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作者：Kragl, Jenny; Schoettner, Anja
作者单位：European Business School (EBS) University; University of Konstanz
摘要：We analyze the effects of wage floors on optimal job design in a moral-hazard model with asymmetric tasks and imperfect aggregate performance measurement. Due to cost advantages of specialization, assigning the tasks to different agents is efficient. A sufficiently high wage floor, however, induces the principal to dismiss one agent or to even exclude tasks from the production process. Imperfect performance measurement always lowers profit under multitasking, but may increase profit under spec...
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作者：Eichberger, Juergen; Kelsey, David
作者单位：Ruprecht Karls University Heidelberg; University of Exeter
摘要：This article considers the impact of ambiguity in strategic situations. It extends the existing literature on games with ambiguity-averse players by allowing for optimistic responses to ambiguity. We use the CEU model of ambiguity with a class of capacities introduced by Jaffrray and Philippe (Mathematics of Operations Research 22 (1997), 165-85), which allows us to distinguish ambiguity from ambiguity-attitude, and propose a new solution concept, equilibrium under ambiguity (EUA), for players...
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作者：Ngo Van Long; Soubeyran, Antoine; Soubeyran, Raphael
作者单位：McGill University; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); INRAE
摘要：In this article, we consider a knowledge accumulation problem within an organization that cannot prevent the worker from quitting and using the knowledge outside the organization. We show that knowledge accumulation is delayed: The fraction of working time allocated to knowledge creation is highest at the early career stage, falls gradually, then rises again, before falling finally toward zero. We determine the effect of a change in the severity of the enforcement problem (or the specificity o...
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作者：Eeckhout, Jan; Pinheiro, Roberto
作者单位：University of London; University College London; University of Colorado System; University of Colorado Boulder
摘要：We propose a theory of firm production that requires diverse inputs. We show that in a competitive labor market, firms differ in their skill composition. Organizations with higher total factor productivity (TFP) are larger and hire from a broader range of skills. Technological progress leads to an increase of all wages and results in downsizing. Quantifying productivity using our model shows that a constant elasticity of substitution (CES) production function generates unbiased estimates of TF...
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作者：Gonzalo, Jesus; Olmo, Jose
作者单位：Universidad Carlos III de Madrid; University of Southampton
摘要：This article proposes nonparametric consistent tests of conditional stochastic dominance of arbitrary order in a dynamic setting. The novelty of these tests lies in the nonparametric manner of incorporating the information set. The test allows for general forms of unknown serial and mutual dependence between random variables and has an asymptotic distribution that can be easily approximated by simulation. This method has good finite-sample performance. These tests are applied to determine inve...
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作者：Gottardi, Piero; Rahi, Rohit
作者单位：European University Institute; Universita Ca Foscari Venezia; University of London; London School Economics & Political Science
摘要：We study the value of public information in competitive economies with incomplete markets. We show that generically the welfare effect of a change in the information available prior to trading can be in any direction: There exist changes in information that make all agents better off and changes for which all agents are worse off. In contrast, for any change in information, a Pareto improvement is feasible, that is, attainable by a planner facing the same informational and asset market constra...
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作者：Shibayama, Katsuyuki; Fraser, Iain
作者单位：University of Kent
摘要：We show the role of the elasticity of substitution between general consumption and the environment in environmental degradation. Specifically, our numerical experiments demonstrate, for a wide range of models, exponential utility generates the environmental Kuznets curve without adding any special assumptions. With exponential utility, the elasticity of substitution and hence the substitution effect between consumption and the environment are both decreasing in income. Hence, when income is lo...
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作者：Anton, James J.; Biglaiser, Gary; Vettas, Nikolaos
作者单位：Duke University; University of North Carolina; University of North Carolina Chapel Hill; Athens University of Economics & Business; Center for Economic & Policy Research (CEPR)
摘要：We analyze a simple dynamic durable good model. Two incumbent sellers and potential entrants choose their capacities at the start of the game. We solve for equilibrium capacity choices and the (necessarily mixed) pricing strategies. In equilibrium, the buyer splits the order with positive probability to preserve competition, making it possible that a high and low price seller both have sales. Sellers command a rent above the value of unmet demand by the other seller. A buyer benefits from eith...
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作者：Ritschl, Albrecht; Sarferaz, Samad
作者单位：University of London; London School Economics & Political Science; Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：During the 1920s, Germany was the world's largest capital importer, financing reparations through U.S. credits. We examine financial channels in crisis transmission between these two countries around the German financial crisis of 1931. We specify a structural dynamic factor model to identify financial and monetary factors separately for each of the two economies. We find substantial crisis transmission from Germany to the United States via the financial channel, while monetary or financial cr...
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作者：Bullard, James; Eusepi, Stefano
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Since the introduction of rational expectations, there have been issues with multiple equilibria and equilibrium selection. We study the connections between determinacy of rational expectations equilibrium and learnability of that equilibrium in a general class of purely forward-looking models. Our framework is sufficiently flexible to encompass lags in agents' information and either finite horizon or infinite horizon approaches to learning. We are able to isolate conditions under which determ...
