AS Caplin… - The Quarterly Journal of Economics, 1987 - qje.oxfordjournals.org
Page 1. THE QUARTERLY JOURNAL OF ECONOMICS Vol. CII November 1987 Issue 4 MENU
COSTS AND THE NEUTRALITY OF MONEY* ANDREW S. CAPLIN AND DANIEL F. SPULBER
A model of endogenous price adjustment under money growth is presented. ...
A Caplin… - Econometrica: Journal of the Econometric Society, 1991 - JSTOR
We present a new approach to the theory of imperfect competition and apply it to study price
competition among differentiated products. The central result provides general conditions
under which there exists a pure-strategy price equilibrium for any number of firms ...
A Caplin… - The Quarterly Journal of Economics, 2001 - qje.oxfordjournals.org
Abstract We extend expected utility theory to situations in which agents experience feelings
of anticipation prior to the resolution of uncertainty. We show how these anticipatory feelings
may result in time inconsistency. We provide an example from portfolio theory to illustrate ...
A Caplin… - The Quarterly Journal of Economics, 1991 - qje.oxfordjournals.org
Abstract Standard macroeconomic models of price stickiness assume that each firm leaves
its price unchanged for a fixed amount of time. We present an alternative model in which the
pricing decision depends on the state of the economy. We find a method of aggregating ...
J Ameriks, A Caplin… - The Quarterly Journal of …, 2003 - qje.oxfordjournals.org
Abstract Why do similar households end up with very different levels of wealth? We show
that differences in the attitudes and skills with which they approach financial planning are a
significant factor. We use new and unique survey data to assess these differences and to ...
A Caplin… - The American economic review, 1994 - JSTOR
We present a three-stage model of market dynamics. In the first stage, routine behavior
tends to keep information of common interest trapped in private hands. In the second stage,
private information reaches a threshold that triggers some agents to alter their behavior; ...
A Caplin… - Econometrica, 1988 - ams.org
Our approach is based on the Simpson-Kramer min-max rule. We compare this rule with
Condorcet's original proposal for an electoral system immune to his paradox of voting. We
conclude by considering the properties of a voting constitution based on 64%-majority rule ...
A Caplin… - Econometrica: Journal of the Econometric Society, 1991 - JSTOR
A celebrated result of Black (1948a) demonstrates the existence of a simple-majority winner
when preferences are single-peaked. The social choice follows the preferences of the
median voter: the median voter's most-preferred outcome beats any alternative. However, ...
AS Caplin - Econometrica: Journal of the Econometric Society, 1985 - JSTOR
Page 1. Econometrica, Vol. 53, No. 6 (November, 1985) THE VARIABILITY OF AGGREGATE
DEMAND WITH (S, s) INVENTORY POLICIES BY ANDREW S. CAPLINI This paper develops
a general theory of the aggregate implications of (S, s) inventory policies. ...
A Caplin… - The Economic Journal, 1998 - Wiley Online Library
After a long dormant period, Lower Sixth Avenue in New York has under gone a rapid
revitalisation. We show that a simple search theoretic model with information spillovers can
explain both the period of underuse and the rapid turnaround. The model reduces to a ...
A Caplin - 1997 - books.google.com
Although the United States has developed highly sophisticated markets for funding
corporate investment projects, markets for financing home ownership are comparatively
rudimentary. When a corporation wishes to fund a project, it can choose any mix of debt ...
A Caplin… - Econometrica: Journal of the Econometric Society, 1997 - JSTOR
The literature on the aggregation of (S, s) policies has ignored the impact of aggregate
behavior on the individual's optimization problem. In the case of pricing, the feedback effects
are clear. Not only do pricing strategies determine the evolution of the price level, but the ...
A Caplin, C Freeman… - 1993 - nber.org
In the current structure of the US residential mortgage market, a fall in property values may
make it very difficult for homeowners to refinance their mortgages to take advantage of
falling interest rates. In this paper, we explain the institutional background for this effect ...
A Caplin… - The Review of Economic Studies, 1993 - restud.oxfordjournals.org
Abstract We present a model in which sectoral shocks have aggregate consequences. The
model relies on irreversible investment and imperfect information to slow the adjustment of
expanding industries. We show that this gradual expansion is sub-optimal.
A Caplin… - The Economic Journal, 2004 - Wiley Online Library
How much information should a policy maker pass on to an ill-informed citizen? In this
paper, we address this classic question of Crawford and Sobel (1982) in a setting in which
beliefs impact utility, as in Kreps and Porteus (1978). We show that this question cannot ...
A Caplin… - Journal of Political Economy, 2004 - JSTOR
What discount rate should be applied to social investments? It is standard to use the market
interest rate, thereby respecting private preferences. We show that application of this
“revealed preference” criterion rests on faith, not on logic. It is justified only if preferences ...
A Caplin… - Journal of Economic Theory, 1997 - Elsevier
Economic theory offers two different approaches to the analysis of group formation and the
role of institutions. General equilibrium approach explores the influence of the economic
environment on formation of coalitions. Game theory explores the influence of institutional ...
A Caplin… - The American Economic Review, 1996 - JSTOR
Monetary policy makers are uncertain about the state of the economy and learn from the
economy's reaction to policy. Private agents, however, anticipate any systematic attempt to
incorporate this information into future policy. We analyze this feedback in the context of a ...
A Caplin… - Language, 1988 - s-space.snu.ac.kr
Abstract The Most-Favored-Nation Clause (MFNC) has a long history in trade agreements.
According to a country most favored nation treatment consists of offering the country a tariff
rate at least as low as that offered to any other country on the same commodity. As early ...
A Caplin… - 2000 - nber.org
In welfare theory it is standard to pick the consumption stream that maximizes the welfare of
the representative agent. We argue against this position, and show that a benevolent social
planner will generally place a greater weight on future consumption than does the ...
J Ameriks, A Caplin, J Leahy… - The American economic review, 2007 - JSTOR
While models of self-control problems have proliferated in recent years, there have been few
corresponding advances in measurement. We develop a survey instrument to measure
selfcontrol problems and apply it to a sample of highly educated adults. Measured self- ...
A Caplin… - 2008 - books.google.com
The Foundations of Positive and Normative Economics: A Handbook is the first book in a
new series by Andrew Caplin and Andrew Schotter. There is currently no guide available on
the rapidly changing methodological frontiers of the field of economics. This fact has left ...
J Ameriks, A Caplin… - 2002 - nber.org
Prior research has established that consumption falls significantly at retirement. What is not
known is the extent to which this fall is anticipated during the working years. Do working
households expect such a large fall in consumption upon retirement, or are they taken by ...
A Caplin… - The Quarterly Journal of Economics, 2008 - qje.oxfordjournals.org
Abstract The neurotransmitter dopamine has been found to play a crucial role in choice,
learning, and belief formation. The best-developed current theory of dopaminergic function
is the “reward prediction error” hypothesis—that dopamine encodes the difference ...
J Ameriks, A Caplin… - 2004 - nber.org
We present evidence that many households have only a vague notion of what they are
spending on various consumption items. We then develop a life-cycle model that captures
this absent-mindedness'. The model generates precautionary spending, whereby absent- ...
Abstract: Home equity is the single largest component of household wealth for the majority of
American households. Yet, there is virtually no way for the average family to insure itself
against drops in home value and the ensuing destructive financial loss. Much of US ...
A Caplin… - RAND Journal of Economics, 2003 - JSTOR
Economic theorists have given little attention to health-related externalities, such as those
involved in the spread of AIDS. One reason for this is the critical role played by
psychological factors, such as fear of testing, in the continued spread of the disease. We ...
J Ameriks, A Caplin, SM Laufer… - 2007 - nber.org
Strong bequest motives can explain low retirement spending, but so equally can strong
precautionary motives. Given this identification problem, the recent tradition has been
largely to ignore bequest motives. We develop a rich model of spending in retirement that ...
A Caplin - Innovations in Managing the Financial Risks of …, 2000 - 128.122.11.92
Page 1. Andrew Caplin June 1 2000 The Reverse Mortgage Market: Problems and
Prospects Andrew Caplin There has been considerable debate in the academic
literature on the economic potential of the reverse mortgage market. ...
A Caplin - Discussion Papers, 1992 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks.
Individual Inertia and Aggregate Dynamics. Andrew Caplin (). ...
A Caplin - The Foundations of Positive and Normative Economics: …, 2008 - cess.nyu.edu
Classical decision theory is a picture of harmony. Models are designed to predict
economically consequential choices, and empirical tests concern their ability to explain
these choices. The models themselves are typically solved using optimization techniques ...
J Ameriks, A Caplin… - The Review of Economics and Statistics, 2007 - MIT Press
Abstract Prior research has established that consumption falls significantly at retirement.
What is not known is the extent to which this fall is anticipated during the working years.
Using data from a new survey, we show that many working households do expect a ...
A Caplin… - Journal of Money, Credit and Banking, 2011 - Wiley Online Library
We model liquidity in housing markets. The model provides a simple characterization for the
joint process of prices, sales, and inventory. We compare the implications of the model to
certain properties of housing markets. The model can generate the large price changes ...
A Caplin - Time and decision: Economic and psychological …, 2003 - books.google.com
JL V JLany of the most important decisions that we make depend on the extent of our
orientation toward the future. Our long-term financial fitness depends on how much we save
in our early and middle years. Our long-term physical fitness depends on the extent that ...
AS Caplin… - Oxford Economic Papers, 1986 - JSTOR
Page 1. MULTI-DIMENSIONAL PRODUCT DIFFERENTIATION AND PRICE
COMPETITION By ANDREW S. CAPLIN and BARRY J. NALEBUFF 1. Introduction
BEGINNING with Hotelling's (1929) study of spatial competition, location ...
J Ameriks, A Caplin, S Laufer… - The Journal of …, 2011 - Wiley Online Library
The “annuity puzzle,” conveying the apparently low interest of retirees in longevity
insurance, is central to household finance. Two possible explanations are “public care
aversion”(PCA), retiree aversion to simultaneously running out of wealth and being in ...
A Caplin… - Journal of Economic Theory, 2006 - Elsevier
We introduce a new class of finite horizon stochastic decision problems in which
preferences change over time, and provide a proof of the existence of a recursively optimal
strategy. Recursive optimization techniques dominate many areas of economic dynamics. ...
A Caplin, C Joye, P Butt, E Glaeser… - Report to the Prime …, 2003 - mrcltd.org.au
In July of 2002, Andrew Caplin and Christopher Joye published a 'primer'on a proposal for
global housing finance reform under the auspices of The Menzies Research Centre, a
leading Australian think-tank (see Caplin and Joye (2002b)). Several months later the ...
A Caplin… - The Psychology of Economic Decisions, 2003 - books.google.com
In building their models, economists assume that human behavior derives from the effort to
fulfill a few simple and transparent goals. Yet, a century of psychological experimentation
points in an entirely different direction. Psychological research reveals the many complex ...
A Caplin… - Theoretical Economics, 2011 - Wiley Online Library
With complete information, choice of one option over another conveys preference. Yet when
search is incomplete, this is not necessarily the case. It may instead reflect unawareness that
a superior alternative was available. To separate these phenomena, we consider ...
A Caplin, M Dean, PW Glimcher… - The Quarterly Journal …, 2010 - qje.oxfordjournals.org
Abstract The neurotransmitter dopamine is central to the emerging discipline of
neuroeconomics; it is hypothesized to encode the difference between expected and realized
rewards and thereby to mediate belief formation and choice. We develop the first formal ...
[CITATION] Optimality of (S, s) pricing policies
A Caplin… - Research Report, 1987
A Caplin… - 1999 - nber.org
We show that a straight forward approximation of the distribution of durable goods holdings
gives rise to a tractable equilibrium (S, s) model of durable demand. We analyze both
competitive and monopoly supply. We show that equilibrium interactions lead to ...
A Caplin, M Dean… - The American Economic Review, 2011 - ingentaconnect.com
Abstract: Many everyday decisions are made without full examination of all available
options, and, as a result, the best available option may be missed. We develop a search-
theoretic choice experiment to study the impact of incomplete consideration on the quality ...
A Caplin… - 1994 - nber.org
In this paper we argue that many topics in macroeconomics can be viewed as part of the
broader theory of the economics of adjustment. We argue that existing approaches to the
economics of adjustment take a very narrow view of the role of information. We outline an ...
A Caplin… - The American Economic Review, 1996 - JSTOR
In this paper we explore some of the many ways that trading costs influence trading and
valuation in asset markets. We focus particularly on how price and volume together
determine market participants' views of the desirability of trade. Our starting point is the ...
RB Rutledge, M Dean, A Caplin… - The Journal of …, 2010 - neuro.cjb.net
Abstract Neuroimaging studies typically identify neural activity correlated with the predictions
of highly parameterized models, like the many reward prediction error (RPE) models used to
study reinforcement learning. Identified brain areas might encode RPEs or, alternatively, ...
A Caplin… - The American economic review, 2007 - JSTOR
Paul Glimcher (2003) and Colin Camerer, George Loewenstein, and Drazen Prelec (2005)
make powerful cases in favor of neuroeconomic research. Yet in their equally powerful
defense of standard" Mindless Economics," Faruk Gul and Wolfgang Pesendorfer ( ...
[CITATION] A Primer on a Proposal for Global Housing Finance Reform
A Caplin… - The Menzies Research Centre,< www. mrcltd. org. au/ …, 2002
J Ameriks, A Caplin, S Laufer… - … Spending and Saving, 2008 - ingentaconnect.com
Abstract: Financial security in retirement has traditionally meant having a steady flow of
annuity income as long as one lives—a definition enshrined in the Social Security system.
Earlier research has stressed a more holistic approach, which focuses on the match ...
A Caplin… - The Journal of Economic Perspectives, 2010 - ingentaconnect.com
Abstract: It was the question of how best to balance the costs of ordering and of running out
of stock against the costs of holding excess inventory that inspired Kenneth Arrow, Theodore
Harris, and Jacob Marschak to introduce the (S, s) model in 1951. In this celebratory ...
A Caplin… - Current opinion in neurobiology, 2008 - Elsevier
The phasic firing rate of midbrain dopamine neurons has been shown to respond both to the
receipt of rewarding stimuli, and the degree to which such stimuli are anticipated by the
recipient. This has led to the hypothesis that these neurons encode reward prediction ...
[CITATION] Charles Freeman and Joseph Tracy.“
A Caplin… - Household Asset Portfolios and the Reform of the …, 1999
A Caplin, J Leahy… - … -CV STARR CENTER …, 1997 - econ.as.nyu.edu
Abstract We extend expected utility theory to situations in which the prizes include feelings
about living with uncertainty. We provide two examples to show the impact of these
anticipatory feelings on decision making. Key Words: anticipation, expected utility, ...
[CITATION] A simple dynamic model of employment
A Caplin… - NBER Working Paper, 1986
A Caplin, JH Carr, F Pollock, ZY Tong… - Housing Policy …, 2007 - Taylor & Francis
Abstract Although the homeownership rate rose from 65 percent in 1995 to 69 percent in
2005, this rise appears difficult to sustain. We argue that the development of new shared‐
equity mortgages (SEMs) that blur the lines between debt and equity would propel further ...
A Caplin… - The American Economic Review, 1992 - JSTOR
What happens when political and economic forces interact in society? Recent developments
in politics and economics focus attention on how outcomes are determined by the interaction
between institutional structure and individual preferences. Specifying the" rules of the ...
A Caplin… - Princeton University Economics …, 1989 - en.scientificcommons.org
Abstract We present a new approach to the theory of imperfect competition and apply it to
study price competition among differentiated products. The central result provides general
conditions under which there exists a pure strategy price equilibrium for any number of ...
A Caplin… - New Economy, 1997 - Wiley Online Library
Uncertainty in the economy makes policy-making a tricky game to play ployment. This
ignorance that inevitably sur-rounds the conduct of policy has been central to the monetary
policy literature for many years. Milton Friedman famously argued that'long and variable ...
A Caplin… - 1994 - nber.org
Mass layoffs give rise to groups of unemployed workers who possess similar characteristics
and therefore may learn from one another's experience searching for a new job. Two factors
lead them to be too selective in the job offers that they accept. The first is an information ...
[CITATION] Monetary Policy as a Search Process
A Caplin… - American Economic Review, 1996
[CITATION] Annuity Valuation
J Ameriks, A Caplin, S Laufer… - Long-term Care and Bequest …, 2007
A Caplin, N Cunningham, M Engler… - 2009 - dspace.cigilibrary.org
" If current trends continue, today's default crisis will soon be followed by an affordability
crisis as an ever-increasing number of American households find themselves locked out of
credit and unable to transition to home-ownership. This reduction in home-ownership will ...
D Aragon, A Caplin,
S Chopra, JV Leahy… - 2010 - nber.org
Federal Housing Administration (FHA) insurance has doubled over the past two years and is
projected to redouble to $1.5 trillion over the next five. Despite clear signs of strain in the
FHA's Mutual Mortgage Insurance Fund, a recent actuarial review indicates that the FHA ...
A Caplin… - Neuroeconomics: Decision Making and the …, 2008 - books.google.com
Those of us who pursue neuroeconomic research do so in the belief that neurobiological
and decision theoretic research will prove highly complementary. The hoped for
complementarities rest in part on the fact that model-building and quantification are as ...
J Ameriks, A Caplin, S Laufer… - 2005 - aea-net.org
Abstract Strong bequest motives can explain slow asset run-down in retirement. Yet strong
precautionary motives provide an equally compelling explanation, and it is hard to tease
these two motives apart empirically. We develop a series of “strategic” survey questions ...
[CITATION] ASYMMETRIC INFORMATION
A Caplin… - ADJUSTMENT COSTS AND MARKET DYNAMICS ( …
[CITATION] Turning assets into cash: patterns and prospects in the reverse mortgage market
A Caplin - 2000 - Working Paper, Pension research …
A Caplin… - n Unpublished, 2009 - econ.as.nyu.edu
Abstract We develop a revealed preference approach to determine whether incomplete
information and search can explain apparent violations of utility maximization. Since
standard choice data is insuffi cient for this purpose, we consider non% standard data on ...
[CITATION] After Hotelling: Existence of Equilibrium for an Imperfectly Competitive Market
A Caplin… - 1988 - Princeton University Working Paper
A Caplin… - Journal of Monetary Economics, 2000 - Elsevier
Mass layoffs give rise to groups of unemployed workers who possess similar characteristics
and, therefore, may learn from one another's experience searching for a new job. Two
factors lead them to exert too little effort in equilibrium. The first is an information ...
[CITATION] Menu Costs and the Neutrality of Money, OptimalPricing, Inflation, and the Cost of Price Adjustment, ed. Eytan Sheshinski and Yoram Weiss
AS Caplin… - Cambridge, MIT Press, 1993
A Caplin… - The American Economic Review, 2008 - JSTOR
How and to what extent" neuroeconomic" data (broadly interpreted as data other than stan?
dard choice data) should be used in advancing economic theory is open to question.
Several authors have attemptedto make use of such nonstandard data to shed lighton the ...
[CITATION] Search and mistakes: An experimental approach with choice theoretic foundations
A Caplin, M Dean… - American Economic Review, 2009
[CITATION] The Danger of Gradualism in Economic Policy
A Caplin… - 1992 - mimeo (New York, NY, Columbia …
A Caplin… - Journal of Economic Theory, 2006 - Elsevier
Durable goods are an important component of the business cycle. Equilibrium models of
durable goods markets are made difficult by the lumpy nature of individual purchases. We
show that a straightforward approximation of the distribution of durable goods holdings ...
A Caplin… - Discussion Papers, 1992 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
[CITATION] Measuring Anticipated and Realized Rewards: A Neuroeconomic Approach
A Caplin, M Dean, P Glimcher… - 2008 - mimeo, New York University
[CITATION] Inflation, Menu Costs and Endogenous Price Variability
AS Caplin… - 1985
[CITATION] On the relationship between sS models and representative agent models. New York University, Department of Economics
A Caplin… - 2002 - Working Paper
[CITATION] The Social Discount Factor
A Caplin… - 1999 - mimeo, New York University
[CITATION] Imitation, mimeo, Columbia Univ.
A CAPLIN… - 1993
A Caplin… - 1992 - academiccommons.columbia.edu
Abstract: Economic theory offers two different approaches to the analysis of group formation
and the role of institutions. The general equilibrium approach explores the influence of the
economic environment on the formation of groups. The game theoretic approach runs in ...
[CITATION] Forthcoming.“Search and Satisficing.”
A Caplin, M Dean… - American Economic Review
M Agranov, A Caplin… - California Institute of …, 2010 - wordsmatter.caltech.edu
Abstract This paper employs a new experimental design to provide insight into strategic
choice in one shot games. We incentivize and observe provisional choices in the 2/3
guessing game in the period after the structure of the game has been communicated. ...
Abstract: Economists do not have reliable measures of current house values, let alone
housing returns. This ignorance underlies the illiquidity of mortgage-backed securities,
which in turn feeds back to deepen the sub-prime crisis. Using a massive new data tape of ...
A Caplin… - New York University. Mimeo, 1998 - econ.nyu.edu
Abstract We extend expected utility theory to situations in which agents experience feelings
of anticipation at dates prior to the resolution of uncertainty. We show how these anticipatory
feelings may result in time inconsistency. We provide examples to show the impact of ...
A Caplin… - 2010 - nber.org
Many important markets, such as the housing market, involve goods that are both indivisible
and of budgetary significance. We introduce new graph theoretic techniques ideally suited to
analyzing such markets. In this paper and its companion (Caplin and Leahy [2010]), we ...
[CITATION] On 64 Per Cent Majority Rule
A Caplin,
B Nalebuff… - 1985 - Harvard Institute for Economic …
[CITATION] We Can Keep People in Their Homes, Let lenders profit later for easing terms now
A Caplin, T Cooley, N Cunningham… - The Wall Street Journal, 2008
A Caplin… - 2011 - nber.org
We introduce a rational choice theory that allows for many forms of imperfect perception,
including failures of memory, selective attention, and adherence to simplifying rules of
thumb. Despite its generality, the theory has strong, simple, and intuitive implications for ...
[CITATION] The choice process
A Caplin… - 2007 - mimeo., New York University
[CITATION] Durable goods cycles. New York University, Department of Economics
A Caplin… - 2002 - Working Paper
[CITATION] HH Asset Portfolios and the Reform of the Housing Finance Mkt
A Caplin - TIAA-CREF Research Dialogue, 1999
[CITATION] Housing Asset Portfolios and the Reform of the Housing Finance Market
A Caplin - TIAA-CREF Research Dialogues, 1999
[CITATION] Forthcoming.“Retirement Consumption: Insights from a Survey.”
J Ameriks, A Caplin… - Review of Economics and Statistics
[CITATION] Revealed Preference and Time to Decide
A Caplin… - 2007 - Unpublished
A Caplin… - Growth and Productivity in East Asia, NBER-East …, 2004 - nber.org
The papers in this volume tend to fall into two camps: those that take a microeconomic
perspective on growth and productivity and those that take a more aggregate perspective.
This paper contributes to the ongoing effort in macroeconomics to link the two ...
[CITATION] “Aids Policy and Psychology: A Theoretical Approach
A Caplin… - forthcoming, Rand Journal of Economics. URL: http:// …, 2002
A Caplin - joint AEA/AREUEA session, New Orleans, New York …, 2000 - cess.nyu.edu
The current US housing finance market is in some respects a wonder of computer age
efficiency, and in other respects an almost stone age anachronism. My focus is on the
anachronistic aspects. What explains the inefficiency and the slow pattern of change in ...
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