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Unique equilibrium in a dynamic model of crises with frictions

Guimaraes, Bernardo - London School of Economics (LSE) - 2005

This paper studies a dynamic model of crises with timing frictions that combines the main aspects of Morris and Shin (1998) and Frankel and Pauzner (2000). The usual arguments for existence and uniqueness of equilibrium cannot be applied. It is shown that the model has a unique equilibrium...

Persistent link: https://www.econbiz.de/10010928606

Multiple-product firms and product switching

Bernard, Andrew B.; Redding, Stephen; Schott, Peter K. - London School of Economics (LSE) - 2010

. The behavior we observe is consistent with a natural generalization of existing theories of industry dynamics that …

Persistent link: https://www.econbiz.de/10010745219

Labour market disadvantage amongst disabled people: a longitudinal perspective

Rigg, John A. - London School of Economics (LSE) - 2005

Considerable cross-sectional evidence has highlighted the lower employment rates and earnings amongst disabled people in Britain. But very little is known about the progression of disabled people in employment. This study uses data from the Labour Force Survey (LFS) to examine the labour market...

Persistent link: https://www.econbiz.de/10011126083

Intrafirm trade and product contractibility

Bernard, Andrew B.; Jensen, J. Bradford; Redding, Stephen; … - London School of Economics (LSE) - 2010

Persistent link: https://www.econbiz.de/10010884575

Courts of law and unforeseen contingencies

Anderlini, Luca; Felli, Leonardo; Postlewaite, Andrew - London School of Economics (LSE) - 2003

contracting parties cannot include the risky unforeseen contingencies in the contract they draw up. Ex-post the court observes … whether an unforeseen contingency occurred, and decides whether to void or uphold the contract. If the contract is voided by … insurance againt the unforeseen contingencies which the ex-ante contract cannot take into account. In this context, we are able …

Persistent link: https://www.econbiz.de/10010928636

Financing and corporate growth under repeated moral hazard

Anderson, Ronald W.; Nyborg, Kjell G. - London School of Economics (LSE) - 2001

This paper considers the impact of financial contracting on growth by exploring a model where entrepreneurs initially do R&D but subsequently need both outside investors to provide funds for capital investments and outside mangers to operate the firm efficiently some time after assets are in...

Persistent link: https://www.econbiz.de/10010744895

Motivation and sorting in open source software innovation

Belenzon, Sharon; Schankerman, Mark - London School of Economics (LSE) - 2008

This paper studies the role of intrinsic motivation, reputation, and reciprocity in driving open source software innovation. Unlike previous literature based on survey data, we exploit the observed pattern of contributions - the .revealed preference. of developers - to infer the underlying...

Persistent link: https://www.econbiz.de/10010745268

Trust-based trade

Araujo, Luis; Ornelas, Emanuel - London School of Economics (LSE) - 2007

information. The model describes the interplay between institutional quality, reputations and the dynamics of international trade …

Persistent link: https://www.econbiz.de/10010745456

Statute law or case law?

Anderlini, Luca; Felli, Leonardo; Riboni, A. - London School of Economics (LSE) - 2008

We embed a simple contracting model with ex-ante investments in which there is scope for Court intervention in a full-blown open-ended dynamic setting. The underlying preferences of both Courts and contracting parties are fully forward looking and unbiased. Our point of departure is instead the...

Persistent link: https://www.econbiz.de/10010746104

Strategic liquidity supply and security design

Biais, Bruno; Mariotti, Thomas - London School of Economics (LSE) - 2003

We study how securities and trading mechanisms can be designed to optimally mitigate the adverse impact of market imperfections on liquidity. Asset owners seek to obtain liquidity by selling their claims on future cash-flows, on which they have private information. Our analysis encompasses both...

Persistent link: https://www.econbiz.de/10010746262