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Halpern, Joseph Y. - EconWPA - 2000

unaware of certain propositions. However, their original approach had the unpleasant property that nontrivial unawareness was …] have provided an approach that allows for nontrivial unawareness in partitional information structures. Here it is shown … that their approach can be viewed as a special case of a general approach to unawareness considered by Fagin and Halpern …

Persistent link: https://www.econbiz.de/10005118557

Meta-Communication and Market Dynamics. Reflexive Interactions of Financial Markets and the Mass Media

Schuster, Thomas - EconWPA - 2003

A widely held belief in financial economics suggests that stock prices always adequately reflect all available information. Price movements away from fundamentals are assumed to occur only infrequently, if at all. „False“ prices are supposed to be corrected by the counter-actions of...

Persistent link: https://www.econbiz.de/10005134753

Costly Coasian Contracts

Anderlini, Luca; Felli, Leonardo - EconWPA - 1996

We identify and investigate the basic `hold-up' problem which arises whenever each party to a contingent contract has to pay some ex-ante cost for the contract to become feasible. We then proceed to show that, under plausible circumstances, a `contractual solution' to this hold-up problem is not...

Persistent link: https://www.econbiz.de/10005062341

Quantum Market Games

Piotrowski, E. W.; Sladkowski, J. - EconWPA - 2001

We propose a quantum-like description of markets and economics. The approach has roots in the recently developed quantum game theory. Quantum Zeno paradoxes and noncomutative quantum mecanics are also discussed.

Persistent link: https://www.econbiz.de/10005407589

OPTIMAL PRICING AND GRANT POLICIES FOR MUSEUMS

Prieto-Rodriguez, Juan; Fernandez-Blanco, Victor - EconWPA - 2003

Considering two potential sources of income (public grants and ticket revenues),we have defined a theoretical model where the public agency is the principal and the manager of the museum is the agent. This model allows us to design the optimal contract between both sides and thus to establish...

Persistent link: https://www.econbiz.de/10005408405

Slackers and Zealots: Civil Service, Policy Discretion, and Bureaucratic Capacity

Gailmard, Sean; Patty, John W. - EconWPA - 2005

In this paper we investigate how “civil service” personnel management interacts with bureaucratic discretion to create high capacity, expert bureaucracies populated by policy-motivated agents. We build a model in which bureaucrats may invest in (relationship specific) policy expertise, and...

Persistent link: https://www.econbiz.de/10005076581

Procrastination on Long-Term Projects

O'Donoghue, Ted; Rabin, Matthew - EconWPA - 2003

Previous papers on time-inconsistent procrastination assume projects are completed once begun. We develop a model in which a person chooses whether and when to complete each stage of a long-term project. In addition to procrastination in starting a project, a naive person might undertake costly...

Persistent link: https://www.econbiz.de/10005076661

Gains and losses: the same or different choices? A “non-ideal” economics approach.

Harin, Alexander - EconWPA - 2005

Ideal economics? A “non-ideal” economics approach has been proposed, which considers the possibility of arrangement infringements. It gives promises for both solving fundamental problems of economic theory and creation of new directions and fields of research. The approach application in...

Persistent link: https://www.econbiz.de/10005124942

The Effect of Affect on Economic and Strategic Decision Making

Hermalin, Benjamin E.; Isen, Alice M. - EconWPA - 2000

Persistent link: https://www.econbiz.de/10005126084

Staying Together or Breaking Apart: Policy-Makers’ Endogenous Coalitions Formation in the European Economic and Monetary Union

Bartolomeo, Giovanni Di; Engwerda, Jacob; Plasmans, Joseph - EconWPA - 2003

In this paper, we analyze coordination of macroeconomic stabilization policies within the EMU by focusing, in a dynamic set-up, on asymmetries, externalities, and the existence of a multi-country context. We study how coalitions among fiscal and monetary authorities are formed and what are their...

Persistent link: https://www.econbiz.de/10005126333