Narrow search
Showing 1 - 10 of 6,363
Cover Image
Liquidation Values and the Credibility of Financial Contract Renegotiation : Evidence from U.S. Airlines
Benmelech, Efraim - 2008
;apos; theory of financial contracting predicts that liquidation values determine the allocation of bargaining power between …
Persistent link: https://www.econbiz.de/10012771713
Cover Image
Sequential Bargaining in the Field : Evidence from Millions of Online Bargaining Interactions
Backus, Matthew - 2018
We study patterns of behavior in bilateral bargaining situations using a rich, new dataset describing over 88 million listings from eBay's Best Offer platform, with back-and-forth bargaining occurring in over 25 million of these listings. We document patterns of behavior and relate them to...
Persistent link: https://www.econbiz.de/10012925284
Cover Image
Learning and Disagreement in an Uncertain World
Acemoglu, Daron - 2010
Most economic analyses presume that there are limited differences in the prior beliefs of individuals, as assumption most often justified by the argument that sufficient common experiences and observations will eliminate disagreements. We investigate this claim using a simple model of Bayesian...
Persistent link: https://www.econbiz.de/10012760581
Cover Image
Valuing Identity
Fryer, Roland G. - 2010
Affirmative action policies are practiced around the world. This paper explores the welfare economics of such policies. A model is proposed where heterogeneous agents, distinguished by skill level and social identity, compete for positions in a hierarchy. The problem of designing an efficient...
Persistent link: https://www.econbiz.de/10013135413
Cover Image
A Testable Theory of Imperfect Perception
Caplin, Andrew - 2011
We introduce a rational choice theory that allows for many forms of imperfect perception, including failures of memory …, selective attention, and adherence to simplifying rules of thumb. Despite its generality, the theory has strong, simple, and … (stochastic) consequences of their available choices. Our theory separately identifies two distinct "framing" effects: standard …
Persistent link: https://www.econbiz.de/10013123311
Cover Image
Informational Frictions and Commodity Markets
Sockin, Michael - 2013
This paper develops a model to analyze information aggregation in commodity markets. Through centralized trading, commodity prices aggregate dispersed information about the strength of the global economy among goods producers whose production has complementarity, and serve as price signals to...
Persistent link: https://www.econbiz.de/10013084735
Cover Image
Uncertainty as Commitment
Nosal, Jaromir B. - 2013
Time-inconsistency of no-bailout policies can create incentives for banks to take excessive risks and generate endogenous crises when the government cannot commit. However, at the outbreak of financial problems, usually the government is uncertain about their nature, and hence it may delay...
Persistent link: https://www.econbiz.de/10013087435
Cover Image
Incomplete Information, Higher-Order Beliefs and Price Inertia
Angeletos, George-Marios - 2010
This paper investigates who incomplete information impacts the response of prices to nominal shocks. Our baseline model is a variant of the Calvo model in which firms observe the underlying nominal shocks with noise. In this model, the response of prices is pinned down by three parameters: the...
Persistent link: https://www.econbiz.de/10013152625
Cover Image
Capital Flows to Emerging Markets : Liberalization, Overshooting, and Volatility
Bacchetta, Philippe - 2008
The paper analyzes the impact of financial liberalizations and reforms in emerging markets on the dynamics of capital flows to these markets, using a simple model of international investors' behavior. We first show that the gradual nature of liberalizations, combined with the cost of absorbing...
Persistent link: https://www.econbiz.de/10012774900
Cover Image
Monetary Policy Analysis with Potentially Misspecified Models
Del Negro, Marco - 2007
Policy analysis with potentially misspecified dynamic stochastic general equilibrium (DSGE) models faces two challenges: estimation of parameters that are relevant for policy trade-offs and treatment of estimated deviations from the cross-equation restrictions. This paper develops and explores...
Persistent link: https://www.econbiz.de/10012776935