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Biased Experts, Costly Lies, and Binary Decisions
Hodler, Roland; Loertscher, Simon; Rohner, Dominic - 2010
. The expert observes the state and sends a report to the decision maker. His bias is such that he prefers the same decision … the expert's bias and the decision maker's prior about the underlying state, three kinds of equilibrium behavior occur. In …, and to situations with multiple experts and uncertainty about the size of the expert's bias. …
Persistent link: https://www.econbiz.de/10011430094
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Cherry-picking in labor market with imperfect information
Feng, Shuaizhang; Zheng, Bingyong - 2009
We study a competitive labor market with imperfect information. In our basic model, the labor market consists of heterogeneous workers and ex ante identical firms who have only imperfect private information about workers' productivities. Firms compete by posting wages in order to cherry-pick...
Persistent link: https://www.econbiz.de/10010269703
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Cyclical price fluctuations caused by information inertia : evidence from the German call-by-call telephone market
Baier, Antje; Bolle, Friedel - 2005
The 2002 prices of suppliers in German call-by-call telephone market are rather dispersed, out-of-phase (uncorrelated), and show systematic down-up movements. In 2004, these prices are less dispersed, more in-phase and show more upwards runs than downs-ups. In both years, we clearly do not...
Persistent link: https://www.econbiz.de/10010297229
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Altruistic Behavior Under Incomplete Information
Bolle, Friedel; Kritikos, Alexander S. - 2004
Models to the issue of altruism which rely on externalities of well-being are rarely used explicitly. In this paper we compare such utility-based approaches with the standard approach on altruism which is based on externalities of income. Testable differences of both types of models are derived...
Persistent link: https://www.econbiz.de/10010297232
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Signaling Quality through Prices in an Oligopoly
Janssen, Maarten C.W.; Roy, Santanu - 2007
Firms signal high quality through high prices even if the market structure is highly competitive and price competition is severe. In a symmetric Bertrand oligopoly where products may differ only in their quality, production cost is increasing in quality and the quality of each firm’s product...
Persistent link: https://www.econbiz.de/10010325591
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Who gains from information asymmetry?
Epstein, Gil S.; Mealem, Yosef - 2013
This article considers an asymmetric contest with incomplete information. There are two types of players: informed and uninformed. Each player has a different ability to translate effort into performance in terms of the contest success function. While one player's type is known to both players,...
Persistent link: https://www.econbiz.de/10010336049
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Incomplete and Asymmetric Surplus Information in Labor Relations
Hennig-Schmidt, Heike; Rockenbach, Bettina; Sadrieh, … - 2003
Numerous laboratory experiments show that workers reciprocate to high wages with high effort, when there is perfect information on the surplus created. Recent field experiments, however, suggest that trust and reciprocity may be lower or absent when the information is incomplete. We report a...
Persistent link: https://www.econbiz.de/10010263092
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Incomplete property rights and overinvestment
Amegashie, J. Atsu - 2009
I consider a model in which an asset owner must decide how much to invest in his asset mindful of the fact that an encroacher's valuation of the asset is increasing in the asset owner's investment. Due to incomplete property rights, the encroacher and asset owner engage in a contest over the...
Persistent link: https://www.econbiz.de/10010265975
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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
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Optimal liability sharing and court errors: An exploratory analysis
Boyer, Marcel; Porrini, Donatella - 2010
We focus in this paper on the effects of court errors on the optimal sharing of liability between firms and financiers, as an environmental policy instrument. Using a structural model of the interactions between firms, financial institutions, governments and courts we show, through numerical...
Persistent link: https://www.econbiz.de/10010270509