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Efficient communication in organizations
Vaccari, Federico - 2022
overcoming asymmetric information problems at no cost. This paper characterizes efficient protocols assuming that: (i) some …
Persistent link: https://www.econbiz.de/10013463790
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A theory of firm decline
Clementi, Gian Luca; Cooley, Thomas F.; Di Giannatale, Sonia - 2010 - This version: July 20, 2009
We study the problem of an investor that buys an equity stake in an entrepreneurial venture, under the assumption that the former cannot monitor the latter’s operations. The dynamics implied by the optimal incentive scheme is rich and quite different from that induced by other models of...
Persistent link: https://www.econbiz.de/10008732070
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Multiple losses, ex-ante moral hazard, and the non-optimality of the standard insurance contract
Breuer, Michael (contributor) - 2003 - [Elektronische Ressource]
Under certain conditions the optimal insurance policy will offer full coverage above a deductible, as Arrow and others have shown long time ago. Interestingly, the same design of insurance policies applies in case of a single loss and ex-ante moral hazard. However, many insurance policies...
Persistent link: https://www.econbiz.de/10001744785
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Consumer bankruptcy, mortgage default and labour supply
Li, Wenli; Meghir, Costas; Oswald, Florian - 2022
We specify and estimate a lifecycle model of consumption, housing demand and labor supply in an environment where individuals may file for bankruptcy or default on their mortgage. Uncertainty in the model is driven by house price shocks, education specific productivity shocks, and catastrophic...
Persistent link: https://www.econbiz.de/10013167646
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Insiders-outsiders, transparency and the value of the ticker
Cespa, Giovanni (contributor); Foucault, Thierry (contributor) - 2008
We consider a multi-period rational expectations model in which risk-averse investors differ in their information on … expected utility than outsiders. Yet, information acquisition by one investor exerts a negative externality on other investors …. Thus, investors' average welfare is maximal when access to price information is rationed. We show that a market for price …
Persistent link: https://www.econbiz.de/10003740321
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Our (represented) world : a quantum-like object
Lambert-Mogiliansky, Ariane; Dubois, François - 2015
Persistent link: https://www.econbiz.de/10011301877
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Segment based internal unfolding
Engelund, Erling - 1995
Persistent link: https://www.econbiz.de/10000909565
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Learning About CEO Ability and Stock Return Volatility
Pan, Yihui - 2013
When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's profitability for two reasons: Updates occur because of the direct effect of the news, and also because the news can cause an updated assessment of the CEO's...
Persistent link: https://www.econbiz.de/10013085131
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A World of Cities : The Causes and Consequences of Urbanization in Poorer Countries
Glaeser, Edward L. - 2013
Historically, urban growth required enough development to grow and transport significant agricultural surpluses or a government effective enough to build an empire. But there has been an explosion of poor mega-cities over the last thirty years. A simple urban model illustrates that in closed...
Persistent link: https://www.econbiz.de/10013071513
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Unanimous Rules in the Laboratory
Bouton, Laurent - 2016
We study the information aggregation properties of unanimous voting rules in the laboratory. In line with theoretical …
Persistent link: https://www.econbiz.de/10012999989