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On the existence and prevention of asset price bubbles

Enders, Zeno; Hakenes, Hendrik - 2010

We develop a model of rational bubbles based on the assumptions of unknown market liquidity and limited liability of … condition for whether rational bubbles are possible. Based on this analysis, we discuss several widely-discussed policy measures … with respect to their effectiveness in preventing bubbles. A reduction of manager bonuses or a Tobin tax can create or …

Persistent link: https://www.econbiz.de/10008738294

The expected externality mechanism in a Level-k environment

Gorelkina, Olga - 2015

Mechanism design theory strongly relies on the concept of Nash equilibrium. However, studies of experimental games show … of the most influential benchmarks of mechanism design theory, the expected externality mechanism (DÁspremont, Gerard …

Persistent link: https://www.econbiz.de/10010471710

Bank bonuses and bail-outs

Hakenes, Hendrik; Schnabel, Isabel - 2013

This paper shows that bonus contracts may arise endogenously as a response to agency problems within banks, and analyzes how compensation schemes change in reaction to anticipated bail-outs. If there is a risk-shifting problem, bail-out expectations lead to steeper bonus schemes and even more...

Persistent link: https://www.econbiz.de/10009702894

Nonlinear incentive provision in Walrasian markets : a Cournot convergence approach

Hellwig, Martin (contributor) - 2004

The paper studies insurance with moral hazard in a system of contingent-claims markets. Insurance buyers are modelled as Cournot monopolists or oligopolists. The other agents condition their expectations on market prices, as in models of rational-expectations equilibrium with asymmetric...

Persistent link: https://www.econbiz.de/10002526020

Informational smallness and the scope for limiting information rents

Gizatulina, Alia; Hellwig, Martin - 2009

For an incomplete-information model of public-good provision with interim participation constraints, we show that efficient outcomes can be approximated, with approximately full surplus extraction, when there are many agents and each agent is informationally small. The result holds even if...

Persistent link: https://www.econbiz.de/10003877136

How to determine whether regional markets are integrated? : theory and evidence from European electricity markets

Gebhardt, Georg (contributor); Höffler, Felix (contributor) - 2007

Persistent link: https://www.econbiz.de/10003591236

Transaction costs, liquidity and expected returns at the Berlin stock exchange, 1892-1913

Burhop, Carsten; Gelman, Sergey - 2010

We estimate effective spreads and round-trip transaction costs at the Berlin Stock Exchange for the period 1892-1913 using daily stock market returns for a sample of 27 stocks. Our results show that transaction costs at the main stock exchange in a bank-based financial system at the turn of the...

Persistent link: https://www.econbiz.de/10003971233

An experimental contribution to the theory of customary (international) law

Engel, Christoph - 2010

In their majority, public international lawyers postulate that for a new rule of customary law to originate, two conditions must be fulfilled: there must be consistent practice, and it must be shown that this practice is motivated by the belief that such behaviour is required in law. Maurice...

Persistent link: https://www.econbiz.de/10003961993

Beliefs, payoffs, information : on the robustness of the BDP property in models with endogenous beliefs

Gizatulina, Alia; Hellwig, Martin - 2012 - First version: December 1, 2008, This version: March 23, 2012

Neeman (2004) and Heifetz and Neeman (2006) have shown that, in auctions with incomplete information about payoffs, full surplus extraction is only possible if agents’ beliefs about other agents are fully informative about their own payoff parameters. They argue that the set of...

Persistent link: https://www.econbiz.de/10010230371

REITs ante portas : die Anpassung des deutschen Rechts an institutionelle Investoren in den Grundstücks- und Mietmärkten

Engel, Christoph (contributor) - 2008

In the US or in the UK, the presence of institutional investors in real estate markets is an old phenomenon. Specifically, Real Estate Investment Trusts are an old industry. Due to a difference in tax law, the market share of REITs in Germany has been minimal until very recently. Now the...

Persistent link: https://www.econbiz.de/10003731269

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