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An Efficient and Fair Solution for Communication Graph Games
Brink, Rene van den; Khmelnitskaya, Anna; Laan, Gerard … - Tinbergen Institute - 2011
efficiency, fairness and a new axiom called component balancedness. This latter axiom compares for every component in the …
Persistent link: https://www.econbiz.de/10008867500
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Efficiency and Collusion Neutrality of Solutions for Cooperative TU-Games
Brink, René van den - Tinbergen Institute - 2009
use efficiency which is not satisfied by the Banzhaf value. On the other hand, the Banzhaf value satisfies collusion … these axioms characterize the equal division solution. Further, we show that there is no solution that satisfies efficiency …, collusion neutrality and the null player property. Finally, we show that a solution satisfies efficiency, collusion neutrality …
Persistent link: https://www.econbiz.de/10004964462
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Continuous Time Trading in Markets with Adverse Selection
Janssen, Maarten C.W.; Karamychev, Vladimir - Tinbergen Institute - 2000
We investigate the nature of the adverse selection problem in a market for a durable good where trading and entry of new buyers and sellers takes place in continuous time. In the continuous time model equilibria with properties that are qualitatively different from the static equilibria, emerge....
Persistent link: https://www.econbiz.de/10005144503
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Credit Rationing Effects of Credit Value-at-Risk
Slijkerman, Jan Frederik; Smant, David J.C.; Vries, … - Tinbergen Institute - 2004
Banks provide risky loans to firms which have superior information regarding the quality of their projects. Due to asymmetric information the banks face the risk of adverse selection. Credit Value-at-Risk (CVaR) regulation counters the problem of low quality, i.e. high risk, loans and therefore...
Persistent link: https://www.econbiz.de/10005136889
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Competition for a Prize
Noll, Rob van der - Tinbergen Institute - 2006
I present a model in which individuals compete for a prize by choosing to apply or not. Abilities are private information and in attempt to select the best candidate, the committee compares applicants with an imperfect technology. The choice of application cost, size of the prize and use of...
Persistent link: https://www.econbiz.de/10005136926
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Dynamic Insurance and Adverse Selection
Janssen, Maarten C.W.; Karamychev, Vladimir A. - Tinbergen Institute - 2001
We take a dynamic perspective on insurance markets under adverse selection and study a generalized Rothschild and Stiglitz model where agents may differ with respect to the accidental probability and their expenditure levels in case an accident occurs. We investigate the nature of dynamic...
Persistent link: https://www.econbiz.de/10005136996
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Cycles and Multiple Equilibria in the Market for Durable Lemons
Janssen, Maarten C.W.; Karamychev, Vladimir - Tinbergen Institute - 2000
We investigate the nature of market failure in a dynamic version of Akerlof (1970) where identical cohorts of a durable good enter the market over time. In the dynamic model, equilibria with qualitatively different properties emerge. Typically, in equilibria of the dynamic model, sellers with...
Persistent link: https://www.econbiz.de/10005137167
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Inverse Adverse Selection: The Market for Gems
Dari-Mattiacci, Giuseppe; Onderstal, Sander; Parisi, … - Tinbergen Institute - 2011
This paper studies markets plagued with asymmetric information on the quality of traded goods. In Akerlof's setting, sellers are better informed than buyers. In contrast, we examine cases where buyers are better informed than sellers. This creates an inverse adverse selection problem: The market...
Persistent link: https://www.econbiz.de/10008838639
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Environmental Damage and Price Taking Behaviour by Firms and Consumers
Houba, Harold; Kremers, Hans - Tinbergen Institute - 2009
Integrated assessment models lack a microeconomic foundation in modelling environmental damages to the economy. To overcome this, damage coefficients are incorporated in standard microeconomic models. Firms and consumers take both damages and prices as given. Demand, supply, profit and...
Persistent link: https://www.econbiz.de/10005209528
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Quantity Constrained Equilibria
Herings, P. Jean-Jacques; Laan, Gerard van der; Talman, Dolf - Tinbergen Institute - 2001
In a standard general equilibrium model it is assumed that there are no price restictions and that prices adjust infinitely fast to their equilibrium values. In this paper the set of admissible prices is allowed to be an arbitrary convex set. For such an arbitrary set it cannot be guaranteed...
Persistent link: https://www.econbiz.de/10005144447