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Collateral and its Substitutes in Emerging Markets' Lending
Menkhoff, Lukas; Neuberger, Doris; Rungruxsirivorn, Ornsiri - CESifo - 2011
Due to opaque information and weak enforcement in emerging loan markets, the need for collateral is high, whereas borrowers lack adequate assets to pledge as collateral. How is this puzzle solved? We find for a representative sample from Northeast Thailand that indeed most loans do not include...
Persistent link: https://www.econbiz.de/10009320789
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Global Sourcing of Complex Production Processes
Schwarz, Christian; Suedekum, Jens - CESifo - 2011
We develop a theory of a firm in an incomplete contracts environment which decides on its complexity, organization, and global scale. Specifically, the firm decides i) how thinly it wants to slice its production process by choosing the mass of symmetric intermediate inputs that are...
Persistent link: https://www.econbiz.de/10009278130
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International Outsourcing under Monopolistic Competition: Winners and Losers
Do, Viet; Long, Ngo Van - CESifo - 2007
We show that, even with flexible domestic wages, international outsourcing may worsen the welfare of the home country … and reduce the profits of all firms. If wages are rigid, outsourcing is welfare-improving if and only if the sum of the … welfare. We also extend the model to a two-period framework. Delaying outsourcing can be gainful because the fixed cost of …
Persistent link: https://www.econbiz.de/10005766050
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The Bazaar Effect, Unbundling of Comparative Advantage, and Migration
Kohler, Wilhelm - CESifo - 2007
equilibrium where input sub-bundles may be traded (offshoring). The model allows for several goods and two fragments, produced …. I also explore trade policy implications and compare offshoring to migration. …
Persistent link: https://www.econbiz.de/10005181377
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Pro Bono Work and Trust in Expert Fields
Ong, David; Yang, Chun-Lei - CESifo - 2014
A controversy has been simmering in law for at least 30 years about whether pro bono work should be mandatory for lawyers, who now donate 1-3% of their time to the poor. This has centered on the unmet legal needs of the poor, the duty of lawyers, and the contrast with US doctors, who are...
Persistent link: https://www.econbiz.de/10010877904
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Use and Abuse of Authority - A Behavioral Foundation of the Employment Relation
Bartling, Björn; Fehr, Ernst; Schmidt, Klaus - CESifo - 2013
Employment contracts give a principal the authority to decide flexibly which task his agent should execute. However, there is a tradeoff, first pointed out by Simon (1951), between flexibility and employer moral hazard. An employment contract allows the principal to adjust the task quickly to...
Persistent link: https://www.econbiz.de/10010604419
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Intrinsic Motivations of Public Sector Employees: Evidence for Germany
Dur, Robert; Zoutenbier, Robin - CESifo - 2013
We examine differences in altruism and laziness between public sector employees and private sector employees. Our theoretical model predicts that the likelihood of public sector employment increases with a worker’s altruism, and increases or decreases with a worker’s laziness depending on...
Persistent link: https://www.econbiz.de/10010667421
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The Desire for Impact
Dur, Robert; Glazer, Amihai - CESifo - 2005
This paper explores the meaning and implications of the desire by workers for impact. We find that this impact motive can make firms in a competitive labor market act as monopsonists, lead workers with the same characteristics but at different firms to earn different wages, may alleviate the...
Persistent link: https://www.econbiz.de/10005765963
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Implicit vs. Explicit Incentives: Theory and a Case Study
Demougin, Dominique; Fabel, Oliver; Thomann, Christian - CESifo - 2009
We derive the optimal contract between a principal and a liquidity-constrained agent in a stochastically repeated environment. The contract comprises a court-enforceable explicit bonus rule and an implicit fixed salary promise that must be self-enforcing. Since the agent’s rent increases with...
Persistent link: https://www.econbiz.de/10004979420
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Incentives and Workers’ Motivation in the Public Sector
Delfgaauw, Josse; Dur, Robert - CESifo - 2004
Civil servants have a bad reputation of being lazy. However, citizens' personal experiences with civil servants appear to be significantly better. We develop a model of an economy in which workers differ in laziness and in public service motivation, and characterise optimal incentive contracts...
Persistent link: https://www.econbiz.de/10005181504