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Collective Investment Decision Making with Heterogeneous Time Preferences
Gollier, Christian; Zeckhauser, Richard - CESifo - 2003
We examine the investment decision problem of a group whose members have heterogeneous time preferences. In particular … exponential discounting for their collective investment decisions even if all agents discount exponentially.We also exhibit … conditions that lead the representative agent to have a rate of impatience that decreases with GDP per capita. …
Persistent link: https://www.econbiz.de/10005181613
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Minority Voting and Long-Term Decisions
Fahrenberger, Theresa; Gersbach, Hans - 2021
In this paper we propose minority voting as a scheme that can partially protect individuals from the risk of repeated exploitation. We consider a committee that meets twice to decide about projects where the first-period project may have a long-lasting impact. In the first period a simple open...
Persistent link: https://www.econbiz.de/10013316931
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The Political Economy of Intergenerational Cooperation
Cigno, Alessandro - 2021
The paper examines the scope for mutually beneficial intergenerational cooperation, and looks at various attempts to theoretically explain the emergence of norms and institutions that facilitate this cooperation. After establishing a normative framework, we examine the properties of the...
Persistent link: https://www.econbiz.de/10013318048
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Overcoming History Through Exit or Integration – Deep-Rooted Sources of Support for the European Union
Gehring, Kai - 2020
Preferences about the vertical distribution of power in federal systems are not well understood. I argue that negative historical experiences with higher-level governments can plausibly raise demands for exit strategies and a devolution of power. But integration, for instance delegating power...
Persistent link: https://www.econbiz.de/10012840199
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It's the Media, Stupid - How Media Activity Shapes Public Spending
Bruns, Christian - 2008
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
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The Demands for Environmental Regulation and for Trade in the Presence of Private Mitigation
Hotte, Louis; Winer, Stanley L. - 2021
We study the nature of individual demands for environmental regulation and for trade openness in the general equilibrium of a small open economy where the environment is an input to production. Differences in the ability of individuals to afford private mitigation of the adverse consequences of...
Persistent link: https://www.econbiz.de/10013316421
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Fiscal Interactions Among European Countries : Does the EU Matter?
Redoano, Michela - 2021
We use a panel of European countries to investigate whether or not governments interact with their neighbors when they decide their fiscal policy; we consider both taxes and expenditures, at aggregate and at separate aspects of policy. We analyse possible different competitive behaviours and...
Persistent link: https://www.econbiz.de/10013317167
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A Theory of Government Procrastination
Furusawa, Taiji - 2011
We present a theory to explain government procrastination as a consequence of its present-bias resulting from the … theory predicts that a government with a more strongly predominant party tends to procrastinate less …
Persistent link: https://www.econbiz.de/10013117258
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Once Upon a Time Preference - How Rationality and Risk Aversion Change the Rationale for Discounting
Traeger, Christian P. - 2012
The paper develops an axiomatic framework for rational decision making. The von Neumann-Morgenstern axioms give rise to a richer risk attitude than that captured in the standard discounted expected utility model. I derive three models that permit a more comprehensive risk evaluation. These...
Persistent link: https://www.econbiz.de/10013107349
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Pension Funding and Individual Accounts in Economies with Life-Cyclers and Myopes
Fehr, Hans - 2009
The present paper studies the growth and efficiency consequences of pension funding with individual retirement accounts in a general equilibrium overlapping generations model with idiosyncratic lifespan and labor income uncertainty. We distinguish between economies with rational and hyperbolic...
Persistent link: https://www.econbiz.de/10013157654