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作者：Kelsey, D; Spanjers, W
作者单位：University of Exeter; Kingston University
摘要：The consequences of ambiguity for partnerships are addressed. Partnerships with symmetric linear production functions are analysed in a Choquet Expected Utility (CEU)-framework. Nash equilibrium in pure strategies is extended to CEU-games. A class of sharing rules are proposed that make constructive use of strategic ambiguity in partnerships. Results on ex ante efficiency and ex post efficiency of the outcomes are presented.
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作者：Mosley, P; Hudson, J; Verschoor, A
作者单位：University of Sheffield; University of Bath
摘要：The paper examines the effect of aid on poverty, rather than on economic growth. We devise a 'pro-poor (public) expenditure index', and present evidence that, together with inequality and corruption, this is a key determinant of the aid's poverty leverage. After presenting empirical evidence which suggests a positive leverage of aid donors on pro-poor expenditure, we argue for the development of conditionality in a new form, which gives greater flexibility to donors in punishing slippage on pr...
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作者：Crafts, N
作者单位：University of London; London School Economics & Political Science
摘要：The contribution of steam to British economic growth in the nineteenth century is estimated using growth accounting methods similar to those recently employed to examine the role of ICT. The results indicate that steam contributed little to growth before 1830 and had its peak impact about a hundred years after Watt's famous invention. Only with the advent of high-pressure steam after 1850 did the technology realise its potential. Compared with ICT, steam's impact on the annual rate of growth w...
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作者：Gibbons, S
作者单位：University of London; London School Economics & Political Science
摘要：This paper estimates the impact of recorded domestic property crime on property prices in the London area. Crimes in the Criminal Damage category, have a significant negative impact on prices. A one-tenth standard deviation decrease in the local density of criminal damage adds 1% to the price of an average Inner London property. Burglaries have no measurable impact on prices, even after allowing for the potential dependence of burglary rates on unobserved property characteristics. One explanat...
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作者：Cubitt, RP; Munro, A; Starmer, C
作者单位：University of East Anglia; University of Nottingham
摘要：We present a new experimental investigation of preference reversal. Although economists and psychologists have suggested a variety of accounts for this phenomenon, the existing data do not adequately discriminate between them. Relative to previous studies, our design offers enhanced control for economic explanations and new tests of psychological hypotheses. We find a pattern of preference reversals that is inconsistent with all of the best-known explanations of the phenomenon proposed by econ...
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作者：Clements, MP
作者单位：University of Warwick
摘要：We consider evaluating the UK Monetary Policy Committee's inflation density forecasts using probability integral transform goodness-of-fit tests. These tests evaluate the whole forecast density. We also consider whether the probabilities assigned to inflation being in certain ranges are well calibrated, where the ranges are chosen to be those of particular relevance to the MPC, given its remit of maintaining inflation rates in a band around 21/2% annum. Finally, we discuss the decision-based a...
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作者：Dickens, R; Manning, A
作者单位：University of London; University of London; London School Economics & Political Science
摘要：The UK National Minimum Wage (NMW) has had a minimal impact on UK wage inequality because it has been set at a modest level and because aggregate evidence suggests very small spill-over effects. But the small spill-over effects might be because of the small numbers of workers affected and widespread anticipation of the introduction of the NMW might make the impact effect appear very small. This paper investigates these issues using data collected from care homes where the NMW affected 40% of w...
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作者：Lastrapes, WD; McMillin, WD
作者单位：University System of Georgia; University of Georgia; Louisiana State University System; Louisiana State University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：This paper examines cross-country variation in the liquidity effect - the negative response of interest rates to money supply shocks - focusing on the role of financial factors in explaining this variation. We estimate the liquidity effect for each of 21 countries using VAR models in which money supply shocks are restricted to be neutral in the long-run, then regress the estimated liquidity effect on financial market variables across countries. We find that financial factors play an important ...
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作者：Backhouse, RE
作者单位：University of Birmingham
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作者：Suen, W
作者单位：University of Hong Kong
摘要：To overcome strong prior beliefs, strong evidence to the contrary is needed. If a person is predisposed to choosing a certain action, the advice from an advisor who sets a low threshold for recommending the alternative action is not Of much rise. The preference for like-minded advisors who supply coarse information implies that the advice a person receives is likely to reinforce his existing priors. This effect can lead to polarisation of opinion and the emergence of self-serving beliefs. The ...
