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Endogenous public information and welfare

Vives, Xavier - 2011

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...

Persistent link: https://www.econbiz.de/10009153832

Bayesian repeated games and reputations

Forges, Françoise; Salomon, Antoine - 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/10010256693

Homo oeconomicus as the homo moralis' party pooper : heterogenous morality in public good games

Eichner, Thomas; Runkel, Marco - 2024

The main insight of this paper is that moral behavior does not necessarily alleviate coordination problems or may even worsen them, if individuals possess different degrees of morality. We characterize heterogenous Alger-Weibull morality preferences in a canonical model of voluntary...

Persistent link: https://www.econbiz.de/10014632345

Psychologically-based voting with uncertainty

Degan, Arianna; Li, Ming - 2014

We analyze a psychologically-based model of voter turnout in an election with common value and uncertainty. Our model yields distinctive comparative statics results. First, an increase in the proportion of informed citizens may cause the winning margin for the right candidate to either rise or...

Persistent link: https://www.econbiz.de/10010418265

Axiom preferences and choice mistakes under risk

Herweg, Fabian; Hippel, Svenja; Müller, Daniel; … - 2024

We investigate whether violations of canonical axioms of choice under risk are mistakes or a manifestation of true …

Persistent link: https://www.econbiz.de/10014556632

International environmental agreements with uncertainty, learning and risk aversion

Finus, Michael; Pintassilgo, Pedro; Ulph, Alistair - 2014

role of learning and risk aversion. It bridges two strands of literature: one focused on the role learning for the success … of IEA formation when countries are risk neutral and another that explores the implications of uncertainty and risk … aversion on IEA formation under no learning. Combining learning and risk aversion seems appropriate as the uncertainties …

Persistent link: https://www.econbiz.de/10010234539

Strict incentives and strategic uncertainty

Carlsson, Hans; Wichardt, Philipp C. - 2019 - This Version: June 10, 2019

This paper proposes a comprehensive perspective on the question of self-enforcing solutions for normal form games. While this question has been widely discussed in the literature, the focus is usually either on strict incentives for players to stay within the proposed solution or on strategic...

Persistent link: https://www.econbiz.de/10012029170

On the sensitivity of collective action to uncertainty about climate tipping points

Barrett, Scott; Dannenberg, Astrid - 2014

Previous research shows that collective action to avoid a catastrophic threshold, such as a climate "tipping point", is unaffected by uncertainty about the impact of crossing the threshold but that collective action collapses if the location of the threshold is uncertain. Theory suggests that...

Persistent link: https://www.econbiz.de/10010249688

Strategic complementarity, fragility, and regulation

Vives, Xavier - 2011 - Rev. May 2011

liquidity risk and characterizes them. Both a solvency (leverage) and a liquidity ratio are required to control the … interpret the 2007 run on SIV and ABCP conduits. -- stress ; crises ; illiquidity risk ; insolvency risk ; leverage ratio …

Persistent link: https://www.econbiz.de/10009230899

Adverse selection in the annuity market with sequential and simultaneous insurance demand

Brunner, Johann K.; Pech, Susanne - 2002

that different risk-groups prefer different types of contracts, and that only the sequential contracts, which are …

Persistent link: https://www.econbiz.de/10011541030