Narrow search
Showing 1 - 10 of 16,711
Cover Image
Public-good provision with macro uncertainty about preferences : efficiency, budget balance, and robustness
Hellwig, Martin - 2021
mechanism of d'Aspremont and Gérard-Varet is shown to implement an effi cient provision rule with budget balance. However, first … mechanism is independent of the stochastic specification within the class of specifications defined by the structure of the …-Groves mechanism converges to zero in probability when the number of participants becomes large. In the limit, with a continuum of …
Persistent link: https://www.econbiz.de/10012657865
Cover Image
Optimal Income Taxation and Public Goods Provision in a Large Economy with Aggregate Uncertainty
Bierbrauer, Felix - 2009
priori unknown. The analysis is based on a mechanism design approach that imposes a requirement of robustness with respect to …
Persistent link: https://www.econbiz.de/10013158141
Cover Image
A Group Public Goods Game with Position Uncertainty
Anwar, Sakib; Bruno, Jorge; SenGupta, Sonali - 2022
We model a dynamic public good contribution game, where players are (naturally) formed into groups. The groups are exogenously placed in a sequence, with limited information available to players about their groups’ position in the sequence. Contribution decisions are made by players...
Persistent link: https://www.econbiz.de/10014237520
Cover Image
Cooperation in Social Dilemmas Through Position Uncertainty
Gallice, Andrea - 2019
We present a natural environment that sustains full cooperation in one-shot social dilemmas among a finite number of self-interested agents. Players sequentially decide whether to contribute to a public good. They do not know their position in the sequence, but observe the actions of some...
Persistent link: https://www.econbiz.de/10012901935
Cover Image
Public-Good Provision with Macro Uncertainty about Preferences : Efficiency, Budget Balance, and Robustness
Hellwig, Martin - 2021
mechanism of d’Aspremont and Gérard-Varet is shown to implement an efficient provision rule with budget balance. However, first … mechanism is independent of the stochastic specification within the class of specifications defined by the structure of the …-Groves mechanism converges to zero in probability when the number of participants becomes large. In the limit, with a continuum of …
Persistent link: https://www.econbiz.de/10013322513
Cover Image
Regulatory Risk, Vertical Integration, and Upstream Investment
Fiocco, Raffaele - 2020
We investigate the impact of regulatory risk on vertical integration and upstream investment by a regulated firm that provides an essential input to downstream competitors. Regulatory risk reflects uncertainty about the regulator's commitment to a regulatory policy that promotes the regulated...
Persistent link: https://www.econbiz.de/10012844812
Cover Image
Regulatory risk under optimal incentive regulation
Strausz, Roland - 2009
The paper provides a tractable, analytical framework to study regulatory risk under optimal incentive regulation. Regulatory risk is captured by uncertainty about the policy variables in the regulator's objective function: weights attached to profits and costs of public funds. Results are as...
Persistent link: https://www.econbiz.de/10003796198
Cover Image
Regulatory risk under optimal incentive regulation
Strausz, Roland - 2009
The paper provides a tractable, analytical framework to study regulatory risk. Regulatory risk is captured by uncertainty about the policy variables in the regulator's objective function: weights attached to profits and costs of public funds. Results are as follows: 1) The regulator's reaction...
Persistent link: https://www.econbiz.de/10003850166
Cover Image
Optimal Risk Regulation of Monopolists with Subjective Risk Assessment
Kishishita, Daiki - 2020
This study aims at characterizing the optimal regulation of risky activities when risk assessment is subjective as a result of ambiguity on the probability of an accident. The attitudes toward ambiguity held by stakeholders form subjective risk perceptions, which substantially affect the optimal...
Persistent link: https://www.econbiz.de/10012837984
Cover Image
Underwriting in Property-Casualty Insurance Markets : Regulation, Risk and Volatility
Phillips, Ronnie J. - 2011
equity value of insurance firms. Solvency regulations, however, pose a second source of risk to equity value when the … implementation of such regulations randomly affects the return to underwriting but exhibits imperfect correlation with market … the conflicting effects of these strategies on firm equity, regulations adopted to reduce the solvency risk of insurers …
Persistent link: https://www.econbiz.de/10013121443