Narrow search
Showing 1 - 10 of 70
Cover Image
The state's enforcement monopoly and the private protection of property
Grechenig, Kristoffel; Kolmar, Martin - 2011
with enforcement rights; second, the rights of the individuals are (partly) restricted. In a simple model of property … rights with appropriation and defense activity, we show that a restriction of private enforcement is beneficial for the … commitment device for a certain level of enforcement. However, commitment will only work if the state can regulate private …
Persistent link: https://www.econbiz.de/10010286713
Cover Image
The genericity of the McAfee-Reny condition for full surplus extraction in models with a continuum of types
Gizatulina, Alia; Hellwig, Martin - 2015
McAfee and Reny (1992) have given a necessary and sufficient condition for full surplus extraction in models with a continuum of types. We interpret their condition as significantly stronger version of the requirement of injectiveness of the function mapping abstract types into beliefs and prove...
Persistent link: https://www.econbiz.de/10011348187
Cover Image
Beliefs, payoffs, information: On the robustness of the BDP property in models with endogenous beliefs
Gizatulina, Alia; Hellwig, Martin - 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/10010334526
Cover Image
The generic possibility of full surplus extraction in models with large type spaces
Gizatulina, Alia; Hellwig, Martin - 2017
McAfee and Reny (1992) have given a necessary and sufficient condition for full surplus extraction in naive type spaces with a continuum of payoff types. We generalize their characterization to arbitrary abstract type spaces and to the universal type space and show that in each setting, full...
Persistent link: https://www.econbiz.de/10011662175
Cover Image
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/10010266998
Cover Image
Skill formation under incomplete information
Weinschenk, Philipp - 2010
We consider an economic model of child development with multiple stages. Due to incomplete information, parents are not able to tailor their investments to their child's type when the child is young. We show that incomplete information weakens the importance of early investments in children when...
Persistent link: https://www.econbiz.de/10010270436
Cover Image
Stability of risk attitudes and media coverage of economic news
Tausch, Franziska; Zumbuehl, Maria - 2016
This paper investigates the impact of exogenous changes in individuals' perceived economic environment on their self-stated risk attitudes by exploiting changes in media coverage of economic news. We use information on risk attitudes from the German Socioeconomic Panel and combine it with data...
Persistent link: https://www.econbiz.de/10011522107
Cover Image
Skill formation under incomplete information
Weinschenk, Philipp - 2010
We consider an economic model of child development with multiple stages. Due to incomplete information, parents are not able to tailor their investments to their child's type when the child is young. We show that incomplete information weakens the importance of early investments in children when...
Persistent link: https://www.econbiz.de/10003971536
Cover Image
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
Cover Image
The genericity of the McAfee-Reny condition for full surplus extraction in models with a continuum of types
Gizatulina, Alia; Hellwig, Martin - 2015 - This version: July 5, 2015
McAfee and Reny (1992) have given a necessary and sufficient condition for full surplus extraction in models with a continuum of types. We interpret their condition as significantly stronger version of the requirement of injectiveness of the function mapping abstract types into beliefs and prove...
Persistent link: https://www.econbiz.de/10011301240