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Inverse adverse selection : the market for gems
Dari Mattiacci, Giuseppe; Onderstal, Sander; Parisi, … - 2010
This paper studies markets plagued with asymmetric information on the quality of traded goods. In Akerlof's setting, sellers are better informed than buyers. In contrast, we examine cases where buyers are better informed than sellers. This creates an inverse adverse selection problem: The market...
Persistent link: https://www.econbiz.de/10011382752
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On existence of private unemployment insurance with advance information on future job losses
Denderski, Piotr; Stoltenberg, Christian - 2021
We study the existence of a profitable unemployment insurance market in a dynamic economy with adverse selection rooting in information on future job losses. The new feature of the model is that the insurer and workers interact repeatedly. Repeated interactions make it possible to threaten...
Persistent link: https://www.econbiz.de/10012545133
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Optimal incentives without expected utility
Gonzalez Jimenez, Victor H. - 2022
This paper investigates the optimal design of incentives when agents distort probabilities. We show that the type of probability distortion displayed by the agent and its degree determine whether an incentivecompatible contract can be implemented, the strength of the incentives included in the...
Persistent link: https://www.econbiz.de/10013460007
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Decision initiation, decision implementation, and the allocation of decision rights
Sloof, Randolph; Siemens, Ferdinand von - 2015
initiation and implementation. If these have social preferences, they might thus sabotage both project choices and implementation … to express their discontent with the allocation of decision rights. How decisions come about also affects implementation … implementation leads to more delegation, but only if workers have high costs of obstructing informed decisions. We further find that …
Persistent link: https://www.econbiz.de/10011333082
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Competitive search with private information : can price signal quality?
Albrecht, James W.; Cai, Xiaoming; Gautier, Pieter; … - 2024
This paper considers competitive search equilibrium in a market for a good whose quality differs across sellers. Each seller knows the quality of the good that he or she is offering for sale, but buyers cannot observe quality directly. We thus have a "market for lemons" with competitive search...
Persistent link: https://www.econbiz.de/10015053938
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Combinatorial integer labeling theorems on finite sets with an application to discrete systems of nonlinear equations
Laan, Gerard van der; Talman, Dolf; Yang, Zaifu - 2007
Tucker's well-known combinatorial lemma states that for any given symmetric triangulation of the n-dimensional unit cube and for any integer labeling that assigns to each vertex of the triangulation a label from the set {1,2,...n,-1,-2,....-n} with the property that antipodal vertices on the...
Persistent link: https://www.econbiz.de/10011373836
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Solving discrete systems of nonlinear equations
Laan, Gerard van der; Talman, Dolf; Yang, Zaifu - 2009
We study the existence problem of a zero point of a function defined on a finite set of elements of the integer lattice of the n-dimensional Euclidean space. It is assumed that the set is integrally convex, which implies that the convex hull of the set can be subdivided in simplices such that...
Persistent link: https://www.econbiz.de/10011378347
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Interest rate rules and macroeconomic stability under heterogeneous expectations
Anufriev, Mikhail; Assenza, Tiziana; Hommes, Cars H.; … - 2009
The recent macroeconomic literature stresses the importance of managing heterogeneous expectations in the formulation of monetary policy. We use a stylized macro model of Howitt (1992) to investigate inflation dynamics under alternative interest rate rules when agents have heterogeneous...
Persistent link: https://www.econbiz.de/10011378358
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Global stochastic properties of dynamic models and their linear approximations
Babus, Ana; Vries, Casper G. de - 2010
The dynamic properties of micro based stochastic macro models are often analyzed through a linearization around the associated deterministic steady state. Recent literature has investigated the error made by such a deterministic approximation. Complementary to this literature we investigate how...
Persistent link: https://www.econbiz.de/10011381332
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Solving discrete zero point problems
Laan, Gerard van der; Talman, Dolf; Yang, Zaifu - 2004
Persistent link: https://www.econbiz.de/10011337990