-
作者：Bloise, Gaetano
作者单位：Yeshiva University
摘要：I develop a recursive method for the characterization of competitive equilibrium under limited commitment with not-too-tight solvency constraints. The reputational mechanism is fragile, as it sustains constrained efficiency as well as a large set of constrained inefficient equilibria. However, I establish that the only strongly ergodic Markov equilibrium with trade is constrained efficient. The method relies on a planning program along with the theory of monotone concave operators. It is suita...
-
作者：Karle, Heiko; Moeller, Marc
作者单位：Frankfurt School Finance & Management; University of Bern
摘要：This article examines the influence of information on market performance in an advance purchase setting. Information reduces the risk that an advance purchase results in a mismatch between consumer preferences and product characteristics. However, information may also raise the number of advance purchases by increasing firms' incentive to offer advance purchase discounts. Accounting for consumers' aversion toward losses/risks turns out to be crucial as it changes our assessment of policies aim...
-
作者：Cai, Xiaoming
作者单位：Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University
摘要：This article studies efficiency in a general class of search models where both unemployed and employed workers search for better jobs and can meet multiple firms simultaneously. Employers can respond to outside offers and wages are a weighted average of the productivities of the current employer and a credible poaching firm. I derive a condition that balances firms' bargaining power and their meeting externality. This condition ensures efficiency of both worker turnover and firm entry. Finally...
-
作者：Fella, Giulio; Frache, Serafin; Koeniger, Winfried
作者单位：University of London; Queen Mary University London; Universidad de Montevideo; University of St Gallen; Leibniz Association; Ifo Institut
摘要：We exploit information on the joint dynamics of household labor income, consumption, and wealth in the Italian Survey of Household Income and Wealth to structurally estimate a buffer-stock saving model. We compare the degree of consumption smoothing implied by the model to the corresponding empirical estimates based on the same data set. We estimate that Italian households smooth 12% of permanent income shocks in the data that is comparable to the model counterpart of 11% . This result contras...
-
作者：Pennerstorfer, Dieter; Schmidt-Dengler, Philipp; Schutz, Nicolas; Weiss, Christoph; Yontcheva, Biliana
作者单位：Johannes Kepler University Linz; University of Vienna; Centre for Economic Policy Research - UK; University of Mannheim; Vienna University of Economics & Business
摘要：Limited information is the key element generating price dispersion in models of homogeneous-goods markets. We show that the global relationship between information and price dispersion is an inverse-U shape. We test this mechanism for the retail gasoline market using a new measure of information based on commuter data from Austria. Commuters sample gasoline prices on their commuting route, providing us with spatial variation in the share of informed consumers. Our empirical estimates are in li...
-
作者：Cubas, German; Silos, Pedro
作者单位：University of Houston System; University of Houston; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：This article studies how insurance from progressive taxation improves the matching of workers to occupations. We propose an equilibrium dynamic assignment model to illustrate how social insurance encourages mobility. Workers experiment to find their best occupational fit in a process filled with uncertainty. Risk aversion and limited earnings insurance induce workers to remain in unfitting occupations. We estimate the model using microdata from the United States and Germany. Higher earnings un...
-
作者：Rebien, Martina; Stops, Michael; Zaharieva, Anna
作者单位：University of Bielefeld
摘要：We explore the relationship between firms' characteristics and recruitment strategies. We present a theoretical search model with two search channels: a costly formal channel and a costless informal channel (referrals). We empirically test the model predictions and find that: larger firms search more formally; firms search more formally for high-skilled workers; the positive relationship between firm's size and formal search intensity also holds for firms not using referrals; firms using refer...
-
作者：Zhu, Shenghao
作者单位：University of International Business & Economics
摘要：In this article, I first study an income fluctuation problem with endogenous labor supply. Let beta be the agent's time discount factor and R>0 be the constant gross rate of return on assets. For beta R=1, I show that the agent's wealth either approaches infinity almost surely or converges to a finite level almost surely. For beta R<1, I prove the existence, uniqueness, and stability of the stationary distribution of state variables. I then show the existence of the stationary general equilibr...
-
作者：Ausubel, Lawrence M.; Baranov, Oleg
作者单位：University System of Maryland; University of Maryland College Park; University of Colorado System; University of Colorado Boulder
摘要：Activity rules-constraints that limit bidding in future rounds based on past bids-are intended to limit strategic bidding delays in high-stakes auctions. This article provides a general treatment of activity rules. Traditional point-based rules are effective for homogeneous goods and reasonably suited for substitute goods. However, they are simultaneously too strong and too weak for general environments; they allow parking, while sometimes preventing straightforward bidding. We prove that the ...
-
作者：Blevins, Jason R.; Shi, Wei; Haurin, Donald R.; Moulton, Stephanie
作者单位：University System of Ohio; Ohio State University; Jinan University; University System of Ohio; Ohio State University
摘要：Using unique data on reverse mortgage borrowers in the Home Equity Conversion Mortgage (HECM) program, we semiparametrically estimate a dynamic discrete choice model of borrower behavior. Our estimator is based on a new identification result we develop for models with multiple terminating actions. We show that the per-period utility functions and discount factor are identified without restrictive, ad hoc identifying restrictions that lead to incorrect counterfactual implications. Our estimates...
