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Uncertainty and the politics of employment protection

Vindigni, Andrea - 2008

This paper investigates the role that idiosyncratic uncertainty plays in shaping social preferences over the degree of labor market flexibility, in a general equilibrium model of dynamic labor demand where the productivity of firms evolves over time as a Geometric Brownian motion. A key result...

Persistent link: https://www.econbiz.de/10010268688

Exponent of cross-sectional dependence: Estimation and inference

Bailey, Natalia; Kapetanios, George; Pesaran, Hashem - 2012

An important issue in the analysis of cross-sectional dependence which has received renewed interest in the past few years is the need for a better understanding of the extent and nature of such cross dependencies. In this paper we focus on measures of cross-sectional dependence and how such...

Persistent link: https://www.econbiz.de/10010282124

Are labor force participation rates really non-stationary? Evidence from three OECD countries

Ozdemir, Zeynel Abidin; Balcilar, Mehmet; Tansel, Aysit - 2012

rate (LFPR) series of Australia, Canada and the USA. Therefore we allow for endogenously determined multiple structural … previous research the LFPRs of Australia, Canada and the USA are stationary implying that the informational value of the …

Persistent link: https://www.econbiz.de/10010283936

Decomposing excess returns in stochastic linear models

Lin, Carl - 2011

We present a theorem helpful in estimating the mean and variance of a linear function with arbitrary multivariate randomness in its coefficients and variables. We derive a generalized decomposition result from two random linear functions in which the result can be applied to most models using...

Persistent link: https://www.econbiz.de/10010286879

Dynamic Efficiency and Pareto Optimality in a Stochastic OLG Model with Production and Social Security

Barbie, Martin; Hagedorn, Marcus; Kaul, Ashok - 2000

We analyze the interaction between risk sharing and capital accumulation in a stochastic OLG model with production. We give a complete characterization of interim Pareto optimality. Our characterization also subsumes equilibria with a PAYG social security system. In a competitive equilibrium...

Persistent link: https://www.econbiz.de/10010262415

The Virtue of Being Underestimated: A Note on Discriminatory Contracts in Hidden Information Models

Schnedler, Wendelin - 2001

A standard hidden information model is considered to study the influence of the a priori productivity distribution on the optimal contract. A priori more productive (hazard rate dominant) agents work less, enjoy lower rents, but generate a higher expected surplus.

Persistent link: https://www.econbiz.de/10010262549

Supply theory sans profit-maximization

Dasgupta, Indraneel - 2009

predictive content of the traditional theory of competitive supply. A number of key results in the deterministic theory follow as … predictive content of the classical theory of competitive firm behavior from its a priori roots in profit maximization, while … subsuming the traditional theory as a special case. …

Persistent link: https://www.econbiz.de/10010269089

The identification and economic content of ordered choice models with stochastic thresholds

Cunha, Flavio; Heckman, James Joseph; Navarro, Salvador - 2007

This paper extends the widely used ordered choice model by introducing stochastic thresholds and interval-specific outcomes. The model can be interpreted as a generalization of the GAFT (MPH) framework for discrete duration data that jointly models durations and outcomes associated with...

Persistent link: https://www.econbiz.de/10010274244

Searching for rehabilitation in nonparametric regression models with exogenous treatment assignment

Henderson, Daniel J.; Maasoumi, Esfandiar - 2012

This paper offers some new directions in the analysis of nonparamertric models with exogenous treatment assignment. The nonparametric approach opens the door to the examination of potentially different distributed outcomes. When combined with cross-validation, it also identifies potentially...

Persistent link: https://www.econbiz.de/10010289871

Stochastic choice and consideration sets

Manzini, Paola; Mariotti, Marco - 2012

We model a boundedly rational agent who suffers from limited attention. The agent considers each feasible alternative with a given (unobservable) probability, the attention parameter, and then chooses the alternative that maximises a preference relation within the set of considered alternatives....

Persistent link: https://www.econbiz.de/10010289884

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