- Economics - Research Publications
Economics - Research Publications
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ItemBounded rationality: static versus dynamic approachBasov, S. ( 2002-12)Two kinds of theories of the boundedly rational behavior are possible. Static theories focus on stationary behavior and do not include any explicit mechanism for temporal change. Dynamic theories, on the other hand, explicitly model the fine-grain adjustments made by the subjects in response to their recent experiences. The main contribution of this paper is to argue that the restrictions usually imposed on the distribution of choices in the static approach are generically not supported by an explicit adjustment mechanism
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ItemA partial characterization of the solution of the multidimensional screening problem with nonlinear preferencesBasov, S. ( 2002-11)In this paper I apply the Hamiltonian method to solve the relaxed multidimensional screening problem. I also illustrate by some examples that the Hamiltonian technique coupled with implementability criterion developed by Carlier [2002] sometimes allows us to arrive at a complete solution of a screening problem.
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ItemAn evolutionary model of reciprocityBasov, S. ( 2001-09)Despite the pervasiveness of reciprocal behavior, it has received little attention in the economic literature. In this paper, I consider an evolutionary model of reciprocity. The main findings of this paper are that evolution can support reciprocal behavior for the fraction of population, which is insensitive to the stakes involved, but is sensitive to the cohesiveness of the relationships. These findings match stylized facts learned from experimental and field studies of reciprocity.
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ItemHeterogenous human capital: life cycle investment in health and educationBasov, S. ( 2002-02)During the last forty years, economists have devoted a great deal of effort to developing the concept of human capital and applying it to explain investment in education, income inequality, and life-time earning profiles. Early contributions to the human capital theory suggested that there might exist several forms of human capital. In this paper I proposed a simple model that allows us to incorporate health-investment decisions into a life-cycle framework. The complementarity between savings, health, and education is created by an insurance motive for the accumulation of health. The model predicts a positive correlation between the health stock, education and savings rate for both high income countries and poor countries. I showed that investments in education are independent of health status for sufficiently high levels of health and increases in health if the health status is lo
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ItemWhy do social skills matter?Basov, S. ( 2002-03)In this paper I propose a model where social skills of a manager signal the workers that their effort is productive. In this model firms with a high productivity of effort hire a socially skilled manager and pay higher wages, and workers hired by these firms exert higher effort. In a broader context, the paper argues the employees are compensated with a higher wage and better working conditions for higher levels of effort.
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ItemImitation and social learningBASOV, S (Department of Economics, The University of Melbourne, 2002)
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ItemEvolution of social behavior in the global economy : the replicator dynamics with migrationBasov, S. ( 2002-05)In this paper I consider the effects of migration on the spread and the speed of the propagation of new conventions, technologies, etc. I show that the speed of the propagation increases with the openness of the economy. The application of the model to the equilibrium selection in 2 x 2 coordination games is also discussed.