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Articles 31 - 60 of 716
Full-Text Articles in Economic Theory
Atherosclerosis In Indigenous Tsimane: A Contemporary Perspective, Randall C. Thompson, Gregory S. Thomas, Angela D. Neuneubel, Ashna Mahadev, Benjamin Trumble, Edmond Seabright, Daniel K. Cummings, Jonathan Stieglitz, Michael Gurven, Hillard Kaplan
Atherosclerosis In Indigenous Tsimane: A Contemporary Perspective, Randall C. Thompson, Gregory S. Thomas, Angela D. Neuneubel, Ashna Mahadev, Benjamin Trumble, Edmond Seabright, Daniel K. Cummings, Jonathan Stieglitz, Michael Gurven, Hillard Kaplan
ESI Publications
The Horus and other research teams have found that atherosclerosis is not uncommon in ancient people through the study of their mummified remains (Murphy et al., 2003; Allam et al., 2009, 2011; Thompson et al., 2013, 2014). However, some have postulated that traditional hunter-gatherers are in some ways healthier than modern people and that they had very little atherosclerotic disease (O’Keefe et al., 2010). The aim of this study was to evaluate the burden of atherosclerosis in a population alive today but living a traditional lifestyle similar to that experienced by past populations. This led to the Tsimane Health and …
Brain Volume, Energy Balance, And Cardiovascular Health In Two Nonindustrial South American Populations, Hillard Kaplan, Paul L. Hooper, Margaret Gatz, Wendy J. Mack, E. Meng Law, Helena C. Chui, M. Linda Sutherland, James D. Sutherland, Christopher J. Rowan, L. Samuel Wann, Adel H. Allam, Randall C. Thompson, David E. Michalik, Guido Lombardi, Michael I. Miyamoto, Daniel Eid Rodriguez, Juan Copajira Adrian, Raul Quispe Gutierrez, Bret A. Beheim, Daniel K. Cummings, Edmond Seabright, Sarah Alami, Angela R. Garcia, Kenneth Buetow, Gregory S. Thomas, Caleb E. Finch, Jonathan Stieglitz, Benjamin C. Trumble, Michael D. Gurven, Andrei Irimia
Brain Volume, Energy Balance, And Cardiovascular Health In Two Nonindustrial South American Populations, Hillard Kaplan, Paul L. Hooper, Margaret Gatz, Wendy J. Mack, E. Meng Law, Helena C. Chui, M. Linda Sutherland, James D. Sutherland, Christopher J. Rowan, L. Samuel Wann, Adel H. Allam, Randall C. Thompson, David E. Michalik, Guido Lombardi, Michael I. Miyamoto, Daniel Eid Rodriguez, Juan Copajira Adrian, Raul Quispe Gutierrez, Bret A. Beheim, Daniel K. Cummings, Edmond Seabright, Sarah Alami, Angela R. Garcia, Kenneth Buetow, Gregory S. Thomas, Caleb E. Finch, Jonathan Stieglitz, Benjamin C. Trumble, Michael D. Gurven, Andrei Irimia
ESI Publications
Little is known about brain aging or dementia in nonindustrialized environments that are similar to how humans lived throughout evolutionary history. This paper examines brain volume (BV) in middle and old age among two indigenous South American populations, the Tsimane and Moseten, whose lifestyles and environments diverge from those in high-income nations. With a sample of 1,165 individuals aged 40 to 94, we analyze population differences in cross-sectional rates of decline in BV with age. We also assess the relationships of BV with energy biomarkers and arterial disease and compare them against findings in industrialized contexts. The analyses test three …
Choice Flexibility And Long-Run Cooperation, Gabriele Camera, Jaehong Kim, David Rojo Arjona
Choice Flexibility And Long-Run Cooperation, Gabriele Camera, Jaehong Kim, David Rojo Arjona
ESI Working Papers
Understanding how incentives and institutions help scaling up cooperation is important, especially when strategic uncertainty is considerable. Evidence suggests that this is challenging even when full cooperation is theoretically sustainable thanks to indefinite repetition. In a controlled social dilemma experiment, we show that adding partial cooperation choices to the usual binary choice environment can raise cooperation and efficiency. Under suitable incentives, partial cooperation choices enable individuals to cheaply signal their desire to cooperate, reducing strategic uncertainty. The insight is that richer choice sets can form the basis of a language meaningful for coordinating on cooperation.
Connecting Higher Education To Workplace Activities And Earnings, Hung Chau, Sarah H. Bana, Baptiste Bouvier, Morgan R. Frank
Connecting Higher Education To Workplace Activities And Earnings, Hung Chau, Sarah H. Bana, Baptiste Bouvier, Morgan R. Frank
Economics Faculty Articles and Research
Higher education is a source of skill acquisition for many middle- and high-skilled jobs. But what specific skills do universities impart on students to prepare them for desirable careers? In this study, we analyze a large novel corpora of over one million syllabi from over eight hundred bachelors’ granting US educational institutions to connect material taught in higher education to the detailed work activities in the US economy as reported by the US Department of Labor. First, we show how differences in taught skills both within and between college majors correspond to earnings differences of recent graduates. Further, we use …
Failed Secular Revolutions: Religious Belief, Competition, And Extremism, Jean-Paul Carvalho, Jared Rubin, Michael Sacks
Failed Secular Revolutions: Religious Belief, Competition, And Extremism, Jean-Paul Carvalho, Jared Rubin, Michael Sacks
ESI Working Papers
All advanced economies have undergone secular revolutions in which religious belief and institutions have been subordinated to secular forms of authority. There are, however, numerous examples of failed secular transitions. To understand these failures, we present a religious club model with endogenous entry and cultural transmission of religious beliefs. A spike in the demand for religious belief, due for example to a negative economic shock, induces a new and more extreme organization to enter the religious market and exploit the dissatisfaction of highly religious types with the religious incumbent. The eect is larger where institutional secularization is more advanced, for …
Introducing New Forms Of Digital Money: Evidence From The Laboratory, Gabriele Camera
Introducing New Forms Of Digital Money: Evidence From The Laboratory, Gabriele Camera
ESI Publications
Central banks may soon issue currencies that are entirely digital (CBDCs) and possibly interest bearing. A strategic analytical framework is used to investigate this innovation in the laboratory, contrasting a traditional “plain” tokens baseline to treatments with “sophisticated” interest-bearing tokens. In the experiment, this theoretically beneficial innovation precluded the emergence of a stable monetary system, reducing trade and welfare. Similar problems emerged when sophisticated tokens complemented or replaced plain tokens. This evidence underscores the advantages of combining theoretical with experimental investigation to provide insights for payments systems innovation and policy design.
Competing Social Influence In Contested Diffusion: Luther, Erasmus And The Spread Of The Protestant Reformation, Sascha O. Becker, Steven Pfaff, Yuan Hsiao, Jared Rubin
Competing Social Influence In Contested Diffusion: Luther, Erasmus And The Spread Of The Protestant Reformation, Sascha O. Becker, Steven Pfaff, Yuan Hsiao, Jared Rubin
ESI Working Papers
The spread of radical institutional change does not often result from one-sided pro-innovation influence; countervailing influence networks in support of the status quo can suppress adoption. We develop a model of multiple and competing network diffusion. To apply the contested-diffusion model to real data, we look at the contest between Martin Luther and Desiderius Erasmus, the two most influential intellectuals of early 16th-century Central Europe. Whereas Luther championed a radical reform of the Western Church that broke with Rome, Erasmus opposed him, stressing the unity of the Church. In the early phase of the Reformation, these two figures utilized influence …
An Experimental Test Of Algorithmic Dismissals, Brice Corgnet
An Experimental Test Of Algorithmic Dismissals, Brice Corgnet
ESI Working Papers
We design a laboratory experiment in which a human or an algorithm decides which of two workers to dismiss. The algorithm automatically dismisses the least productive worker whereas human bosses have full discretion over their decisions. Using performance metrics and questionnaires, we find that fired workers react more negatively to human than to algorithmic decisions in a broad range of tasks. We show that spitefulness exacerbated this negative reaction. Our findings suggest algorithms could help tame negative reactions to dismissals.
A Philosophical And Empirical Investigation Into Buddhist Economics, Hannah Doyle
A Philosophical And Empirical Investigation Into Buddhist Economics, Hannah Doyle
CMC Senior Theses
There is a growing body of literature on Buddhist economics from a philosophical perspective; however, no work to date has sought to empirically validate it as an effective economic theory at a global scale. In my paper, I draw on the long history of Buddhist metaphysics to construct an account of Buddhist ethics and then proceed to derive a set of Buddhist economic principles. I draw on the World Happiness Report’s methodology to quantitatively demonstrate the relationship between Buddhist economic principles and the psychological wellbeing of a country’s citizens, as measured through their own evaluation of their quality of life …
A Qualitative Study On The Financial Education Of Young Black Men, Sue M. May
A Qualitative Study On The Financial Education Of Young Black Men, Sue M. May
University of the Pacific Theses and Dissertations
Financial literacy awareness is low among young adults, and financial literacy among Black college students is significantly lower than in other groups (Singh, 2018). However, there is little to no research on why financial literacy is so low among young Black men between 18 and 25. Few studies specifically show how financial literacy and decision-making may be related to their family economics and socialization for young Black men. Using Critical Race Theory and Family Financial Socialization theoretical frameworks, this dissertation project examined a sample of seven young self-identified Black men ages 24 to 25 years old in Northern California Bay …
Natural Selection Of Immune And Metabolic Genes Associated With Health In Two Lowland Bolivian Populations, Amanda J. Lea, Angela Garcia, Jesusa Arevalo, Julien F. Ayroles, Kenneth Buetow, Steve W. Cole, Daniel Eid Rodriguez, Maguin Gutierrez, Heather M. Highland, Paul L. Hooper, Anne Justice, Thomas Kraft, Kari E. North, Jonathan Stieglitz, Hillard Kaplan, Benjamin C. Trumble, Michael Gurven
Natural Selection Of Immune And Metabolic Genes Associated With Health In Two Lowland Bolivian Populations, Amanda J. Lea, Angela Garcia, Jesusa Arevalo, Julien F. Ayroles, Kenneth Buetow, Steve W. Cole, Daniel Eid Rodriguez, Maguin Gutierrez, Heather M. Highland, Paul L. Hooper, Anne Justice, Thomas Kraft, Kari E. North, Jonathan Stieglitz, Hillard Kaplan, Benjamin C. Trumble, Michael Gurven
ESI Publications
A growing body of work has addressed human adaptations to diverse environments using genomic data, but few studies have connected putatively selected alleles to phenotypes, much less among underrepresented populations such as Amerindians. Studies of natural selection and genotype–phenotype relationships in underrepresented populations hold potential to uncover previously undescribed loci underlying evolutionarily and biomedically relevant traits. Here, we worked with the Tsimane and the Moseten, two Amerindian populations inhabiting the Bolivian lowlands. We focused most intensively on the Tsimane, because long-term anthropological work with this group has shown that they have a high burden of both macro and microparasites, as …
A Classical Model Of Speculative Asset Price Dynamics, Sabiou M. Inoua, Vernon L. Smith
A Classical Model Of Speculative Asset Price Dynamics, Sabiou M. Inoua, Vernon L. Smith
ESI Working Papers
In retrospect, the experimental findings on competitive market behavior called for a revival of the old, classical, view of competition as a collective higgling and bargaining process (as opposed to price-taking behaviors) founded on reservation prices (in place of the utility function). In this paper, we specialize the classical methodology to deal with speculation, an important impediment to price stability. The model involves typical features of a field or lab asset market setup and lends itself to an experimental test of its specific predictions; here we use the model to explain three general stylized facts, well established both empirically and …
Better-Than-Chance Prediction Of Cooperative Behaviour From First And Second Impressions, Eric Schniter, Timothy W. Shields
Better-Than-Chance Prediction Of Cooperative Behaviour From First And Second Impressions, Eric Schniter, Timothy W. Shields
ESI Working Papers
Could cooperation among strangers be facilitated by adaptations that use sparse information to accurately predict cooperative behaviour? We hypothesize that predictions are influenced by beliefs, descriptions, appearance, and behavioural history available for first and second impressions. We also hypothesize that predictions improve when more information is available. We conducted a two-part study. First, we recorded thin-slice videos of university students just before their choices in a repeated Prisoner’s Dilemma with matched partners. Second, a worldwide sample of raters evaluated each player using either videos, photos, only gender labels, or neither images nor labels. Raters guessed players’ first-round Prisoner’s Dilemma choices …
Contingent Payments In Procurement Interactions - Experimental Evidence, Matthew J. Walker, Jason Shachat, Lijia Wei
Contingent Payments In Procurement Interactions - Experimental Evidence, Matthew J. Walker, Jason Shachat, Lijia Wei
ESI Working Papers
A primary objective of creating competition among suppliers is the procurement of higher quality goods and services at lower prices. When procuring non-standard goods, it is often difficult to write a complete specification of desired quality in the contract. Thus, payments to suppliers cannot be perfectly conditioned on the quality provided. We propose a correlated contingent payment contract to mitigate the supplier moral hazard problem while retaining competitive supplier selection based on price. We treat the probability of implementing contingent payments as probabilistic. The selected supplier’s payment is, according to a fixed probability, either the amount of their bid or …
Three Essays On The Political Economy Of Cultural Production And Creative Labor, Luke Pretz
Three Essays On The Political Economy Of Cultural Production And Creative Labor, Luke Pretz
Doctoral Dissertations
This dissertation investigates the relationships between capital, cultural production, and creative labor. Essay one theorizes the basis for the intensification of pop music stardom following the introduction of on-demand streaming technology. Prior to the emergence of on-demand streaming, record labels and broadcasters had a mutualistic relationship, wherein the near cost-free music provided by record labels formed the basis for radio broadcasts, which in turn formed the basis for the consumption of that music. Following the emergence of on-demand streaming the mutualistic relationship was ruptured. Broadcasters, in the form of streaming platforms, transitioned to the cost-efficient cultivation of masses of highly …
Unfair Commercial Practices In A Pit Market: Evidence From An Artefactual Field Experiment, Francesco Bogliacino, Rafael Charris, Cristiano Codagnone, Frans Folkvord, Felipe Montealegre, Francisco Lupiáñez-Villanueva
Unfair Commercial Practices In A Pit Market: Evidence From An Artefactual Field Experiment, Francesco Bogliacino, Rafael Charris, Cristiano Codagnone, Frans Folkvord, Felipe Montealegre, Francisco Lupiáñez-Villanueva
ESI Publications
Commercial practices such as drip pricing, reference pricing and best-price guarantee can be used to set higher prices and mislead consumers, but protective measures can restore efficiency. In a placebo-controlled market experiment, we examined a treatment allowing for the use and misuse of commercial practices. Three additional treatments tested the effects of formal sanctions, informal sanctions and a regret nudge. We found that commercial practices led to higher prices, cheating was systematic and regret nudging was ineffective. Furthermore, formal and informal sanctions reduced both the likelihood of using commercial practices and the likelihood of cheating, leading to welfare increases.
Litigation With Negative Expected Value Suits: An Experimental Analysis, Cary Deck, Paul Pecorino, Michael Solomon
Litigation With Negative Expected Value Suits: An Experimental Analysis, Cary Deck, Paul Pecorino, Michael Solomon
ESI Working Papers
The existence of lawsuits providing plaintiffs a negative expected value (NEV) at trial has important theoretical implications for signaling models of litigation. The signaling equilibrium possible absent NEV suits breaks down with NEV suits because plaintiffs do not have a credible threat to proceed to trial undermining the ability to signal type. Using a laboratory experiment, we analyze behavior with and without the possibility of NEV suits. Absent NEV suits, behavior largely follows predicted patterns. However, the possibility of NEV suits does not cause the signaling equilibrium to unravel and does not cause the dispute rate to increase. Plaintiffs only …
Inequality As A Barrier To Economic Integration? An Experiment, Gabriele Camera, Lukas Hohl, Rolf Weder
Inequality As A Barrier To Economic Integration? An Experiment, Gabriele Camera, Lukas Hohl, Rolf Weder
ESI Working Papers
International economic theory suggests that people should embrace economic integration because it promises large gains. But policy reversals such as Brexit indicate a desire for economic disintegration. Here we report results of an experiment of how size and cross-country distribution of gains from integration influence individuals’ inclination to cooperate to reap its intended benefits and to embrace or reject integration. The design considers an indefinitely repeated helping game with multiple equilibria and strategic uncertainty. The data reveal that inequality of potential gains neither affected behavior nor reduced support for economic integration. However, integration may lead to disappointing, unequally distributed welfare …
Information Aggregation With Heterogeneous Traders, Cary Deck, Tae In Jun, Laura Razzolini, Tavoy Reid
Information Aggregation With Heterogeneous Traders, Cary Deck, Tae In Jun, Laura Razzolini, Tavoy Reid
ESI Working Papers
The efficient market hypothesis predicts that asset prices reflect all available information. A seminal experiment reported that contingent claim markets could yield market outcomes consistent with information aggregation when traders hold heterogeneous state-contingent values. However, a recent experiment found the rational expectation model outperformed the prior information and maxi-min models in contingent claim markets when traders hold homogeneous values despite the no trade equilibrium in that setting. But that same study failed to replicate the original result calling into question when, if ever, prices reliably reflect the aggregate information of traders with heterogeneous values. In this paper, we show contingent …
United We Stand: On The Benefits Of Coordinated Punishment, Vicente Calabuig, Natalia Jiménez, Gonzalo Olcina, Ismael Rodriguez-Lara
United We Stand: On The Benefits Of Coordinated Punishment, Vicente Calabuig, Natalia Jiménez, Gonzalo Olcina, Ismael Rodriguez-Lara
ESI Working Papers
Coordinated punishment occurs when punishment decisions are complements; i.e., this punishment device requires a specific number of punishers to be effective; otherwise, no damage will be inflicted on the target. While societies often rely on this punishment device, its benefits are unclear compared with uncoordinated punishment, where punishment decisions are substitutes. We argue that coordinated punishment can prevent the free-riding of punishers and show, both theoretically and experimentally, that this may be beneficial for cooperation in a team investment game, compared with uncoordinated punishment.
Historical Political Economy: What Is It?, Jeffrey Jenkins, Jared Rubin
Historical Political Economy: What Is It?, Jeffrey Jenkins, Jared Rubin
ESI Working Papers
In this chapter, we define what historical political economy (HPE) is and is not, classify the major themes in the literature, assess the relative strengths and weaknesses of the literature, and point to future directions. We view HPE as social scientific inquiry which highlights political causes or consequences of historical issues. HPE is different from conventional political economy in the emphasis placed on historical processes and context. While we view HPE in the most inclusive manner reasonable, we define it to exclude works that are either solely of contemporary importance or use historical data without any historical context (e.g., long-run …
Cultural Transmission Vectors Of Essential Knowledge And Skills Among Tsimane Forager-Farmers, Eric Schniter, Hillard Kaplan, Michael Gurven
Cultural Transmission Vectors Of Essential Knowledge And Skills Among Tsimane Forager-Farmers, Eric Schniter, Hillard Kaplan, Michael Gurven
ESI Publications
Humans transmit cultural information to others in a variety of ways that can affect productivity, cultural success, and ultimately fitness. Not all potential transmitters are expected to be equally preferred by learners or equally willing to influence their culture acquisition. Across socioeconomic opportunities and ages in the human life course, costs and benefits to both learners and potential transmitters are expected to vary, affecting rates of culture transmission from different vectors. Here we examine reported patterns of culture transmission contributing to 92 essential skills among a sample of 421 Tsimane forager-farmers native to Bolivia. Consistent with the expectation that the …
The Primacy Of Property; Or, The Subordination Of Property Rights, Bart J. Wilson
The Primacy Of Property; Or, The Subordination Of Property Rights, Bart J. Wilson
ESI Publications
A property right, the standard view maintains, is a proper subset of the most complete and comprehensive set of incidents for full ownership of a thing. The subsidiary assumption is that the pieces that are property rights compose the whole that is ownership or property, i.e., that property rights explain property. In reversing the standard view I argue that (1) a custom of intelligent and meaningful human action explains property and that (2) as a custom, property is a historical process of selecting actions conditional on the context. My task is to explain how a physical world of human bodies …
Nobel And Novice: Author Prominence Affects Peer Review, Jürgen Huber, Sabiou M. Inoua, Rudolf Kerschbamer, Christian König-Kersting, Stefan Palan, Vernon L. Smith
Nobel And Novice: Author Prominence Affects Peer Review, Jürgen Huber, Sabiou M. Inoua, Rudolf Kerschbamer, Christian König-Kersting, Stefan Palan, Vernon L. Smith
ESI Working Papers
Peer-review is a well-established cornerstone of the scientific process, yet it is not immune to status bias. Merton identified the problem as one in which prominent researchers get disproportionately great credit for their contribution while relatively unknown researchers get disproportionately little credit.1 We measure the extent of this effect in the peer-review process through a pre-registered field experiment. We invite more than 3,300 researchers to review a paper jointly written by a prominent author – a Nobel laureate – and by a relatively unknown author – an early-career research associate –, varying whether reviewers see the prominent author’s name, …
Introducing New Forms Of Digital Money: Evidence From The Laboratory, Gabriele Camera
Introducing New Forms Of Digital Money: Evidence From The Laboratory, Gabriele Camera
ESI Working Papers
Central banks may soon issue currencies that are entirely digital (CBDCs) and possibly interest-bearing. A strategic analytical framework is used to investigate this innovation in the laboratory, contrasting a traditional “plain” tokens baseline to treatments with “sophisticated” interest-bearing tokens. In the experiment, this theoretically beneficial innovation precluded the emergence of a stable monetary system, reducing trade and welfare. Similar problems emerged when sophisticated tokens complemented or replaced plain tokens. This evidence underscores the advantages of combining theoretical with experimental investigation to provide insights for payments systems innovation and policy design.
The Doors Of Perception: Theory And Evidence Of Frame-Dependent Rationalizability, Gary Charness, Alessandro Sontuoso
The Doors Of Perception: Theory And Evidence Of Frame-Dependent Rationalizability, Gary Charness, Alessandro Sontuoso
ESI Working Papers
We investigate how strategic behavior is affected by the set of notions (frames) used when thinking about the game. In our games, the action set consists of visual objects: each player must privately choose one, trying to match the counterpart’s choice. We propose a model where different player-types are aware of different attributes of the action set (hence, different frames). One of the novelties is an epistemic structure that allows players to think about new frames, after initial unawareness of some attributes. To test the model, our experimental design brings about multiple frames by varying subjects’ awareness of several attributes.
When Do Security Markets Aggregate Dispersed Information?, Brice Corgnet, Cary Deck, Mark Desantis, Kyle Hampton, Erik O. Kimbrough
When Do Security Markets Aggregate Dispersed Information?, Brice Corgnet, Cary Deck, Mark Desantis, Kyle Hampton, Erik O. Kimbrough
ESI Publications
We attempt to replicate a seminal paper that offered support for the rational expectations hypothesis and reported evidence that markets with certain features aggregate dispersed information. The original results are based on only a few observations, and our attempt to replicate the key findings with an appropriately powered experiment largely fails. The resulting poststudy probability that market performance is better described by rational expectations than the prior information (Walrasian) model under the conditions specified in the original paper is very low. As a result of our failure to replicate, we investigate an alternate set of market features that combines aspects …
Social Norms And Dishonesty Across Societies, Diego Aycinena, Lucas Rentschler, Benjamin Beranek, Jonathan F. Schulz
Social Norms And Dishonesty Across Societies, Diego Aycinena, Lucas Rentschler, Benjamin Beranek, Jonathan F. Schulz
ESI Publications
Social norms have long been recognized as an important factor in curtailing antisocial behavior, and stricter prosocial norms are commonly associated with increased prosocial behavior. In this study, we provide evidence that very strict prosocial norms can have a perverse negative relationship with prosocial behavior. In laboratory experiments conducted in 10 countries across 5 continents, we measured the level of honest behavior and elicited injunctive norms of honesty. We find that individuals who hold very strict norms (i.e., those who perceive a small lie to be as socially unacceptable as a large lie) are more likely to lie to the …
A Universally Translatable Explication Of Adam Smith's Famous Proposition On "The Extent Of The Market", Bart J. Wilson, Gian Marco Farese
A Universally Translatable Explication Of Adam Smith's Famous Proposition On "The Extent Of The Market", Bart J. Wilson, Gian Marco Farese
ESI Publications
Following Adam Smith’s line of argument, we examine the semantics of four economic principles in Chapter III of the Wealth of Nations that compose his famous proposition “that the division of labour is limited by the extent of the market.” We apply the Natural Semantic Metalanguage framework in linguistics to produce a series of explications that are clear and plain, cross-translatable into any language, intelligible to twenty-first-century readers, and faithfully close to the original text. Our paper explicates Smith’s logical argument in Chapter III and demonstrates how his ideas can be shared among speakers with different linguacultural backgrounds in line …
Preventing (Panic) Bank Runs, Hubert János Kiss, Ismael Rodriguez-Lara, Alfonso Rosa-Garcia
Preventing (Panic) Bank Runs, Hubert János Kiss, Ismael Rodriguez-Lara, Alfonso Rosa-Garcia
ESI Publications
We study experimentally an instrument to prevent bank runs in healthy banks. In particular, we extend the basic bank-run game, where depositors choose between withdrawing or keeping their money deposited, with a third option, the possibility to relocate funds to a priority account that is less profitable, but which guarantees a payoff even in a bank run. Theoretically, the use of this instrument dominates withdrawals for depositors without liquidity needs, and given this fact, depositors should optimally keep their deposits in the bank, so no bank run shall happen. In our experiment, we find evidence that the mechanism reduces not …