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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. Incentive compatibility is emphasized in studying core concepts at the ex ante and interim stage. The analysis includes issues of non-emptiness of the core as well as core...

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

We study the. Incentive effects of endogenous group formation in a voluntary contributon experiment. Subjects are given information on the past contributions of others and allowed to express a preference for partners. On the basis of the stated preferences new groups are formed. We find that the...

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...

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

autocorrelated regression errors. Applications of this technique include: estimation of structural equations, estimation of reduced … rank matrices in cross-section, panel, and time-series analysis, including estimation of cointegration relations in time … series and panels. – Estimation ; Reduced Rank Regression ; FIML, Panel-cointegration, Cointegration with Heteroskedasticity …

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

Money and prices under uncertainty

Nakajima, Tomoyuki; Polemarchakis, Herakles - 2001

Monetary and fiscal policy do not determine the stochastic path of prices: in the absence of financial policy, there remains indeterminacy indexed by an arbitrary probability measure over the set of states of the world. With an interest rate policy, and only if the asset market is complete,...

Persistent link: https://www.econbiz.de/10010318888

A theory of the informal sector

Azuma, Yoshiaki; Grossman, Herschel I. - 2002

In many countries, especially poor countries, a heavy burden of taxes, bribes, and bureaucratic hassles drives many producers into the informal sector. Is this situation explicable only as a consequence of either the ignorance or the ineptitude of the state authorities? On the contrary this...

Persistent link: https://www.econbiz.de/10010318889