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Coordination in a Repeated Stochastic Game with Imperfect Monitoring

Gerber, Anke; Hens, Thorsten; Vogt, Bodo - Institut für Schweizerisches Bankwesen <Zürich>; … - 2006

We explain excess volatility, short-term momentum and long-term reversal of asset prices by a repeated game version of Keynes beauty contest. In every period the players can either place a buy or sell order on the asset market. The actual price movement is determined by average market orders and...

Persistent link: https://www.econbiz.de/10005859323

Optimal Product Design : A CAPM approach

Rieger, Marc Oliver; Wang, Mei; Hens, Thorsten - Institut für Schweizerisches Bankwesen <Zürich> - 2006

We study properties of structured ﬁnancial products optimizing a utility functional of a customer. The conventional method may have the disadvantage that the a priori restriction to a certain number of assets could make it impossible to ﬁnd the optimal portfolio. So instead of optimizing the...

Persistent link: https://www.econbiz.de/10005858026

Money and Reciprocity

Hens, Thorsten; Vogt, Bodo - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003

Based on an experimental analysis of a simple monetary economy we argue that a monetary system is more stable than one would expect from individual rationality. Weshow that positive reciprocity stabilizes the monetary system, provided everyparticipant considers accepting money as a reasonable...

Persistent link: https://www.econbiz.de/10005858586

On the Micro-foundations of Money : The Capitol Hill Baby-Sitting Co-op

Hens, Thorsten; Schenk-Hoppe, Klaus Reiner; Vogt, Bodo - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003

This paper contributes to the micro-foundation of money in centralizedmarkets with idiosyncratic uncertainty. It shows existence of stationarymonetary equilibria and ensures that there is an optimum quantity ofmoney. The rational solution of our model is compared with actual be-havior in a...

Persistent link: https://www.econbiz.de/10005858589

Nash Competive Equilibria and Two Period Fund Separation

Hens, Thorsten; Reimann, Stefan; Vogt, Bodo - Institut für Schweizerisches Bankwesen <Zürich>; … - 2004

We suggest a simple asset market model in which we analyze competitive and strategic behavior simultaneously. If two-fund separation is found to hold across periods for competitive behavior, it also holds for strategic behavior. In this case the relative prices of the assets do not depend on...

Persistent link: https://www.econbiz.de/10005858107

Organizing Growth

Garicano, Luis; Rossi-Hansberg, Esteban - University <Chicago, Ill.> / Department of Economics; … - 2008

After many years of large drops in the cost information and communicationtechnology, the evidence on its impact on … productivity growth in non-IT produc-ing sectors continues to be mixed.We propose a framework to study the impactof information and … organizations depend on the cost of communicating andacquiring information. We nd that while advances in information technologythat …

Persistent link: https://www.econbiz.de/10008860686

Matching Problems with Expertise in Firms and Markets

Fuchs, William; Garicano, Luis - University of California <Berkeley, Calif.>; London … - 2009

information about the quality ofthe provider's expertise, but facilitate good utilization of experts knowledge.In a rm …, management holds soft information about individuals expertiseand thus improves on the matching of experts to problems; however …) and the quality of matching between problemsand problem solvers (the market provides less information about experts'quality).[...] …

Persistent link: https://www.econbiz.de/10008860687

Offshoring and Wage Inequality: Using Occupational Licensing as a Shifter of Offshoring Costs

Criscuolo, Chiara; Garicano, Luis - London School of Economics and Political Science

Changes in information and communication technologieshave increased the offshorability of tasks.As routine tasks (Pol …

Persistent link: https://www.econbiz.de/10008860688

Information Technology, Organization, and Productivity in the Public Sector: Evidence from Police Departments

Garicano, Luis; Heaton, Paul S. - University <Chicago, Ill.> / Department of Economics; … - 2007

We examine how information technology (IT) contributes to organizational change,labor demand, and improved productivity …

Persistent link: https://www.econbiz.de/10008860689

Business-to-Business E-Commerce: Value Creation, Value Capture and Valuation

Garicano, Luis; Kaplan, Steven N. - University <Chicago, Ill.> / Department of Economics - 2002

This paper presents a framework to analyze the potential changes in transaction costs due to theintroduction of e-commerce on transactions between businesses. It then illustrates and applies thisframework using internal data from an Internet-based firm to measure process improvements,marketplace...

Persistent link: https://www.econbiz.de/10008860703