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作者：Bossert, Walter; D'Ambrosio, Conchita
作者单位：Universite de Montreal; University of Luxembourg; University of Milano-Bicocca
摘要：We provide an axiomatic treatment of the measurement of economic insecurity, assuming that individual insecurity depends on the current wealth level and its variations experienced in the past. The first component plays the role of a buffer stock to rely on in case of an adverse future event. The second component determines the confidence an individual has on her ability to overcome a loss in the future. Two classes of linear measures are characterized with sets of plausible and intuitive axiom...
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作者：Chao, Yong
作者单位：University of Louisville
摘要：The distinct element of a three-part tariff (3PT), compared with linear pricing (LP) or a two-part tariff, is its quantity target within which the marginal price is zero. This quantity target instrument enriches the firm's strategy set in dictating the competition to a specific level, even in the absence of a usual price discrimination motive. With general differentiated linear demands, the competitive effect of a 3PT in contrast to LP depends on the degree of substitutability between products...
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作者：Kiyono, Kazuharu; Ishikawa, Jota
作者单位：Waseda University; Hitotsubashi University
摘要：This article studies environmental management policy when two fossil-fuel-consuming countries noncooperatively regulate greenhouse-gas emissions through emission taxes or quotas. The presence of carbon leakage caused by fuel-price changes affects the tax-quota equivalence. We explore each country's incentive to choose a policy instrument in a two-stage policy choice game and find subgame-perfect Nash equilibria. This sheds new light on the questions of which policy instrument is more stringent...
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作者：Mylovanov, Tymofiy; Zapechelnyuk, Andriy
作者单位：University of Pennsylvania; University of London
摘要：We study common arbitration rules for disputes of two privately informed parties, final offer and conventional arbitration. Conventional arbitration is shown to be an optimal arbitration rule in environments with transferable utility, while final offer arbitration is optimal if utility is nontransferable and the parties' interests are not too aligned. These results explain the prevalence of both arbitration rules in practice.
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作者：Benoit, Jean-Pierre; Dubra, Juan
作者单位：University of London; London Business School; Universidad de Montevideo
摘要：Disasters are often precipitated by insufficient preventive care. We argue that there is a problem of prevention in that this lack of care often stems from agents' rational calculations. Positive experiences lead agents to underestimate the risks of disasters; technological improvements and redundancies designed for safety induce agents to reduce their care. Although lower care increases the chances of an accident, the number of redundancies can be adjusted to offset this. However, the acciden...
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作者：Kuhn, Moritz
作者单位：University of Bonn
摘要：We prove existence of a recursive competitive equilibrium (RCE) for an Aiyagari-style economy with permanent income shocks and derive important economic implications. We show that there exist equilibria where borrowing constraints are never binding and establish a nontrivial lower bound on the equilibrium interest rate. These results imply distinct consumption dynamics compared to existing studies. We present a new approach to solve the agent's problem that uses lattices of consumption functio...
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作者：Diaz, Antonia; Jerez, Belen
作者单位：Universidad Carlos III de Madrid
摘要：We assess the ability of a standard search and matching framework to account for the cyclical properties of key macroeconomic time series of the housing market. We calibrate a model with aggregate demand and supply shocks to match selected business cycle properties of vacancies and sales in the United States. Our model reproduces the cyclical time series properties of house prices and the positive and negative comovement of prices with sales and time on the market, respectively. Search and mat...
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作者：Fernandez-Blanco, Javier
作者单位：Universidad Carlos III de Madrid
摘要：Consistent with the empirical evidence, this article analyzes a labor market in which separations are not permanent and reactivated firms prefer to rehire former employees instead of seek new ones. Workers engage in job search due to the uncertain prospects of rehiring. If firms can commit to wages contingent on rehiring, they backload wages to provide incentives for workers to reduce their unobservable search effort. Under risk aversion and incomplete markets, if productivity at reactivation ...
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作者：Anderlini, Luca; Felli, Leonardo; Immordino, Giovanni; Riboni, Alessandro
作者单位：Georgetown University; University of London; London School Economics & Political Science; University of Salerno; Universite de Montreal
摘要：We analyze the relationship between legal institutions, innovation, and growth. We compare a rigid legal system (the law is set before the technological innovation) and a flexible one (the law is set after observing the new technology). The flexible system dominates in terms of welfare, amount of innovation, and output growth at intermediate stages of technological developmentperiods when legal change is needed. The rigid system is preferable at early stages of technological development, when ...
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作者：Anbarci, Nejat; Feltovich, Nick
作者单位：Deakin University; Monash University
摘要：We experimentally examine posted pricing and directed search. In one treatment, capacity-constrained sellers post fixed prices, which buyers observe before choosing whom to visit. In the other, firms post both single-buyer (applied when one buyer visits) and multibuyer (when multiple buyers visit) prices. We find, based on a 2 x 2 (two buyers and two sellers) market and a follow-up experiment with 3 x 2 and 2 x 3 markets, that multibuyer prices can be lower than single-buyer prices or prices i...
