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1
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Volatility as a Choice

100%
Dudek M. K.
Prace i Materiały Instytutu Rozwoju Gospodarczego SGH
|
2013
|
vol. 93: Expectations and Forecasting
71-122
EN
endogenous volatility self-confirming beliefs general equilibrium rationality
2

Rozwój teorii konkurencji w najważniejszych nurtach ekonomicznych

100%
Więckowski M.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
|
2011
|
issue 858
71-81
EN
The article presents a way of looking at the issue of competition through particular schools of economics. Our main interest is in the process of competing and analysing how it is accomplished as a result of rivalry between entities for limited production factors. A chronological presentation of the most important accomplishments of economists allows for the links between their theories to be distinguished, and shows that each subsequent theory of competition, independently of its own innovative character, is connected to those that preceded it, thanks to which we may speak of the continuous evolution of competition theory. Properly defining the level of competition and the mutual position of market entities, taking into consideration extreme situations such as monopoly or unorganised laisser-faire conditions, is important equally for one’s own proper understanding of the process and for providing a foundation for the creation of a complex theory of competition adapted for a rapidly changing environment.
3
Content available remote

A puzzle of excessive equity risk premium and the case of Poland

88%
Kliber P.
Finansowy Kwartalnik Internetowy e-Finanse
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2016
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vol. 12
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issue 1
1-11
EN
The article presents a historical review of the literature related to the empirical problem of excessive risk premium. The risk premium (the diff erence between the return on equiti es and risk-free rate) observed in fi nancial markets cannot be reconciled with theoreti cal models of fi nancial markets – it is too high (“excessive”). We present the original model from the seminal work of Mehra and Prescott (1985), where this problem has been signaled. The article gives an overview of the main trends in the literature concerning this problem, of the proposed soluti ons and of the extension to the model. Finally, we consider the problem in the Polish context, estimating the original Mehra-Prescott model using data from the Polish financial market.
4
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A Real-Business-Cycle Model with Efficiency Wages and a Government Sector: The Case of Bulgaria

75%
Vasilev A.
Central European Journal of Economic Modelling and Econometrics
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2017
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issue 4
5
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Podstawy mikroekonomiczne agregatowej funkcji produkcji o stałych przychodach względem skali

63%
Pietraszewski P.
Ekonomia. Rynek, Gospodarka, Społeczeństwo
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2016
|
issue 45
135-169
PL
Problem agregacji odniesiony do produkcji jest bardzo ważny dla współczesnej makroekonomii głównego nurtu ze względu na powszechne wykorzystywanie koncepcji agregatowej funkcji produkcji (AFP) tak w modelach teoretycznych, jak i w badaniach empirycznych. Celem artykułu jest teoretyczna rekonstrukcja mikroekonomicznych założeń leżących u podstaw AFP o stałych przychodach względem skali. Artykuł ma głównie charakter krytyczno-przeglądowy, systematyzuje rozproszone w różnych pracach ustalenia oraz uzupełnia je wynikami własnymi. Wyjaśniono związek koncepcji AFP z koncepcją równowagi ogólnej w gospodarce. Pokazano, że logicznie spójny obraz działalności produkcyjnej na poziomie pojedynczych firm w warunkach konkurencji doskonałej, w ramach którego da się skonstruować AFP o stałych przychodach względem skali, możliwy jest przy założeniu, że firmy funkcjonują na poziomie minimum swoich U-kształtnych krzywych kosztów przeciętnych, osiągając zerowe zyski czyste. Uogólniając rozważania na gospodarkę wielosektorową, rozpatrzono problemy, jakie dla kwestii istnienia AFP stwarza konieczność agregowania produkcji różnych dóbr.
EN
In the paper the aggregation problem regarding production functions is considered. This issue is of fundamental importance for the mainstream of contemporary macroeconomics due to the common usage of the aggregate production function (APF) both in theoretical models and empirical research. The aim of the paper is theoretical reconstruction of microeconomic assumptions underlying the APF with constant returns to scale (linearly homogenous). The paper is mainly the critical review that systematises the results scattered in the literaturę and supplements them with the results of the author. Following the literature, the relationship between the concept of the APF and general equilibrium in the economy was explained. It was shown that consistent view of economic activity on the level of individual firms operating in perfectly competitive one-sector economy, which enables to construct the APF with constant returns to scale, is possible under the assumption that firms reaches the minimum of its U-shaped average cost curves, achieving zero subnormal profits. Generalizing considerations about the existence of the APF over multi-sector economy, new problems raised by the need to aggregate different products were considered.
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