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Multiple equilibria as a difficulty in understanding correlated distributions

Kar, Anirban; Ray, Indrajit; Serrano, Roberto - 2005

We view achieving a particular correlated equilibrium distribution for a normal form game as an implementation problem. We show, using a parametric version of the two-person Chicken game and a wide class of correlated equilibrium distributions, that a social choice function that chooses a...

Persistent link: https://www.econbiz.de/10010318905

Cooperation under the threat of expulsion in a public goods experiment

Cinyabuguma, Matthias; Page, Talbot; Putterman, Louis - 2004

In a public goods experiment with the opportunity to vote to expel members of a group, we found that contributions rose to nearly 100% of endowments with significantly higher efficiency compared with a noexpulsion baseline. Expulsions were strictly of the lowest contributors, and there was an...

Persistent link: https://www.econbiz.de/10010318911

Distortionary, non-distortionary, and distributional properties of environmental taxes: Extension of Sandmo's observation

Page, Talbot; Zhang, Qinghua - 2003

We find a limited parallel between lump-sum taxes and environmental taxes. Corollary 2, which extends Sandmo’s observation, shows that appropriated corrective revenues have the same non-distortionary effects as lump-sum taxes, the result reducing to the original observation when the...

Persistent link: https://www.econbiz.de/10010318913

Asset returns in an endogenous growth model with incomplete markets

Krebs, Tom; Wilson, Bonnie - 2002

This paper analyzes a class of stochastic endogenous growth models with uninsurable idiosyncratic income risk. The …, and participate in stock and bond markets. Households have time- and state-additive log-utility preferences and production … individual income process that displays realistic variations in idiosyncratic income risk. The calibrated model economy generates …

Persistent link: https://www.econbiz.de/10010318914

Can endogenously chosen institutions mitigate the free-rider problem and reduce perverse punishment?

Ertan, Arhan; Page, Talbot; Putterman, Louis - 2005

Previous experiments on public goods dilemmas have found that the opportunity to punish leads to higher contributions and reduces the free rider problem; however, a substantial amount of punishment is targeted on high contributors. In the experiment reported here, subjects are given the...

Persistent link: https://www.econbiz.de/10010318915

On the evaluation of economic mobility

Gottschalk, Peter; Spolaore, Enrico - 2001

-temporal fluctuations, and aversion to future risk. We construct extended Atkinson indices that allow us to quantify the relative impact of … introduction of aversion to intertemporal fluctuations and aversion to future risk makes the impact of mobility in the two …

Persistent link: https://www.econbiz.de/10010318916

Type diversity and virtual Bayesian implementation

Serrano, Roberto; Vohra, Rajiv - 2000

It is well known that a social choice function is truthfully implementable in Bayesian Nash equilibrium if and only if it is incentive compatible. However, in general it is not possible to rule out other equilibrium outcomes, and additional conditions, e.g., Bayesian monotonicity, are needed to...

Persistent link: https://www.econbiz.de/10010318919

Testable implications of general equilibrium theory: A differentiable approach

Chiappori, P.-A.; Ekeland, I.; Kübler, F.; … - 2002

Is general equilibrium theory empirically testable? Our perspective on this question differs from the standard …

Persistent link: https://www.econbiz.de/10010318921

Communication and punishment in voluntary contribution experiments

Bochet, Olivier; Page, Talbot; Putterman, Louis - 2005

We compare two devices previously found to increase contributions to public goods in laboratory experiments: communication, and punishment (allowing subjects to engage in costly reductions of one another’s earnings after learning of their contribution decisions). We find that communication...

Persistent link: https://www.econbiz.de/10010318922

Managerial reputation concerns, outside monitoring, and investment efficiency

Qiu, Lily - 2005

This paper argues that an external monitor can be less effective when there is uncertainty regarding the quality of the management and the business environment. In a two-period model, an outside monitor, who initially does not know managerial quality, can have the manager fired. The manager...

Persistent link: https://www.econbiz.de/10010318924