Abstract The continuous revaluation of rewards lies at the core Ainslie's account willpower. Yet, he does not explicate underlying experiential mechanisms. We draw upon theoretical, neuroscientific, and computational evidence to demonstrate that boredom evokes revaluation. By biasing behavior toward exploration, necessitates effortful willpower balance it against exploitation, thereby rendering...

We study the labor market effects of realignment in fixed bilateral exchange rates, such as China’s peg to the US dollar. We employ the open economy model developed by de Melo and Robinson to identify the core parameters of the real, trade side of the economy driving the unemployment effects of bilateral exchange rate realignment. A small open economy version of the model is explored analytical...

This paper develops a methodology for including ecosystem services in a wealth accounting framework. Accounting for ecosystems and their services leads to adjusting net domestic product (NDP) for the direct benefits provided by the current stock of ecosystems but not for their indirect contributions in terms of protecting or supporting economic activity, property and human lives. When ecosystem...

A typical shortcoming of most current credit portfolio models is the lack of a stochastic modeling of risk factors, such as interest rates or credit spreads, during the revaluation process at the risk horizon. Within the simple credit risk model underlying the Internal Ratings-based approach of Basel II with incorporated correlated interest rate risk the effect which results from neglecting the...

Revaluation refers to phenomena in which the strength of an operant is altered by reinforcer-related manipulations that take place outside the conditioning situation in which the operant was selected. As an example, if lever pressing is acquired using food as a reinforcer and food is later paired with an aversive stimulus, the frequency of lever pressing decreases when subsequently tested. Asso...