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Holdouts in Sovereign Debt Restructuring : A Theory of Negotiation in a Weak Contractual Environment
Pitchford, Rohan - 2011
Why is it difficult to restructure sovereign debt in a timely manner? In this paper we present a theory of the sovereign debt restructuring process in which delay arises as individual creditors hold-up a set- tlement in order to extract greater payments from the sovereign. We then use the theory...
Persistent link: https://www.econbiz.de/10013132010
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Liquidity and the Threat of Fraudulent Assets
Li, Yiting - 2011
We study an over-the-counter (OTC) market with bilateral meetings and bargaining where the usefulness of assets, as …
Persistent link: https://www.econbiz.de/10013119606
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Trade Policy Making in a Model of Legislative Bargaining
Celik, Levent - 2011
represented by a legislator in the Congress. Legislative process is modeled as a multilateral sequential bargaining game à la … Baron and Ferejohn (1989). Some surprising results emerge: bargaining can be welfare-worsening for all participants … bargaining strategies …
Persistent link: https://www.econbiz.de/10013121949
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An Experimental Comparison of Dispute Rates in Alternative Arbitration Systems
Ashenfelter, Orley - 2011
This paper reports the results of a systematic experimental comparison of the effect of alternative arbitration systems on dispute rates. The key to our experimental design is the use of a common underlying distribution of arbitrator "fair" awards in the different arbitration systems. This...
Persistent link: https://www.econbiz.de/10013125635
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Do Women Avoid Salary Negotiations? Evidence from a Large Scale Natural Field Experiment
Leibbrandt, Andreas - 2012
One explanation advanced for the persistent gender pay differences in labor markets is that women avoid salary negotiations. By using a natural field experiment that randomizes nearly 2,500 job-seekers into jobs that vary important details of the labor contract, we are able to observe both the...
Persistent link: https://www.econbiz.de/10013098475
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Policy Intervention in Debt Renegotiation : Evidence from the Home Affordable Modification Program
Agarwal, Sumit - 2012
We evaluate the effects of the 2009 Home Affordable Modification Program (HAMP) that provided intermediaries with sizeable financial incentives to renegotiate mortgages. HAMP increased intensity of renegotiations and prevented substantial number of foreclosures but reached just one-third of its...
Persistent link: https://www.econbiz.de/10013101335
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Unions in a Frictional Labor Market
Krusell, Per - 2012
A labor market with search and matching frictions, where wage setting is controlled by a monopoly union that follows a norm of wage solidarity, is found vulnerable to substantial distortions associated with holdup. With full commitment to future wages, the union achieves efficient hiring in the...
Persistent link: https://www.econbiz.de/10013103813
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Mergers When Prices are Negotiated : Evidence from the Hospital Industry
Gowrisankaran, Gautam - 2013
We estimate a bargaining model of competition between hospitals and managed care organizations (MCOs) and use the … estimates to evaluate the effects of hospital mergers. We find that MCO bargaining restrains hospital prices significantly. The … prices. Remedies based on separate bargaining do not alleviate the price increases …
Persistent link: https://www.econbiz.de/10013085491
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Coasean Bargaining to Address Environmental Externalities
Libecap, Gary D. - 2016
for the costs of political bargaining and lobbying that arise from implementing and administering government regulation …
Persistent link: https://www.econbiz.de/10013000533
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Wage Dispersion in the Search and Matching Model with Intra-Firm Bargaining
Mortensen, Dale T. - 2010
Stole-Zwiebel bilateral bargaining problem. Helpman and Iskhoki (2008) show that a unique single wage (degenerate …
Persistent link: https://www.econbiz.de/10013152592