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Productivity volatility and the misallocation of resources in developing economies
Asker, John; Collard-Wexler, Allan; De Loecker, Jan - C.E.P.R. Discussion Papers - 2011
total factor productivity (TFP) and static measures of capital misallocation within a country. Using data on 5 … time-series volatility of productivity are also characterized by greater cross-sectional dispersion in productivity …. Volatility in TFP explains one quarter to one third of cross-country productivity dispersion. We document a similar relationship …
Persistent link: https://www.econbiz.de/10009150947
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R&D and Productivity: Estimating Production Functions when Productivity is Endogenous
Doraszelski, Ulrich; Jaumandreu, Jordi - C.E.P.R. Discussion Papers - 2008
We develop a simple estimator for production functions in the presence of endogenous productivity change that allows us … to retrieve productivity and its relationship with R\&D at the firm level. By endogenizing the productivity process we … as a generalization of the knowledge capital model (Griliches 1979) that has remained a cornerstone of the productivity …
Persistent link: https://www.econbiz.de/10005661740
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Practice Makes Perfect: On Professional Standards
Sällström, Susanna - C.E.P.R. Discussion Papers - 2007
Professional standards vary across professions and also change over time. One profession which has remained perfectionist is classical music, where the amount of practising is striking compared with other professions. Practising is a matter of increasing the reliability of ones skills rather...
Persistent link: https://www.econbiz.de/10005666828
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Strikes as the 'Tip of the Iceberg' in a Theory of Firm-Union Cooperation
Gary-Bobo, Robert J.; Jaaidane, Touria - C.E.P.R. Discussion Papers - 2008
We model cooperation between an employer and a workers' union as an equilibrium in an infinitely repeated game with discounting and imperfect monitoring. The employer has private information about firm profitability. The model explains the incidence and duration of strikes, as well as the...
Persistent link: https://www.econbiz.de/10005791411
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Toc 'n' Roll: Bargaining, Service Quality and Specificity in the UK Railway Network
De Fraja, Gianni; Michetti, Emanuela; Zanchettin, Piercarlo - C.E.P.R. Discussion Papers - 2008
The paper studies the regulatory design in a industry where the regulated downstream provider of services to final consumers purchases the necessary inputs from an upstream supplier. The model is closely inspired by the UK regulatory mechanism for the railway network. Its philosophy is one of...
Persistent link: https://www.econbiz.de/10005792445
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Tractability in Incentive Contracting
Edmans, Alex; Gabaix, Xavier - C.E.P.R. Discussion Papers - 2009
This paper identifies a class of multiperiod agency problems in which the optimal contract is tractable (attainable in closed form). By modeling the noise before the action in each period, we force the contract to provide sufficient incentives state-by-state, rather than merely on average. This...
Persistent link: https://www.econbiz.de/10008509464
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Intermediation and Economic Integration
Antràs, Pol; Costinot, Arnaud - C.E.P.R. Discussion Papers - 2010
The theory of international trade has paid scant attention to market institutions. Neither neoclassical theory nor new trade models typically specify the process by which supply and demand meet. Yet in the real world, intermediaries play a central role in materializing the gains from exchange...
Persistent link: https://www.econbiz.de/10008468682
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Dynamic Incentive Accounts
Edmans, Alex; Gabaix, Xavier; Sadzik, Tomasz; Sannikov, … - C.E.P.R. Discussion Papers - 2009
state-dependent rebalancing and time-dependent vesting. It is constantly rebalanced so that the equity fraction remains …
Persistent link: https://www.econbiz.de/10008477185
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Intermediated Trade
Antràs, Pol; Costinot, Arnaud - C.E.P.R. Discussion Papers - 2010
This paper develops a simple model of international trade with intermediation. We consider an economy with two islands and two types of agents, farmers and traders. Farmers can produce two goods, but in order to sell these goods in centralized (Walrasian) markets, they need to be matched with a...
Persistent link: https://www.econbiz.de/10008530374
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Risk and the CEO Market: Why Do Some Large Firms Hire Highly-Paid, Low-Talent CEOs?
Edmans, Alex; Gabaix, Xavier - C.E.P.R. Discussion Papers - 2010
This paper presents a market equilibrium model of CEO assignment, pay and incentives under risk aversion and heterogeneous moral hazard. Each of the three outcomes can be summarized by a single closed-form equation. In assignment models without moral hazard, allocation depends only on firm size...
Persistent link: https://www.econbiz.de/10008530386