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Measuring Risk Attitudes in a Natural Experiment: Data from the Television Game Show LINGO
Beetsma, Roel; Schotman, Peter C - C.E.P.R. Discussion Papers - 1998
We use data from a television game show, involving elementary lotteries and substantial prize money, as a natural experiment to measure risk attitudes. We find robust evidence of substantial risk aversion. As an extension, we esimate the various models using transformations of the ‘true’...
Persistent link: https://www.econbiz.de/10005661826
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Heterogeneity in Wage Setting Behavior in a New-Keynesian Model
Eijffinger, Sylvester C W; Grajales, Anderson; Uras, … - C.E.P.R. Discussion Papers - 2015
In this paper we estimate a New-Keynesian DSGE model with heterogeneity in price and wage setting behavior. In a recent … study, Coibion and Gorodnichenko (2011) develop a DSGE model, in which firms follow four different types of price setting … heterogeneity in wage rigidity, such as the persistence in price and the wage inflation, which a standard New Keynesian model with …
Persistent link: https://www.econbiz.de/10011249376
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Takeovers and the Dynamics of Information Flows
Chemla, Gilles - C.E.P.R. Discussion Papers - 2003
This Paper analyses the effect of a possible takeover on information flows and on the terms of trade in business relationships. We consider a long-term relationship between a firm and a privately-informed stakeholder, a buyer for example. In our model, takeovers both increase the surplus from...
Persistent link: https://www.econbiz.de/10005662138
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Currency Unions and International Integration
Engel, Charles M; Rose, Andrew K - C.E.P.R. Discussion Papers - 2001
This Paper characterizes the integration patterns of international currency unions (such as the CFA Franc zone and the East Caribbean Currency Area). We empirically explore different features of currency unions, and compare them both to countries with sovereign monies, and to regions within...
Persistent link: https://www.econbiz.de/10005666442
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Why do within firm-product export prices differ across markets?
Görg, Holger; Halpern, László; Muraközy, Balázs - C.E.P.R. Discussion Papers - 2010
constant markups. The differences are important quantitatively; price differences in Hungarian exports between Germany and the …
Persistent link: https://www.econbiz.de/10008530371
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Financial Integration: A New Methodology and an Illustration
Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 2003
This Paper develops a simple new methodology to test for asset integration and applies it within and between American stock markets. Our technique is tightly based on a general intertemporal asset-pricing model, and relies on estimating and comparing expected risk-free rates across assets....
Persistent link: https://www.econbiz.de/10005497716
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Estimating the Expected Marginal Rate of Substitution: Exploiting Idiosyncratic Risk
Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 2004
arbitrarily over time. A novel feature of our technique is that it relies upon exploiting idiosyncratic risk, since theory …
Persistent link: https://www.econbiz.de/10005656417
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Asymmetric Sequential Search under Incomplete Information
Minchuk, Yizhaq; Sela, Aner - C.E.P.R. Discussion Papers - 2015
We study a two-stage sequential search model with two agents who compete for one job. The agents arrive sequentially, each one in a different stage. The agents' abilities are private information and they are derived from heterogeneous distribution functions. In each stage the designer chooses an...
Persistent link: https://www.econbiz.de/10011276381
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Learning From Stock Prices and Economic Growth
Peress, Joël - C.E.P.R. Discussion Papers - 2011
A competitive stock market is embedded into a neoclassical growth economy to analyze the interplay between the acquisition of information about firms, its partial revelation through stock prices, capital allocation and income. The stock market allows investors to share their costly private...
Persistent link: https://www.econbiz.de/10009293661
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The Political Cost of Reforms
Bonfiglioli, Alessandra; Gancia, Gino A - C.E.P.R. Discussion Papers - 2011
-term limit to governments. The predictions of this theory are consistent with a number of empirical regularities on the …
Persistent link: https://www.econbiz.de/10009644031