Economic Theory and Computational Economics (ETACE)
Prof. Dr. Herbert Dawid
Welcome at ETACE - Chair for Economic Theory and Computational Economics
Postal Address:
Universität Bielefeld
Fakultät für Wirtschaftswissenschaften
Universitätsstr. 25
D-33615 Bielefeld
Contact:
Tel.: +49 521 106-6931
E-mail: etace(et)uni-bielefeld.de
Latest News
Plenary Talk
02.09.2024
Herbert Dawid will give a keynote talk on "The Effect of Algorithmic Decision Making in Markets" on September 2, 2024 at the HEDGE (Health, Environment, Development and Growth Economics: New Perspective and Challenges) conference in Pisa.
Paper published in Management Science
02.09.2024
Huberts, N., Wen, X., Dawid, H., Huisman K. and P.M. Kort (2024), 'Double Marginalization Because of External Financing: Capacity Investment Under Uncertainty, published online in Management Science.
Plenary Talk
17.06.2024
On June 20, 2024 Herbert Dawid will give a plenary talk at the 30th International Conference on Computing in Economics and Finance on "The Effect of Algorithmic Decision Making in Markets".
Abstract: The Covid-19 shock caused a dramatic spike in the number of retirees - a phenomenon dubbed the ``Great Retirement" - and a prolonged contraction in the labor force. This paper investigates the impact of the Great Retirement on the post-pandemic surge of inflation, via the labor market. First, retirement is generally countercyclical, and the peculiarity of the pandemic shock was just in its size: the ``Great Layoff'' in March and April 2020 triggered the Great Retirement. Hence, a transitory labor demand shock generated persistent negative effects on labor supply. Second, counties more exposed to the Great Layoff exhibit a relatively higher increase in wages. Finally, an estimated model with endogenous labor market participation quantitatively assesses the overall contribution of the Great Retirement to inflation from 2020:Q1 up to 2023:Q2 to be roughly one fourth of the overall price increase.