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Layard, Richard; Mayraz, Guy; Nickell, Stephen J - London School of Economics (LSE) - 2007

In normative public economics it is crucial to know how fast the marginal utility of income declines as income …, using a number of assumptions, we are able to estimate the elasticity of marginal utility with respect to income. We obtain …

Persistent link: https://www.econbiz.de/10011071383

Money, well-being and loss aversion: does an income loss have a greater effect on well-being than an equivalent income gain?

Banks, James; Brown, Gordon D.A.; Boyce, Christopher J.; … - London School of Economics (LSE) - 2014

Higher income is associated with greater well-being, but do income gains and losses impact on well-being differently … falls in income have a larger impact on well-being than equivalent income gains. The effect is not explained by the … diminishing returns to well-being of income. Our findings show that loss aversion applies to experienced losses, counteracting …

Persistent link: https://www.econbiz.de/10011126714

Financial contagion through capital connections: a model of the origin and spread of bank panics

Dasgupta, Amil - London School of Economics (LSE) - 2002

Financial contagion is modeled as an equilibrium phenomenon in a dynamic setting with incomplete information and multiple banks. The equilibrium probability of bank failure is uniquely determined. We explore how the cross holding of deposits motivated by imperfectly correlated regional liquidity...

Persistent link: https://www.econbiz.de/10010884582

A note on measuring voters’ responsibility

Felsenthal, Dan S.; Machover, Moshé - London School of Economics (LSE) - 2009

We consider a singular event of the following form: in a simple voting game, a particular division of the voters resulted in a positive outcome. We propose a plausible measure that quantifies the causal contribution of any given voter to the outcome. This measure is based on a conceptual...

Persistent link: https://www.econbiz.de/10011071418

No escape? The co-ordination problem in heritage preservation

Ahlfeldt, Gabriel M.; Holman, Nancy - London School of Economics (LSE) - 2013

Conservation areas (CAs) are among the most restrictive English planning policies. Designation implies a significant limitation of owners’ control over the shape and appearance of their properties. The policy, however, can also be argued to solve a sort of ‘prisoners’ dilemma’, in which...

Persistent link: https://www.econbiz.de/10010745091

Modelling the economic interaction of agents with diverse abilities to recognise equilibrium patterns

Piccione, Michele; Rubinstein, Ariel - London School of Economics (LSE) - 2002

We model differences among agents in their ability to recognise temporal patterns of prices. Using the concept of DeBruijin sequences in two dynamic models of markets, we demonstrate the existence of equilibria in which prices fluctuate in a pattern that is independent of the fundamentals and...

Persistent link: https://www.econbiz.de/10010745837

Book review: beyond individual choice: teams and frames in Game Theory, by Michael Bacharach, edited by Natalie Gold and Robert Sugden

Rothe, Jorn - London School of Economics (LSE) - 2007

Persistent link: https://www.econbiz.de/10010746552

The effects of agglomeration on wages: evidence from the micro-level

Fingleton, Bernard; Longhi, Simonetta - London School of Economics (LSE) - 2011

This paper estimates individual wage equations in order to test two rival non-nested theories of economic agglomeration, namely New Economic Geography (NEG), as represented by the NEG wage equation and urban economic (UE) theory, in which wages relate to employment density. The paper makes an...

Persistent link: https://www.econbiz.de/10011126078

Social mobility, life chances, and the early years

Waldfogel, Jane - London School of Economics (LSE) - 2004

It is widely agreed that the early years are a particularly important time for efforts to increase social mobility, because a good deal of inequality is already apparent by the time children start school, and because children’s development may be less amenable to change after they enter...

Persistent link: https://www.econbiz.de/10011126160

Looking ahead: subjective time perception and individual discounting

Bradford, W. David; Dolan, Paul; Galizzi, Matteo M. - London School of Economics (LSE) - 2014

Time discounting is at the heart of economic decision-making. We disentangle hyperbolic discounting from subjective time perception using experimental data from incentive-compatible tests to measure time preferences, and a set of experimental tasks to measure time perception. The two behavioural...

Persistent link: https://www.econbiz.de/10011126346