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Sequential Aggregation of Verifiable Information

Hahn, Volker - 2010

We introduce the notion of verifiable information into a model of sequential debate among experts who are motivated by career concerns. We show that self-censorship may hamper the efficiency of information aggregation, as experts withhold evidence contradicting the conventional wisdom. In this...

Persistent link: https://www.econbiz.de/10011753200

Growth and Welfare under Endogenous Lifetime

Schneider, Maik T.; Winkler, Ralph - 2010

We develop a perpetual youth model to investigate how longevity affects economic growth and welfare. Life expectancy is determined by individuals’ investments in healthcare. We find that improvements in the healthcare technology always increase the steady state growth rate. Although the effect...

Persistent link: https://www.econbiz.de/10011753201

How do unanticipated discoveries of oil fields affect the oil price?

Leinert, Lisa - 2010

The Hotelling rule argues that the price for a nonrenewable resource adjusts to the shadow value of the resource, reflecting the remaining availability of the resource. We empirically test the Hotelling rule on the effect of unanticipated oil field discoveries. We do not find evidence for a...

Persistent link: https://www.econbiz.de/10011753204

On the Number of alpha-Pivotal Players

Becker, Johannes Gerd - 2011

We show that bounds like those of Al-Najjar and Smorodinsky (J. Econ. Theory, 2000) as well as of Gradwohl et al. (Math …

Persistent link: https://www.econbiz.de/10011753206

Campaigns, Political Mobility, and Communication

Gersbach, Hans - 2011

We present a model of elections in which interest group donations allow candidates to shift policy positions. We show that if donations were prohibited, then a unique equilibrium regarding the position choices of candidates would exist. With unrestricted financing of political campaigns two...

Persistent link: https://www.econbiz.de/10011753207

Sustainable Climate Treaties

Gersbach, Hans; Hummel, Noemi; Winkler, Ralph - 2011

We examine a global refunding scheme for mitigating climate change. Countries pay an initial fee into a global fund that is invested in long-run assets. In each period, part of the fund is distributed among the participating countries in relation to the emission reductions they have achieved in...

Persistent link: https://www.econbiz.de/10011753210

Long-Term Growth Driven by a Sequence of General Purpose Technologies

Schiess, Daniel; Wehrli, Roger - 2011

We present a Schumpterian model of endogenous growth with General Purpose Technologies (GPTs) that captures two important historical stylized facts: First, from the beginning of mankind until today GPTs are arriving at an increasing frequency and, second, all GPTs heavily depended on previous...

Persistent link: https://www.econbiz.de/10011753212

Inflation Forecast Contracts

Gersbach, Hans; Hahn, Volker - 2011

We introduce a new type of incentive contract for central bankers: inflation forecast contracts, which make central bankers’ remunerations contingent on the precision of their inflation forecasts. We show that such contracts enable central bankers to influence inflation expectations more...

Persistent link: https://www.econbiz.de/10011753213

Endogenous Enforcement of Intellectual Property, North-South Trade, and Growth

Schäfer, Andreas; Schneider, Maik T. - 2011

While most countries have harmonized intellectual property rights (IPR) legislation, the dispute about the optimal level of IPR-enforcement remains. This paper develops an endogenous growth framework with two open economies satisfying the classical North-South assumptions to study (a)...

Persistent link: https://www.econbiz.de/10011753214

Optimum Commodity Taxation with a Non-Renewable Resource

Daubanes, Julien; Lasserre, Pierre - 2011

Optimum commodity taxation theory asks how to raise a given amount of tax revenue while minimizing distortions. We … extraction taxes, irrespective of whether taxes are applied on consumption or on production. When the government cannot commit … consumption is to be taxed at a higher rate than conventional commodities having the same demand elasticity emerges reinforced. …

Persistent link: https://www.econbiz.de/10011753215