Showing 1 - 10 of 375
In this paper we provide new estimates of the impact of unions on nonunion wage setting. We allow the presence of unions to affect nonunion wages both through the typically discussed channel of nonunion firms emulating union wages in order to fend off the threat of unionisation and through a...
Persistent link: https://www.econbiz.de/10013463551
Two agents are engaged in a joint activity that yields a common perperiod payoff at two rounds of play. The expert announces the probability that the current state of the world is low, instead of high, at each stage. Having received the report of the expert, the decision-maker takes action at...
Persistent link: https://www.econbiz.de/10008747722
Anscombe and Aumann (1963) offer a definition of subjective probability in terms of comparisons with objective probabilities. That definition - which has provided the basis for much of the succeeding work on subjective probability - presumes that the subjective probability of an event is...
Persistent link: https://www.econbiz.de/10013264885
uncertainty with respect to his forecasts. When E is interested in action too, reputational concerns mitigate exaggerated reports. …
Persistent link: https://www.econbiz.de/10014390247
Can a temporary negative shock generate long-lasting effects on economic activities? To show causal evidence, we utilize data from Japanese multinational corporations (MNCs) and explore the economic impact of the unexpected escalation of an island dispute between China and Japan in 2012. Our...
Persistent link: https://www.econbiz.de/10011554377
revised. Implicitly, the possibility of data revisions creates an element of uncertainty around the very same data driving … policy decisions. Given that such uncertainty could be mitigated if data revisions were predictable, this paper sets out to …, contemporaneous and (forecasted) future Maltese output data could be interpreted in real time. The uncertainty surrounding these …
Persistent link: https://www.econbiz.de/10014461449
under uncertainty about the value of environmental services and irreversible development. We study land conversion under … adequate participation in a conservation plan. We analytically determine the impact of uncertainty and optimal policy …
Persistent link: https://www.econbiz.de/10008780408
Uncertainty plays a key role in the economics of climate change, and the discussions surrounding its implications for … climate policy are far from settled. We give an overview of the literature on uncertainty in integrated assessment models of … complementary approaches that model uncertainty in association with integrated assessment models: the discrete uncertainty modeling …
Persistent link: https://www.econbiz.de/10008798041
This paper presents a choice experiment, which values reductions in mortality risk on Alpine roads. These roads are on one hand threatened by common road hazards, on the other hand they are also endangered by natural hazards such as avalanches and rockfalls. Drawing on choice data from...
Persistent link: https://www.econbiz.de/10008823914
This study explores people's risk attitudes after having suffered large real-world losses following a natural disaster. Using the margins of the 2011 Australian floods (Brisbane) as a natural experimental setting, we find that homeowners who were victims of the floods and face large losses in...
Persistent link: https://www.econbiz.de/10009575974