Showing 1 - 10 of 33
Many economic problems can be formulated as dynamic games in which strategically interacting agents choose actions that determine the current and future levels of a single capital stock. We study necessary conditions that allow us to characterize Markov perfect Nash equilibria (MPNE) for these...
Persistent link: https://www.econbiz.de/10005144483
We apply the stochastic evolutionary approach of equilibrium selection to macroeconomic models in which a complementarity at the macro level is present. These models often exhibit multiple Pareto-ranked Nash equilibria, and the best response-correspondence of an individual increases with a...
Persistent link: https://www.econbiz.de/10005136898
We identify the conditions under which voters can induce political parties to collect information and to select … voting rule should encourage parties to collect information. Voting rules that focus on the opposition party sometimes … information. However, in contrast to office motivated parties, policy motivated parties will sometimes select policies that …
Persistent link: https://www.econbiz.de/10005016251
political process and the production of policy relevant information; on the role played by probing into candidates' past; and on …
Persistent link: https://www.econbiz.de/10005137020
Collective decision procedures should balance the incentives they provide to acquire information and their capacity to … aggregate private information. In a decision problem in which a project can be accepted or rejected once information about its … the other agent's vote. This in turn determines the decision to acquire information. In the debate about a rational choice …
Persistent link: https://www.econbiz.de/10005137291
the last decade large efforts have been made to increase the availability of information to travelers by means of advanced … traveler information systems (ATIS). This paper reviews economic aspects of information in transport markets. First, I will … discuss information acquisition from an economics perspective by characterizing costs and benefits of information, leading to …
Persistent link: https://www.econbiz.de/10008838592
In this paper, we analyze the interaction between an incumbent firm's financial contract with a bank and its product market decisions in the face of the threat of entry, in a dynamic model. The main results of the paper are: there exists a separating equilibrium with no limit pricing; the...
Persistent link: https://www.econbiz.de/10005281729
In this paper we provide an analysis of the process of creative destruction across 24 countries and 2-digit industries over the past decade. We rely on a newly assembled dataset that draws from different micro data sources (business registers, census, or representative enterprise surveys). The...
Persistent link: https://www.econbiz.de/10005136875
We demonstrate the possibility of shake-out of firms and emergence of inter-firm heterogeneity along the (socially optimal) dynamic equilibrium path of a competitive industry with free entry and exit, even when there is no uncertainty and all firms are ex ante identical with perfect foresight....
Persistent link: https://www.econbiz.de/10005137062
We investigate the manifold posed question: To what extent does investment in human and social capital, besides the effect of talent, enhance entrepreneurial performance? We distinguish between three different performance measures: survival, profits, and generated employment. On the basis of the...
Persistent link: https://www.econbiz.de/10005450787