This paper performs a welfare analysis of economies with private information when public information is endogenously generated and agents can condition on noisy public statistics in the rational expectations tradition. We find that equilibrium is not (restricted) efficient even when feasible...

This paper studies the social value of public information in environments without common knowledge of data-generating process. We show that the stronger is the coordination motive behind agents behaviour, the more they would like to interpret private or public signals in the way that they...

The paper reports laboratory experiments on a day-to-day route choice game with two routes. Subjects had to choose between a main road M and a side road S. The capacity was greater for the main road. 18 subjects participated in each session. In equilibrium the number of subjects is 12 on M and 6...

Ride-hailing applications create new challenges for governments providing transit services, but also create new opportunities to raise tax revenue. To shed light on the effect of taxing or subsidizing ride-hailing applications, we extend a pseudo-monocentric city model to include multiple...

Logit Models for Spatial Interaction: Background -- COST-MINIMIZING BEHAVIOR - CONSTANT LINK COSTS -- Logit Models for Discrete Choice -- Some Particular Logit Models -- Welfare, Benefit and Freedom of Choice -- Graphical Tests of Cost-Minimizing Behavior in Logit Models -- Empirical and Policy...