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Adjudication as a Private Good
Landes, William M. - 1978
theory of law, our finding that the public courts do not automatically generate efficient rules is disappointing, since it … strongly influenced by economic considerations and explicable in economic terms, is evidence that economic theory has a major …
Persistent link: https://www.econbiz.de/10012478886
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Demand Estimation Under Incomplete Product Availability
Conlon, Christopher T. - 2008
Incomplete product availability is an important feature of many markets; ignoring changes in availability may bias demand estimates. We study a new dataset from a wireless inventory system installed on 54 vending machines to track product availability every four hours. The data allow us to...
Persistent link: https://www.econbiz.de/10012464336
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Is Home Bias in Assets Related to Home Bias in Goods?
van Wincoop, Eric - 2006
Obstfeld and Rogoff (2000) have reinvigorated an old literature on the link between home bias in the goods market and … home bias in the asset market by arguing that trade costs in the goods market can account for the observed portfolio home … the implied home bias are close to zero, casting significant doubt on a meaningful link between home bias in the goods and …
Persistent link: https://www.econbiz.de/10012465932
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Volatile Policy and Private Information : The Case of Monetary Policy
Jones, Larry E. - 1999
In this paper we study how volatility in monetary policy affects economic performance in the presence of endogenously chosen information structures. To isolate the effects produced by the interaction of uncertainty in monetary policy and (possibly) asymmetric information, we consider a model in...
Persistent link: https://www.econbiz.de/10012471724
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The Information View of Financial Crises
Dang, Tri Vi - 2019
Short-term debt that can serve as a medium of exchange is designed to be information insensitive. No one should be tempted to acquire private information to gain an informational advantage in trading that could destabilize the value of the debt. Short-term debt minimizes the incentive to acquire...
Persistent link: https://www.econbiz.de/10012480021
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Information Aversion
Andries, Marianne - 2017
The main features of households' attention to savings are rationalized by a model of information aversion, a preference-based fear of receiving flows of news. In line with the empirical evidence, information averse investors observe the value of their portfolios infrequently; inattention is more...
Persistent link: https://www.econbiz.de/10012453756
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Misconduct in Credence Good Markets
Brown, Jennifer - 2012
We examine misconduct in credence good markets with price taking experts. We propose a market-level model in which price-taking experts extract surplus based on the value of their firm's brand and their own skill. We test the predictions of the model using sales complaint data for exclusive and...
Persistent link: https://www.econbiz.de/10012460054
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Consensus and Disagreement : Information Aggregation under (not so) Naive Learning
Banerjee, Abhijit V.; Compte, Olivier - National Bureau of Economic Research - 2022
We explore a model of non-Bayesian information aggregation in networks. Agents non-cooperatively choose among Friedkin-Johnsen type aggregation rules to maximize payoffs. The DeGroot rule is chosen in equilibrium if and only if there is noiseless information transmission...leading to consensus....
Persistent link: https://www.econbiz.de/10013190991
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Social Investments, Informal Risk Sharing, and Inequality
Ambrus, Attila - 2014
This paper studies costly network formation in the context of risk sharing. Neighboring agents negotiate agreements as in Stole and Zwiebel (1996), which results in the social surplus being allocated according to the Myerson value. We uncover two types of inefficiency: overinvestment in social...
Persistent link: https://www.econbiz.de/10012457996
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Allocating Scarce Information
Holden, Richard T.; Malani, Anup; Teh, Chris - National Bureau of Economic Research - 2022
Sender conveys scarce information to a number of receivers to maximize the sum of receiver payoffs. Each receiver's payoff depends on the state of the world and an action she takes. The optimal action is state contingent. Under mild regularity conditions, we show that the payoff of each receiver...
Persistent link: https://www.econbiz.de/10013172145