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Information Dynamics and Equilibrium Multiplicity in Global Games of Regime Change

Angeletos, George-Marios - 2004

Global games of regime change -- that is, coordination games of incomplete information in which a status quo is …

Persistent link: https://www.econbiz.de/10012467670

Transparency of Information and Coordination in Economies with Investment Complementarities

Angeletos, George-Marios - 2004

How do public and private information affect equilibrium allocations and social welfare in economies with investment … perverse effect of increasing aggregate volatility. Nevertheless, as long as there is no value to lotteries, welfare … transparency is optimal. This is because more transparency facilitates more effective coordination, which is valuable from a social …

Persistent link: https://www.econbiz.de/10012468302

Illiquid Lemon Markets and the Macroeconomy

Bierdel, Aimé; Drenik, Andres; Herreño, Juan; … - National Bureau of Economic Research - 2023

We study the macroeconomic implications of asymmetric information in capital markets. We build a quantitative capital-accumulation model in which capital is traded in illiquid markets, with sellers having more information about capital quality than buyers. Asymmetric information distorts the...

Persistent link: https://www.econbiz.de/10014372468

Equilibrium Conditions for Catch-22 Situations

Gans, Joshua - National Bureau of Economic Research - 2024

This is a paper in the ``economists ruin everything'' field. It considers whether Catch-22 situations can persist as an equilibrium phenomenon. Rather than being an arbitrary rule or a set of self-serving beliefs, the focus is on the preferences of Gatekeepers who choose to create such...

Persistent link: https://www.econbiz.de/10015171705

It Hurts To Ask

Bénabou, Roland; Jaroszewicz, Ania; Loewenstein, George - National Bureau of Economic Research - 2022

We analyze the offering, asking, and granting of help or other benefits as a three-stage game with bilateral private information between a person in need of help and a potential help-giver. Asking entails the risk of rejection, which can be painful: since unawareness of the need can no longer be...

Persistent link: https://www.econbiz.de/10013388842

Financing Infrastructure in the Shadow of Expropriation

Acharya, Viral V.; Parlatore, Cecilia; Sundaresan, Suresh M. - National Bureau of Economic Research - 2022

We examine the optimal financing of infrastructure when governments have limited financial commitment and can expropriate rents from private sector firms that manage infrastructure. While private firms need incentives to implement projects well, governments need incentives to limit...

Persistent link: https://www.econbiz.de/10013334350

The Privacy Elasticity of Behavior : Conceptualization and Application

Dekel, Inbal; Cummings, Rachel; Heffetz, Ori; Ligett, … - National Bureau of Economic Research - 2022

We propose and initiate the study of privacy elasticity--the responsiveness of economic variables to small changes in the level of privacy given to participants in an economic system. Individuals rarely experience either full privacy or a complete lack of privacy; we propose to use differential...

Persistent link: https://www.econbiz.de/10013334433

Public Information as a Source of Disagreement Among Shareholders

Bouton, Laurent; Llorente-Saguer, Aniol; Macé, Antonin; … - National Bureau of Economic Research - 2022

We study how beliefs about firm value respond to public information stemming from either public announcements or shareholder meetings. We focus on settings with homogeneous shareholders (i.e., agents with common preferences and opinions), where information is about which course of action is best...

Persistent link: https://www.econbiz.de/10013477249

Evolving Reputation for Commitment : The Rise, Fall and Stabilization of US Inflation

King, Robert G.; Lu, Yang - National Bureau of Economic Research - 2022

A parsimonious model of shifting policy regimes can simultaneously capture expected and actual US inflation during 1969-2005. Our model features a forward-looking New Keynesian Phillips curve and purposeful policymakers that can or cannot commit. Private sector learning about policymaker type...

Persistent link: https://www.econbiz.de/10013477255

Deferred Acceptance with News Utility

Dreyfuss, Bnaya; Glicksohn, Ofer; Heffetz, Ori; Romm, Assaf - National Bureau of Economic Research - 2022

Can incorporating expectations-based-reference-dependence (EBRD) considerations reduce seemingly dominated choices in the Deferred Acceptance (DA) mechanism? We run two experiments (total N = 500) where participants are randomly assigned into one of four DA variants--{static, dynamic} * {student...

Persistent link: https://www.econbiz.de/10013462684