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Noise and aggregation of information in large markets

García, Diego; Urosevic, Branko - Department of Economics and Business, Universitat … - 2004

We study a novel class of noisy rational expectations equilibria in markets with large number of agents. We show that, as long as noise increases with the number of agents in the economy, the limiting competitive equilibrium is well-defined and leads to non-trivial information acquisition,...

Persistent link: https://www.econbiz.de/10005772211

A note on the convergence to competitive equilibria in economies with moral hazard

Bisin, Alberto; Gottardi, Piero; Guaitoli, Danilo - Department of Economics and Business, Universitat … - 1998

We examine the conditions under which competitive equilibria can be obtained as the limit, when the number of strategic traders gets large, of Nash equilibria in economies with asymmetric information on agents' effort and possibly imperfect observability of agents' trades. Convergence always...

Persistent link: https://www.econbiz.de/10005704921

Reputation and honesty in a market for information

Charness, Gary; Garoupa, Nuno - Department of Economics and Business, Universitat … - 1998

Previous works on asymmetric information in asset markets tend to focus on the potential gains in the asset market itself. We focus on the market for information and conduct an experimental study to explore, in a game of finite but uncertain duration, whether reputation can be an effective...

Persistent link: https://www.econbiz.de/10005772009

Stock returns, term structure, inflation and real activity: An international perspective

Canova, Fabio; Nicolo, Gianni de - Department of Economics and Business, Universitat … - 1997

This paper analyses the empirical interdependences among asset returns, real activity and inflation from a multicountry and international point of view. We find that nominal stock returns are significantly related to inflation only in the US, that the US term structure of interest rates predicts...

Persistent link: https://www.econbiz.de/10005772455

Foreign direct investments and spillovers through workers' mobility

Fosfuri, Andrea; Motta, Massimo; Ronde, Thomas - Department of Economics and Business, Universitat … - 1998

We analyze a model where a multinational firm can use its superior technology in a foreign subsidiary only after appropriate training of local managers. Technological spillovers from foreign direct investment arise when such managers are later hired by a local firm. Benefits for the host economy...

Persistent link: https://www.econbiz.de/10005827522

Firm's response and unintended health consequences of industrial regulations

Hansman, Christopher; Hjort, Jonas; León, Gianmarco - Department of Economics and Business, Universitat … - 2015

Regulations that constrain firms' externalities in one dimension can distort incentives and worsen externalities in …

Persistent link: https://www.econbiz.de/10011195693

Tobin meets Oates: Solidarity and the optimal fiscal federal structure

Calsamiglia, Xavier; Garcia-Milà, Teresa; McGuire, … - Department of Economics and Business, Universitat … - 2010

We explore the implications for the optimal degree of fiscal decentralization when people’s preferences for goods and services, which classic treatments of fiscal federalism (Oates, 1972) place in the purview of local governments, exhibit specific egalitarianism (Tobin, 1970), or solidarity....

Persistent link: https://www.econbiz.de/10008597128

Human capital and externalities in cities

Ciccone, Antonio; Peri, Giovanni - Department of Economics and Business, Universitat … - 1999

We combine growth theory with US Census data on individual schooling and wages to estimate the aggregate return to … human capital and human capital externalities in cities. Our estimates imply that a one-year increase in average schooling … capital externalities in cities however although we use three different approaches. Our main theoretical contribution is to …

Persistent link: https://www.econbiz.de/10005771953

La imposición de los carburantes de automoción en España: algunas observaciones teóricas y empíricas

Villot, Xavier Labandeira; Nicolás, Ángel López - Department of Economics and Business, Universitat … - 2002

This article deals with the taxation of private car fuels in Spain, analyzing its theoretical foundations and carrying out a comparative study of tax design and tax levels. Moreover, we estimate a demand system of car fuels with data from Encuesta Continua de Presupuestos Familiares, which...

Persistent link: https://www.econbiz.de/10005772162

Indentifying human capital externalities: Theory with an application to US cities

Ciccone, Antonio; Peri, Giovanni - Department of Economics and Business, Universitat … - 2002

The identification of aggregate human capital externalities is still not fully understood. The existing (Mincerian …) approach confounds positive externalities with wage changes due to a downward sloping demand curve for human capital. As a … result, it yields positive externalities even when wages equal marginal social products. We propose an approach that …

Persistent link: https://www.econbiz.de/10005772550