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作者：Bettzüge, MO; Hens, T
作者单位：University of Zurich
摘要：The purpose of this paper is to explain why some markets for financial products take off while others vanish as soon as they have emerged. To this end, we model an infinite sequence of CAPM-economies in which financial products can be used for insurance purposes. Agents' participation in these financial products, however, is restricted. Consecutive stage economies are linked by a mapping (transition function) which determines the next period's participation structure from the preceding period'...
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作者：Mailath, GJ; Samuelson, L
作者单位：University of Pennsylvania; University of Wisconsin System; University of Wisconsin Madison
摘要：We examine a market in which long-lived firms face a short-term incentive to exert low effort, but could earn higher profits if it were possible to commit to high effort. There are two types of firms, inept firms who can only exert low effort, and competent firms who have a choice between high and low effort. There is occasional exit, and competent and inept potential entrants compete for the right to inherit the departing firm's reputation. Consumers receive noisy signals of effort choice, an...
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作者：Kyriazidou, E
作者单位：University of California System; University of California Los Angeles
摘要：This paper considers the problem of identification and estimation in panel data sample selection models with a binary selection rule, when the latent equations contain strictly exogenous variables, lags of the dependent variables, and unobserved individual effects. We derive a set of conditional moment restrictions which are then exploited to construct two-step GMM-type estimators for the parameters of the main equation. In the first step, the unknown parameters of the selection equation are c...
