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The Ex Ante Incentive Compatible Core in Exchange Economies With and Without Indivisibilities
Forges, Francoise - 2021
The ex ante incentive compatible core of an exchange economy with private information is the (standard) core of a socially designed characteristic function, which expresses the fact that coalitions allocate goods by means of random incentive compatible mechanisms. We first survey some results in...
Persistent link: https://www.econbiz.de/10013317636
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Spillover Effects of Minimum Wages : Theory and Experimental Evidence
Dittrich, Marcus - 2011
We study the spillover effects of minimum wages in a laboratory experiment. In a bilateral firm-worker bargaining setting, we find that the introduction of a minimum wage exerts upward pressure on wages even if the minimum wage is too low to be a binding restriction. Furthermore, raising the...
Persistent link: https://www.econbiz.de/10013120274
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Values for Environments with Externalities - The Average Approach
Macho-Stadler, Ines - 2016
We propose the “average approach,” where the worth of a coalition is a weighted average of its worth for different partitions of the players' set, as a unifying method to extend values for characteristic function form games. Our method allows us to extend the equal division value, the equal...
Persistent link: https://www.econbiz.de/10012984732
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Equity as a Prerequisite for Stable Cooperation in a Public-Good Economy - The Core Revisited
Buchholz, Wolfgang; Peters, Wolfgang - 2021
In this paper we explore the relationship between an equitable distribution of the cost shares in public-good provision on the one hand and the core property of an allocation on the other. In particular we show that it is an inhomogeneous distribution of cost shares that motivates some coalition...
Persistent link: https://www.econbiz.de/10013316192
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Limit-Order Submission Strategies under Asymmetric Information
Menkhoff, Lukas - 2013
This paper provides evidence that informed traders dominate the response of limit-order submissions to shocks in a pure limit-order market. In the market we study, informed traders are highly sensitive to spreads, volatility, momentum and depth. By contrast, uninformed traders are relatively...
Persistent link: https://www.econbiz.de/10013094725
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Dividend Taxation and the Cost of New Share Issues
Lindhe, Tobias - 2014
This paper examines how the effects of dividend taxation on the cost of new equity funds depend on whether or not … shareholders can recover their original equity injections without being subject to the dividend tax. We point out the alternative … that the shareholders cannot recover their original equity injections without being subject to the dividend tax …
Persistent link: https://www.econbiz.de/10013045348
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Dividend Taxation, Share Repurchases and the Equity Trap
Lindhe, Tobias; Södersten, Jan Edvin - 2021
This paper reconsiders the effects of dividend taxation. Particular attention is paid to the form of the "equity trap …
Persistent link: https://www.econbiz.de/10013316375
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Moral Hazard and Bargaining Over Incentive Contracts
Dittrich, Marcus - 2014
This paper analyses bargaining over an incentive compatible contract in a moral hazard framework. We introduce the Kalai-Smorodinsky bargaining solution and compare the outcome with the commonly applied Nash solution. Whether worker's effort is higher in the Nash or the Kalai-Smorodinsky...
Persistent link: https://www.econbiz.de/10013048890
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Bayesian Repeated Games and Reputation
Forges, Francoise - 2014
Under appropriate assumptions (private values and uniform punishments), the Nash equilibria of a Bayesian repeated game without discounting are payoff-equivalent to tractable, completely revealing, equilibria and can be achieved as interim cooperative solutions of the initial Bayesian game. This...
Persistent link: https://www.econbiz.de/10013055418
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Bargaining with a Residual Claimant : An Experimental Study
Embrey, Matthew - 2014
rather than a risk-less pie. Contrary to theory, the comparatively less risk adverse residual claimants benefit the most …
Persistent link: https://www.econbiz.de/10013040490