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The Colonel Blotto game is a two-player constant-sum game in which each player simultaneously distributes her fixed level of resources across a set of contests. In the traditional formulation of the Colonel Blotto game, the players' resources are quot;use it or lose itquot; in the sense that any...
Persistent link: https://www.econbiz.de/10012770491
We examine whether the Chinese exchange rate is misaligned and how Chinese trade flows respond to the exchange rate and to economic activity. We find, first, that the Chinese currency, the renminbi (RMB), is substantially below the value predicted by estimates based upon a cross-country sample,...
Persistent link: https://www.econbiz.de/10012753166
This paper examines the impact of exchange rate uncertainty on different components of portfolio flows, namely equity … exchange rate uncertainty on equity flows is negative in the euro area, the UK and Sweden, and positive in Australia, whilst it … aversion, this suggests that exchange rate uncertainty induces a home bias and causes investors to reduce their financing …
Persistent link: https://www.econbiz.de/10013081704
This paper incorporates publication uncertainty in a game between researchers and journal editors and examines its … greater journal competition, generally leading to reduced publication uncertainty, would increase author payoffs by increasing …
Persistent link: https://www.econbiz.de/10012977402
This paper analyses the formation of international environmental agreements (IEAs) under uncertainty, focusing on the … of IEA formation when countries are risk neutral and another that explores the implications of uncertainty and risk …
Persistent link: https://www.econbiz.de/10010736746
This paper discusses the literature on the enforcement of incomplete contracts. It compares legal enforcement to enforcement via relationships and reputations. A number of mechanisms, such as the repeat purchase mechanism (Klein and Leffler (1981)) and efficiency wages (Shapiro and Stiglitz...
Persistent link: https://www.econbiz.de/10012774263
Politicians seeking reelection need voters to know what they have done for them. Thus, incentives may arise to spend more money where media coverage is higher. We present a simple model to explain the allocation of public spending across jurisdictions contingent on media activity. An incumbent...
Persistent link: https://www.econbiz.de/10012768249
Higher-order risk effects play an important role in examining economic behavior under uncertainty. A precautionary …
Persistent link: https://www.econbiz.de/10012768261
We test the no-trade theorem in a laboratory financial market where subjects can trade an asset whose value is unknown. Subjects receive clues on the asset value and then set a bid and an ask at which they are willing to buy or to sell from the other participants. In treatments with no gains...
Persistent link: https://www.econbiz.de/10012753387
This paper investigates how different damage rules in patent infringement cases shape competition when intellectual property rights are probabilistic. I develop a simple model of oligopolistic competition to compare two main liability doctrines that have been used in the US to assess...
Persistent link: https://www.econbiz.de/10013317488