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, discuss the difficulties with dynamic voting procedures and review some ways to overcome them. We conclude by highlighting the …
Persistent link: https://www.econbiz.de/10013222212
Many important intertemporal decisions, such as investments of firms or households, are made by groups rather than individuals. Little is known what happens to such collective decisions when group members have different incentives for waiting, because the economics literature on group decision...
Persistent link: https://www.econbiz.de/10012866616
Many decisions are interactive; the outcome of one party depends not only on its decisions or on acts of nature but also on the decisions of others. In the present article, we review the literature on decision making made by groups of the past 25 years. Researchers have compared the strategic...
Persistent link: https://www.econbiz.de/10013111990
How costly is the misallocation of production that we might expect to result from distortions such as market power, incomplete contracts, taxes, regulations, or corruption? This paper develops new tools for the study of misallocation that place minimal assumptions on firms’ underlying...
Persistent link: https://www.econbiz.de/10014347985
. Finally, we look at a simple majority voting model. It turns out depending on the distribution of human capital, autarky and … free trade with and without compensation may be the outcome of majority voting …
Persistent link: https://www.econbiz.de/10013318467
We study voting over higher education finance in an economy with risk averse households who are heterogeneous in income …
Persistent link: https://www.econbiz.de/10010271868
We analyze monetary policy in a New Keynesian model with heterogeneous firms and financial frictions. Firms differ in their productivity and net worth and face collateral constraints that cause capital misallocation. TFP endogenously depends on the time-varying distribution of firms. Although a...
Persistent link: https://www.econbiz.de/10013311708
We study risk attitudes, ambiguity attitudes, and time preferences of 661 children and adolescents, aged ten to eighteen years, in an incentivized experiment and relate experimental choices to field behavior. Experimental measures of impatience are found to be significant predictors of...
Persistent link: https://www.econbiz.de/10013118350
We characterize intertemporal utility functions over heterogeneous goods that feature (i) a constant elasticity of substitution between goods at each point in time and (ii) a constant intertemporal elasticity of substitution for at least one of the goods. We find that a standard (stationary)...
Persistent link: https://www.econbiz.de/10012844425
Most economic models assume that time preferences are stable over time, but the evidence on their long-term stability is lacking. We study whether and how time preferences change over the life cycle, exploiting representative long-term panel data. We provide new evidence that discount rates...
Persistent link: https://www.econbiz.de/10013239561