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Persistent link: https://www.econbiz.de/10005675347
Persistent link: https://www.econbiz.de/10005675348
We develop a model of common agency with complete information and general preferences with non-transferable utility, and prove that the principals'Nash equilibrium in truthful strategies implements an efficient action. We apply this theory to construct a positive model of public finance, where...
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Persistent link: https://www.econbiz.de/10005675350
Persistent link: https://www.econbiz.de/10005675351
Persistent link: https://www.econbiz.de/10005675352
Persistent link: https://www.econbiz.de/10005675353
The allocation of talent in a society is an important determinant of productivity and growth. I study the informational role of education on the allocation of talent in a two-sector model where education provides workers information about their abilities. When workers and firms are equally...
Persistent link: https://www.econbiz.de/10005675354
The paper questions the methodology of "economics and psychology". It focuses on the case of hyperbolic discounting. Using some experimental results, I argue that the same sort of evidence which rejects the standard constant discount utility functions can just as easily reject hyperbolic...
Persistent link: https://www.econbiz.de/10005675355