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Introduction to general equilibrium
Balasko, Yves; Geanakoplos, John - In: Journal of Economic Theory 147 (2012) 2, pp. 400-406
This introduces the symposium on general equilibrium.
Persistent link: https://www.econbiz.de/10010572387
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A Market Based Solution to Price Externalities: A Generalized Framework
Townsend, Robert M.; Kilenthong, Weerachart T. - National Bureau of Economic Research (NBER) - 2014
Pecuniary externalities have regained the interest of researchers as they seek policy interventions and regulations to remedy externality-induced distortions, e.g., balance sheet effects, amplifiers and fire sales. In this paper we go back to first principles and show how to design financial...
Persistent link: https://www.econbiz.de/10010796686
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Segregated Security Exchanges with Ex Ante Rights to Trade: A Market-Based Solution to Collateral-Constrained Externalities
Townsend, Robert M.; Kilenthong, Weerachart - National Bureau of Economic Research (NBER) - 2014
This paper studies a competitive general equilibrium model with default and endogenous collateralized contracts. The possibility of trade in spot markets creates externalities, as spot prices and the bindingness of collateral constraints interact. We propose a market based solution which...
Persistent link: https://www.econbiz.de/10010777721
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The Performance of Road Transport Infrastructure and its Links to Policies
Braconier, Henrik; Pisu, Mauro; Bloch, Debra - Economics Department, Organisation de Coopération et … - 2013
sector’s efficiency. This paper develops a conceptual framework for analysing the social efficiency of the road transport … framework is then used to analyse efficiency in 32 OECD countries. Data issues in terms of availability, quality and … evidence that social efficiency is low in a number of OECD countries. The low efficiency suggests that substantial room for …
Persistent link: https://www.econbiz.de/10011276835
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Options for Benchmarking Infrastructure Performance
Pisu, Mauro; Hoeller, Peter; Joumard, Isabelle - Economics Department, Organisation de Coopération et … - 2012
existing infrastructure stock. A third approach aims at benchmarking the social efficiency of infrastructure service provision …
Persistent link: https://www.econbiz.de/10011276968
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Do Social Connections Reduce Moral Hazard? Evidence from the New York City Taxi Industry
Jackson, C. Kirabo; Schneider, Henry S. - National Bureau of Economic Research (NBER) - 2010
This study investigates the role of social networks in aligning the incentives of economic agents in settings with incomplete contracts. We study the New York City taxi industry where taxis are often leased and lessee-drivers have worse driving outcomes than owner-drivers as a result of a moral...
Persistent link: https://www.econbiz.de/10008531880
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Optimal Income Taxation
Kaplow, Louis - National Bureau of Economic Research - 2022
This article explores subjects in optimal income taxation characterized by recent research interest, practical importance in light of concerns about inequality, potential for misunderstanding, and prospects for advancement. Throughout, the analysis highlights paths for further investigation....
Persistent link: https://www.econbiz.de/10013334417
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Individual Protection Against Property Crime: Decomposing the Effects of Protection Observability
Hotte, Louis; van Ypersele, Tanguy - C.E.P.R. Discussion Papers - 2005
We revisit the question of the efficiency of individual decisions to be protected against crime for the cases of both …
Persistent link: https://www.econbiz.de/10005504304
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Moral Hazard and Non-Exclusive Contracts
Bisin, Alberto; Guaitoli, Danilo - C.E.P.R. Discussion Papers - 1998
and equilibrium allocations are third best inefficient (where the definition of third best efficiency accounts for …
Persistent link: https://www.econbiz.de/10005497778
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Efficient Allocations with Moral Hazard and Hidden Borrowing and Lending: A Recursive Formulation
Abraham, Arpad; Pavoni, Nicola - In: Review of Economic Dynamics 11 (2008) 4, pp. 781-803
We propose a tractable recursive framework to study the optimal allocation of consumption and effort in a dynamic setting with moral hazard where agents have secret access to the credit market or to storage. The recursive structure is based on a generalized first order approach, whose validity...
Persistent link: https://www.econbiz.de/10005090959