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Indirect Welfare Effects of Price Changes and Cost-Benefit Analysis
Rouwendal, Jan - 2002
The effects of a policy measure often reach the consumer only after one or more intermediatesteps, for instance because the measure lowers the cost of an input for an industry producinga consumer good. This paper is concerned with the question how to measure such indirect effectscorrectly under...
Persistent link: https://www.econbiz.de/10010324940
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Non-Marginal Cost-Benefit Analysis and the Tyranny of Discounting
Vermeylen, Koen - 2013
This paper uses the Kaldor-Hicks compensation principle to compute the present value (PV) of a non-marginal future event. Three theoretical results stand out: First, decreasing returns to capital create a wedge between the PV of future generations' willingness to pay (WTP) and the PV of their...
Persistent link: https://www.econbiz.de/10010328343
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Non-Marginal Cost-Benefit Analysis and the Tyranny of Discounting
Vermeylen, Koen - 2013
This paper uses the Kaldor-Hicks compensation principle to compute the present value (PV) of a non-marginal future event. Three theoretical results stand out: First, decreasing returns to capital create a wedge between the PV of future generations' willingness to pay (WTP) and the PV of their...
Persistent link: https://www.econbiz.de/10014150712
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Privatization, Political Risk and Stock Market Development in Emerging Economies
Perotti, Enrico C.; van Oijen, Pieter - 1999
This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock … market development through the resolution of political risk. We argue that a sustained privatization program represents a … regulatory and private property rights. We present evidence suggesting that progress in privatization is indeed correlated with …
Persistent link: https://www.econbiz.de/10010324472
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Learning Dynamics and the Support for Economic Reforms: Why Good News can be Bad
van Wijnbergen, Sweder; Willems, Tim - 2012
Support for economic reforms has often shown puzzling dynamics: there are many examples of reforms that started off successfully but nevertheless lost public support, and vice versa. We show that learning dynamics can rationalize this apparent paradox, the reason being that the process of...
Persistent link: https://www.econbiz.de/10010326523
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Welfare Effects of Road Pricing and Traffic Information Under Alternative Ownership Regimes
Gubins, Sergejs - 2010
This paper models strategic interactions between a product supplier, a provider of information about product quality, and end users, in the context of road transportation. Using a game-theoretical analysis of suppliers' pricing strategies, we assess the social welfare effects of traffic...
Persistent link: https://www.econbiz.de/10013138513
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Social Preferences in Private Decisions
Linde, Jona - 2012
Social preference models were originally constructed to explain two things: why people spend money to affect the earnings of others and why the income of others influences reported happiness. We test these models in a novel experimental situation where participants face a risky decision that...
Persistent link: https://www.econbiz.de/10013112999
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Auctions for Private Congestible Infrastructures
van den Berg, Vincent A.C - 2013
This paper investigates regulation by auctions of private supply of congestible infrastructures in two networks settings: 1) two serial facilities, where the consumer has to use both in order to consume; and 2) two parallel facilities that are imperfect substitutes. There are four market...
Persistent link: https://www.econbiz.de/10014166117
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Estimating Implied Recovery Rates from the Term Structure of CDS Spreads
Jaskowski, Marcin; McAleer, Michael - 2013
Credit risk models should reflect the observation that the relevant value of collateral is generally not the average value of the asset over all possible states of nature. In most cases, the relevant value of collateral for the lender is its secondary market value in bad states of nature, where...
Persistent link: https://www.econbiz.de/10010326422
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A Stochastic Dominance Approach to the Basel III Dilemma: Expected Shortfall or VaR?
Chang, Chia-Lin; Jiménez-Martín, Juan-Ángel; … - 2015
The Basel Committee on Banking Supervision (BCBS) (2013) recently proposed shifting the quantitative risk metrics system from Value-at-Risk (VaR) to Expected Shortfall (ES). The BCBS (2013) noted that "a number of weaknesses have been identified with using VaR for determining regulatory capital...
Persistent link: https://www.econbiz.de/10011288403