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Choosing the best volatility models: The model confidence set approach

Hansen, Peter Reinhard; Lunde, Asger; Nason, James M. - 2003

model with a certain probability. The key to the MCS is that it acknowledges the limitations of the information in the data …

Persistent link: https://www.econbiz.de/10010318935

"Plata o Plomo?": Bribe and punishment in a theory of political influence

Dal Bó, Ernesto; Dal Bó, Pedro; di Tella, Rafael - 2002

We present a model where groups attempt to exert influence on policies using both bribes (plata, Spanish for silver) and the threat of punishment (plomo, Spanish for lead). We then use it to make predictions about the quality of a country’s public officials and to understand the role of...

Persistent link: https://www.econbiz.de/10010318937

The ecology of collective action: A public goods and sanctions experiment with controlled group formation

Ones, Umut; Putterman, Louis - 2004

Mounting evidence suggests that the outcomes of laboratory public goods games, and collective action in firms, communities, and polities, reflect the presence in most groups of individuals having differing preferences and beliefs. We designed a public goods experiment with targeted punishment...

Persistent link: https://www.econbiz.de/10010318938

Pareto improving taxation in incomplete markets

Turner, Sergio - 2006

exist. We explain how to verify this sensitivity test with standard demand theory. We then illustrate that different …

Persistent link: https://www.econbiz.de/10010318944

Fifty-four forty or fight!

Grossman, Herschel I. - 2003

This paper develops an explanation for historical differences in the ways in which territorial disputes between sovereign states have been resolved. The main innovation in the analysis is to allow for three possible equilibria: • an unfortified border; • a fortified but peaceful border; and...

Persistent link: https://www.econbiz.de/10010318945

Workers, warriors and criminals: Social conflict in general equilibrium

Dal Bó, Ernesto; Dal Bó, Pedro - 2004

We analyze how economy-wide forces (i.e.shocks to terms of trade, technology and endowments) affect the intensity of social conflict. We see conflict phenomena such as crime and civil war as involving resource appropriation activities. We show that not all shocks that could make society richer...

Persistent link: https://www.econbiz.de/10010318947

The theory of implementation of social choice rules

Serrano, Roberto - 2003

parameters to final outcomes. Typically, the underlying parameters (e.g., individual preferences) are private information to the … the private information is truthfully elicited and the social optimum ends up being implemented? In designing such a … mechanism, appropriate incentives will have to be given to the agents so that they do not wish to misrepresent their information …

Persistent link: https://www.econbiz.de/10010318948

Structural changes in the cointegrated vector autoregressive model

Hansen, Peter Reinhard - 2001

This paper generalizes the cointegrated vector autoregressive model of Johansen (1988) to allow for structural changes. Estimation under various hypotheses is made possible by a new estimation technique, that makes it simple to derive a number of interesting likelihood ratio tests. E.g., the...

Persistent link: https://www.econbiz.de/10010318949

Marginal contributions and externalities in the value

De Clippel, Geoffroy; Serrano, Roberto - 2005

Our concern is the extension of the theory of the Shapley value to problems involving externalities. Using the standard …

Persistent link: https://www.econbiz.de/10010318952

Pareto improving monetary policy in incomplete markets

Turner, Sergio; Tumennasan, Norovsambuu - 2006

We show that for generic economies, every equilibrium admits Pareto improving monetary policy, even with multiple commodities per state. The main assumption is that asset incompleteness be intermediate, in that household heterogeneity does not exceed the number of assets present and absent. We...

Persistent link: https://www.econbiz.de/10010318953