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A vicious cycle of manias, crashes and asymmetric policy responses : an overinvestment view

Hoffmann, Andreas; Schnabl, Gunther - 2009

The business cycles theories of Wicksell (1898), Schumpeter (1912), Mises (1912), Hayek (1929, 1935) and Minsky (1986, 1992) explain business cycles by distorted prices on capital markets, buoyant credit expansion and overinvestment. The exuberance during the boom endogenously causes the...

Persistent link: https://www.econbiz.de/10010276623

Imports, pass-through, and the structure of retail markets

Raff, Horst; Schmitt, Nicolas - 2009

We construct a model of trade with heterogeneous retailers to examine the effects of trade liberalization on retail market structure, imports and social welfare. We are especially interested in studying the degree of pass-through of import into retail prices and the effects of retail market...

Persistent link: https://www.econbiz.de/10010276624

Business models for media firms : does competition matter for how they raise revenue?

Kind, Hans Jarle; Nilssen, Tore; Sørgard, Lars - 2009

The purpose of this article is to analyze how competitive forces may influence the way media firms like TV channels raise revenue. A media firm can either be financed by advertising revenue, by direct payment from the viewers (or the readers, if we consider newspapers), or by both. We show that...

Persistent link: https://www.econbiz.de/10010276625

Externality-correcting taxes and regulation

Christiansen, Vidar; Smith, Stephen - 2009

level of direct regulation alters the optimal externality tax. …

Persistent link: https://www.econbiz.de/10010276629

Old George Orwell got it backward : some thoughts on behavioral tax economics

Slemrod, Joel - 2009

people who comprise the state. In this essay I address one aspect of this issue how it affects an economic analysis of tax … systems. In addressing this task I ask, and offer some tentative answers to, what is distinctive about behavioral tax … economics as a sub-field of behavioral economics and as a sub-field of tax economics. …

Persistent link: https://www.econbiz.de/10010276630

Unawareness, beliefs and games

Heifetz, Aviad; Meier, Martin; Schipper, Burkhard C. - 2007

We define a generalized state-space model with interactive unawareness and probabilistic beliefs. Such models are desirable for many potential applications of asymmetric unawareness. We develop Bayesian games with unawareness, define equilibrium, and prove existence. We show how equilibria are...

Persistent link: https://www.econbiz.de/10010276636

Building blocks in the economics of mandates

Addison, John T.; Barrett, Charles Richard; Siebert, … - 2005

The paper constructs an asymmetric information model to investigate the efficiency and equity cases for government mandated benefits. A mandate can improve workers' insurance, and may also redistribute in favour of more deserving workers. The risk is that it may also reduce output. The more...

Persistent link: https://www.econbiz.de/10010276658

Altruism, fertility, and the value of children: health policy evaluation and intergenerational welfare

Birchenall, Javier A.; Soares, Rodrigo Reis - 2007

This paper accounts for the value of children and future generations in the evaluation of health policies. This is achieved through the incorporation of altruism and fertility in a value of life type of framework. We are able to express adults' willingness to pay for changes in child mortality...

Persistent link: https://www.econbiz.de/10010276671

Competition, cooperation, and corporate culture

Kosfeld, Michael; von Siemens, Ferdinand - 2007

Teamwork and cooperation between workers can be of substantial value to a firm, yet the level of worker cooperation often varies between individual firms. We show that these differences can be the result of labor market competition if workers have heterogeneous preferences and preferences are...

Persistent link: https://www.econbiz.de/10010276676

Relative income, happiness and utility: an explanation for the Easterlin paradox and other puzzles

Clark, Andrew E.; Frijters, Paul; Shields, Michael A. - 2007

The well-known Easterlin paradox points out that average happiness has remained constant over time despite sharp rises in GNP per head. At the same time, a micro literature has typically found positive correlations between individual income and individual measures of subjective well-being. This...

Persistent link: https://www.econbiz.de/10010276678