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Educational Production
Lazear, Edward P. - 1999
their classmates do worse. The theory presented below reconciles all of these facts by recognizing that classroom teaching … ranges away from equilibrium levels will adversely affect educational output. The theory argues for a particular non … by lowering class size. The theory provides a measurable and operational way to define school quality that can be tested …
Persistent link: https://www.econbiz.de/10012471435
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Toll Competition Among Congested Roads
Engel, Eduardo - 1999
A growing number of roads are currently financed by the private sector via Build-Operate-and -Transfer (BOT) schemes. When the franchised road has no close substitute, the government must regulate tolls. Yet when there are many ways of getting from one point to another, regulation may be avoided...
Persistent link: https://www.econbiz.de/10012471692
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Ownership and Use Taxes as Congestion Correcting Instruments
Chia, Ngee-Choon - 2001
In countries, such as Singapore, that have implemented vehicle congestion policies, recent years have seen a shift towards motor vehicle taxes based on car use. Ownership taxes reduce the number of cars on the road, leaving the price per trip largely unaffected. Use taxes such as fuel taxes and...
Persistent link: https://www.econbiz.de/10012470446
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When Are Anonymous Congestion Charges Consistent with Marginal Cost Pricing?
Arnott, Richard - 1994
these constraints undermine the feasibility of marginal cost pricing, and hence the applicability of the first-best theory …
Persistent link: https://www.econbiz.de/10012474237
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Multiple Equilibria in Open Economy Models with Collateral Constraints : Overborrowing Revisited
Schmitt-Grohé, Stephanie - 2016
This paper establishes the existence of multiple equilibria in infinite-horizon open- economy models in which the value of tradable and nontradable endowments serves as collateral. In this environment, the economy displays self-fulfilling financial crises in which pessimistic views about the...
Persistent link: https://www.econbiz.de/10012456411
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Safe Asset Scarcity and Aggregate Demand
Caballero, Ricardo J. - 2016
We explore the consequences of safe asset scarcity on aggregate demand in a stylized IS-LM/Mundell Fleming environment. Acute safe asset scarcity forces the economy into a "safety trap" recession. In the open economy, safe asset scarcity spreads from one country to the other via capital flows,...
Persistent link: https://www.econbiz.de/10012456630
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Migration, Congestion Externalities, and the Evaluation of Spatial Investments
Dinkelman, Taryn - 2015
The direct benefits of infrastructure in developing countries can be large, but if new infrastructure induces in-migration, congestion of other local publicly provided goods may offset the direct benefits. Using the example of rural household electrification in South Africa, we demonstrate the...
Persistent link: https://www.econbiz.de/10012457824
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Volatile Policy and Private Information : The Case of Monetary Policy
Jones, Larry E. - 1999
In this paper we study how volatility in monetary policy affects economic performance in the presence of endogenously chosen information structures. To isolate the effects produced by the interaction of uncertainty in monetary policy and (possibly) asymmetric information, we consider a model in...
Persistent link: https://www.econbiz.de/10012471724
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Subgame Perfect Implementation with Almost Perfect Information and the Hold-Up Problem
Aghion, Philippe - 2009
The foundations of incomplete contracts have been questioned using or extending the subgame perfect implementation approach of Moore and Repullo (1988). We consider the robustness of subgame perfect implementation to the introduction of small amounts of asymmetric information. We show that...
Persistent link: https://www.econbiz.de/10012463482
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The Hired Gun Mechanism
Andreoni, James - 2011
We present and experimentally test a mechanism that provides a simple, natural, low cost, and realistic solution to the problem of compliance with socially determined efficient actions, such as contributing to a public good. We note that small self-governing organizations often place enforcement...
Persistent link: https://www.econbiz.de/10012461627