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作者：Felgenhauer, Mike; Loerke, Petra
作者单位：University of Plymouth
摘要：This article studies a situation in which a sender tries to persuade a receiver by providing hard evidence that is generated by sequential private experimentation where the sender can design the properties of each experiment contingent on the experimentation history. The sender can selectively reveal as many outcomes as desired. We determine the set of equilibria that are not Pareto-dominated. In each of these equilibria under private experimentation, the persuasion probability is lower and th...
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作者：Miyamoto, Wataru; Thuy Lan Nguyen
作者单位：Bank of Canada; Santa Clara University
摘要：Using a novel data set for 17 countries between 1900 and 2013, we characterize business cycles in both small developed and developing countries in a model with financial frictions and a common shock structure. We estimate the model jointly for these 17 countries using Bayesian methods. We find that financial frictions are an important feature for not only developing but also small developed countries. Furthermore, business cycles in both groups of countries are marked with trend productivity s...
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作者：Harrison, Rodrigo; Lagunoff, Roger
作者单位：Pontificia Universidad Catolica de Chile; Universidad Catolica del Norte; Georgetown University
摘要：We model dynamic mechanisms for a global commons. Countries value both consumption and conservation of an open access resource. A country's relative value of consumption to conservation is privately observed and evolves stochastically. An optimal quota maximizes world welfare subject to being implementable by Perfect Bayesian equilibria. With complete information, the optimal quota is first best; it allocates more of the resource each period to countries with high consumption value. Under inco...
