Social and Behavioral Sciences Commons^™

Persuasive Talk, Delegation, And Announcements, Paan Jindapon, Carlos Oyarzun

Paan Jindapon

We study persuasion in a modified Crawford-Sobel sender-receiver game in which the receiver makes a binary decision to accept or reject a good recommended by the sender. The good's quality and the sender's type (neutral or biased) are not observable to the receiver. These alterations yield a simple model and a unique truth-telling equilibrium in which neutral senders who observe different qualities fully separate. In such an equilibrium, neutral senders can only communicate low quality levels with precision and biased senders adopt a mixed strategy that can successfully persuade the receiver to accept the good most of the time. Several …

Enfoques Teóricos De Las Reglas Por Defecto En El Derecho De Contratos: Complementariedades, Coincidencias Y Contradicciones, Daniel Monroy

Daniel A Monroy C

El artículo muestra una lectura crítica en lo que respecta a la noción, las funciones y el diseño de las reglas por defecto en el derecho de contratos a partir de tres enfoques teóricos a saber: la perspectiva jurídica tradicional; la visión del Análisis Económico del Derecho (AED) en su versión clásica y; el enfoque del denominado behavioral law and economics (BL&E). El documento destaca con particular atención que en lo correspondiente a la noción y las funciones de las reglas por defecto en el derecho de contratos, existe un alto nivel de coherencia entre la perspectiva jurídica tradicional por …

Deliberating Beyond Evidence: Lessons From Integrated Assessment Modelling, Elisa Vecchione

Elisa Vecchione

The premises of this paper rely on associating policy inertia toward action on climate change with the inadequacy of the classical ‘liability culture’ of evidence-based policy-making to deal with this global environmental challenge. To provide support to this hypothesis, the following discussion analyses the technical properties and the current policy use of Integrated Assessment Modelling (IAM) of economic-climate interactions. The paper contends that IAM is still not clarified enough as far as its potential for information-production in the framework of policy making processes is concerned, and that this fact is symptomatic of the current inability of societies to undertake the …

Information Insensitive Securities: The Benefits Of Central Counterparties, David C. Mills Jr, Francesca Carapella

David C Mills Jr

This paper combines the idea that securities should be information insensitive in order to be liquid, with the idea that an infrastructure which performs clearing of trades, and offers additional services to the counterparties, facilitates securities to be liquid. In a recent paper, Gorton et al.\cite{DGH} argue that securities that serve as a transaction medium should be the least information-sensitive, and derive sufficient conditions for such security to be debt. Also, a few recent papers\footnote{Acharya and Bisin \cite{AB}, Duffie and Zhu \cite{DuffieZhu} and Koeppl and Monnet \cite{KoepplMonnet} among others.} emphasize the role of a Central Counterparty (CCP) in internalizing externalities …

All The Incentives Are Here, David Thomas

David Chandler Thomas, PhD

A book review of the Bethany McLean and Joe Nocera 2010 book, All the Devils Are Here.

Reit White Paper, Frederic Juillet

Frederic Juillet

Subject: Resulting from the recent financial crisis, this white paper discusses how to better defend shareholders’ investments in Real Estate Investment Trusts (REITs) for the long-term and how to reduce volatility in the REITs market.

Crime De Lavagem De Dinheiro – A Ordem Econômica Como Bem Jurídico Protegido, Amilton Bispo Dos Reis

Amilton Bispo dos Reis

This paper aims to a deeper discussion about legal good protected by the brazilian law 9613/98, which deals with prevention and combating the crime of money laundering. Since there is no doctrinal agreement on the subject, essentially seeks to reinforce the doctrinal current that supports the economic order as the essential good to be protected by the law, through the presentation of data and macroeconomic arguments Try it also to demonstrate that such a discussion do not fades into a mere academic rhetoric exercise, since the crime of money laundering affects basic fundamentals of the economy, causing damage to the …

Mean And Variance Responsive Learning, Carlos Oyarzun, Rajiv Sarin

Carlos Oyarzun

A learning rule is variance-averse if the expected reduced-distribution of payoffs in the next period has a smaller variance than that of the current reduced-distribution, in every set where all the actions provide the same expected payoff. A learning rule is monotonically variance-averse if it is expected to add probability to the set of actions that have the smallest variance in the set, when all the actions have the same expected payoff. A learning rule is monotonically mean-variance-averse if it is expected to add probability to the set of actions that have the highest expected payoff and smallest variance whenever …

The Role Of The Law In The Availability Of Public Transit And Affordable Housing In Atlanta’S West End, Elliott Lipinsky

ELLIOTT LIPINSKY

The Federal Transit Administration (FTA) is a branch of the U.S. Department of Transportation that administers federal funds and provides technical assistance for the support of locally operated public transit systems. MARTA / Atlanta metro area are part of FTA Region IV (the Southeast). FTA would be involved, for instance, in financing the federal grant monies discussed above. But actual regulation of operations (i.e., what MARTA does each day, or what MARTA will plan to do regionally) is more closely regulated by Georgia agencies.

Until recently, the Atlanta metropolitan area had no powerful central agency to coordinate regional transit. The …

Regulating A Manager Whose Empire-Building Preferences Are Private Information, Ana P. Borges, Joao Correia-Da-Silva, Didier Laussel

Joao Correia-da-Silva

No abstract provided.

Μood Effects In Optimal Debt Contracts, Nicholas Apergis, Dimitris Voliotis

Dimitris Voliotis

The impact of strong emotions or mood on decision making and risk taking is well recognized in behavioral economics and finance. Yet, and in spite of the immense interest, no study, so far, has provided any comprehensive evidence on the impact of such emotions on financial contracts and particularly on debt contracts. This paper provides the theoretical framework to study the impact of mood on financial contracting.

La Valutazione Antitrust Degli Sconti Fedeltà Nel Diritto Della Concorrenza Europeo: Alla Ricerca Di Un Approccio Economico E Di Una Teoria Del Danno Per Il Consumatore, Danilo Samà

Dr. Danilo Samà

La valutazione antitrust degli sconti fedeltà nel diritto della concorrenza europeo: alla ricerca di un approccio economico e di una teoria del danno per il consumatore
Author:Dr Danilo Samà (LUISS “Guido Carli” University, Law & Economics LAB)
Abstract:L’articolo si propone di comprendere in base a quali condizioni sconti fedeltà adottati da un’impresa dominante comportino effetti anticoncorrenziali. Gli schemi fidelizzanti, infatti, sebbene estremamente frequenti nelle transazioni di mercato, qualora applicati da un’impresa dominante, rischiano di essere giudicati illeciti per sé, come comprovato dalla casistica giurisprudenziale finora emersa a livello europeo e dal severo scrutinio riservato delle autorità nazionali della …

The Antitrust Treatment Of Loyalty Discounts And Rebates In The Eu Competition Law: In Search Of An Economic Approach And A Theory Of Consumer Harm, Danilo Samà

Dr. Danilo Samà

The antitrust treatment of loyalty discounts and rebates in the EU competition law: in search of an economic approach and a theory of consumer harm
Author:Dr Danilo Samà (LUISS “Guido Carli” University, Law & Economics LAB)
Abstract:In the paper, the fundamental question is under what conditions loyalty discounts and rebates adopted by a dominant firm cause anti-competitive effects. Fidelity schemes, although extremely frequent in the market, if applied by a dominant firm, are likely to be judged as illegal per se, as demonstrated by the EU case-law delivered so far and the severe scrutiny reserved by the national …