Showing 1 - 10 of 25,768
Persistent link: https://www.econbiz.de/10012499457
redistribution between regions. I argue that the trade-off between implementing the region's preferred fiscal policy and benefiting …
Persistent link: https://www.econbiz.de/10009772825
This study analyses the extent of fiscal risk sharing and redistribution for Austria from 2000 to 2019. Overall, fiscal policy smooths about one tenth of regional GDP shocks. While this is primarily driven by the federal budget and social security funds, there is also a significant contribution...
Persistent link: https://www.econbiz.de/10012584844
Trades in today's financial system are inherently subject to settlement uncertainty. This paper explores tokenization as a potential technological solution. A token system, by enabling programmability of assets, can be designed to eradicate settlement uncertainty. We study the allocations...
Persistent link: https://www.econbiz.de/10015069781
When buyers are uncertain about product valuations for future consumption, the seller incurs an information disadvantage if it allows consumers to purchase late, after they (privately) learn their true consumption state. Despite this, when customers are heterogeneous, it may be optimal for the...
Persistent link: https://www.econbiz.de/10014224165
We use an economic experiment to examine the impact of an uncertain level of asymmetric information on the behavior of security dealers. Specifically, we distinguish three types of uncertainty with respect to informed trading - risk, compound risk, and ambiguity - for both a monopoly and a...
Persistent link: https://www.econbiz.de/10012971280
When individuals have private information about their own luck and income, the sharing of idiosyncratic risks is hampered by moral hazard. This friction also affects the optimal sharing of business cycle risks. Optimal allocations restrict the exposure of low wealth agents' consumption to...
Persistent link: https://www.econbiz.de/10012985394
I study reputation effects under uncertain monitoring. I examine a repeated game between a long-run player and a series of short-run opponents. The long-run player can either be a strategic type or a commitment type that plays the same action in every period. The modeling innovation is that the...
Persistent link: https://www.econbiz.de/10012909525
Purpose: Operational risks appear as the main threats of the modern world. Mistakes made by employees, an imperfect information systems or changes in the law can cause losses that businesses today are not even able to estimate. Therefore, in the face of widespread the asymmetry of information,...
Persistent link: https://www.econbiz.de/10013489498
Credence goods markets are prone to fraudulent behavior and market inefficiencies due to informational asymmetries between sellers and customers. We examine experimentally the effects of diagnostic uncertainty and insurance coverage on the information acquisition and provision decisions by...
Persistent link: https://www.econbiz.de/10014391609