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Baye, Michael R.; Kovenock, Dan; de Vries, Casper G. - 2010

The Babylonian bridal auction, described by Herodotus, is regarded as one of the earliest uses of an auction in history. Yet, to our knowledge, the literature lacks a formal equilibrium analysis of this auction. We provide such an analysis for the two-player case with complete and incomplete...

Persistent link: https://www.econbiz.de/10010272937

World equity premium based risk aversion estimates

Pozzi, Lorenzo C. G.; de Vries, Casper G.; Zenhorst, Jorn - 2010

The equity premium puzzle holds that the coefficient of relative risk aversion estimated from the consumption based CAPM under power utility is excessively high. Moreover, estimates in the literature vary considerably across countries. We gauge the uncertainty pertaining to the country risk...

Persistent link: https://www.econbiz.de/10010272938

Interactions between employment and training policies

Oskamp, Frank; Snower, Dennis J. - 2007

income may be interdependent for various important reasons. For example, the more employment policies stimulate the … these expenditures and these higher taxes reduce aggregate income. On account of such effects, employment and training … policies may be complementary or substitutable with respect to aggregate income. To analyze these interactions, we construct a …

Persistent link: https://www.econbiz.de/10010272951

Selfish-biased conditional cooperation: On the decline of contributions in repeated public goods experiments

Neugebauer, Tibor; Perote, Javier; Schmidt, Ulrich; … - 2007

In the recent literature, several hypotheses have been put forward in order to explain the decline of contributions in repeated public good games. We present results of an experiment which allows to evaluate these hypotheses. The main characteristics of our experimental design are a variation of...

Persistent link: https://www.econbiz.de/10010272953

Unemployment accounts and employment incentives

Brown, Alessio J. G.; Orszag, Jonathan Michael; Snower, … - 2006

We explore the far-reaching implications of replacing current unemployment benefit (UB) systems by an unemployment accounts (UA) system. Under the UA system, employed people are required to make ongoing contributions to their UAs and the balances in these accounts are available to them during...

Persistent link: https://www.econbiz.de/10010272954

Macroeconomic aspects of structural labor market reforms in Germany

Dovern, Jonas; Meier, Carsten-Patrick - 2006

Using a newly constructed macroeconometric model for Germany and the rest of the Euro area, we investigate the macroeconomic effects of structural labor market reforms in Germany. We find that neither the fact that Germany can no longer pursue an independent monetary policy nor the possibility...

Persistent link: https://www.econbiz.de/10010272958

Notes on factor price equality and biased technical change in a two-cone trade model

Becker, Daniel Thomas; Gundlach, Erich - 2006

We reconsider the effects of long-run economic growth on relative factor prices across cones of specialization. We model economic growth as exogenous technical change. Allowing for capital biased technical change with a sector bias and for endogenous commodity prices, we find that economic...

Persistent link: https://www.econbiz.de/10010272961

Institutions and training inequality

Lechthaler, Wolfgang; Snower, Dennis J. - 2007

We analyze the interaction among important institutional variables in the labor market (firing costs, minimum wages and unemployment benefits) in determining firm-provided training. We find that the institutional interactions - specifically, their degree of complementarity and substitutability -...

Persistent link: https://www.econbiz.de/10010272964

Hyperbolic discounting and the Phillips curve

Graham, Liam; Snower, Dennis J. - 2007

Using a standard dynamic general equilibrium model, we show that the interaction of staggered nominal contracts with hyperbolic discounting leads to inflation having significant long-run effects on real variables.

Persistent link: https://www.econbiz.de/10010272966

Parametric weighting functions

Diecidue, Enrico; Schmidt, Ulrich; Zank, Horst - 2008

This paper provides preference foundations for parametric weighting functions under rankdependent utility. This is achieved by decomposing the independence axiom of expected utility into separate meaningful properties. These conditions allow us to characterize rank-dependent utility with power...

Persistent link: https://www.econbiz.de/10010272968