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The Political Agenda Effect and State Centralization

Acemoglu, Daron; Robinson, James A.; Torvik, Ragnar - 2016

We provide a potential explanation for the absence of, and unwillingness to create, centralized power in the hands of a national state based on the political agenda effect. State centralization induces citizens of different backgrounds, interests, regions or ethnicities to coordinate their...

Persistent link: https://www.econbiz.de/10012456426

Consistent Expectations, Rational Expectations, Multiple-Solution Indeterminacies, and Least-Squares Learnability

McCallum, Bennett T. - 2002

After some historical discussion of the rational expectations (RE) solution procedures of John Muth, Alan Walters, and Robert Lucas, this paper considers the relevance for actual economies of issues stemming from the existence of multiple RE equilibria. In all linear models, the minimum state...

Persistent link: https://www.econbiz.de/10012469491

Multidimensional Private Information, Market Structure and Insurance Markets

Fang, Hanming - 2016

A large empirical literature found that the correlation between insurance purchase and ex post realization of risk is … in a negative correlation in equilibrium between insurance coverage and ex post realization of risk. We show that if the … correlation property in equilibrium, unless there is a sufficiently high loading factor. If the insurance market is monopolistic …

Persistent link: https://www.econbiz.de/10012455907

Congressional Vote Options

King, David C. - 1999

votes. 'This vote,' we hear, ' will either win by a little or lose by a lot.' Real-world examples suggest coalition leaders …

Persistent link: https://www.econbiz.de/10012471442

Sustainable Investing in Equilibrium

Pastor, Lubos - 2019

We present a model of investing based on environmental, social, and governance (ESG) criteria. In equilibrium, green assets have negative CAPM alphas, whereas brown assets have positive alphas. Green assets' negative alphas stem from investors' preference for green holdings and from green...

Persistent link: https://www.econbiz.de/10012480493

How Much of Barrier to Entry is Occupational Licensing?

Blair, Peter Q. - 2018

We exploit state variation in licensing laws to study the effect of licensing on occupational choice using a boundary discontinuity design. We find that licensing reduces equilibrium labor supply by an average of 17%-27%. The negative labor supply effects of licensing appear to be strongest for...

Persistent link: https://www.econbiz.de/10012480913

A Graph Theoretic Approach to Markets for Indivisible Goods

Caplin, Andrew - 2010

Many important markets, such as the housing market, involve goods that are both indivisible and of budgetary significance. We introduce new graph theoretic techniques ideally suited to analyzing such markets. In this paper and its companion (Caplin and Leahy [2010]), we use these techniques to...

Persistent link: https://www.econbiz.de/10012462373

Optimal price setting with observation and menu costs

Alvarez, Fernando E. - 2010

We model the optimal price setting problem of a firm in the presence of both information and menu costs. In this problem the firm optimally decides when to collect costly information on the adequacy of its price, an activity which we refer to as a price "review". Upon each review, the firm...

Persistent link: https://www.econbiz.de/10012462800

Monetary Policy and the Currency Denomination of Debt : A Tale of Two Equilibria

Velasco, Andres - 2004

Exchange rate policies depend on portfolio choices, and portfolio choices depend on anticipated exchange rate policies. This opens the door to multiple equilibria in policy regimes. We construct a model in which agents optimally choose to denominate their assets and liabilities either in...

Persistent link: https://www.econbiz.de/10012467862

Why Are Most Funds Open-End? Competition and the Limits of Arbitrage

Stein, Jeremy C. - 2004

The majority of asset-management intermediaries (e.g., mutual funds, hedge funds) are structured on an open-end basis, even though it appears that the open-end form can be a serious impediment to arbitrage. I argue that the equilibrium degree of open-ending in an economy can be excessive from...

Persistent link: https://www.econbiz.de/10012468434

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