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-sector model in four different scenarios: free market; partial (one-sector) coverage with perfect inter-sector mobility; partial … (one-sector) coverage with imperfect mobility (Harris-Todaro); multiple (two-sector) coverage with imperfect mobility …
Persistent link: https://www.econbiz.de/10013021676
Priority structures are uncertain in real-life college admissions markets. This study investigates how information structures on priority affect resulting allocations. To do this, we focus on a class of real-life information structures that are represented as cutoff signals, which privately tell...
Persistent link: https://www.econbiz.de/10014237344
In talent-intensive jobs, workers’ quality is revealed by their performance. This enhances productivity and earnings, but also increases layoff risk. Firms cannot insure workers against this risk if they compete fiercely for talent. In this case, the more risk-averse workers will choose less...
Persistent link: https://www.econbiz.de/10014110369
In talent-intensive jobs, workers' quality is revealed by their performance. This enhances productivity and earnings, but also increases layoff risk. Firms cannot insure workers against this risk if they compete fiercely for talent. In this case, the more risk-averse workers will choose less...
Persistent link: https://www.econbiz.de/10011918894
Research on the statutory license for certain types of copyright-protected content has revealed an unlikely symbiosis between uncertainty and efficiency. Contrary to received wisdom, which tells us that in order to increase efficiency, we must increase stability, this Article will show that...
Persistent link: https://www.econbiz.de/10014154519
Persistent link: https://www.econbiz.de/10001304670
The paper investigates stochastic private investment prior to trade. We study the incentives of a seller of an asset who can undertake risky investments to change its quality, which is not observable by potential buyers. We find that, even when investing is not efficient, the seller undertakes...
Persistent link: https://www.econbiz.de/10012987762
Recent empirical studies suggest that, during times of unexpected innovation, agents heterogeneously update their beliefs about an asset fundamental value, and they are uncertain about other agents' beliefs on it. In this paper I show that, when there is uncertainty about the market sentiment,...
Persistent link: https://www.econbiz.de/10012919293
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
This paper provides the conditions under which small enough private uncertainty on an aggregate endogenous state of the economy can invalidate uniqueness of the equilibrium. The main result is presented in a fully microfounded macroeconomic model where agents learn from arising prices. The...
Persistent link: https://www.econbiz.de/10013090639