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Price equilibrium with selling constraints

Moraga-González, José Luis; Watanabe, Makoto - 2023

This paper studies how selling constraints, which refer to the inability of firms to attend to all the buyers who want to inspect their products, affect the equilibrium price and social welfare. We show that the price that maximizes social welfare is greater than the marginal cost. This is...

Persistent link: https://www.econbiz.de/10014320135

57 channels (and nothin on) : does TV-news on the Eurozone affect government bond yield spreads?

Wolfinger, Julia; Feld, Lars P.; Köhler, Ekkehard A.; … - 2018

This paper empirically investigates the relationship between TV news coverage and the GIIPS countries' bond yield spreads using daily data between January 1, 2007 and December 1, 2016. We employ 1,542,233 human coded news items from evening news shows of leading TV stations in 12 countries which...

Persistent link: https://www.econbiz.de/10011955600

Climate change and long-run discount rates : evidence from real estate

Giglio, Stefano; Maggiori, Matteo; Stroebel, Johannes; … - 2015

The optimal investment to mitigate climate change crucially depends on the discount rate used to evaluate the investment's uncertain future benefits. The appropriate discount rate is a function of the horizon over which these benefits accrue and the riskiness of the investment. In this paper, we...

Persistent link: https://www.econbiz.de/10011387348

Inside the mind of a stock market crash

Giglio, Stefano; Maggiori, Matteo; Stroebel, Johannes; … - 2020 - First draft: April 4th 2020, this draft: May 21, 2020

We analyze how investor expectations about economic growth and stock returns changed during the February-March 2020 stock market crash induced by the COVID-19 pandemic, as well as during the subsequent partial stock market recovery. We surveyed retail investors who are clients of Vanguard at...

Persistent link: https://www.econbiz.de/10012224226

Five facts about beliefs and portfolios

Giglio, Stefano; Maggiori, Matteo; Stroebel, Johannes; … - 2019

We administer a newly-designed survey to a large panel of retail investors who have substantial wealth invested in financial markets. The survey elicits beliefs that are crucial for macroeconomics and finance, and matches respondents with administrative data on their portfolio composition and...

Persistent link: https://www.econbiz.de/10012024521

Relative price changes of ecosystem services : evidence from Germany

Heckenhahn, Jonas; Drupp, Moritz A. - 2022

rates of 15 ecosystem services and the degree of limited substitutability based on a meta-analysis of 36 willingness to pay …

Persistent link: https://www.econbiz.de/10013168021

Sustainability of an economy relying on two reproducible assets

Cairns, Robert D.; Del Campo, Stellio; Martinet, Vincent - 2017

economy composed of two reproducible assets, each producing one of two consumption goods. The effect of the substitutability … between goods in utility is studied by postulating, in turn, neoclassical diminishing marginal substitutability, perfect … substitutability and perfect complementarity. The degree of substitutability has strong effects on the maximin solution, affecting the …

Persistent link: https://www.econbiz.de/10011597303

Relative prices and climate policy : how the scarcity of non-market goods drives policy evaluation

Drupp, Moritz A.; Hänsel, Martin C. - 2020

Climate change not only impacts production and market consumption, but also the relative scarcity of non-market goods, such as environmental amenities. We study fundamental drivers of the resulting relative price changes, their potential magnitude, and their implications for climate policy in...

Persistent link: https://www.econbiz.de/10012154637

Intertemporal utility with heterogeneous goods and constant elasticity of substitution

Quaas, Martin F.; Baumgärtner, Stefan; Drupp, Moritz A.; … - 2019

-specific intertemporal substitutability. This is, for example, relevant for dual discounting of market and non-market goods. …

Persistent link: https://www.econbiz.de/10012156591

Heterogeneous substitutability preferences

Drupp, Moritz A.; Meya, Jasper; Bos, Björn; Disque, Simon - 2024

We study the heterogeneity of preferences regarding the limited substitutability of environmental public goods vis … mean marginal willingness to pay for an environmental public good decreases in society’s mean substitutability preference … and increases in the heterogeneity of individual-level substitutability preferences. We then introduce an experimental …

Persistent link: https://www.econbiz.de/10014578444

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