Showing 1 - 10 of 31
This paper considers the effect of status or relative income on work effort, combining experimental evidence from a …’ incomes on individual effort in both datasets. The individual’s rank in the income distribution is a stronger determinant of … effort than is others’ average income, suggesting that comparisons are more ordinal than cardinal. In the experiment, effort …
Persistent link: https://www.econbiz.de/10010746495
gift reciprocate with greater loyalty and effort. But ESPPs diverge from standard gift exchange or efficiency wage models … performance of the firm and the effort of workers in total. For workers who buy subsidized shares, an ESPP sets up a group …
Persistent link: https://www.econbiz.de/10011126459
There is a substantial empirical literature quantifying the positive relationship between city size and productivity. The paper draws out the implications of this productivity relationship for evaluations of urban transport improvements. A theoretical model is developed and used to derive a...
Persistent link: https://www.econbiz.de/10010745008
Nicaraguan farmers are more likely to grow effort-intensive crops on owned rather than on rented plots. I consider two …
Persistent link: https://www.econbiz.de/10010928686
evidence. Results are also applicable to other areas like regulation or welfare benefit allocation. …
Persistent link: https://www.econbiz.de/10010928739
Given the opportunity to buy IPO shares of uncertain value at a fixed price, potentially informed investors have an incentive to refuse to participate in offerings the underwriter happens to overprice. We show that an underwriter can efficiently resolve this problem by entering into a repeat...
Persistent link: https://www.econbiz.de/10010745055
A bank can efficiently underwrite individually difficult to value IPOs by offering them as a package deal to a stable coalition of investors (block-booking). Block-booking banks set offer prices to equalize downside risk across their offerings, not expected returns. Examining US IPOs over the...
Persistent link: https://www.econbiz.de/10010745328
In this paper we provide a characterization of the welfare properties of rational expectations equilibria of economies in which, prior to trading, agents have some information over the realization of uncertainity. We study a model with asymmetrically informed agents, treating symmetric...
Persistent link: https://www.econbiz.de/10010745753
We endogenize separation in a search model of the labor market and allow for bargaining over the continuation of employment relationships following productivity shocks to take place under asymmetric information. In such a setting separation may occur even if continuation of the employment...
Persistent link: https://www.econbiz.de/10010746228
We consider a noisy rational expectations equilibrium in a multi-asset economy populated by informed and uninformed investors, and noise traders. Informed investors privately observe an aggregate risk factor affecting the probabilities of different states of the economy. Uninformed investors...
Persistent link: https://www.econbiz.de/10011126052