Institutional Innovations in Noisy Rational Expectation Equilibria

2014 ◽  
Author(s):  
Jiasun Li
Keyword(s):  
Rational Expectation ◽  
Institutional Innovations

THE INFLUENCE OF ADRENAL STEROIDS AND CORTICOTROPIN ON MASSIVE MYOCLONIC SEIZURES OF INFANCY

PEDIATRICS ◽  
1963 ◽  
Vol 32 (2) ◽  
pp. 169-174
Author(s):  
Patrick F. Bray
Keyword(s):  
Neurological Deficit ◽  
Prognostic Value ◽  
Rational Expectation ◽  
Initial Response ◽  
Response To Therapy ◽  
Adrenal Steroids ◽  
Focal Neurological Deficit ◽  
Rational Treatment ◽  
Follow Up Study

A 4-year follow-up study is reported on 10 infants whose minor motor seizures were treated intensively with cortisone and/or corticotropin. No correlation was found between the infants' initial clinical and electroencephalographic response to therapy and their follow-up intelligence quotients. The similar initial electroencephalographic findings, contrasted with the marked followup differences in levels of intellectual functioning, illustrate the limited prognostic value of the electroencephalogram in this syndrome. Similarly, no correlation was noted in the patients' initial response to therapy, and the presence or absence of microcephaly or focal neurological deficit. In the absence of any other rational treatment, and despite the dismal prospect suggested by this report and those of others, renewed efforts to treat patients earlier and more intensively with cortisone and corticotropin could be undertaken. However, in the light of 4 years' experience, such an approach might be a reflection more of therapeutic desperation than of rational expectation of good results.

scholarly journals The Formation of Expectations, Inflation, and the Phillips Curve

2018 ◽  
Vol 56 (4) ◽  
pp. 1447-1491 ◽  
Author(s):  
Olivier Coibion ◽  
Yuriy Gorodnichenko ◽  
Rupal Kamdar
Keyword(s):  
Survey Data ◽  
Rational Expectations ◽  
Phillips Curve ◽  
Rational Expectation ◽  
New Keynesian ◽  
Inflation Expectations ◽  
Full Information ◽  
Macroeconomic Modeling ◽  
Expectations Formation

This paper argues for a careful (re)consideration of the expectations formation process and a more systematic inclusion of real-time expectations through survey data in macroeconomic analyses. While the rational expectations revolution has allowed for great leaps in macroeconomic modeling, the surveyed empirical microevidence appears increasingly at odds with the full-information rational expectation assumption. We explore models of expectation formation that can potentially explain why and how survey data deviate from full-information rational expectations. Using the New Keynesian Phillips curve as an extensive case study, we demonstrate how incorporating survey data on inflation expectations can address a number of otherwise puzzling shortcomings that arise under the assumption of full-information rational expectations. (JEL D04, E24, E27, E31, E37)

Social and Institutional Innovations in Family Forestry

2019 ◽  
pp. 269-285
Author(s):  
Alice Ludvig ◽  
Teppo Hujala ◽  
Ivana Živojinović ◽  
Gerhard Weiss
Keyword(s):  
Institutional Innovations

scholarly journals The future of corporate governance in knowledge-dispersed companies.

2017 ◽  
Vol 10 (17) ◽  
pp. 129-146
Author(s):  
Martin Krause
Keyword(s):  
Corporate Governance ◽  
Present Article ◽  
Decision Rights ◽  
Xxth Century ◽  
The Future ◽  
Institutional Innovations ◽  
Allocation Of Decision Rights ◽  
Practical Field

Corporate governance focuses its attention on the structure of the firm and the allocation of decision rights between owners and managers basically, plus other stakeholders. The field has developed extensively during the last decades inspiring reforms and practices as well as learning from them. Most of the analysis though takes into consideration the XXth Century firm, rightfully so since CG is a very practical field in the overlapping map of law, economics and finance. The firm has probably been one of the most successful institutional innovations of the last centuries. Five hundred years ago only a few of them existed, today they are pervasive. Nevertheless, we cannot expect the firm to be the same a hundred years from now as it is today. And if companies are going to be different, how will their corporate governance be affected? The present article does not expect to give an answer to such question. It only attempts to provoke debate and speculation about a possible evolution of the firm based on one single aspect of change: the increased use of dispersed knowledge. After suggesting some development and analyzing present innovations in that direction, we will open up to consideration how those potential changes may affect corporate governance. Of course, there are no specific conclusions, just a call to open our minds to future possible scenarios.

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