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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
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Back to Keynes?
van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2005
After a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we assess whether New Keynesian Economics captures the quintessential features stressed by JM Keynes. Particular attention is paid to Keynesian features omitted in New Keynesian...
Persistent link: https://www.econbiz.de/10005504355
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An Economic Analysis of Exclusion Restrictions for Instrumental Variable Estimation
den Berg, Gerard J van - C.E.P.R. Discussion Papers - 2007
information on the value of the IV. This leads to violation of the exclusion restriction. We analyze this in a dynamic economic …
Persistent link: https://www.econbiz.de/10005792073
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Information in Mechanism Design
Bergemann, Dirk; Välimäki, Juuso - C.E.P.R. Discussion Papers - 2006
We survey the recent literature on the role of information in mechanism design. First, we discuss an emerging … literature on the role of endogenous payoff and strategic information for the design and the efficiency of the mechanism. We … specifically consider information management in the form of acquisition of new information or disclosure of existing information …
Persistent link: https://www.econbiz.de/10005123850
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Do Consumers Search for the Highest Price? Equilibrium and Monopolistic Optimum in Differentiated Products Markets
Schulz, Norbert; Stahl, Konrad - C.E.P.R. Discussion Papers - 1995
We develop a model of search among substitutes for the best combination of commodity variant and price, in which the structure of search costs can be manipulated by the suppliers of these variants, e.g. by joining an existing market or opening a new one. We analyse the subgame perfect equilibria...
Persistent link: https://www.econbiz.de/10005136540
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Global versus Local Competition
Legros, Patrick; Stahl, Konrad - C.E.P.R. Discussion Papers - 2002
We analyse the impact of increased outside opportunities brought to consumers by access to a global market on local market performance under monopoly versus oligopoly. If consumers have to choose once where to shop we show that under all forms of organizing the local market, increased...
Persistent link: https://www.econbiz.de/10005498025
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Informational Overshooting, Booms and Crashes
Zeira, Joseph - C.E.P.R. Discussion Papers - 1993
. This learning generates a boom and a crash, which we call `informational overshooting'. The paper applies this idea to real …
Persistent link: https://www.econbiz.de/10005504406
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Bargaining with Informational Externalities in a Market Equilibrium
Drugov, Mikhail - C.E.P.R. Discussion Papers - 2014
information and correlated between them. The principals benchmark their agents against each other by making the same offers in the …
Persistent link: https://www.econbiz.de/10011083946
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Looking Beyond the Incumbent: The Effects of Exposing Corruption on Electoral Outcomes
Chong, Alberto; De La O, Ana; Karlan, Dean S.; … - C.E.P.R. Discussion Papers - 2012
parties? Democratic theory assumes that offering more information to voters will enhance electoral accountability. However, if …Does information about rampant political corruption increase electoral participation and the support for challenger … increased support for challengers and higher political participation. We provide experimental evidence that information about …
Persistent link: https://www.econbiz.de/10011084114
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On the Genesis of Multinational Foreign Affiliate Networks
Egger, Peter; Fahn, Matthias; Merlo, Valeria; Wamser, Georg - C.E.P.R. Discussion Papers - 2011
, the firm collects information which is used to update its beliefs about its performance at a market. As conditions in … different markets are correlated, the information gathered in one of them can also be used to update beliefs elsewhere – with … correlated learning may render it optimal to enter markets sequentially – an investment in market A is only followed by entry in …
Persistent link: https://www.econbiz.de/10009246612