Abstract. Price floors are common policies in markets for storable goods such as commodities, bankable emissions permits, and currencies. Hard price floors are implemented as unlimited governmental buybacks and prevent the price from falling below the floor; soft floors, including those...

We propose a tractable semiparametric estimation method for dynamic discrete choice models. The distribution of additive utility shocks is modeled by location-scale mixtures of extreme value distributions with varying numbers of mixture components. Our approach exploits the analytical...

This research presents empirical evidence on what drives and inhibits cooperative behavior in groundwater management adaptive to climate change. Given vital character of water, its availability should not be only an explanatory variable in adaptation; but an issue subject to socio-physical...

We examine the implications of hypothetical disclosure in conference calls for firms' future financial performance and stock returns. Managers may use hypothetical disclosure in earnings calls to provide valuable forward-looking information regarding the firm's performance. Alternatively,...

Do experimental subjects have consistent first and higher-order beliefs about others? How does any inconsistency affect strategic decisions? We introduce a simple four-player sequential social dilemma where actions reveal first and higher-order beliefs. The unique sub-game perfect Nash...