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Coordination, Fair Treatment and Inflation Persistence
Driscoll, John C.; Holden, Steinar - 2021
Most wage-contracting models with rational expectations fail to replicate the persistence in inflation observed in the data. We argue that coordination problems and multiple equilibria are the keys to explaining inflation persistence. We develop a wage-contracting model in which workers are...
Persistent link: https://www.econbiz.de/10013218081
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Inequalities in Income and Inequalities in Health
Deaton, Angus - 2021
What is inequality in health? Are economists' standard tools for measuring income inequality relevant or useful for measuring it? Does income protect health and does income inequality endanger it? I discuss two different concepts of health inequality and relate each of them to the literature on...
Persistent link: https://www.econbiz.de/10013220524
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Fairness Versus Welfare : Notes on the Pareto Principle, Preferences, and Distributive Justice
Kaplow, Louis; Shavell, Steven - 2021
In Fairness versus Welfare, we advance the thesis that social policies should be assessed based entirely on their effects on individuals' well-being. This thesis implies that no independent weight should be accorded to notions of fairness (other than many purely distributive notions). We support...
Persistent link: https://www.econbiz.de/10013232881
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Pricing When Customers Care About Fairness But Misinfer Markups
Eyster, Erik - 2017
This paper proposes a theory of price rigidity consistent with survey evidence that firms stabilize prices out of … fairness to their consumers. The theory relies on two psychological assumptions. First, customers care about the fairness of … rigid. Embedded in a simple macroeconomic model, our pricing theory produces nonneutral monetary policy, a short …
Persistent link: https://www.econbiz.de/10012948083
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The Evolution of Ideology, Fairness and Redistribution
Alesina, Alberto F. - 2010
Ideas about what is "fair" above and beyond the individual's position in the income ladder influence preferences for redistribution. We study the dynamic evolution of different economies in which redistributive policies, perceptions of fairness, inequality and growth are jointly determined. We...
Persistent link: https://www.econbiz.de/10013149709
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Fair Pricing
Rotemberg, Julio J. - 2021
I suppose that consumers see a firm as fair if they cannot reject the hypothesis that the firm is somewhat benevolent towards them. Consumers that can reject this hypothesis become angry, which is costly to the firm. I show that firms that wish to avoid this anger will keep their prices rigid...
Persistent link: https://www.econbiz.de/10013230827
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Pricing When Customers Care About Fairness But Misinfer Markups
Eyster, Erik; Madarasz, Kristof; Michaillat, Pascal - 2023
This paper proposes a theory of price rigidity consistent with survey evidence that firms stabilize prices out of … fairness to their consumers. The theory relies on two psychological assumptions. First, customers care about the fairness of … rigid. Embedded in a simple macroeconomic model, our pricing theory produces nonneutral monetary policy, a short …
Persistent link: https://www.econbiz.de/10014347525
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Ethical Foundations of Financial Regulation
Kane, Edward J. - 2008
Regulation consists of rulemaking and enforcement. Economic theory offers two complementary rationales for regulating … and efficiency across society as a whole. Agency-cost theory recognizes that incentive conflicts and coordination problems …
Persistent link: https://www.econbiz.de/10012774887
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Leadership, Coordination and Mission-Driven Management
Bolton, Patrick - 2010
What makes a good leader? A good leader is able to coordinate his followers around a credible mission statement, which communicates the future course of action of the organization. In practice, leaders learn about the best course of action for the organization over time. While learning helps...
Persistent link: https://www.econbiz.de/10012758389
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A Quantile-Based Test of Protection for Sale Model
Imai, Susumu - 2010
This paper proposes a new test of the Protection for Sale (PFS) model by Grossman and Helpman (1994). Unlike existing methods in the literature, our approach does not require any data on political organizations. We formally show that the PFS model predicts that the quantile regression of the...
Persistent link: https://www.econbiz.de/10012759437