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Attention economies
Falkinger, Josef - 2003
surviving the contest for attention. Application of the equilibrium analysis to changes in information technologies and …
Persistent link: https://www.econbiz.de/10011511091
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Elections and market provision of information
Bruns, Christian - 2013
Economists usually think that rational voters have little incentives to acquire costly information. We present a … information if media technology is available because then they do not condition their informational decisions on being pivotal …-ride. Further, we show how the quality of information depends on the size of the electorate, the prior knowledge of voters and on …
Persistent link: https://www.econbiz.de/10009691620
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Macro-financial linkages in the high-frequency domain : the effects of uncertainty on realized volatility
Caporale, Guglielmo Maria; Karanasos, Menelaos; Yfanti, … - 2019
This paper estimates a bivariate HEAVY system including daily and intra-daily volatility equations and its macro-augmented asymmetric power extension. It focuses on economic factors that exacerbate stock market volatility and represent major threats to financial stability. In particular, it...
Persistent link: https://www.econbiz.de/10012158736
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On the desirability of taxing capital income to reduce moral hazard in social insurance
Jacobs, Bas; Schindler, Dirk - 2009
This paper analyzes optimal linear taxes on labor income and savings in a standard two-period life-cycle model with endogenous leisure demands in both periods and non-insurable income risks. Households are subject to skill shocks in both periods of the life-cycle. We allow for completely general...
Persistent link: https://www.econbiz.de/10003887539
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A strategic R&D investment with flexible development time in real option game analysis
Villani, Giovanni - 2009
externalities and so, the option exercise by the Leader generates an Information Revelationʺ that benefits the Follower. Moreover …. -- American Exchange options ; game theory ; Montecarlo simulation ; R&D ; information revelation …
Persistent link: https://www.econbiz.de/10003872189
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The standard deviation of life-length, retirement incentives, and optimal pension design
Aronsson, Thomas; Blomquist, Nils Sören - 2010
In this paper, we consider how the retirement age as well as a tax financed pension system ought to respond to a change in the standard deviation of the length of life. In a first best framework, where a benevolent government exercises perfect control over the individuals' labor supply and...
Persistent link: https://www.econbiz.de/10008697501
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Catalysts for social insurance : education subsidies vs. real capital taxation
Schindler, Dirk; Yang, Hongyan - 2010
To analyze the optimal social insurance package, we set up a two-period life-cycle model with risky human capital investment in which the government has access to labor taxation, education subsidies and capital taxation. Social insurance is provided by redistributive labor taxation. Moreover,...
Persistent link: https://www.econbiz.de/10008797758
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Illiquidity and under-valuation of firms
Gale, Douglas; Gottardi, Piero - 2009
We study a competitive model in which market incompleteness implies that debt-financed firms may default in some states of nature and default may lead to the sale of the firms' assets at fire sale prices when markets are illiquid. This incompleteness is the only friction in the model and the...
Persistent link: https://www.econbiz.de/10003923631
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Voting as a signaling device
Aytimur, R. Emre; Boukouras, Aristotelis; Schwager, Robert - 2012
In this paper, citizens vote in order to influence the election outcome and in order to signal their unobserved characteristics to others. The model is one of rational voting and generates the following predictions: (i) The paradox of not voting does not arise, because the benefit of voting does...
Persistent link: https://www.econbiz.de/10009489028
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Patent pools, litigation and innovation
Choi, Jay Pil; Gerlach, Heiko A. - 2013
This paper analyzes patent pools and their effects on innovation incentives. It is shown that the pro-competitive effects of patent pools for complementary patents naturally extend for dynamic innovation incentives. However, this simple conclusion may not hold if we entertain the possibility...
Persistent link: https://www.econbiz.de/10010199442