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Incomplete contracts and excludable public goods
Bierbrauer, Felix - 2010
We study the provision of an excludable public good to discuss whether the imposition of participation constraints is desirable. It is shown that this question may equivalently be cast as follows: should a firm that produces a public good receive tax revenues, or face a self-financing...
Persistent link: https://www.econbiz.de/10003923885
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Incomplete contracts and excludable public goods
Bierbrauer, Felix - 2010
We study the provision of an excludable public good to discuss whether the imposition of participation constraints is desirable. It is shown that this question may equivalently be cast as follows: should a firm that produces a public good receive tax revenues, or face a self-financing...
Persistent link: https://www.econbiz.de/10010266956
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On the legitimacy of coercion for the financing of public goods
Bierbrauer, Felix - 2009
The literature on public goods has shown that efficient outcomes are impossible if participation constraints have to be respected. This paper addresses the question whether they should be imposed. It asks under what conditions efficiency considerations justify that individuals are forced to pay...
Persistent link: https://www.econbiz.de/10010266972
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On the legitimacy of coercion for the financing of public goods
Bierbrauer, Felix - 2009
The literature on public goods has shown that efficient outcomes are impossible if participation constraints have to be respected. This paper addresses the question whether they should be imposed. It asks under what conditions efficiency considerations justify that individuals are forced to pay...
Persistent link: https://www.econbiz.de/10003862350
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Systemic risk in the financial sector : an analysis of the subprime-mortgage financial crisis
Hellwig, Martin - 2008
The paper analyses the causes of the current crisis of the global financial system, with particular emphasis on the systemic elements that turned the crisis of subprime mortgage-backed securities in the United States, a small part of the overall system, into a worldwide crisis. The first half of...
Persistent link: https://www.econbiz.de/10003861951
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Fallacies, irrelevant facts, and myths in the discussion of capital regulation : why bank equity is not expensive
Admati, Anat R.; DeMarzo, Peter M.; Hellwig, Martin; … - 2010
We examine the pervasive view that "equity is expensive" which leads to claims that high capital requirements are costly and would affect credit markets adversely. We find that arguments made to support this view are either fallacious, irrelevant, or very weak. For example, the return on equity...
Persistent link: https://www.econbiz.de/10008662565
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Fallacies, irrelevant facts, and myths in the discussion of capital regulation : why bank equity is not socially expensive
Admati, Anat R.; DeMarzo, Peter M.; Hellwig, Martin; … - 2013
We examine the pervasive view that "equity is expensive" which leads to claims that high capital requirements are costly for society and would affect credit markets adversely. We find that arguments made to support this view are fallacious, irrelevant to the policy debate by confusing private...
Persistent link: https://www.econbiz.de/10010203632
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The role of information in different bargaining protocols
Hortala-Vallve, Rafael; Llorente-Saguer, Aniol; Nagel, … - 2012
exists. We assess the role of incomplete vs. complete information in the efficiency achieved by this new mechanism and by … unconstrained negotiation. We find that unconstrained negotiation does best under a situation of complete information where the … incomplete information. The sources of inefficiencies in each of the two cases arise from the different strategic use of the …
Persistent link: https://www.econbiz.de/10010323864
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Noisy commitments: the impact of information accuracy on efficiency
Ert, Eyal; Nicklisch, Andreas - 2006
We report an experiment designed to test the influence of noisy commitments on efficiency in a simple bargaining game. We investigate two different levels of commitment reliability in a variant of the peasant-dictator game. Theoretical analysis suggests that the reliability of commitments in...
Persistent link: https://www.econbiz.de/10010264783
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Can we manage first impressions in cooperation problems? An experimental study on "Broken (and Fixed) Windows"
Engel, Christoph; Kube, Sebastian; Kurschilgen, Michael - 2011
information about (un)cooperative behavior in other, unrelated, groups. We observe that contributions are considerably sensitive … to such selective information. First impressions participants happen to make predict subsequent behavior. Our results …
Persistent link: https://www.econbiz.de/10010281841