In this paper, we adopt the collective approach to consumer behavior --- which supposes that each household member is characterized by his/her own preferences and the decision process results in Pareto-efficient outcomes --- and assume, in addition, that agents are egoistic and consumption is...

We consider competitive bidding for a business license, via an open ascending-price auction, between two symmetric incumbents and a potential entrant, each of whom is privately informed about her own valuation of the license. Entry stands to reduce the payoff of each incumbent below that in...

This paper studies the role of bundling in the efficient provision of excludable public goods. We show that bundling in the provision of unrelated public goods can enhance social welfare. With a large number of goods and agents, first best can be approximated with pure bundling. For a parametric...

According to globalization, certain kinds of public goods, which used to be working as the goods just in a national economy, are getting internationalized or released for foreigners as well. In addition, those goods often exhibit differentiated features for a certain degree. The goods as such...

Microfinance programmes provide poor people with small loans given to jointly liable self-selected groups. Follow-up loans provide incentives to repay. In an experiment we investigate the influence of those features on strategic default. Each group member invests in an individual risky project,...

We conduct an experiment to explore the durability and transferability of the increase in contributions to a public good resulting from the existence of a particular type of implicit informal sanction. Rege and Telle (2003) find that in one-shot games, the sanctioning system leads to high...

This paper investigates how conditional quantiles of a given distribution relate to each other. Given two conditional quantiles estimated nonparametrically, we investigate their relation by linking them through a parametric transformation. Asymptotic normality of the associated parameter vector...

In this paper we extend the setting analysed in Hahn and Hausman (2002a) by allowing for conditionally heteroscedastic disturbances. We start by considering the type of conditional variance-covariance matrices proposed by Engle and Kroner (1995) and we show that, when we impose a GARCH...

This paper proposes unit root tests based on partially adaptive estimation. The proposed tests provide an intermediate class of inference procedures that are more efficient than the traditional OLS-based methods and simpler than unit root tests based on fully adaptive estimation using...

The aim of this paper is to give a formal definition and consistent estimates of the extremes of a population. This definition relies on a threshold value that delimits the extremes and on the uniform convergence of the distribution of these extremes to a Pareto type distribution. The tail...