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General Equilibrium with Endogenous Securities and Moral Hazard
Braido, Luis H. B. - EconWPA - 2004
This paper studies a class of general equilibrium economies in which the individuals' endowments depend on privately observed effort choices and the financial markets are endogenous. The environment is modeled as a two-stage game. Individuals first make strategic financial-innovation decisions....
Persistent link: https://www.econbiz.de/10005135122
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Moving costs, security of tenure and eviction
Anas, Alex; Arnott, Richard - EconWPA - 2004
security of tenure efficiency can be improved by subsidizing the moving costs of tenants. …
Persistent link: https://www.econbiz.de/10005124886
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Efficient Mechanism Design
Krishna, Vijay; Perry, Motty - EconWPA - 1997
We study Bayesian mechanism design in situations where agents' information may be multi-dimensional, concentrating on mechanisms that lead to efficient allocations. Our main result is that a generalization of the well-known Vickrey-Clarke-Groves mechanism maximizes the planner's "revenue'' among...
Persistent link: https://www.econbiz.de/10005118596
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On the Allocative Efficiency of Competitive Prices in Economies with Incomplete Markets
Sabarwal, Tarun - EconWPA - 2004
A new measure of constrained efficiency for application in economies with incomplete markets is presented. This measure … --- termed Allais- Malinvaud efficiency --- can be viewed as adjusting for market incompleteness not fully captured in previous …
Persistent link: https://www.econbiz.de/10005125664
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Eco-Efficiency Analysis of Consumer Durables Using Absolute Shadow Prices
Kortelainen, Mika; Kuosmanen, Timo - EconWPA - 2005
We develop a method for eco-efficiency analysis of consumer durables by utilizing Data Envelopment Analysis (DEA). In … contrast to previous product efficiency studies, we consider the measurement problem from the perspective of a policy maker …. The novel innovation of the paper is to measure efficiency in terms of absolute shadow prices that are optimized …
Persistent link: https://www.econbiz.de/10005556914
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Buyer feedback as a filtering mechanism for reputable sellers
Laureti, Paolo; Slanina, Frantisek; Yu, Yi-Kuo; Zhang, … - EconWPA - 2003
We propose a continuum model for the description of buyer and seller dynamics in an Internet market. The relevant variables are the research effort of buyers and the sellers' reputation building process. We show that, if a commercial website gives consumers the possibility to rate credibly...
Persistent link: https://www.econbiz.de/10005407517
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Multiple-Object Auctions with Budget Constrained Bidders
Benoit, Jean-Pierre; Krishna, Vijay - EconWPA - 1998
A seller with two objects faces a group of bidders who are subject to budget constraints. The objects have common values to all bidders, but need not be identical and may be either complements or substitutes. In a simple complete information setting we show: (1) if the objects are sold by means...
Persistent link: https://www.econbiz.de/10005062330
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Unemployment Insurance under Moral Hazard and Limited Commitment: Public vs Private Provision
Thomas, Jonathan P; Worrall, Tim - EconWPA - 2002
This paper analyses a model of private unemployment insurance under limited commitment and a model of public unemployment insurance subject to moral hazard in an economy with a continuum of agents and an infinite time horizon. The dynamic and steady-state properties of the private unemployment...
Persistent link: https://www.econbiz.de/10005556941
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Advertising, Pricing & Market Structure in Competitive Matching Markets
Bataille, Edner; Julien, Benoit - EconWPA - 2005
This paper develops a model of pricing and advertising in a matching environment with capacity constrained sellers. Sellers' expenditure on directly informative advertising attracts consumers only probabilistically. Consumers who happen to observe advertisements randomize over the advertised...
Persistent link: https://www.econbiz.de/10005076903
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Search, Mismatch and Unemployment
Blázquez, Maite; Jansen, Marcel - EconWPA - 2005
Persistent link: https://www.econbiz.de/10005125814