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There is an increasing demand for putting a shadow price on the environment to guide public policy and incentivise private behaviour. In practice, setting that price can be extremely difficult as uncertainties abound. There is often uncertainty not just about individual parameters but about the...
Persistent link: https://www.econbiz.de/10010884522
This paper develops a framework to analyze the relationship between the diffusion of new technologies and the decentralization decisions of firms. Centralized control relies on the information of the principal, which we equate with publicly available information. Decentralized control, on the...
Persistent link: https://www.econbiz.de/10010884642
Speculative industries exploit novel technologies subject to two risks. First, there is uncertainty about the fundamental value of the innovation: is it strong or fragile? Second, it is difficult to monitor managers, which creates moral hazard. Because of moral hazard, managers earn agency rents...
Persistent link: https://www.econbiz.de/10010744809
innovation is that we also have direct data on the sources of learning (in this case about new technologies). Controlling for … they learnt from buyers (relative to learning from other sources). Second, firms who had learned from buyers (more than … for the learning-by-exporting hypothesis. …
Persistent link: https://www.econbiz.de/10010744844
A simple model of process innovation is proposed, where firms learn about their ideal production process by making prototypes. We build around this a dynamic general equilibrium model, and derive conditions under which diversified and specialised cities coexist. New products are developed in...
Persistent link: https://www.econbiz.de/10010745492
Volatility risk premia compensate agents for holding assets whose payoffs correlate with times of high return variation. This paper takes a structural approach to explain the cross-section of volatility risk premia of stocks using a Lucas orchard with heterogeneous beliefs, stochastic...
Persistent link: https://www.econbiz.de/10010745732
also encompasses both undergraduate and postgraduate education, as well as lifelong learning. The interactions no longer …
Persistent link: https://www.econbiz.de/10010746458
We consider the impact of history on the survival of a monopolist selling single units in discrete time periods, whose quality is learned slowly. If the seller learns her own quality at the same rate as customers, a sufficiently bad run of luck could induce her to stop selling. When she knows...
Persistent link: https://www.econbiz.de/10010746467
There is an increasing demand for putting a shadow price on the environment to guide public policy and incentivize private behaviour. In practice, setting that price can be extremely difficult as uncertainties abound. There is often uncertainty not just about individual parameters but about the...
Persistent link: https://www.econbiz.de/10011126224
Persistent link: https://www.econbiz.de/10011126646