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作者：Hoppe, Heidrun C.; Moldovanu, Benny; Sela, Aner
作者单位：Leibniz University Hannover; University of Bonn; Ben-Gurion University of the Negev
摘要：We study two-sided markets with a finite number of agents on each side, and with two-sided incomplete information. Agents are matched assortatively on the basis of costly signals. Asymmetries in signalling activity between the two sides of the market can be explained by asymmetries either in size or in heterogeneity. Our main results identify general conditions under which the potential increase in expected output due to assortative matching (relative to random matching) is offset by the costs...
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作者：Bolton, Patrick; Jeanne, Olivier
作者单位：Columbia University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Johns Hopkins University
摘要：We show how the willingness-to-pay problem and lack of exclusivity in sovereign lending may result in an equilibrium sovereign debt structure that is excessively difficult to restructure. A bankruptcy regime for sovereigns can alleviate this inefficiency but only if it is endowed with far-reaching powers to enforce seniority and subordination clauses in debt contracts. A bankruptcy regime that makes sovereign debt easier to restructure without enforcing seniority may decrease welfare.
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作者：Calvo-Armengol, Antoni; Patacchini, Eleonora; Zenou, Yves
作者单位：Autonomous University of Barcelona; Sapienza University Rome; Research Institute of Industrial Economics (IFN); Stockholm University
摘要：We develop a model that shows that, at the Nash equilibrium, the outcome of each individual embedded in a network is proportional to his/her Katz-Bonacich centrality measure. This measure takes into account both direct and indirect friends of each individual, but puts less weight to his/her distant friends. We then bring the model to the data using a very detailed dataset of adolescent friendship networks. We show that, after controlling for observable individual characteristics and unobservab...
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作者：Offerman, Theo; Sonnemans, Joep; Van de Kuilen, Gijs; Wakker, Peter P.
作者单位：University of Amsterdam; Tilburg University; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Proper scoring rules provide convenient and highly efficient tools for incentive-compatible elicitations of subjective beliefs. As traditionally used, however, they are valid only under expected value maximization. This paper shows how they can be generalized to modern (non-expected utility) theories of risk and ambiguity, yielding mutual benefits: users of scoring rules can benefit from the empirical realism of non-expected utility, and analysts of ambiguity attitudes can benefit from efficie...
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作者：Jovanovic, Boyan
作者单位：New York University
摘要：Motivated by the observed rise in the trade of technology, I analyse how technology would spread in a frictionless market. In such a world, low-skilled agents prefer to use old technology because it costs less; their skills do not justify the use of frontier technology. The model generates a technology-life cycle of somewhere between 68 and 124 years and per-capita income differential factors between 2.3 and 4.5. The model matches fairly well the cross-section relation between a country's inco...
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作者：Heinemann, Frank; Nagel, Rosemarie
作者单位：Technical University of Berlin; Pompeu Fabra University
摘要：This paper proposes a method to measure strategic uncertainty by eliciting certainty equivalents analogous to measuring risk attitudes in lotteries. We apply this method by conducting experiments on a class of one-shot coordination games with strategic complementarities and choices between simple lotteries and sure payoff alternatives, both framed in a similar way. Despite the multiplicity of equilibria in the coordination games, aggregate behaviour is fairly predictable. The pure or mixed Nas...
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作者：Bolton, Patrick; Faure-Grimaud, Antoine
作者单位：Columbia University; University of London; London School Economics & Political Science
摘要：We propose a model of costly decision making based on time-costs of deliberating current and future decisions. We model an individual decision-maker's thinking process as a thought-experiment that takes time, and lets the decision maker 'think ahead' about future decision problems in yet unrealized states of nature. By formulating an intertemporal, state-contingent, planning problem which may involve costly deliberation in every state of nature, and by letting the decision maker deliberate ahe...
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作者：Ariely, Dan; Gneezy, Uri; Loewenstein, George; Mazar, Nina
作者单位：Duke University; Carnegie Mellon University
摘要：Workers in a wide variety of jobs are paid based on performance, which is commonly seen as enhancing effort and productivity relative to non-contingent pay schemes. However, psychological research suggests that excessive rewards can, in some cases, result in a decline in performance. To test whether very high monetary rewards can decrease performance, we conducted a set of experiments in the U.S. and in India in which subjects worked on different tasks and received performance-contingent payme...
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作者：Castro, Rui; Clementi, Gian Luca; MacDonald, Glenn
作者单位：Universite de Montreal; New York University; Washington University (WUSTL)
摘要：Poor countries have lower PPP-adjusted investment rates and face higher relative prices of investment goods. It has been suggested that this happens either because these countries have a relatively lower TFP in industries producing capital goods or because they are subject to greater investment distortions. This paper provides a micro-foundation for the cross-country dispersion in investment distortions. We first document that firms producing capital goods face a higher level of idiosyncratic ...
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作者：De La Croix, David; Doepke, Matthias
作者单位：Universite Catholique Louvain; Northwestern University
摘要：How is the quality of public education affected by the presence of private schools for the rich? Theory and evidence suggest that the link depends crucially on the political system. We develop a theory that integrates private education and fertility decisions with voting on public schooling expenditures. We find that the presence of a large private education sector benefits public schools in a broad-based democracy where politicians are responsive to low-income families but crowds out public e...
