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Regional implications of financial market development: Credit rationing, trade, and location

von Ehrlich, Maximilian; Seidel, Tobias - 2013

We develop a heterogeneous-firms model with trade in goods, labor mobility and credit constraints due to moral hazard. Mitigating financial frictions reduces the incentive of high-skilled workers to migrate to one region such that an unequal distribution of industrial activity becomes less...

Persistent link: https://www.econbiz.de/10010291520

Evaluation of long-dated investments under uncertain growth trend, volatility and catastrophes

Gollier, Christian - 2012

Because of the uncertainty about how to model the growth process of our economy, there is still much confusion about which discount rates should be used to evaluate actions having long-lasting impacts, as in the contexts of climate change, social security reforms or large public infrastructures...

Persistent link: https://www.econbiz.de/10010291529

Learning abatement costs: On the dynamics of optimal regulation of experience goods

Hintermann, Beat; Lange, Andreas - 2012

We study the introduction of new technologies when their costs are subject to idiosyncratic uncertainty and can only be fully learned through individual experience. We set up a dynamic model of clean experience goods that replace old polluting consumption options and show how optimal regulation...

Persistent link: https://www.econbiz.de/10010291530

Generalized propensity scores for multiple continuous treatment variables

Egger, Peter H.; von Ehrlich, Maximilian - 2013

This paper illustrates that the generalized propensity score method can easily be applied with multiple continuous endogenous treatment variables. Consistency proofs carry over straightforwardly to this general case, and the approach is shown to work well in finite samples with various...

Persistent link: https://www.econbiz.de/10010291531

Loss aversion and ex post inefficient renegotiation

Herweg, Fabian; Schmidt, Klaus M. - 2012

We propose a theory of ex post inefficient renegotiation that is based on loss aversion. When two parties write a long …-term contract that has to be renegotiated after the realization of the state of the world, they take the initial contract as a … renegotiated outcome sticky and materially inefficient. The theory has important implications for the optimal design of long …

Persistent link: https://www.econbiz.de/10010291533

Portability of social benefits and international trade in services: Some reflections

Valdés-Prieto, Salvador - 2013

In this fascinating new field, this paper offers some reflections on portability of social benefits, and tries to identify promising research topics. These reflections are organized in three sections. The first analyzes the channels that underpin the positive value of portability of social...

Persistent link: https://www.econbiz.de/10010291535

Market structure and the cost of capital

Arouri, Mohamed El Hedi; Rault, Christophe; Sova, Robert; … - 2013

We contribute to the finance literature in two main ways. First, we present a theoretical capital asset pricing model (CAPM) to price assets in different market structures. Second, we use our model to analyze whether when markets are partially segmented using the local or the global CAPM yields...

Persistent link: https://www.econbiz.de/10010291538

Individual and developmental differences in the relationship of preferences and theory of mind

Leipold, Kristina; Vetter, Nora C.; Dittrich, Marcus; … - 2012

Theory of mind and individual preferences are important determinants in social decision making. The current study … examined in a large sample whether being a cooperative preference type is related with better theory of mind skills …. Furthermore, by testing adolescents and adults, we examined the impact of age on this relation. Theory of mind is measured in a …

Persistent link: https://www.econbiz.de/10010291540

Does a renewable fuel standard for biofuels reduce climate costs?

Greaker, Mads; Hoel, Michael; Rosendahl, Knut Einar - 2012

introduce a renewable fuel standard, there will be carbon leakage to the rest of the world. However, climate costs may decline …

Persistent link: https://www.econbiz.de/10010291541

Market segmentation in two-sided markets: TV rights for Premier League

Kind, Hans Jarle; Sørgard, Lars - 2013

This paper analyzes market segmentation in a two-sided market that consists of media consumers and advertisers. The analysis is motivated by a European Court of Justice Decision in October 2011, which allowed viewers to take advantage of international price differences and buy access to Premier...

Persistent link: https://www.econbiz.de/10010291542