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Barter, liquidity and market segmentation
Prendergast, Canice; Stole, Lars A. - 2001
This paper explores the private and social benefits from barter exchange in a monetized economy. We first prove a no-trade theorem regarding the ability of firms with double-coincidences-of-wants to negotiate improvements in trade among themselves relative to the market outcomes. We then...
Persistent link: https://www.econbiz.de/10001623605
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Contractual externalities and common agency equilibria
Martimort, David; Stole, Lars A. - 2001
This paper characterizes the equilibrium sets of an intrinsic common agency game with direct externalities between principals both under complete and asymetric information. Direct externalities arise when the contracting variable of one principal affects directly the other pricipal`s payoff....
Persistent link: https://www.econbiz.de/10001624206
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The revelation and delegation principles in common agency games
Martimort, David; Stole, Lars A. - 2001
In the context of common agency adverse-selection games we illustrate that the revelation principle cannot be applied to study equilibria of the multi-principal games. We then demonstrate that an extension of the taxation pricipal - what we term the "delegation priciple" - can be used to...
Persistent link: https://www.econbiz.de/10001624208
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Optimal private and public harvesting under spatial and temporal interdependence
Koskela, Erkki; Ollikainen, Markku - 2001
This paper extends the Hartman model to include the case where two adjacent stands may be interdependent in the provision of amenity services. We show first that the relationship between the focal and exogenous rotation age depends on the nature of their temporal interdependence, i.e. on what...
Persistent link: https://www.econbiz.de/10001590450
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A theory of reciprocity
Falk, Armin; Fischbacher, Urs - 2001
This paper presents a formal theory of reciprocity. Reciprocity means that people reward kind actions and punish unkind … ones. The theory takes into account that people evaluate the kindness of an action not only by its consequences but also … the intention underlying this action. The theory explains the relevant stylized facts of a wide range of experimental …
Persistent link: https://www.econbiz.de/10001590591
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Anarchy, efficiency, and redistribution
Bös, Dieter; Kolmar, Martin - 2000
The purpose of this paper is twofold. We first develop a contractarian theory of redistribution. The existence of rules … in trade. The second purpose of the paper is to develop a theory of institutions that implement optimal allocations. We …
Persistent link: https://www.econbiz.de/10001557189
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Can cross-border pollution reduce pollution?
Hatzipanayotou, Panos; Lahiri, Sajal; Michael, Michael S. - 2000
We develop a North-South model of foreign aid and cross-border pollution resulting from production activities in the recipient country. There is both private and public abatement of pollution, the latter being financed through emissions tax revenue and foreign aid. We characterise a Nash...
Persistent link: https://www.econbiz.de/10001557312
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Residence-based capital taxation : why information is voluntarily exchanged and why it is not
Eggert, Wolfgang; Kolmar, Martin - 2000
The issue of capital tax competition in source-based capital taxes is viewed to be unproblematic if residence-based capital taxation depends on the co-operation of source countries to assist in collecting tax revenues that benefit the residence country. We analyze conditions under which...
Persistent link: https://www.econbiz.de/10001560595
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Adverse selection in the annuity market when payoffs vary over the time of retirement
Brunner, Johann K.; Pech, Susanne - 2001
This paper investigates the effect of adverse selection and price competition on the private annuity market in a model with two retirement periods. In this framework annuity companies can offer contracts with different payoffs over the periods of retirement. Varying the time structure of the...
Persistent link: https://www.econbiz.de/10001560785
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The behavioral impact of emotions in a power-to-take game : an experimental study
Bosman, Ronald; Winden, Frans A. A. M. van - 2000
The power-to-take game is a simple two player game where players are randomly divided into pairs consisting of a take authority and responder. Both players in each pair have earned an income in an individual real effort decision-making experiment preceding the take game. The game consists of two...
Persistent link: https://www.econbiz.de/10001522935