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In this paper we give a financial justification, based on non arbitrage conditions,of the (H) hypothesis in default time modelling. We also show how the (H) hypothesis isaffected by an equivalent change of probability measure.[...]
Persistent link: https://www.econbiz.de/10005868711
In this study we research user integration in the German service industry. Goal is to explorethe industrial practice with regard to four dimensions of user integration, i.e., why, whom,how, and how successful the service industry integrates to find novel service ideas. Data iscollected from a...
Persistent link: https://www.econbiz.de/10005866995
The PAGE09 model is a greatly revised update of the PAGE2002 integrated assessment model ofclimate change. It calculates the impacts of climate change and the costs of abatement andadaptation policies under uncertainty for eight world regions and ten time periods...
Persistent link: https://www.econbiz.de/10009354085
We consider a setting in which two potential merger partners each possess private information pertaining both to the profitability of the merged entity and to stand-alone profits, and we investigate the extent to which this private information makes ex-post regret an unavoidable phenomenon in...
Persistent link: https://www.econbiz.de/10010315578
An important result in convex analysis is the duality between a closed convex set and its support function. We exploit this duality to develop a novel geometric approach to mechanism design. For a general class of social choice problems we characterize the feasible set, which is closed and...
Persistent link: https://www.econbiz.de/10010316902
Several recent papers argue that contracts provide reference points that affect ex post behavior. We test this hypothesis in a canonical buyer-seller relationship with renegotiation. Our paper provides causal experimental evidence that an initial contract has a highly significant and...
Persistent link: https://www.econbiz.de/10010316921
Watson (2002) proposes non-forcing contracts as a way to show the limitations of the mechanism design program with ex-post renegotiation (Maskin and Moore (1999)). If one takes a partial implementation approach, as Watson does, we show that non-forcing contracts do not constitute an intermediate...
Persistent link: https://www.econbiz.de/10010318862
I prove that the Nash bargaining solution is the only solution to satisfy ‘Disagreement Point Convexity’ and ‘Midpoint Domination’. I explain how this improves previous results obtained by Chun (1990) and by Dagan et al. (2002).
Persistent link: https://www.econbiz.de/10010318942
We propose positive and normative foundations for the average prekernel of NTU games, and compare them with the existing ones for the prekernel. In our non-cooperative analysis, the average prekernel is understood as the equilibrium payoffs of a game where each player faces the possibility of...
Persistent link: https://www.econbiz.de/10010318958
We show the robustness of the Walrasian result obtained in models of bargaining in pairwise meetings. Restricting trade to take place only in pairs, most of the assumptions made in the literature are dispensed with. These include assumptions on preferences (differentiability, monotonicity,...
Persistent link: https://www.econbiz.de/10010318969