Michal Kowalik

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Eye tracking technologies offer sophisticated methods for capturing humans’ gaze direction but their popularity in multimedia and computer graphics systems is still low. One of the main reasons for this are the high cost of commercial eye trackers that comes to 25,000 euros. Interestingly, this price seems to stem from the costs incurred in research rather(More)
Can banks maintain their advantage as liquidity providers when they are exposed to a financial crisis? While banks honored their promised credit lines drawn by firms during the 2007-09 crisis, this provision of liquidity by banks was only possible because of explicit, large support from the government and government-sponsored agencies. At the onset of the(More)
We present an approach for determining suitable locations for human-robot interaction tasks. Therefore, we introduce the task specific Interaction Workspace as a representation of the workspace that can be accessed by both agents, i.e. the robot and the human. We show how the Interaction Workspace can be efficiently determined for a specific situation by(More)
This paper analyzes the role of expected labor income in entrepreneurial borrowing. We claim that poorer individuals are safer borrowers than richer ones, because they value more the relationship with the bank. Hence, default probabilities are positively related to the level of income without the loan. We study the dynamics of a monopolistic bank granting(More)
This paper studies banks’decision whether to borrow from the interbank market or to sell assets in order to cover liquidity shortage in presence of credit risk. The following trade-off arises. On the one hand, tradable assets decrease the cost of liquidity management. On the other hand, uncertainty about credit risk of tradable assets might spread from the(More)
This paper analyzes the role of expected income in entrepreneurial borrowing. We claim that poorer individuals are safer borrowers because they place more value on the relationship with the bank. We study the dynamics of a monopolistic bank granting loans and taking deposits from overlapping generations of entrepreneurs with different levels of expected(More)
We analyze under what conditions credit markets are efficient in providing loans to entrepreneurs who can start a new project after previous failure. An entrepreneur of uncertain talent chooses the riskiness of her project. If banks cannot perfectly observe the risk of previous projects, two equilibria may coexist: (1) an inefficient equilibrium in which(More)
The financial woes that initiated the current economic slump have been traced to excessive bank risk-taking. What induced this behavior? One explanation is persistently low interest rates during the mid-2000s. In a model of a bank facing heterogeneous borrowers, we show that this hypothesis arises from rational profit maximizing behavior and does not(More)
We study trade between an informed seller and an uninformed buyer who have existing inventories of assets similar to those being traded. We show that these inventories may lead to prices that increase even absent changes in fundamentals (a “run-up”), but may also make trade impossible (a “freeze”) and hamper information dissemination. Competition may(More)
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