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Observable Strategies, Commitments, and Contracts
Wärneryd, Karl - CESifo - 2014
We consider rules (strategies, commitments, contracts, or computer programs) that make behavior contingent on an opponent’s rule. The set of perfectly observable rules is not well defined. Previous contributions avoid this problem by restricting the rules deemed admissible. We instead limit...
Persistent link: https://www.econbiz.de/10011086457
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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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Incomplete Contracting, Renegotiation, and Expectation-Based Loss Aversion
Herweg, Fabian; Karle, Heiko; Müller, Daniel - CESifo - 2014
. When writing a long-term contract the parties have to rely on renegotiations in order to ensure materially efficient trade … ex post. The type of the concluded long-term contract affects the buyer’s expectations regarding the outcome of …
Persistent link: https://www.econbiz.de/10010752163
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Loss Aversion and Ex Post Inefficient Renegotiation
Herweg, Fabian; Schmidt, Klaus - CESifo - 2012
-term contract that has to be renegotiated after the realization of the state of the world, they take the initial contract as a …-term contracts. First, it explains why parties often abstain from writing a beneficial long-term contract or why some contracts … allocation of ownership rights to protect relationship-specific investments rather than writing a specific performance contract …
Persistent link: https://www.econbiz.de/10010598911
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Downtown Curbside Parking Capacity
Arnott, Richard J.; Inci, Eren; Rowse, John - CESifo - 2013
In downtown areas, what proportion of curbside should be allocated to parking? In contrast to most previous work on the economics of parking, this paper focuses on optimal curbside parking capacity in both first-best (where pricing is efficient) and second-best (where pricing is inefficient)...
Persistent link: https://www.econbiz.de/10010877872
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Social Planning and Economic Coercion
Hintermann, Beat; Rutherford, Thomas F. - CESifo - 2014
We develop a theory of social planning with a concern for economic coercion, which we define as the difference between consumers’ actual utility, and the “counterfactual” utility they expect to obtain if they were able to set policy themselves. Reasons to limit economic coercion include...
Persistent link: https://www.econbiz.de/10010948852
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Informational Requirements of Nudging
Benkert, Jean-Michel; Netzer, Nick - CESifo - 2015
A nudge is a non-coercive paternalistic intervention that attempts to improve choices by manipulating the framing of a decision problem. As any paternalism, it faces the difficulty of determining the appropriate welfare criterion. We propose a welfare-theoretic foundation for nudging similar in...
Persistent link: https://www.econbiz.de/10011272627
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Public Child Care and Mothers' Labor Supply - Evidence from Two Quasi-Experiments
Bauernschuster, Stefan; Schlotter, Martin - CESifo - 2013
Public child care is expected to assist families in reconciling work with family life. Yet, empirical evidence for the relevance of public child care to maternal employment is inconclusive. We exploit the introduction of a legal claim to a place in kindergarten in Germany, which was contingent...
Persistent link: https://www.econbiz.de/10010638847
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Optimal Monetary Policy when Agents are Learning
Molnár, Krisztina; Santoro, Sergio - CESifo - 2010
We derive the optimal monetary policy in a sticky price model when private agents follow adaptive learning. We show that this slight departure from rationality has important implications for policy design. The central bank faces a new intertemporal trade-off, not present under rational...
Persistent link: https://www.econbiz.de/10008596587
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Saddles, Indeterminacy and Bifurcations in an Overlapping Generations Economy with a Renewable Resource
Koskela, Erkki; Ollikainen, Markku; Puhakka, Mikko - CESifo - 2000
We incorporate a renewable resource into an overlapping generations model with standard, well-behaved utility and constant returns to scale production functions. Besides being a factor of production the resource serves as a store of value. We characterize dynamics, efficiency and stability of...
Persistent link: https://www.econbiz.de/10005094298