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The Harmonic Fisher Equation and the Inflationary Bias of Real Uncertainty

Geanakoplos, John; Karatzas, Ioannis; Shubik, Martin; … - School of Management, Yale University - 2004

The classical Fisher equation asserts that in a nonstochastic economy, the inflation rate must equal the difference between the nominal and real interest rates. We extend this equation to a representative agent economy with real uncertainty in which the central bank sets the nominal rate of...

Persistent link: https://www.econbiz.de/10005586938

What Drives Racial Segregation? New Evidence Using Census Microdata

Bayer, Patrick J.; McMillan, Robert; Rueben, Kim - School of Management, Yale University - 2004

ways, and to carry out partial equilibrium counterfactuals that illuminate the contributions of a variety of non …

Persistent link: https://www.econbiz.de/10005586876

A Note on the Equilibrium Properties of Locational Sorting Models

Bayer, Patrick J.; Timmins, Christopher D. - School of Management, Yale University - 2004

attributes of other individuals or firms that choose the same or nearby locations in equilibrium. The main goal of this paper is … to develop the equilibrium properties of a broadly applicable and readily estimable class of sorting models that allow … that a unique equilibrium is more likely to obtain (i) the smaller are any agglomeration effects, (ii) the larger are the …

Persistent link: https://www.econbiz.de/10005587007

An Equilibrium Model of Sorting in an Urban Housing Market: The Causes and Consequences of Residential Segregation

Bayer, Patrick J.; McMillan, Robert; Rueben, Kim - School of Management, Yale University - 2004

This paper presents a new equilibrium framework for analyzing economic and policy questions related to the sorting of … to explore the causes and consequences of racial segregation in general equilibrium. Our results indicate that, given the …

Persistent link: https://www.econbiz.de/10005587098

Are Chads Democrats? An Analysis of the Florida Presidential Recount

Spiegel, Matthew I. - School of Management, Yale University - 2000

This paper presents the results from a statistical analysis of the first Florida recount. The findings indicate that it is highly unlikely that the relative increase in Gore's vote total can be explained by mechanical reading errors. Rather it appears partisan biases influenced the outcome....

Persistent link: https://www.econbiz.de/10005587116

Building Criminal Capital Behind Bars: Social Learning in Juvenile Corrections

Bayer, Patrick J.; Pintoff, Randi; Pozen, David Emanuel - School of Management, Yale University - 2004

This paper analyzes the influence that juvenile offenders serving time in the same correctional facility have on each other’s subsequent criminal behavior. The analysis is based on data on over 8,000 individuals serving time in 169 juvenile correctional facilities during a two-year period in...

Persistent link: https://www.econbiz.de/10005147065

Liquidity Black Holes

Morris, Stephen; Shin, Hyun Song - School of Management, Yale University - 2004

Traders with short horizons and privately known trading limits interact in a market for a risky asset. Risk-averse, long horizon traders supply a downward sloping residual demand curve that face the short-horizon traders. When the price falls close to the trading limits of the short horizon...

Persistent link: https://www.econbiz.de/10005368998

Competing Against Bundles

Nalebuff, Barry - School of Management, Yale University - 2000

In this paper, we show that a firm that sells a bundle of complementary products will have a substantial advantage over rivals who sell the component products individually. Furthermore, this advantage increases with the size of the bundle. Once there are four or more items, the bundle seller...

Persistent link: https://www.econbiz.de/10005586892

Game Theory and Operations Research: Some Musings 50 Years Later

Shubik, Martin - School of Management, Yale University - 2001

A discussion of the utilization of the methods of game theory in operations research is given together with a consideration of the future developments. The language and analogies provided by game theory are now broadly accepted. It is suggested that the deep successes of game theory have...

Persistent link: https://www.econbiz.de/10005586950

Strategic Freedom, Constraint, and Symmetry in One-period Markets with Cash and Credit Payment

Shubik, Martin; Smith, David Eric - School of Management, Yale University - 2004

In order to explain in a systematic way why certain combinations of market, financial, and legal structures may be intrinsic to certain capabilities to exchange real goods, we introduce criteria for abstracting the qualitative functions of markets. The criteria involve the number of strategic...

Persistent link: https://www.econbiz.de/10005586976