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Competitive rational expectations equilibria without apology
Kovalenkov, Alexander; Vives, Xavier - 2008
In a standard financial market model with asymmetric information with a finite number N of risk-averse informed traders, competitive rational expectations equilibria provide a good approximation to strategic equilibria as long as N is not too small: equilibrium prices in each situation converge...
Persistent link: https://www.econbiz.de/10010264474
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Cities in fiscal equalization
Buettner, Thiess; Holm-Hadulla, Fédéric - 2008
Redistributive grants schemes, such as fiscal equalization, are a common characteristic of local public finance in several countries. However, large and small jurisdictions are treated differently by the respective fiscal equalization schemes that often tend to favour larger jurisdictions. This...
Persistent link: https://www.econbiz.de/10010264475
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Specification and estimation of spatial autoregressive models with autoregressive and heteroskedastic disturbances
Kelejian, Harry H.; Prucha, Ingmar R. - 2008
theory is kept general to cover a wide range of settings. We note the estimation theory developed by Kelejian and Prucha …
Persistent link: https://www.econbiz.de/10010264476
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Enhancing market power by reducing switching costs
Bouckaert, Jan; Degryse, Hans; Provoost, Thomas - 2008
Competing firms often have the possibility to jointly determine the magnitude of consumers' switching costs. Examples include compatibility decisions and the option of introducing number portability in telecom and banking. We put forward a model where firms jointly decide to reduce switching...
Persistent link: https://www.econbiz.de/10010264477
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Optimal policy and the risk properties of human capital reconsidered
Anderberg, Dan - 2008
This paper considers how optimal education and tax policy depends on the risk properties of human capital. It is demonstrated that a key feature of human capital investments is whether they increase or decrease wage risk. In a benchmark model it is shown that this feature alone determines...
Persistent link: https://www.econbiz.de/10010264479
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Outsourcing, unemployment and welfare policy
Keuschnigg, Christian; Ribi, Evelyn - 2008
The paper investigates the consequences of outsourcing of labor intensive activities to low-wage economies. This trend challenges the two basic functions of the welfare state, redistribution and social insurance when private unemployment insurance markets are missing. The main results are: (i)...
Persistent link: https://www.econbiz.de/10010264480
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Market competition and lower tier incentives
Theilen, Bernd - 2008
The relationship between competition and performance-related pay has been analyzed in single-principal-single-agent models. While this approach yields good predictions for managerial pay schemes, the predictions fail to apply for employees at lower tiers of a firm's hierarchy. In this paper, a...
Persistent link: https://www.econbiz.de/10010264481
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The war on illegal drugs in producer and consumer countries: a simple analytical framework
Mejía, Daniel - 2008
This paper develops a model of the war against illegal drugs in both producer and consumer countries. The paper studies the trade-off faced by the government of the drug consumer country between prevention policies (aimed at reducing the demand for drugs) and enforcement policies (aimed at...
Persistent link: https://www.econbiz.de/10010264484
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Intellectual property rights, technology transfer and exports in developing countries
Yang, Lei; Maskus, Keith E. - 2008
technology chooses either exports or technology transfer through licensing as its mode of supplying the Southern market, based on … stronger IPR would enhance technology transfer through licensing and reduce the South firm's marginal production cost, thereby … strong IPR diminish competition and welfare, however. Adding foreign direct investment as an additional channel of technology …
Persistent link: https://www.econbiz.de/10010264489
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Growth and the ageing Joneses
Fisher, Walter H.; Heijdra, Ben J. - 2008
an AK technology, a model of balanced growth. In this context we investigate status preference, demographic, and pension …
Persistent link: https://www.econbiz.de/10010264491