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作者：Sonmez, Tayfun; Unver, M. Utku
作者单位：Boston College
摘要：Mechanisms that rely on course bidding are widely used at business schools in order to allocate seats at oversubscribed courses. Bids play two key roles under these mechanisms: to infer student preferences and to determine who have bigger claims on course seats. We show that these two roles may easily conflict, and preferences induced from bids may significantly differ from the true preferences. Therefore, these mechanisms, which are promoted as market mechanisms, do not necessarily yield mark...
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作者：Becker, Johannes; Fuest, Clemens
作者单位：Max Planck Society; University of Oxford
摘要：A large part of border crossing investment takes the form of international mergers and acquisitions. In this article, we ask how optimal repatriation tax systems look like in a world where investment involves a change of ownership, instead of a reallocation of real capital. We find that the standard results of international taxation do not carry over to the case of international mergers and acquisitions. The deduction system is no longer optimal from a national perspective and the foreign tax ...
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作者：Riboni, Alessandro
作者单位：Universite de Montreal
摘要：In this article, policies are negotiated in a committee by playing a dynamic voting game with an endogenous default (or status quo) policy. I show that joining a committee by maintaining a strong agenda setting power is a way for a decision maker to commit to a policy that in absence of committees is not time consistent. The disciplinary role of the endogenous status quo and the heterogeneity of preferences within the committee are two crucial ingredients to obtain this result. As a motivating...
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作者：Diaz, Antonia; Jose Luengo-Prado, Maria
作者单位：Northeastern University; Universidad Carlos III de Madrid
摘要：In the United States, the distribution of houses is less egalitarian than that of earnings for the total population, but these two distributions are remarkably similar for homeowners. Additionally, housing as a fraction of total wealth decreases with the level of wealth. In order to understand the different factors that account for these wealth composition patterns, we introduce illiquid houses and collateral credit in a general equilibrium model of heterogeneous agents with idiosyncratic unce...
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作者：Hochman, Gal; Segev, Ella
作者单位：University of California System; University of California Berkeley; Ben-Gurion University of the Negev
摘要：This article illustrates the importance of imperfect information in self-enforcing trade agreements. It shows that expected welfare is higher with current period uncertainty, and a high level of uncertainty may even undermine the need for a safeguard clause. These results were derived by extending the seminal paper by Bagwell and Staiger (The American Economic Review 80 (1990), 779-95) to account for current period uncertainty.
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作者：Damiano, Ettore; Li, Hao; Suen, Wing
作者单位：University of Toronto; University of Hong Kong
摘要：Though individuals prefer high-quality peers, there are advantages to being high up in the pecking order within a group. In this environment, sorting of agents yields an overlapping interval structure in the type space. Segregation and mixing coexist in a stable equilibrium. With transfers, this equilibrium corresponds to a competitive equilibrium where agents bid for relative positions and entails less segregation than the efficient allocation. More egalitarianism within organizations induces...
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作者：Sullivan, Paul
作者单位：United States Department of Labor
摘要：This article examines career choices using a dynamic structural model that nests a job search model within a human capital model of occupational and educational choices. Wage growth occurs in the model because workers move between firms and occupations as they search for suitable job matches and because workers endogenously accumulate firm and occupation specific human capital. Simulations performed using the estimated model reveal that both self-selection in occupational choices and mobility ...
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作者：Evans, George W.; Honkapohja, Seppo; Williams, Noah
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Oregon; University of St Andrews
摘要：We study the properties of the generalized stochastic gradient (GSG) learning in forward-looking models. GSG algorithms are a natural and convenient way to model learning when agents allow for parameter drift or robustness to parameter uncertainty in their beliefs. The conditions for convergence of GSG learning to a rational expectations equilibrium are distinct from but related to the well-known stability conditions for least squares learning.
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作者：Head, Allen; Kumar, Alok; Lapham, Beverly
作者单位：Queens University - Canada; University of Victoria
摘要：We study a monetary search economy in which endogenous fluctuations in market power driven by changes in consumers' search intensity determine the extent of price adjustment to movements in productivity and the money growth rate. A calibrated version of the economy exhibits countercyclical fluctuations in markups and is consistent with the observed incomplete response of nominal prices to cost movements associated with productivity fluctuations and to changes in the money growth rate. Furtherm...
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作者：Mattozzi, Andrea
作者单位：California Institute of Technology
摘要：This article investigates how uncertainty about the adoption of a redistribution policy affects political support for redistribution when individuals can trade policy-contingent securities in the stock market. In equilibrium the support for redistribution is smaller than where no policy-insurance market is available. This implies that in economies with well-developed financial markets redistribution decreases with the level of participation in these markets and with income inequality. Furtherm...
