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作者：Brechet, Thierry; Picard, Pierre M.
作者单位：Universite Catholique Louvain; Universite Catholique Louvain
摘要：This article presents a market design for the management of noise pollution created by aircraft traffic around airports A local market for noise licenses allows noise generators to compensate noise victims and to meet social acceptability We show that the market allows the market designer to implement the social planner s optimal allocation of flights as long as the latter does not put too high a weight in his/her objective function on firms profits compared to the disutility of noise pollutio...
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作者：Duffy, John; Feltovich, Nick
作者单位：University of Aberdeen; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We report results from an experiment that explores the empirical validity of correlated equilibrium, an important generalization of Nash equilibrium. Specifically, we examine the conditions under which subjects playing the game of Chicken will condition their behavior on private third-party recommendations drawn from publicly announced distributions. We find that when recommendations are given, behavior differs from both a mixed-strategy Nash equilibrium and behavior without recommendations. I...
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作者：Levine, David K.; Weinschelbaum, Federico; Zurita, Felipe
作者单位：Washington University (WUSTL); Pontificia Universidad Catolica de Chile
摘要：When a firm is forced to pay abnormally high wages, hiring transfers rents. This effectively endows the employer with the ability to grant favors, and he may wish to do so even at some cost to efficient production. We refer to this as the brother-in-law effect. This article analyzes its consequences. When the brother-in-law effect is due to unionization, decisions regarding both the number and type of workers employed could be inefficient; overemployment could obtain even relative to the workf...
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作者：Santos-Pinto, Luis
作者单位：University of Lausanne
摘要：This article analyzes the implications of worker overestimation of productivity for firms in which incentives take the form of tournaments. Each worker overestimates his productivity but is aware of the bias in his opponent's self-assessment. The manager of the firm, on the other hand, correctly assesses workers' productivities and self-beliefs when setting tournament prizes. The article shows that, under a variety of circumstances, firms can benefit from worker positive self-image. The articl...
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作者：Amaral, Pedro S.; Quintin, Erwan
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：We present a model of economic development where the importance of financial differences caused by limited enforcement can be measured. Economies where enforcement is poor direct less capital to the production sector and employ less efficient technologies. Calibrated simulations reveal that the resulting effect on output is large. Furthermore, the model correctly predicts that the average scale of production should rise with the quality of enforcement. Finally, we find that the importance of l...
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作者：van der Ploeg, Frederick
作者单位：University of Oxford; University of Amsterdam
摘要：I analyze a power struggle where competing factions have private financial assets and deplete a common stock of natural resources with no private property rights. I obtain a feedback Nash equilibrium to the dynamic common-pool problem and obtain political variants of the Hotelling depletion rule and the Hartwick saving rule. Resource prices and depletion occur too fast, so substitution away from resources to capital occurs too fast and the saving rate is too high. The power struggle boosts out...
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作者：Bethencourt, Carlos; Rios-Rull, Jose-Victor
作者单位：Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; Universidad de la Laguna; University of Pennsylvania
摘要：Between 1970 and 1990, the share of elderly widows living alone grew by 23.2% in the United States, whereas those living with their children decreased by a similar amount. We pose a variety of models for determining the living arrangements in which living together increases consumption because of economies of scale and may also provide utility directly. We estimate these models using the 1970 data and obtain an excellent fit. The estimated models predict that changes in the incomes of both the...
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作者：Calsamiglia, Caterina
作者单位：Autonomous University of Barcelona
摘要：In a global justice problem, equality of opportunity is satisfied if individual well-being is independent of exogenous irrelevant characteristics. Policymakers, however, address questions involving local justice problems. We interpret a collection of local justice problems as the decentralized global justice problem. We show that controlling for effort locally, which is not required by the global justice objective, is sufficient for decentralizing equality of opportunity. Moreover, under some ...
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作者：Bouakez, Hafedh; Cardia, Emanuela; Ruge-Murcia, Francisco J.
作者单位：Universite de Montreal; Universite de Montreal; Universite de Montreal; HEC Montreal
摘要：This article constructs and estimates a sticky-price, Dynamic Stochastic General Equilibrium model with heterogeneous production sectors. Firms in different sectors vary in their price rigidity, production technology, and the combination of material and investment inputs. In particular, firms buy inputs from all sectors using the actual Input-Output Matrix and Capital Flow Table of the U.S. economy. By relaxing the standard assumption of symmetry, this model allows idiosyncratic sectoral dynam...
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作者：Boldrin, Michele; Levine, David K.
作者单位：Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis; National Bureau of Economic Research
摘要：Intellectual property (IP) protection involves a trade-off between the undesirability of monopoly and the desirable encouragement of creation and innovation. Optimal policy depends on the relative strength of these two forces. We give a quantitative assessment of current IP policies. We focus particularly on the scale of the market, showing that as it increases, due either to growth or to the expansion of trade, IP protection should be reduced.
