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An Economic Analysis of Exclusion Restrictions for Instrumental Variable Estimation
Berg, Gerard J. van den - Institute for the Study of Labor (IZA) - 2007
information on the value of the IV. This leads to violation of the exclusion restriction. We analyze this in a dynamic economic …
Persistent link: https://www.econbiz.de/10005763520
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Biased Heuristic Traders and Attainment of Bayesian Equilibria in Double Auctions.
Jamal, K.; Sunder, S. - Carnegie Mellon University, Tepper School of Business - 1995
Persistent link: https://www.econbiz.de/10005027551
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Political Polarization
Dixit, Avinash; Weibull, Jörgen - Economics Institute for Research (SIR), … - 2006
Failures of government policies often provoke opposite reactions from citizens; some call for a reversal of the policy while others favor its continuation in stronger form. We offer an explanation of such polarization, based on a natural bimodality of preferences in political and economic...
Persistent link: https://www.econbiz.de/10005190909
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Opinion Pooling under Asymmetric Information
Dietrich, Franz - EconWPA - 2004
investigate this question in case that the individual probability functions are based on different information sets. Under … any overlaps between different persons' information sets. The solutions are derived from an axiomatic system that models … parameter-free, and that they incorporate each individual's information although the individuals need not communicate their …
Persistent link: https://www.econbiz.de/10005412461
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Strategic Uniformed Traders
Augier, L.; Mokrane, M. - Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor. - 1997
in credit relationships. Investors are heterogenous since they do not possess identical firm-specific information. We …
Persistent link: https://www.econbiz.de/10005618890
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Asset Pricing Lessons for Modeling Business Cycles.
Boldrin, M.; Christiano, L.J.; Fischer, J.D.M. - Banca d'Italia - 1996
We develop a model which accounts for the observed equity premium and average risk free rate, without implying counterfactually high risk aversion. The model also does well in accounting for business cycle phenomena.
Persistent link: https://www.econbiz.de/10005640901
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Risk-Sharing, Enforceability, Information and Capital Structure.
de Lara, Y.G. - Department of Economics, European University Institute - 2000
This paper, instead of focusing on agency cost, analyzes the role of risk-sharing under problems of enforceability (default) to explain the optimal determination of capital structure. Optimal contract structure presents equity and debt.
Persistent link: https://www.econbiz.de/10005697699
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Complementarity and Substituability in Multiple-Risk Insurance Markets
Koehl, Pierre-François; Villeneuve, Bertrand - Université Paris-Dauphine (Paris IX) - 2001
information, equilibria are efficient, and we determine the degrees of specialization under which the specialized insurers are …
Persistent link: https://www.econbiz.de/10010707228
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A Theory of Regret and Information
GABILLON, Emmanuelle - Groupe de Recherche en Économie Théorique et … - 2011
intrinsically related to the concept of information about the foregone alternatives, we generalize our framework so that it can … accomodate any information structure. We show that the less informative that structure is, the higher the utility of a regretful … individual. This result means that an individual prefers not to be exposed to ex post information about the foregone alternatives …
Persistent link: https://www.econbiz.de/10008926441
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Complementarity and Substituability in Multiple-Risk Insurance Markets.
Koehl, Pierre-François; Villeneuve, Bertrand - Université Paris-Dauphine - 2001
information, equilibria are efficient, and we determine the degrees of specialization under which the specialized insurers are …
Persistent link: https://www.econbiz.de/10008773599