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Ostrovsky, Michael - 2020

Choice screen auctions have been recently deployed in 31 European countries, allowing consumers to choose their preferred search engine on Google's Android platform instead of being automatically defaulted to Google's own search engine. I show that a seemingly minor detail in the design of these...

Persistent link: https://www.econbiz.de/10012482310

Screening Adaptive Cartels

Ortner, Juan M.; Chassang, Sylvain; Kawai, Kei; … - National Bureau of Economic Research - 2022

We propose an equilibrium theory of data-driven antitrust oversight in which regulators launch investigations on the basis of suspicious bidding patterns and cartels can adapt to the statistical screens used by regulators. We emphasize the use of asymptotically safe tests, i.e. tests that are...

Persistent link: https://www.econbiz.de/10013334437

Rationalizing Trading Frequency and Returns : Maybe Trading is Good for You

Bonaparte, Yosef - 2019

Barber and Odean study the relationship between trading activity and returns. They find that households who trade more have a lower net return than other households. They argue that these results cannot emerge from a model with rational traders and instead attribute these findings to...

Persistent link: https://www.econbiz.de/10012479787

Optimal Life-Cycle Investing with Flexible Labor Supply : A Welfare Analysis of Life-Cycle Funds

Gomes, Francisco J. - 2008

We investigate optimal consumption, asset accumulation and portfolio decisions in a realistically calibrated life-cycle model with flexible labor supply. Our framework allows for wage rate uncertainly, variable labor supply, social security benefits and portfolio choice over safe bonds and risky...

Persistent link: https://www.econbiz.de/10012464683

Labor Supply Flexibility and Portfolio Choice in a Life-Cycle Model

Bodie, Zvi - 1992

This paper examines the effect of the labor-leisure choice on portfolio and consumption decisions over an individual's life cycle. The model incorporates the fact that individuals may have considerable flexibility in varying their work effort (including their choice of when to retire). Given...

Persistent link: https://www.econbiz.de/10012475027

Labor Supply Flexibility and Portfolio Choice

Bodie, Zvi - 1989

This paper develops a model showing that people who have flexibility in choosing how much to work will prefer to invest substantially more of their money in risky assets than if they had no such flexibility. Viewed in this way, labor supply flexibility offers insurance against adverse investment...

Persistent link: https://www.econbiz.de/10012476005

Lifecycle Impacts of the Financial and Economic Crisis on Household Optimal Consumption, Portfolio Choice, and Labor Supply

Chai, Jingjing - 2011

The direct financial impact of the financial crisis has been to deal a heavy blow to investment-based pensions; many workers lost a substantial portion of their retirement saving. The financial sector implosion produced an economic crisis for the rest of the economy via high unemployment and...

Persistent link: https://www.econbiz.de/10012461524

Information and Competition in U.S. Forest Service Timber Auctions

Athey, Susan - 1999

incorporates both differential information and the fact that bids placed in timber auctions are multidimensional. The theory … predicts that bidders will strategically distort their bids based on their private information, a practice known as 'skewed … tract characteristics, we test our model and provide evidence that bidders do possess private information. Our results …

Persistent link: https://www.econbiz.de/10012471603

The Constrained Asset Share Estimation (CASE) Method : Testing Mean-Variance Efficiency of the U.S. Stock Market

Engel, Charles - 1993

We apply the method of constrained asset share estimation (CASE) to test the mean-variance efficiency (MVE) of the stock market. This method allows conditional expected returns to vary in relatively unrestricted ways. The data estimate reasonably the price of risk, and, in some cases, the MVE...

Persistent link: https://www.econbiz.de/10012474666

Capital Share Risk in U.S. Asset Pricing

Lettau, Martin - 2014

A single macroeconomic factor based on growth in the capital share of aggregate income exhibits significant explanatory power for expected returns across a range of equity characteristic portfolios and non-equity asset classes, with risk price estimates that are of the same sign and similar in...

Persistent link: https://www.econbiz.de/10012457922

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