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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：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：Calsamiglia, Caterina; Haeringer, Guillaume; Klijn, Flip
作者单位：Autonomous University of Barcelona; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE)
摘要：We show that one of the main results in Chen and Sonmez (2006, 2008) [6,7] does no longer hold when the number of recombinations is sufficiently increased to obtain reliable conclusions. No school choice mechanism is significantly superior in terms of efficiency. (C) 2010 Elsevier Inc. All rights reserved.
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作者：Li, Jingyuan
作者单位：Huazhong University of Science & Technology
摘要：We examine the demand for a risky asset in the presence of two risks: a financial risk and a background risk which need not be financial. First, we compute the necessary and sufficient condition for a positive demand for a risky asset, showing that it depends on two terms capturing respectively the direct effect of risk premium and the dependence between the two risks. Second, we develop higher order expectation dependence concept and show that the more information about the sign of higher cro...
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作者：Gersbach, Hans; Haller, Hans
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; Virginia Polytechnic Institute & State University
摘要：We consider a general equilibrium model where multi-member households make efficient collective consumption decisions and operate in a competitive market environment. Individuals have the option to leave the household and make it on their own or join another household. We study the effect of these outside options on household formation, household stability and equilibrium existence. (C) 2010 Elsevier Inc. All rights reserved.
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作者：Beker, Pablo F.; Espino, Emilio
作者单位：University of Warwick; Universidad Torcuato Di Tella
摘要：This paper analyzes the dynamic properties of portfolios that sustain dynamically complete markets equilibrium when agents have heterogeneous priors. We argue that the conventional wisdom that belief heterogeneity generates continuous trade and significant fluctuations in individual portfolios may be correct but it needs some qualifications. We consider an infinite horizon stochastic endowment economy populated by many Bayesian agents with heterogeneous priors over the stochastic process of th...
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作者：Nocke, Volker; Peitz, Martin; Rosar, Frank
作者单位：University of Mannheim; University of Bonn; Leibniz Association; Ifo Institut; University of Oxford; Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW)
摘要：In an intertemporal setting in which individual uncertainty is resolved over time, advance-purchase discounts can serve to price discriminate between consumers with different expected valuations for the product. Consumers with a high expected valuation purchase the product before learning their actual valuation at the offered advance-purchase discount; consumers with a low expected valuation will wait and purchase the good at the regular price only in the event where their realized valuation i...
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作者：Gu, Chao
作者单位：University of Missouri System; University of Missouri Columbia
摘要：Traditional models of bank runs do not allow for herding effects, because in these models withdrawal decisions are assumed to be made simultaneously. I extend the banking model to allow a depositor to choose his withdrawal time. When he withdraws depends on his consumption type (patient or impatient), his private, noisy signal about the quality of the bank's portfolio, and the withdrawal histories of the other depositors. Some of these runs are efficient in that the bank is liquidated before t...
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作者：Frankel, David M.; Volij, Oscar
作者单位：Iowa State University; Ben-Gurion University of the Negev
摘要：Using only ordinal axioms, we characterize several multigroup school segregation indices: the Atkinson indices for the class of school districts with a given fixed number of ethnic groups and the Mutual Information index for the class of all districts. Properties of other school segregation indices are also discussed. In an empirical application, we document a weakening of the effect of ethnicity on school assignment from 1987/1988 to 2007/2008. We also show that segregation between districts ...
