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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

Market power and information revelation in dynamic trading

Gottardi, Piero; Serrano, Roberto - 2002

We study a strategic model of dynamic trading where agents are asymmetrically informed over common value sources of uncertainty. There is a continuum of uninformed buyers and a finite number of sellers, some of them informed. When there is only one seller, full information revelation never...

Persistent link: https://www.econbiz.de/10010318890

Trade and the great divergence: The family connection

Galor, Oded; Mountford, Andrew - 2006

This research argues that the rapid expansion of international trade in the second phase of the industrial revolution has played a major role in the timing of demographic transitions across countries and has thereby been a significant determinant of the distribution of world population and a...

Persistent link: https://www.econbiz.de/10010318893

Constrained inefficiency in GEI: A geometric argument

Tirelli, Mario - 2005

In this paper we use global analysis to study the welfare properties of general equilibrium economies with incomplete markets (GEI). Our main result is to show that constrained Pareto optimal equilibria are contained in a linear submanifold of the equilibrium set. This result is explicitly...

Persistent link: https://www.econbiz.de/10010318896