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Information Acquisition and Transparency in Committees
Gersbach, Hans; Hahn, Volker - C.E.P.R. Discussion Papers - 2008
We study a two-period model of committee decision-making where members differ in their levels of efficiency. They may acquire costly information that enhances their ability to make a correct decision. We focus on the impact of transparency. We show that the principal's initial utility is higher...
Persistent link: https://www.econbiz.de/10005788900
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On Doctors, Mechanics and Computer Specialists. Or Where are the Problems with Credence Goods?
Dulleck, Uwe; Kerschbamer, Rudolf - C.E.P.R. Discussion Papers - 2001
that the equilibrium behaviour of experts and consumers in credence goods markets sensitively depends on the details of the …
Persistent link: https://www.econbiz.de/10005791194
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Entrepreneurs and New Ideas
Biais, Bruno; Perotti, Enrico C - C.E.P.R. Discussion Papers - 2003
technically unfeasible or does not respond to a genuine customer need. To screen good ideas the entrepreneur needs to hire experts … complementary. In such cases the entrepreneur can form a partnership with the experts. Yet very valuable ideas cannot be shared …
Persistent link: https://www.econbiz.de/10005792312
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Experts vs Discounters: Competition and Market Unravelling When Consumers Do Not Know What they Need
Dulleck, Uwe; Kerschbamer, Rudolf - C.E.P.R. Discussion Papers - 2005
This paper studies price competition between experts and discounters in a market for credence goods. While experts can … giving any advice. The unobservability of diagnosis effort induces experts to use their tariffs as signaling devices. This … makes them vulnerable to competition by discounters. We explore the conditions under which experts survive competition by …
Persistent link: https://www.econbiz.de/10005792449
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Price Discrimination in Markets for Experts' Services
Dulleck, Uwe; Kerschbamer, Rudolf - C.E.P.R. Discussion Papers - 2003
This Paper studies the consequences of price discrimination in a market for experts’ services. In the case of experts …
Persistent link: https://www.econbiz.de/10005504480
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Towards a Political Economy of Macroeconomic Thinking
Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2011
fiscal policy and reject the hypothesized value of the multiplier. In some cases, autocoherence induces the experts to make …
Persistent link: https://www.econbiz.de/10009144736
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The possibility of ideological bias in structural macroeconomics models
Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2011
This paper studies the trade-offs that an expert with ideological biases faces in designing his model. I assume the perceived model must be autocoherent, in that its use by all agents delivers a self-concerming equilibrium. The exercise is carried in the context of a simplified AS-AD model,...
Persistent link: https://www.econbiz.de/10009150948
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Inference for VARs Identified with Sign Restrictions
Granziera, Eleonora; Lee, Mihye; Moon, Hyungsik Roger; … - C.E.P.R. Discussion Papers - 2011
There is a fast growing literature that partially identifies structural vector autoregressions (SVARs) by imposing sign restrictions on the responses of a subset of the endogenous variables to a particular structural shock (sign-restricted SVARs). To date, the methods that have been used are...
Persistent link: https://www.econbiz.de/10009148879
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A DSGE Model of China
Dai, Li; Minford, Patrick; Zhou, Peng - C.E.P.R. Discussion Papers - 2014
We use available methods for testing macro models to evaluate a model of China over the period from Deng Xiaoping's reforms up until the crisis period. Bayesian ranking methods are heavily influenced by controversial priors on the degree of price/wage rigidity. When the overall models are tested...
Persistent link: https://www.econbiz.de/10011083573
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A DSGE Model of China
Dai, Li; Minford, Patrick; Zhou, Peng - C.E.P.R. Discussion Papers - 2014
We use available methods for testing macro models to evaluate a model of China over the period from Deng Xiaoping's reforms up until the crisis period. Bayesian ranking methods are heavily influenced by controversial priors on the degree of price/wage rigidity. When the overall models are tested...
Persistent link: https://www.econbiz.de/10011084701