-
作者：Bagwell, Kyle; Staiger, Robert W.
作者单位：Stanford University; National Bureau of Economic Research; Dartmouth College
摘要：Motivated by General Agreement on Tariffs and Trade bargaining behavior and renegotiation rules, we construct a three-country, two-good general-equilibrium model of trade and examine multilateral tariff bargaining under the constraints of nondiscrimination and multilateral reciprocity. For a general representation of government preferences, we identify the bargaining outcomes that can be achieved using dominant strategy proposals for all countries. In our analysis, dominant strategy outcomes e...
-
作者：Serrano, Carlos J.
作者单位：Pompeu Fabra University; Barcelona School of Economics
摘要：The market for patents-the sale of patents-is an often discussed source of incentives to invest in R&D. This article presents and estimates a model of the transfer and renewal of patents that, under some assumptions, allows me to quantify the gains resulting from the transfer of patents. The gains from trade measure the private benefits of reallocating the ownership of a patent from the original patentee to a new owner for whom the patent has a higher value. In addition, I study the effect tha...
-
作者：Dolores Gadea, Maria; Gomez-Loscos, Ana; Perez-Quiros, Gabriel
作者单位：University of Zaragoza; Banco de Espana; Centre for Economic Policy Research - UK
摘要：Many have argued that the Great Recession of 2008 marks the end of the reduction in output volatility known as the Great Moderation. This article shows that this is not the case through an empirical analysis. Output volatility remains subdued despite the output loss of the Great Recession. This finding has important implications for policymaking because we also find that a lower volatility of output is associated with slower recoveries.
-
作者：Anundsen, Andre Kallak; Larsen, Erling Roed
作者单位：Norges Bank; BI Norwegian Business School
摘要：Using highly granular transaction-level data for the Norwegian housing market over the period 2002-2014, we investigate whether excessive prices persist or revert in repeat sales. Excessiveness in prices is detected by comparing selling prices to predicted prices implied by a hedonic model, which includes a rich set of attributes. Persistence is rejected and there is substantial reversion in excessive prices. Our results also show little scope for profitable arbitrage by investing in apparentl...
-
作者：Herweg, Fabian; Schwarz, Marco A.
作者单位：University of Bayreuth; Leibniz Association; Ifo Institut; Centre for Economic Policy Research - UK; University of Innsbruck
摘要：Cost overrun is ubiquitous in public procurement. We argue that this can be the result of a constrained optimal award procedure: The procurer awards the contract via a price-only auction and cannot commit not to renegotiate. If cost differences are more pronounced for a fancy than a standard design, it is optimal to fix the standard design ex ante. If renegotiation takes place and the fancy design has higher production costs or the contractor's bargaining position is strong, the final price ex...
-
作者：Li, Yue
作者单位：State University of New York (SUNY) System; University at Albany, SUNY
摘要：This article develops a heterogeneous agents model to analyze the effects of Social Security survivors insurance. The model features a negative mortality-income gradient, asymmetric information of individual mortality rates, and a warm-glow bequest motive that varies by age and family structure. The model matches life-cycle changes in life insurance coverage and generates advantageous selection in the insurance market. For male agents, reducing survivors benefits for dependent children generat...
-
作者：Chen, Yongmin; Pan, Shiyuan; Zhang, Tianle
作者单位：University of Colorado System; University of Colorado Boulder; Zhejiang University; Lingnan University
摘要：We present a model where firms conduct R&D in both a safe and a risky direction. As patentability standards rise, an innovation in the risky direction is less likely to receive a patent, which decreases the static incentive for new entrants to conduct risky R&D but can increase their dynamic incentive. These, together with a strategic substitution and a market structure effect, result in an inverted-U shape in the risky direction but a U shape in the safe direction for the relationship between...
-
作者：Kadam, Sangram V.; Kotowski, Maciej H.
作者单位：Charles River Associates; Harvard University
摘要：We examine a dynamic, two-sided, one-to-one matching market where agents on both sides interact over a period of time. We define and identify sufficient conditions for the existence of a dynamically stable matching, which may require revisions to initial assignments. A generalization of the deferred acceptance algorithm can identify dynamically stable outcomes in a large class of economies, including cases with intertemporal preference complementarities. We relate our analysis to market unrave...
-
作者：Eichberger, Juergen; Guerdjikova, Ani
作者单位：Ruprecht Karls University Heidelberg; Communaute Universite Grenoble Alpes; Universite Grenoble Alpes (UGA)
摘要：We study how ambiguity and ambiguity attitudes affect asset prices when consumers form their expectations based on past observations. In an overlapping generations economy with risk-neutral yet ambiguity-sensitive consumers, we describe limiting asset prices depending on the proportion of investor types. We then study the evolution of consumer-type shares. With long memory, the market does not select for ambiguity neutrality. Whenever perceived ambiguity is sufficiently small, but positive, on...
-
作者：Hummel, Patrick; McAfee, R. Preston
作者单位：Alphabet Inc.; Google Incorporated; Microsoft
摘要：We address the question of how a monopolist should price when facing evolutionary consumers who gradually move in the direction of following their optimal strategy but may make temporary suboptimal choices. We show that under a broad generalization of the most commonly used model of evolution, the monopolist will set a path of prices such that all consumers eventually stop purchasing the monopolist's product.
