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Business Cycle Effects of Credit and Technology Shocks in a DSGE Model with Firm Defaults
Pesaran, M. Hashem - 2011
This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle dynamics, where firms rely on banks and households for capital financing. Firms are identical ex ante but differ ex post due to different realizations of firm specific technology...
Persistent link: https://www.econbiz.de/10013119292
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Are Apprenticeships Business Cycle Proof?
Lüthi, Samuel - 2018
Although there is evidence that apprenticeship training can ease the transition of youth into the labour market and thereby reduce youth unemployment, many policy makers fear that firms will cut their apprenticeship expenditures during economic crises, thus exacerbating the problem of youth...
Persistent link: https://www.econbiz.de/10012925498
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Undocumented Worker Employment and Firm Survival
Brown, J. David - 2009
. Firms are found to engage in herding behavior, being more likely to employ undocumented workers if competitors do. Rivals … marginal revenue product. The herding behavior and competitive effects are found to be much weaker in geographically broad …
Persistent link: https://www.econbiz.de/10012765295
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Crowdfunding, Cascades and Informed Investors
Parker, Simon C. - 2014
Do higher proportions of (a) informed investors and (b) high-quality projects increase the number of good projects that are ultimately financed via crowdfunding? A simple model and simulation reveals the answers to both questions to be: 'not necessarily'
Persistent link: https://www.econbiz.de/10013057901
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Mind the Gap : Crowd-Funding and the Role of Seed Money
Deutsch, Joseph - 2015
We analyze voluntary private contributions to public goods and the role seed money plays in signaling the public good's quality to potential subsequent contributors. We present a theoretical model and analyze two sets of naturally occurring data from crowd-funding platforms. After developing the...
Persistent link: https://www.econbiz.de/10013024898
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Herding, Warfare, and a Culture of Honor : Global Evidence
Cao, Yiming; Enke, Benjamin; Falk, Armin; Giuliano, Paola; … - 2021
According to the widely known 'culture of honor' hypothesis from social psychology, traditional herding practices are …, and large-scale surveys. The data show systematic links between traditional herding practices and a culture of honor …. First, the culture of pre-industrial societies that relied on animal herding emphasizes violence, punishment, and revenge …
Persistent link: https://www.econbiz.de/10013324565
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Do We Follow Others When We Should? A Simple Test of Rational Expectations
Weizsacker, Georg - 2021
The paper presents a new meta data set covering 13 experiments on the social learning games by Bikhchandani, Hirshleifer, and Welch (1992). The large amount of data makes it possible to estimate the empirically optimal action for a large variety of decision situations and ask about the economic...
Persistent link: https://www.econbiz.de/10013325050
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Nonparametric Identification and Estimation of Nonadditive Hedonic Models
Heckman, James J. - 2009
This paper studies the identification and estimation of preferences and technologies in equilibrium hedonic models. In it, we identify nonparametric structural relationships with nonadditive heterogeneity. We determine what features of hedonic models can be identified from equilibrium...
Persistent link: https://www.econbiz.de/10013157521
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Cherry-Picking in Labor Market with Imperfect Information
Feng, Shuaizhang - 2009
We study a competitive labor market with imperfect information. In our basic model, the labor market consists of heterogeneous workers and ex ante identical firms who have only imperfect private information about workers' productivities. Firms compete by posting wages in order to cherry-pick...
Persistent link: https://www.econbiz.de/10013157747
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Competition, Hidden Information and Efficiency : An Experiment
Cabrales, Antonio - 2006
We devise an experiment to explore the effect of different degrees of competition on optimal contracts in a hidden-information context. In our benchmark case, each principal is matched with one agent of unknown type. In our second treatment, a principal can select one of three agents, while in a...
Persistent link: https://www.econbiz.de/10012779356