This is a preview. Log in through your library . Abstract This paper shows how the problem of predicting traveler behavior may be approached in terms of economic utility theory. A general utility ...

We estimate real-world private firm default probabilities over a fixed time horizon. The default probabilities are conditioned on a vector of explanatory variables which include financial ratios, ...

We study a stochastic network that consists of two servers shared by two classes of jobs. Class 1 jobs require a concurrent occupancy of both servers while class 2 jobs use only one server. The ...

First, we estimate a macro production function so as to estimate the total factor productivity (TFP) growth rate. With this function, we can estimate the potential growth rate of Japan. By breaking ...

Utility maximization choice models are outdated: the existing models may no longer make sense in a world of near-boundless online choices. With the global e-commerce market set to bring in a ...

While economic textbooks have long relied on a utility-maximization model of economic decision-making, Robert J. Shiller and other behavioral economists continue to demonstrate that human behavior is ...

In its early days, behavioral economics was focused on documenting human deviance from rational action. It began as a challenge to the mainstream neoclassical economics model, which assumes people are ...