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Information Flow, Social Interactions and the Fluctuations of Prices in Financial Markets
Matos, João Amaro de - Econometric Society - 2004
We model how excess demand or excess supply can be generated in the presence of a social network of interactions, where agents are subject to external information and individual incentives. In this context we study price fluctuations in financial markets under equilibrium. In particular, we...
Persistent link: https://www.econbiz.de/10005170256
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Advances in economics and econometrics ; Vol. 2
Blundell, Richard W. (contributor);  … - 2006 - 1. publ.
Persistent link: https://www.econbiz.de/10003423706
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Efficient Dissolution of Partnerships and the Structure of Control
Turner, John L.; Ornelas, Emanuel - Econometric Society - 2004
In this paper, we study efficient dissolution of partnerships in a context of incomplete information. We generalize the results of Cramton, Gibbons and Klemperer (1987) to situations where the partnership takes on a common value that may depend upon all partners' types, so that each partner's...
Persistent link: https://www.econbiz.de/10005702686
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Measuring Segregation
Volij, Oscar; Frankel, David - Econometric Society - 2004
We define a segregation ordering as a ranking of cities from most segregated to least segregated. \ We propose a set of … basic properties that any reasonable segregation ordering should have. \ We then fully characterize the class of segregation … orderings that satisfy these basic properties. \ We prove that every such ordering is representable by a segregation index that …
Persistent link: https://www.econbiz.de/10005342230
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Was the Late 19th Century a Golden Age of Racial Integration?
Frankel, David M. - Econometric Society - 2004
residential segregation between blacks and whites. Segregation increased substantially from 1890 to 1940 and, despite falling … since 1970, remained considerably higher in 1990 than in 1890. Their segregation measure is a weighted average of within …-city segregation indices. It does not reflect segregation between cities, which fell sharply over the period as blacks moved from …
Persistent link: https://www.econbiz.de/10005702651
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Dynamic Formation of Network with Adoption Externalities
Park, In-Uck - Econometric Society - 2004
We analyze an entry game with multiple periods, in each period of which privately informed agents who have not joined yet decide whether to subscribe to a network, and subscribers derive benefits in future periods depending on the network size. We study the case that the agents are sufficiently...
Persistent link: https://www.econbiz.de/10005342354
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Labor Market Discrimination in the US: A Quantile Regression Approach
Guimarães, Juliana Ferraz - Econometric Society - 2004
In this study I apply quantile regression techniques to the well-known Oaxaca coefficient of discrimination. This methodology provides different coefficients for different quantiles of the conditional wage distribution and is more informative than the technique based on OLS regression, which...
Persistent link: https://www.econbiz.de/10005699591
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Competition and Consumer Confusion
Laibson, David; Gabaix, Xavier - Econometric Society - 2004
In many markets consumer biases do not affect prices, since competition forces firms to price their products close to marginal cost; competition protects the consumer. We show that noisy consumer product evaluations undermine the force of competition, enabling firms to charge high mark-ups in...
Persistent link: https://www.econbiz.de/10005063732
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Non-Fungibility and Mental Accounting: A Model of Bounded Rationality with Sunspot
Goenka, Aditya - Econometric Society - 2004
In this paper we consider a model where some consumers act in a boundedly rational way by treating money as non-fungible (Kahneman and Tversky (1979) and (1984), Thaler (1987) and (1990). The budget is broken up into different expenditure groups (cookie-jars). Given the amount of resources...
Persistent link: https://www.econbiz.de/10005702537
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Coordination, Specialization and Incentives: An Equilibrium Model of Firm Boundaries
Mathewson, Frank; Horstmann, Ignatius J. - Econometric Society - 2004
This paper derives firm boundaries as the outcome of an equilibrium coordination mechanism. The analysis is premised on the notion that efficient production and distribution are achieved through a mechanism that coordinates three basic activities: i) input acquisition, ii) production, iii)...
Persistent link: https://www.econbiz.de/10005328943