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作者：Lebrun, B; Tremblay, MC
作者单位：York University - Canada
摘要：An arbitrary number of units of a good is sold to two bidders through a discriminatory auction. The bidders are homogeneous ex ante and their demand functions are two-step functions that depend on a single parameter. We characterize the symmetric Bayesian equilibrium and prove its existence and uniqueness. We compare this equilibrium with the equilibrium of the multiunit Vickrey auction and with the equilibria of the single-unit first price and second price auctions. We examine the consequence...
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作者：Fuster, L; Imrohoroglu, A; Imrohoroglu, S
作者单位：University of Southern California; Pompeu Fabra University
摘要：In this article, we study the welfare effects of unfunded social security in a general equilibrium model populated with overlapping generations of altruistic individuals that differ in lifetime expectancy and earnings ability. Contrary to previous research, our results indicate that steady-state welfare increases with social security for most households, although by very different amounts. This result is mainly due to two factors. First, the presence of two-sided altruism significantly mitigat...
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作者：Epple, D; Romano, R
作者单位：State University System of Florida; University of Florida; National Bureau of Economic Research; Carnegie Mellon University
摘要：Some public goods are provided entirely with private contributions, others with a mixture of public and private funding, and still others are entirely publicly funded. In order to study this variation, a model of dual provision is developed that endogenizes public and private funding. Households vote over an income tax that finances public supply of the good and on whether to permit private contributions. While permitting private contributions may lead to a reduction in total provision, a majo...
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作者：Delacroix, A
作者单位：Purdue University System; Purdue University
摘要：A labor market model under search frictions is developed, where participants are heterogeneous in productivity and the decision of which type of agents to match with is endogenized. Two applications are studied. It is observed that countries with high (low) unemployment tend to exhibit low (high) wage dispersion. And there is evidence showing that individual and firm characteristics have more explanatory power for the French than for the American wage data. Matching patterns can account for th...
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作者：Nechyba, TJ
作者单位：Duke University
摘要：A CGE model is used to analyze the impact of public school financing on private school attendance. The common perception that public school finance centralization will necessarily lead to greater private school attendance is not correct in such a model-even when that centralization involves an extreme equalization as in California. Furthermore, if centralization is less dramatic (as in most states), declines in private school attendance are even more pronounced. This weakens the speculation th...
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作者：Haliassos, M; Michaelides, A
作者单位：University of London; London School Economics & Political Science; University of Cyprus; Centre for Economic Policy Research - UK
摘要：We study the infinite-horizon model of household portfolio choice under liquidity constraints and revisit the portfolio specialization puzzle. We show why the puzzle is robust to several model variations, and argue that positive correlation between earnings shocks and stock returns is unlikely to provide an empirically plausible resolution. We find that relatively small fixed costs for stock market entry are sufficient to deter stockholding because, for a plausible range of parameter values, h...
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作者：Sigouin, C
作者单位：Concordia University - Canada
摘要：This article studies the role of risk sharing in dynamic credit relationships that are secured by physical collateral. It is shown that, when borrowers and lenders cannot commit not to terminate relationships (through default in the first case and liquidation in the second), overinvestment is optimal. Overinvestment facilitates risk sharing in this context: It occurs in expectation of periods in which lenders are unwilling to supply all the funds necessary to achieve complete risk sharing. Typ...
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作者：Lagos, R
作者单位：New York University
摘要：In the last few years, the city of New York has increased taxicab fares and relaxed a 59-year-old cap on the number of licenses. This article uses a dynamic equilibrium model of meeting frictions to quantify the impact of these policies on medallion prices and on the process that rules the meetings between passengers and taxicabs in New York City.
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作者：Phillips, RF
作者单位：George Washington University
摘要：This article shows that the presence of incidental parameters in Baltagi and Griffin's (International Economic Review 29 (1988), 745-53) generalized error-components model implies there is no guarantee feasible and true GLS estimators have the same asymptotic distribution. The article then considers a related stratified error-components model that has no incidental parameters. In this model, unobserved heterogeneity occurs through variances changing across strata. The article provides an EM al...
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作者：Moen, ER
作者单位：BI Norwegian Business School
摘要：I study the effect of worker heterogeneities on wages and unemployment in a directed search model. A worker's productivity in a given firm depends both on his type and on a worker-firm specific component. Firms advertise unconditional wage offers only. The resulting equilibrium is inefficient, with a too high wage premium for high-type workers, and too few high-type jobs. This reduces the welfare of high-type workers. My findings contrast with the findings in the literature on labor market seg...
