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作者：Winter, E
作者单位：Hebrew University of Jerusalem; Hebrew University of Jerusalem
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作者：Ciccone, A
作者单位：Pompeu Fabra University
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作者：Burnside, C; Dollar, D
作者单位：Duke University; The World Bank
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作者：Garicano, L; Santos, T
作者单位：University of Chicago; Columbia University; Center for Economic & Policy Research (CEPR); Columbia University
摘要：This paper studies the matching of opportunities with talent when costly diagnosis confers an informational advantage to the agent undertaking it. When this agent is underqualified, adverse selection prevents efficient referrals through fixed-price contracts. Spot-market contracts that rely on income sharing can match opportunities with talent but induce a team-production problem which, if severe enough, can prevent the referral of valuable opportunities. Partnership contracts, in which agents...
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作者：Calvó-Armengol, A; Jackson, MO
作者单位：Autonomous University of Barcelona; California Institute of Technology
摘要：We develop a model where agents obtain information about job opportunities through an explicitly modeled network of social contacts. We show that employment is positively correlated across time and agents. Moreover, unemployment exhibits duration dependence: the probability of obtaining a job decreases in the length of time that an agent has been unemployed. Finally, we examine inequality between two groups. If staying in the labor market is costly and one group starts with a worse employment ...
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作者：Granger, CWJ
作者单位：University of California System; University of California San Diego
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作者：Frijters, P; Haisken-DeNew, JP; Shields, MA
作者单位：Australian National University; University of Melbourne
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作者：Boyarchenko, S
作者单位：University of Texas System; University of Texas Austin
摘要：In the now-classical real options theory, the price of an underlying asset is modeled as a geometric Brownian motion, and optimal exercise strategies are described by simple explicit formulas. This paper extends the classical theory to allow any geometric Levy process to model prices. Such processes may account for fat tails and skewness of probability distributions of commodity prices. The optimal exercise strategies are specified in the paper in terms of statistics of record-setting low or h...
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作者：Gorton, G; Huang, LX
作者单位：University of Pennsylvania; City University of Hong Kong
摘要：Governments can efficiently provide liquidity, as when the banking system is bailed out. We study a model in which not all assets can be used to purchase all other assets at every date. Agents sometimes want to sell projects. The market price of the projects sold depends on the supply of liquidity, which is determined in general equilibrium. While private liquidity provision is socially beneficial since it allows valuable reallocations, it is also socially costly since liquidity suppliers coul...
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作者：McAfee, RP; Schwartz, M
作者单位：California Institute of Technology; Georgetown University
