Showing 1 - 10 of 217
Our purpose is to show how large difference of beliefs induced by fear of crashesis amenable to large and persistent price responses to contemporaneous shocks. Weconstruct a pure exchange economy populated by two agents who estimate strictlydifferent models regarding the fundamental. In...
Persistent link: https://www.econbiz.de/10009486814
This paper presents an equilibrium model in a pure exchange economywhen investors have three possible sources of heterogeneity. Investorsmay differ in their beliefs, in their level of risk aversion andin their time preference rate. We study the impact of investors heterogeneityon equilibrium...
Persistent link: https://www.econbiz.de/10009486816
members of an information sharingCooperative. Once collected, information about the location of productive sh-ing sites is an … excludable public good. We show that independent shermen donot internalize the full value of information and do not replicate rst …-best searchpatterns. An information sharing Cooperative faces a free-riding problem as eachmember prefers that another undertake costly …
Persistent link: https://www.econbiz.de/10009360718
,questions whether norm deviations can be detected and thus punished. By investing in information acquisition, aresponder in an ultimatum … can be rather high (‘high payoff mode’) orlow (‘low payoff mode’). The responder can buy information about the proposer … buy reward information (30 out of 55). Buyingreward information on average did not help the responder nor did it improve …
Persistent link: https://www.econbiz.de/10005866948
information between two national regulators. The model concentrates on informational frictions in an environment with otherwise … some regulatory information creates misreporting incentives. However, the major problem is not the reporting accuracy but …
Persistent link: https://www.econbiz.de/10010322228
This paper reexamines the paradoxical aspect of the electronic mail game (Rubinstein, 1989). The electronic mail game is a coordination game with payoff uncertainty. At a Bayesian Nash equilibrium of the game, players cannot achieve the desired coordination of actions even when a high order of...
Persistent link: https://www.econbiz.de/10010332403
. We also study the informative role played by producers (lobbies) in revealing valuable information. We find that … producers reveal more information when the effects of harmful consumption on health are long lasting. Our results are robust to …
Persistent link: https://www.econbiz.de/10011608574
We investigate the effects of pay comparison information (i.e. information about what co-workers earn) and effort … comparison information (information about how co-workers perform) in experimental firms composed of one employer and two … employees. Exposure to pay comparison information in isolation from effort comparison information does not appear to affect …
Persistent link: https://www.econbiz.de/10010268708
We investigate whether the simple plurality rule aggregates information efficiently in a large election with three …. With two alternatives and strategic voters, the simple plurality rule aggregates information efficiently in elections with …
Persistent link: https://www.econbiz.de/10010274750
This paper investigates how social comparison information about referent others (i.e. learning what similar others do …' reciprocity towards an employer is affected by exposure to pay comparison information (what co-workers earn) and effort comparison … information (how co-workers perform). We find that pay comparison information comparison information (how co-workers perform). We …
Persistent link: https://www.econbiz.de/10010277480