Showing 851 - 860 of 861
This paper documents the existence of a slowly evolving trend in the dividendprice ratio, dpt , determined by a demographic variable, MY : the middle-aged to young ratio. Deviations of dpt from this long-run component explain transitory but persistent fluctuations in stock market returns. The...
Persistent link: https://www.econbiz.de/10008463050
We characterize the boundaries of the set of transfers implementing a given allocation rule without imposing any assumptions on the agent's type space or utility function besides quasi-linearity. In particular, we characterize the pointwise largest and the pointwise smallest transfer that...
Persistent link: https://www.econbiz.de/10008463051
The paper studies the effect of additional government revenues on political corruption and on the quality of politicians, both with theory and data. The theory is based on a version of the career concerns model of political agency with endogenous entry of political candidates. The evidence...
Persistent link: https://www.econbiz.de/10008556596
We establish integral representation results for suitably pointwise continuous and comonotonic addi- tive functionals of bounded variation de?ned on Stone lattices.
Persistent link: https://www.econbiz.de/10008642131
This paper uses a structural, large dimensional factor model to evaluate the role of `news' shocks (shocks with a delayed effect on productivity) in generating the business cycle. We find that (i) existing small-scale VECM models are affected by `non-fundamentalness' and therefore fail to...
Persistent link: https://www.econbiz.de/10008860758
Starting with the seminal paper of Gilboa and Schmeidler (1989) an analogy between the maxmin approach of Decision Theory under Ambiguity and the minimax approach of Robust Statistics -- e.g. Huber and Strassen (1973) -- has been hinted at. The present paper formally clarifies this relation by...
Persistent link: https://www.econbiz.de/10008860759
We study the patterns of political selection in majoritarian versus proportional systems. Political parties face a trade-off in choosing the mix of high and low quality candidates: high quality candidates are valuable to the voters, and thus help to win the elections, but they crowd out the...
Persistent link: https://www.econbiz.de/10011207934
Does welfare improve when ?firms are better informed about the state of the economy and can better coordinate their decisions? We address this question in an elementary business-cycle model that highlights how the dispersion of information can be the source of both nominal and real rigidity....
Persistent link: https://www.econbiz.de/10011207935
We consider real pre-Hilbert modules H on Archimedean f-algebras A with unit e. We provide conditions on A and H such that a Riesz representation theorem for bounded/continuous A-linear operators holds.
Persistent link: https://www.econbiz.de/10011207936
We present an experiment to address the question of whether a piece of information is more influential if it comes from experience, rather than from another source. We employ a novel experimental design which controls for the value of information and other potentially important confounding...
Persistent link: https://www.econbiz.de/10010568534