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Efficient Coordination in Weakest-Link Games
Riedl, Arno; Rohde, Ingrid M. T.; Strobel, Martin - CESifo - 2011
Existing experimental research on behavior in weakest-link games shows overwhelmingly the inability of people to coordinate on the efficient equilibrium, especially in larger groups. We hypothesize that people will be able to coordinate on efficient outcomes, provided they have sufficient...
Persistent link: https://www.econbiz.de/10009395307
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Risk-Sharing and Contagion in Networks
Cabrales, Antonio; Gottardi, Piero; Vega-Redondo, Fernando - CESifo - 2014
We investigate the trade-off between the risk-sharing gains enjoyed by more interconnected firms and the costs resulting from an increased risk exposure. We find that when the shock distribution displays “fat” tails, extreme segmentation into small components is optimal, while minimal...
Persistent link: https://www.econbiz.de/10010754654
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The Determinants of Economic Growth in European Regions
Crespo-Cuaresma, Jesús; Doppelhofer, Gernot; … - CESifo - 2009
We use Bayesian Model Averaging (BMA) to evaluate the robustness of determinants of economic growth in a new dataset of 255 European regions in the 1995-2005 period. We use three different specifications based on (1) the cross-section of regions, (2) the cross-section of regions with country...
Persistent link: https://www.econbiz.de/10005094484
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On Identification of Bayesian DSGE Models
Koop, Gary; Pesaran, M. Hashem; Smith, Ron P. - CESifo - 2011
In recent years there has been increasing concern about the identification of parameters in dynamic stochastic general equilibrium (DSGE) models. Given the structure of DSGE models it may be difficult to determine whether a parameter is identified. For the researcher using Bayesian methods, a...
Persistent link: https://www.econbiz.de/10009020783
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A Non-linear Forecast Combination Procedure for Binary Outcomes
Lahiri, Kajal; Yang, Liu - CESifo - 2015
We develop a non-linear forecast combination rule based on copulas that incorporate the dynamic interaction between individual predictors. This approach is optimal in the sense that the resulting combined forecast produces the highest discriminatory power as measured by the receiver operating...
Persistent link: https://www.econbiz.de/10011155375
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A Strategic R&D Investment with Flexible Development Time in Real Option Game Analysis
Villani, Giovanni - CESifo - 2009
The real option theory provides a useful tool to evaluate an R&D investment under uncertainty because, unlike the NPV (Net Present Value), it considers the managerial flexibility that may be expand the investment opportunity value. However, most R&D investment projects are open to competing...
Persistent link: https://www.econbiz.de/10005013067
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Two-Sided Markets and Electronic Intermediaries
Jullien, Bruno - CESifo - 2004
The object of this paper is to discuss on-line intermediation from the perspective of two-sided markets. It builds a simple model of the intermediation activity when trading partners are involved in a commercial relationship and uses it to illustrate some of the results that emerge in the...
Persistent link: https://www.econbiz.de/10005181364
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The Old-Boy Network and the Quality of Entrepreneurs
Bac, Mehmet; Inci, Eren - CESifo - 2010
We study a model of network formation and start-up financing with endogenous entrepreneurial type distribution. A hub … firm admits members to its network based on signals about entrepreneurs’ types. Network membership is observable, which … allows lenders to offer different interest rates to network and stand-alone entrepreneurs. We show that a network outcome can …
Persistent link: https://www.econbiz.de/10008583661
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Can Peers Improve Agricultural Productivity?
Songsermsawas, Tisorn; Baylis, Kathy; Chhatre, Ashwini; … - CESifo - 2014
peers may also affect management, negotiation and marketing strategies. We verify that endogenous network formation …
Persistent link: https://www.econbiz.de/10010948841
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A Market for Connections
Miettinen, Topi; Poutvaara, Panu - CESifo - 2012
Government or company decisions on whom to hire are mostly delegated to politicians, public sector officials or human resources and procurement managers. Due to anti-corruption laws, agents cannot sell contracts or positions that they are delegated to decide upon. Even if bribing is ruled out,...
Persistent link: https://www.econbiz.de/10010548151