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Competition Laws, Governance, and Firm Value
Levine, Ross; Chen, Lin; Xie, Wensi - National Bureau of Economic Research - 2021
Do antitrust laws influence corporate valuations? We evaluate the relationship between firm value and laws limiting firms from engaging in anticompetitive agreements, abusing dominant positions, and conducting M&As that restrict competition. Using firm-level data from 99 countries over the...
Persistent link: https://www.econbiz.de/10012585392
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Dampening General Equilibrium : Incomplete Information and Bounded Rationality
Angeletos, Marios; Lian, Chen - National Bureau of Economic Research - 2022
We review how realistic frictions in information and/or rationality arrest general equilibrium (GE) feedbacks. In one specification, we maintain rational expectations but remove common knowledge of aggregate shocks. In another, we replace rational expectations with Level-k Thinking or a smooth...
Persistent link: https://www.econbiz.de/10012938745
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Optimal Paternalism in a Population with Bounded Rationality
Manski, Charles F.; Sheshinski, Eytan - National Bureau of Economic Research - 2023
A central mission of public economics has been to determine policies that optimize utilitarian welfare. To improve the realism of policy evaluation, it is desirable to enrich understanding of behavior and develop methods of analysis that use the enriched understanding to assess policies....
Persistent link: https://www.econbiz.de/10014322737
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Noisy Foresight
Chakraborty, Anujit; Kendall, Chad W. - National Bureau of Economic Research - 2022
Rational agents must perform backwards induction by thinking contingently about future states and actions, but failures of backwards induction and contingent reasoning are ubiquitous. How do boundedly-rational agents make decisions when they fail to correctly forecast actions in the future? We...
Persistent link: https://www.econbiz.de/10013361987
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Natural and Neutral Real Interest Rates : Past and Future
Obstfeld, Maurice - National Bureau of Economic Research - 2023
This paper surveys the decline in real interest rates in advanced and emerging economies over the past several decades, linking that process to a range of global factors that have operated with different force in different periods. The paper argues that estimates of long-run equilibrium real...
Persistent link: https://www.econbiz.de/10014447270
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The Female Happiness Paradox
Blanchflower, David G.; Bryson, Alex - National Bureau of Economic Research - 2022
Using data across countries and over time we show that women are unhappier than men in unhappiness and negative affect equations, irrespective of the measure used - anxiety, depression, fearfulness, sadness, loneliness, anger - and they have more days with bad mental health and more restless...
Persistent link: https://www.econbiz.de/10013172192
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International Climate Agreements and the Scream of Greta
Maggi, Giovanni; Staiger, Robert W. - National Bureau of Economic Research - 2022
Current policies directed at mitigating global warming appear unlikely to prevent temperatures from rising to levels that would trigger a precipitous increase in the costs of climate change. Various attempts at international cooperation to avoid this outcome have failed. Why is this problem so...
Persistent link: https://www.econbiz.de/10013462728
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Adapting to Flood Risk : Evidence from a Panel of Global Cities
Gandhi, Sahil; Kahn, Matthew E.; Kochhar, Rajat; Lall, … - National Bureau of Economic Research - 2022
Urban flooding poses danger to people and places. People can adapt to this risk by moving to safer areas or by investing in private self-protection. Places can offset some of the risk through urban planning and infrastructure investment. By constructing a global city data set that covers the...
Persistent link: https://www.econbiz.de/10013334356
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Inflation Targets : Practice Ahead of Theory
King, Mervyn - National Bureau of Economic Research - 2024
Inflation targets were introduced well ahead of the development of the theory of inflation targeting. The practice was … accountable fashion - "constrained discretion"; the later theory was less useful because it purported to be a theory of the … determination of the price level. But inflation targeting does not constitute a new theory of the monetary transmission mechanism …
Persistent link: https://www.econbiz.de/10014576623
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A Field Experiment on Antitrust Compliance
Kawai, Keiji; Nakabayashi, Jun - National Bureau of Economic Research - 2024
We study the effectiveness of firms' compliance programs by conducting a field experiment in which we disclose to a subset of Japanese firms that the firm is potentially engaging in illegal bid-rigging. We find that the information that we disclose affects the bidding behavior of the treated...
Persistent link: https://www.econbiz.de/10014528387