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作者：Troyan, Peter
作者单位：University of Virginia
摘要：Although there is a rich theoretical literature extolling the virtues of the top trading cycles (TTCs) mechanism, it is rarely used in practice. Anecdotal evidence suggests that one possible explanation is that TTC is difficult for participants to understand. This article formalizes this intuition by asking whether it is possible to implement TTC in an obviously strategy-proof (OSP) way. I identify an acyclicity condition that is both necessary and sufficient for OSP implementation of TTC. The...
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作者：Merlo, Antonio; Tang, Xun
作者单位：Rice University
摘要：We study a model of bargaining with optimism where players have heterogeneous beliefs about the final resolution. Beliefs and bargaining surplus are identified from the settlement probability and the distribution of accepted transfers. Using data from medical malpractice lawsuits in Florida, we estimate doctor and patient beliefs and the distribution of potential compensation. We find that patients are more optimistic and doctors more pessimistic when the severity of injury is higher, and the ...
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作者：Fischer, Marcel; Khorunzhina, Natalia
作者单位：University of Konstanz; Copenhagen Business School
摘要：We build a life-cycle model of housing decisions under divorce risk that predicts that the recent increase in divorce rates leads to reduced homeownership rates. The risk of a divorce triggers a precautionary-savings motive. However, this motive is weaker when individuals can invest in owner-occupied homes because homeowners' higher savings partially substitute for precautionary savings. When young, the larger asset accumulation due to divorce-risk-induced precautionary savings enables househo...
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作者：Wrenn, Douglas H.; Klaiber, H. Allen
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University System of Ohio; Ohio State University
摘要：Property taxes and zoning restrictions are prevalent tools for managing land use. We combine microlevel data on residential subdivision development from the Baltimore, Maryland, metro area from 1994 to 2007 with a competing risks model to examine how both policies influence the density and timing of residential development. Consistent with theory, we demonstrate that the impact of both policies on optimal density and timing depends on whether density and time are substitutes or complements in ...
