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Is Medicines Parallel Trade 'Regulatory Arbitrage'?
Costa-Font, Joan - 2015
medicines conflicts with traditional sources of arbitrage (e.g., price and income differences) and instead is a form of … ‘regulatory arbitrage' that does not produce equivalent welfare effects. We draw upon a unique dataset that contains records of … regulation, and not by price differences in line with the hypothesis of ‘regulatory arbitrage' …
Persistent link: https://www.econbiz.de/10013028783
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Reaching Market Equilibrium Merely by Bilateral Barters
Flam, Sjur Didrik - 2013
Motivated by emission and resource markets, this paper considers repeated, bilateral barters between owners of commodity bundles, contingent claims, or property rights. Focus is on feasible, voluntary exchanges, driven only by differences in substitution rates. No coordination is ever needed....
Persistent link: https://www.econbiz.de/10013071386
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Profressivity of Burden-Sharing in a Lindahl Equilibrium
Buchholz, Wolfgang - 2017
In this paper, we show that progressivity (regressivity) of burden sharing in a Lindahl equilibrium is a direct consequence of gross complementarity (substitutability) between the private and the public good when the public good is taken as the numéraire. We, moreover, link the respective...
Persistent link: https://www.econbiz.de/10012942375
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Error Prone Inference from Response Time : The Case of Intuitive Generosity
Recalde, Maria P. - 2017
Research on public-good games reveals greater contributions by fast decision-makers than by slow decision-makers. Interpreting greater contributions as generosity, this is seen as evidence of generosity being intuitive. We caution that mistakes may lead to the observed comparative static....
Persistent link: https://www.econbiz.de/10012972651
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Differentiated Annuities in a Pooling Equilibrium
Sheshinski, Eytan - 2021
Regular annuities provide payment for the duration of an owner's lifetime. Period-Certain annuities provide additional payment after death to a beneficiary provided the insured dies within a certain period after annuitization. It has been argued that the bequest option offered by the latter is...
Persistent link: https://www.econbiz.de/10013317340
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Existence, Uniqueness and Some Comparative Statics for Ratio and Lindahl Equilibria : New Wine in Old Bottles
Buchholz, Wolfgang; Cornes, Richard C.; Peters, Wolfgang - 2021
We present a rigorous, yet elementary, demonstration of the existence of a unique Lindahl equilibrium under the assumptions that characterize the standard n-player public good model. Indeed, our approach, which exploits the aggregative structure of the public good model, lends itself to a...
Persistent link: https://www.econbiz.de/10013317426
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Justifying the Lindahl Solution as an Outcome of Fair Cooperation
Buchholz, Wolfgang; Peters, Wolfgang - 2021
The Lindahl equilibrium is mostly motivated by a rather artificial price mechanism. Even though the analogy to a competitive market has been emphasised by Lindahl himself his approach does not directly explain the normative ideas, which are behind this concept. In the present paper we therefore...
Persistent link: https://www.econbiz.de/10013318275
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Equilibrium Theory of Banks' Capital Structure
Gale, Douglas M. - 2017
We study an environment where the capital structure of banks and firms are jointly determined in equilibrium, so as to balance the benefits of the provision of liquidity services by bank deposits with the costs of bankruptcy. The risk in the assets held by firms and banks is determined by the...
Persistent link: https://www.econbiz.de/10012949371
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The Law of One Price - A Case Study
Haskel, Jonathan; Wolf, Holger C. - CESifo - 2001
We use retail transaction prices for a multinational retailer to examine the extent and permanence of violations of the law of one price (LOOP). For identical products, we find typical deviations of twenty to fifty percent, though there is muted evidence for convergence over time. Such...
Persistent link: https://www.econbiz.de/10005181286
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Implementation of Communication Equilibria by Correlated Cheap Talk : The Two-Player Case
Vida, Peter - 2011
We show that essentially every communication equilibrium of any finite Bayesian game with two players can be implemented as a strategic form correlated equilibrium of an extended game, in which before choosing actions as in the Bayesian game, the players engage in a possibly infinitely long (but...
Persistent link: https://www.econbiz.de/10013128960