia from any cause. Operation for removal of clot is not an accepted procedure apart from valvotomy. The statement that valvotomy is indicated "provided the valve is suitable for it...

In this article we revisit the classic comparison between Bertrand and Cournot competition in the presence of a cartel of firms that faces outsiders acting individually. This competition setting enables to deal with both non-cooperative and cooperative oligopoly games. We concentrate on industries consisting of symmetrically differentiated products where firms operate at a constant and identica...

Consider a Bertrand model in which each rm may be inactive with a known probability, so the number of active rms is uncertain. This activity level can be endogenized in any of several ways{ as whether to incur a xed cost of activity, as output choice, or as quality choice. Our model has a mixed-strategy equilibrium, in which industry pro ts are positive and decline with the number of rms, the s...

Since at least Engle (1982) and Stock and Watson (2002), we know that the conditional variance of future output and inflation evolves over time. However, in these seminal contributions, the risk of real activity and inflation is implicitly considered as symmetric. In this paper, we investigate the time evolution of the conditional distribution of macroeconomics variables with a special interest...

The identical agent, identical good Bertrand game is associated with prices at marginal cost the Bertrand Paradox. If consumers make occasional mistakes I show that the standard Bertrand game gives rise to positive profits and prices above marginal cost. Some firms charge low prices to capture the bulk of the sales while others charge high prices selling to mistaken consumers. Furthermore, with...

Making Friends is about nursing student Max, medical student Jalisa and a rather grumpy retired man called Arthur. Arthur disapproves of the gardening practices of two young medical students who have the allotment next to his, which was previously kept by Arthur’s recently deceased friend. Arthur has lost his wife through dementia and is finding it difficult to cope with his losses and his arth...

The Bertrand-Darboux integrability condition for a certain class of perturbed harmonic oscillators is studied from the viewpoint of the BirkhoffGustavson(BG)-normalization: In solving an inverse problem of the BGnormalization on computer algebra, it is shown that if the perturbed harmonic oscillators with a homogeneous cubic-polynomial potential and with a homogeneous quartic-polynomial potenti...