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作者：Abraham, Arpad; Koehne, Sebastian; Pavoni, Nicola
作者单位：Stockholm University; European University Institute; Bocconi University
摘要：We provide sufficient conditions for the validity of the first-order approach for two-period dynamic moral hazard problems where the agent can save and borrow secretly. The first-order approach is valid if the following conditions hold: (i) the agent has non-increasing absolute risk aversion utility (NIARA), (ii) the output technology has monotone likelihood ratios (MLR), and (iii) the distribution function of output is log-convex in effort (LCDF). Moreover, under these three conditions, the o...
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作者：Angeletos, George-Marios; Panousi, Vasia
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：How does financial integration impact capital accumulation, current-account dynamics, and cross-country inequality? We investigate this question within a two-country, general-equilibrium, incomplete-markets model that focuses on the importance of idiosyncratic entrepreneurial risk-a risk that introduces, not only a precautionary motive for saving, but also a wedge between the interest rate and the marginal product of capital. Our contribution is to show that this friction provides a simple exp...
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作者：Ekmekci, Mehmet
作者单位：Northwestern University
摘要：In a product choice game played between a long lived seller and an infinite sequence of buyers, we assume that buyers cannot observe past signals. To facilitate the analysis of applications such as online auctions (e.g. eBay), online shopping search engines (e.g. BizRate.com) and consumer reports, we assume that a central mechanism observes all past signals, and makes public announcements every period. The set of announcements and the mapping from observed signals to the set of announcements i...
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作者：Barseghyan, Levon; DiCecio, Riccardo
作者单位：Cornell University; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：Entry costs vary dramatically across countries. To assess their impact on cross-country differences in output and TFP, we construct a model with endogenous entry and operation decisions by firms. We calibrate the model to match the U.S. distribution of employment and firms by size. Higher entry costs lead to greater misallocation of productive factors and lower TFP and output. In the model, countries in the lowest decile of the entry costs distribution have 1.32 to 1.45 times higher TFP and 1....
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作者：Strzalecki, Tomasz
作者单位：Harvard University
摘要：This paper shows that in the class of variational preferences the notion of probabilistic sophistication is equivalent to expected utility as long as there exists at least one event such that the independence axiom holds for bets on that event. This extends the result of Marinacci (2002) [13] and provides a novel interpretation of his result. (C) 2011 Elsevier Inc. All rights reserved.
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作者：Felbermayr, Gabriel; Prat, Julien; Schmerer, Hans-Joerg
作者单位：University Hohenheim; Leibniz Association; Ifo Institut; University of Munich; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Eberhard Karls University of Tubingen
摘要：We introduce search unemployment into Melitz's trade model. Firms' monopoly power on product markets leads to strategic wage bargaining. Solving for the symmetric equilibrium we show that the selection effect of trade influences labor market outcomes. Trade liberalization lowers unemployment and raises real wages as long as it improves average productivity. We show that this condition is likely to be met by a reduction in variable trade costs or by entry of new trading countries. Calibrating t...
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作者：Peski, Marcin
作者单位：University of Texas System; University of Texas Austin
摘要：This paper presents a rational theory of categorization and similarity-based reasoning. I study a model of sequential learning in which the decision maker infers unknown properties of an object from information about other objects. The decision maker may use the following heuristics: divide objects into categories with similar properties and predict that a member of a category has a property if some other member of this category has this property. The environment is symmetric: the decision mak...
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作者：de Clippel, Geoffroy; Bejan, Camelia
作者单位：Brown University; Rice University
摘要：We study the problem of allocating a bundle of perfectly divisible private goods from an axiomatic point of view, in situations where compensations can be made through monetary transfers. The key property we impose on the allocation rule requires that no agent should be able to gain by decomposing the problem into sequences of subproblems. Combined with additional standard properties, it leads to a characterization of the rule that shares the total surplus equally. Hence a traditional welfaris...
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作者：Kets, Willemien
作者单位：The Santa Fe Institute; Tilburg University
摘要：This paper studies the robustness of symmetric equilibria in anonymous local games to perturbations of prior beliefs. Two priors are strategically close on a class of games if players receive similar expected payoffs in equilibrium under the priors, for any game in that class. I show that if the structure of payoff interdependencies is sparse in a well-defined sense, the conditions for strategic proximity in anonymous local games are strictly weaker than the conditions for general Bayesian gam...
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作者：Kamiya, Kazuya; Shimizu, Takashi
作者单位：University of Tokyo; Kansai University
摘要：In this paper, we present a search model with divisible money in which there exists a continuum of monetary equilibria with strictly increasing continuous value functions and with non-discrete money holdings distributions. (C) 2011 Elsevier Inc. All rights reserved.
