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Turner, Sergio - 2005

We develop the theory of demand for commodities and assets facing incompletely insurable uncertainty. First, a Slutsky …

Persistent link: https://www.econbiz.de/10010318868

Arrow's impossibility theorem: Two simple single-profile versions

Feldman, Allan M.; Serrano, Roberto - 2006

In this short paper we provide two versions of Arrow’s impossibility theorem, in a world with only one preference profile. Both versions are extremely simple and allow a transparent understanding of Arrow’s theorem. The first version assumes a two-agent society; the second version, which is...

Persistent link: https://www.econbiz.de/10010318869

Incentives and the Core of an exchange economy: A survey

Forges, Françoise; Minelli, Enrico; Vohra, Rajiv - 2000

This paper provides a general overview of the literature on the core of an exchange economy with asymmetric information …

Persistent link: https://www.econbiz.de/10010318870

The ex ante incentive compatible core in the absence of wealth effects

Forges, Françoise; Mertens, Jean-François; Vohra, Rajiv - 2001

In a differencial economy with quasi-linear utilities, monetary transfers facilitate the fulfilment of incentive compability constraints: the associated ex ante core is generically nonempty. However, we exhibit a well-behaved exchange economy in which this core is empty, even if goods are...

Persistent link: https://www.econbiz.de/10010318871

Voluntary association in public goods experiments: Reciprocity, mimicry, and efficiency

Page, Talbot; Putterman, Louis; Unel, Bulent - 2002

information on the past contributions of others and allowed to express a preference for partners. On the basis of the stated …

Persistent link: https://www.econbiz.de/10010318872

Institutions and behavior: Experimental evidence on the effects of democracy

Dal Bó, Pedro; Foster, Andrew; Putterman, Louis - 2007

We present results from a novel experiment on the effect of a policy designed to encourage cooperation in a prisoner's dilemma game. We find that the effect of this policy on the level of cooperation is greater when it was chosen democratically by the subjects than when it was exogenously...

Persistent link: https://www.econbiz.de/10010318878

Do non-strategic sanctions obey the law of demand? The demand for punishment in the voluntary contribution mechanism

Anderson, Christopher M.; Putterman, Louis - 2003

The prospect of receiving a monetary sanction for free riding has been shown to increase contributions to public goods. We ask whether the impulse to punish is unresponsive to the cost to the punisher, or whether, like other preferences, it interacts with prices to generate a conventional demand...

Persistent link: https://www.econbiz.de/10010318879

Information at equilibrium

Minelli, Enrico; Polemarchakis, H. - 2001

In a game with rational expectations, individuals simultaneously refine their information with the information revealed … by the strategies of other individuals. At a Nash equilibrium of a game with rational expectations, the information of … individuals is essentially symmetric: the same profile of strategies is also an equilibrium of a game with symmetric information …

Persistent link: https://www.econbiz.de/10010318881

Constitution or conflict?

Grossman, Herschel I. - 2002

Constitutional resolution of disputes between constituent groups of a polity avoids the incremental costs of civil conflict. But, the political process prescribed by a constitution provides a viable alternative to civil conflict if and only if the constitution is self enforcing. This paper...

Persistent link: https://www.econbiz.de/10010318884

Generalized reduced rank regression

Hansen, Peter Reinhard - 2002

I introduce a technique to estimate parameters in regressions with reduced rank parameters in a general setting. The framework can handle a general class of parameter restrictions and allows for specifications with heteroskedastic and autocorrelated regression errors. Applications of this...

Persistent link: https://www.econbiz.de/10010318886