作者：Cherchye, Laurens; De Rock, Bram; Vermeulen, Frederic
作者单位：Tilburg University; KU Leuven; Universite Libre de Bruxelles
摘要：We present a revealed preference methodology for empirically analysing collective consumption behaviour. First, we introduce an integer programming (IP) methodology for testing data consistency with collective consumption models that account for publicly as well as privately consumed goods. This IP methodology can include information on assignable quantities for private goods. Next, we show that the IP methodology allows for recovering the personalized (Lindahl) prices for the public goods and...
作者：Parlour, Christine A.; Walden, Johan
作者单位：University of California System; University of California Berkeley
摘要：We present a tractable general equilibrium model with multiple sectors in which firms offer workers incentive contracts and simultaneously raise capital in stock markets. Workers optimally invest in the stock market and at the same time hedge labour income risk. Firms rationally take agents' portfolio decisions into account. In equilibrium, the cost of capital of each sector is endogenous. The distortion induced by moral hazard generates counterintuitive effects on the real economy. For exampl...
