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When warm glow burns: Motivational (mis)allocation in the non-profit sector

Aldashev, Gani; Jaimovich, Esteban; Verdier, Thierry - C.E.P.R. Discussion Papers - 2014

We build an occupational-choice general-equilibrium model of an economy with the non-profit sector financed through private warm-glow donations. Lack of monitoring on the use of funds implies that an increase of funds of the non-profit sector (because of a higher income in the for-profit sector,...

Persistent link: https://www.econbiz.de/10011084421

Optimal Taxation with Rent-Seeking

Rothschild, Casey; Scheuer, Florian - C.E.P.R. Discussion Papers - 2014

We develop a framework for optimal taxation when agents can earn their income both in traditional activities, where private and social products coincide, and in rent-seeking activities, where private returns exceed social returns either because they involve the capture of pre-existing rents or...

Persistent link: https://www.econbiz.de/10011084719

Bargaining cum Voice

Gersbach, Hans; Haller, Hans - C.E.P.R. Discussion Papers - 2010

We propose a formal concept of the power of voice in the context of a simple model where individuals form groups and trade in competitive markets. Individuals use outside options in two different ways. Actual outside options reflect the possibility to exit or to join other existing groups....

Persistent link: https://www.econbiz.de/10008468573

Common Ground Between Free-traders and Environmentalists

Karp, Larry; Sacheti, Sandeep - C.E.P.R. Discussion Papers - 1997

We use a North-South model with property right differences and resource dynamics to study the effects of trade on resource use and welfare. Autarky is likely to Pareto-dominate free trade in the long run when the environment is quite fragile, and the result is reversed when the environment is...

Persistent link: https://www.econbiz.de/10005123684

An Institutional Theory of Momentum and Reversal

Vayanos, Dimitri; Woolley, Paul - C.E.P.R. Discussion Papers - 2008

We propose a rational theory of momentum and reversal based on delegated portfolio management. A competitive investor can invest through an index fund or an active fund run by a manager with unknown ability. Following a negative cashflow shock to assets held by the active fund, the investor...

Persistent link: https://www.econbiz.de/10005504572

Other-Regarding Preferences in General Equilibrium

Dufwenberg, Martin; Heidhues, Paul; Kirchsteiger, Georg; … - C.E.P.R. Discussion Papers - 2008

We study competitive market outcomes in economies where agents have other-regarding preferences. We identify a separability condition on monotone preferences that is necessary and sufficient for one's own demand to be independent of the allocations and characteristics of other agents in the...

Persistent link: https://www.econbiz.de/10005114265

Competitive Markets with Endogenous Health Risks

Bennardo, Alberto; Piccolo, Salvatore - C.E.P.R. Discussion Papers - 2005

We study a general equilibrium model where agents' preferences, productivity and labour endowments depend on their health status, and occupational choices affect individual health distributions. Efficiency typically requires agents of the same type to obtain different expected utilities if...

Persistent link: https://www.econbiz.de/10005662275

Selection of Boundedly Rational Firms and the Allocation of Resources

Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2006

I study how savers allocate funds between boundedly rational firms which follow simple pricing rules. Firms need cash to pay their inputs in advance, and savers-shareholders allocate cash between them so as to maximize their rate of return. When the rate of return on each firm is observed, there...

Persistent link: https://www.econbiz.de/10005666616

General Equilibrium and the Emergence of (Non) Market Clearing Trading Institutions

Alos-Ferrer, Carlos; Kirchsteiger, Georg - C.E.P.R. Discussion Papers - 2006

We consider a pure exchange economy, where for each good several trading institutions are available, only one of which is market-clearing. The other feasible trading institutions lead to rationing. To learn on which trading institutions to coordinate, traders follow behavioural rules of thumb...

Persistent link: https://www.econbiz.de/10005666746

Agglomeration,Trade and Selection

Ottaviano, Gianmarco - C.E.P.R. Discussion Papers - 2012

This paper studies how firm heterogeneity in terms of productivity affects the balance between agglomeration and … endogenous markups. It shows that firm heterogeneity matters. However, whether it shifts the balance from agglomeration to … `evenness'. Accordingly, the role of firm heterogeneity in selection models of agglomeration can not be fully understood without …

Persistent link: https://www.econbiz.de/10011083916

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