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Communication, Renegotiation, and the Scope for Collusion

Cooper, David J.; Kühn, Kai-Uwe - C.E.P.R. Discussion Papers - 2009

We use experiments to analyze what type of communication is most effective in achieving cooperation in a simple … collusion game. Consistent with the existing literature on communication and collusion, even minimal communication leads to a … strategies, this initial burst of collusion rapidly collapses. When unlimited pre-game communication is allowed via a chat window …

Persistent link: https://www.econbiz.de/10008558586

The Gravity of Knowledge

Keller, Wolfgang; Yeaple, Stephen R - C.E.P.R. Discussion Papers - 2009

either embodied (traded intermediates) or disembodied form (direct communication). Knowledge transfer costs interact with the …

Persistent link: https://www.econbiz.de/10008558594

Monetary Policy in the Euro Area: Lessons from Five Years of ECB and Implications for Turkey

Canova, Fabio; Favero, Carlo A. - C.E.P.R. Discussion Papers - 2005

We examine monetary policy in the euro area from both theoretical and empirical perspectives. We discuss what theory …

Persistent link: https://www.econbiz.de/10005791458

How Much Should Central Banks Talk? A New Argument

Grüner, Hans Peter - C.E.P.R. Discussion Papers - 2002

The openness of central bank decision making has recently received new attention in the literature. It has been argued that more openness reduces uncertainty for players on financial markets and makes future decisions more transparent. In this Paper I argue that the opposite may be the case. The...

Persistent link: https://www.econbiz.de/10005656444

Network Dynamics and Knowledge Transfer in Virtual Organizations: Overcoming the Liability of Dispersion

Gandal, Neil; Stettner, Uriel - C.E.P.R. Discussion Papers - 2014

generate products. Without the benefits of face-to-face communication, such organizations face a particular set of constraints …

Persistent link: https://www.econbiz.de/10011083814

Peer Effects, Risk Pooling, and Status Seeking: What Explains Gift Spending Escalation in Rural China?

Chen, Xi; Kanbur, Ravi; Zhang, Xiaobo - C.E.P.R. Discussion Papers - 2012

It has been widely documented that the poor spend a significant proportion of their income on gifts even at the expense of basic consumption. We test three competing explanations of this phenomenon--peer effect, status concern, and risk pooling--based on a census-type primary household survey in...

Persistent link: https://www.econbiz.de/10011084405

Job Matching, Social Network and Word-of-Mouth Communication

Calvó-Armengol, Antoni; Zenou, Yves - C.E.P.R. Discussion Papers - 2001

-of-mouth. They can find a job either through formal agencies or through informal networks of contacts (word-of-mouth communication …

Persistent link: https://www.econbiz.de/10005789195

Information Acquisition and Portfolio Performance

Guiso, Luigi; Jappelli, Tullio - C.E.P.R. Discussion Papers - 2006

Rational investors perceive correctly the value of financial information. Investment in information is therefore rewarded with a higher Sharpe ratio. Overconfident investors overstate the quality of their own information, and thus attain a lower Sharpe ratio. We contrast the implications of the...

Persistent link: https://www.econbiz.de/10005123525

Money Illusion and Housing Frenzies

Brunnermeier, Markus K; Julliard, Christian - C.E.P.R. Discussion Papers - 2007

A reduction in inflation can fuel run-ups in housing prices if people suffer from money illusion. For example, investors who decide whether to rent or buy a house by simply comparing monthly rent and mortgage payments do not take into account that inflation lowers future real mortgage costs. We...

Persistent link: https://www.econbiz.de/10005067397

The Real Effects of Investor Sentiment

Polk, Christopher; Sapienza, Paola - C.E.P.R. Discussion Papers - 2003

Does inefficiency of financial markets have real consequences? Or does it only result in transfers of wealth from noise traders to arbitrageurs? We study firm business investment to address this question. In our model, benevolent managers of overvalued companies invest in projects with negative...

Persistent link: https://www.econbiz.de/10005067581