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Markets for Information : Of Inefficient Firewalls and Efficient Monopolies
Cabrales, Antonio; Gottardi, Piero - 2021
In this paper we build a formal model to study market environments where information is costly to acquire and is of use also to potential competitors. In such situations a market for information may form, where reports - of unverifiable quality - over the information acquired are sold. A...
Persistent link: https://www.econbiz.de/10013316507
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More Effort with Less Pay : On Information Avoidance, Belief Design and Performance
Huck, Steffen - 2015
In a tedious real effort task, subjects know that their piece rate is either low or ten times higher. When subjects are informed about their piece rate realization, they adapt their performance. One third of subjects nevertheless forego this instrumental information when given the choice - and...
Persistent link: https://www.econbiz.de/10013012566
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Optimal Revelation of Life-Changing Information
Schweizer, Nikolaus; Szech, Nora - 2021
Information about the future may be instrumentally useful, yet scary. For example, many patients shy away from precise genetic tests about their dispositions for severe diseases. They are afraid that a bad test result could render them desperate due to anticipatory feelings. We show that...
Persistent link: https://www.econbiz.de/10013315497
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Volunteering and the Strategic Value of Ignorance
Morath, Florian - 2021
Private provision of public goods often takes place as a war of attrition: individuals wait until someone else …
Persistent link: https://www.econbiz.de/10013316020
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Public and Private Learning from Prices, Strategic Substitutability and Complementarity, and Equilibrium Multiplicity
Manzano Tovar, Carolina; Vives, Xavier - 2021
We study a general static noisy rational expectations model, where investors have private information about asset payoffs, with common and private components, and about their own exposure to an aggregate risk factor, and derive conditions for existence and uniqueness (or multiplicity) of...
Persistent link: https://www.econbiz.de/10013316183
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Information, Uncertainty, and Subjective Entitlements in Bargaining
Karagözoğlu, Emin - 2010
More often than not production processes are the joint endeavor of people having different abilities and productivities. Such production processes and the associated surplus production are often not fully transparent in the sense that the relative contributions of involved agents are blurred;...
Persistent link: https://www.econbiz.de/10013139800
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Proprietary Public Finance : On its Emergence and Evolution Out of Anarchy
Skaperdas, Stergios - 2011
Proprietary rule, whereby the state is owned by a ruler who maximizes tax revenues minus the costs of governing, is a useful ideal type that describes many of the states that have ever existed. The study of proprietary rule and its public finance, however, is comparatively scarce. I argue that...
Persistent link: https://www.econbiz.de/10013123216
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On the Legitimacy of Coercion for the Financing of Public Goods
Bierbrauer, Felix J. - 2009
The literature on public goods has shown that efficient outcomes are impossible if participation constraints have to be … considerations justify that individuals are forced to pay for public goods that they do not value. It is shown that participation … constraints are desirable if public goods are provided by a malevolent Leviathan. By contrast, with a Pigouvian planner …
Persistent link: https://www.econbiz.de/10013158910
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Complexity, Efficiency, and Fairness of Multi-Product Monopoly Pricing
Miravete, Eugenio J. - 2014
The Pennsylvania Liquor Control Board administers the purchase and sale of wine and spirits and is mandated to charge a uniform 30% markup on all products. We use an estimated discrete choice model of demand for spirits, together with information on wholesale prices, to assess the implications...
Persistent link: https://www.econbiz.de/10013055988
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Incentive Regulation, Investments and Technological Change
Vogelsang, Ingo - 2021
Based on an idiosyncratic reading of the literature I propose intermediate (rather than tight or soft) regulation for balancing investment incentives with allocative efficiency and competition objectives. Intermediate regulation is compatible with incentive regulation and helps lengthening the...
Persistent link: https://www.econbiz.de/10013316240