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作者：Das, Kaustav; Klein, Nicolas
作者单位：University of Leicester; Universite de Montreal; Universite de Montreal; Universite de Montreal
摘要：We analyze a patent race between two firms choosing between an established and an innovative method. The unique Markov-perfect equilibrium coincides with the cartel solution if and only if firms have the same ability of leveraging a good innovative method or there is no patent protection. Otherwise, equilibrium efforts are clustered too much in the innovative method, as compared to the cartel benchmark. The expected time to a breakthrough is minimized at an interior patent strength. Thus, a de...
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作者：Chen, Yiting; Zhong, Songfa
作者单位：Lingnan University; Hong Kong University of Science & Technology; National University of Singapore; Hong Kong University of Science & Technology
摘要：We examine source dependence in the setting of effort provision. Our first experiment elicits preference over uncertain piece rate schemes to perform a real-effort task. Our second experiment elicits effort after receiving an uncertain gift. We vary the probability of winning and the familiarity of natural sources of uncertainty. We show that subjects are averse to unfamiliar sources for moderate or high probability, but less so for low probability. Moreover, effort exhibits more insensitivity...
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作者：Conesa, Juan Carlos; Delventhal, Matthew J.; Pujolas, Pau S.; Raveendranathan, Gajendran
作者单位：State University of New York (SUNY) System; Stony Brook University; McMaster University; McMaster University
摘要：We study trade disruptions at different stages of development in a two-country, three-sector model of Spain and United Kingdom from 1850 to 2000. The impact of trade disruptions depends on trade openness and the productivity gap between countries. A trade collapse today (more openness, less gap) comparable to the Inter-War Trade Collapse (IWTC) decreases the capital stock threefold (12% instead of 4%) and lifetime consumption fourfold (1.58% instead of 0.37%). Capital accumulation amplifies th...
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作者：Atayev, Atabek; Janssen, Maarten
作者单位：University of Vienna
摘要：Consumers acquire information through their own search efforts or through word-of-mouth communication within their social network. Information diffusion leads to free-riding and less active search. Free-riding consumers also create important positive externalities, however, as they are more likely to compare prices, imposing competitive pressure on firms. We show how market prices depend on network characteristics and search cost. For example, if search cost becomes small, price dispersion dis...
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作者：Hambel, Christoph; Kraft, Holger; van der Ploeg, Frederick
作者单位：Tilburg University; Goethe University Frankfurt; University of Oxford; Tilburg University
摘要：Asset pricing and climate policy are analyzed in a global economy where consumption goods are produced by both a green and a carbon-intensive sector. Given that the economy is initially heavily dependent on carbon-intensive capital, the desire to diversify assets complements the attempt to mitigate economic damages from climate change. In the longer run, however, a trade-off between diversification and climate action emerges. We derive the optimal carbon price and the equilibrium risk-free rat...
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作者：Dalgic, Husnu C.
作者单位：University of Mannheim; University of Mannheim
摘要：Households in emerging markets hold significant amounts of dollar deposits whereas firms have significant amount of dollar debt. Motivated by perceived dangers, policymakers consider regulations to limit dollarization. I draw attention to an important benefit of dollarization: it serves as an insurance arrangement in which firms provide income insurance. Emerging market exchange rates tend to depreciate in recessions so that households prefer holding deposits denominated in dollars. They effec...
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作者：Siemroth, Christoph
作者单位：University of Essex; University of Essex
摘要：What can organizations do to minimize wasteful year-end spending? I introduce a two-period model to derive optimal budget roll-over and audit rules. A principal tasks an agent with using a budget to fulfill the organization's spending needs, which are private information of the agent. The agent can misuse funds for private benefit. The optimal rules allow the agent to roll-over a share of the unused funds, but not necessarily the full share, and in most cases to audit only sufficiently large s...
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作者：Dertwinkel-Kalt, Markus; Frey, Jonas
作者单位：University of Munster; Max Planck Society; University of Oxford
摘要：We study dynamic choice under risk through the lens of salience theory. We derive predictions on salient thinkers' gambling decisions and strategy choices. We test our model experimentally and find support for all of our predictions. We also detect a strong correlation between static and dynamic choices, suggesting that salience theory can coherently explain risky choice in both static and dynamic contexts. Our results help to understand when people sell assets, stop gambling, enter the job ma...
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作者：Silgado-Gomez, Edgar
作者单位：Banco de Espana; Banco de Espana
摘要：This article investigates the impact and transmission of uncertainty regarding the future path of government finances on economic activity. Employing a data-rich approach, I introduce a novel proxy that captures uncertainty surrounding public finances, which I refer to as sovereign uncertainty. In an application to Spain, sovereign uncertainty shocks persistently dampen the economy in the medium run, whereas macro-financial uncertainty shocks originating in the private sector induce a negative...
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作者：Busch, Christopher; Ludwig, Alexander
作者单位：Leibniz Association; Ifo Institut; University of Munich; Goethe University Frankfurt
摘要：We explore the consequences of higher-order risk in a standard incomplete-markets life-cycle model. We calibrate the model using a canonical income process with persistent and transitory risk, extended to feature cyclical shock distributions with left-skewness and excess kurtosis. We estimate this income process for U.S. household data, and find shocks to be highly leptokurtic, with countercyclical variance and procyclical skewness of persistent shocks. In the model, first, higher-order risk h...
