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Modalities Of The Targeted Longer-Term Refinancing Operations, European Central Bank (Ecb) Jul 2014

Modalities Of The Targeted Longer-Term Refinancing Operations, European Central Bank (Ecb)

Documents

No abstract provided.


Targeted Longer-Term Refinancing Operations, European Central Bank (Ecb) Jul 2014

Targeted Longer-Term Refinancing Operations, European Central Bank (Ecb)

Documents

Guidelines for Completing the Reporting Template


Local Authority Vesting Orders (Ireland), Property Registration Authority Jul 2014

Local Authority Vesting Orders (Ireland), Property Registration Authority

Documents

No abstract provided.


Commission Decision Of 3 July 2014 On State Aid Sa.33927 (12/C) (Ex 11/Nn) Implemented By Belgium - Guarantee Scheme Protecting The Shares Of Invididual Members Of Financial Cooperatives, European Union: European Commission Jul 2014

Commission Decision Of 3 July 2014 On State Aid Sa.33927 (12/C) (Ex 11/Nn) Implemented By Belgium - Guarantee Scheme Protecting The Shares Of Invididual Members Of Financial Cooperatives, European Union: European Commission

Documents

No abstract provided.


Dynamic Revenue Maximization: A Continuous Time Approach, Dirk Bergemann, Philipp Strack Jul 2014

Dynamic Revenue Maximization: A Continuous Time Approach, Dirk Bergemann, Philipp Strack

Cowles Foundation Discussion Papers

We characterize the revenue-maximizing mechanism for time separable allocation problems in continuous time. The willingness-to-pay of each agent is private information and changes over time. We derive the dynamic revenue-maximizing mechanism, analyze its qualitative structure and frequently derive its closed form solution. In the leading example of repeat sales of a good or service, we establish that commonly observed contract features such as at rates, free consumption units and two-part tariffs emerge as part of the optimal contract. We investigate in detail the environments in which the type of each agent follows an arithmetic or geometric Brownian motion or a …


Dynamic Revenue Maximization: A Continuous Time Approach, Dirk Bergemann, Philipp Strack Jul 2014

Dynamic Revenue Maximization: A Continuous Time Approach, Dirk Bergemann, Philipp Strack

Cowles Foundation Discussion Papers

We characterize the revenue-maximizing mechanism for time separable allocation problems in continuous time. The valuation of each agent is private information and changes over time. At the time of contracting every agent privately observes his initial type which influences the evolution of his valuation process. The leading example is the repeated sales of a good or a service. We derive the optimal dynamic mechanism, analyze its qualitative structure and frequently derive its closed form solution. This enables us to compare the distortion in various settings. In particular, we discuss the cases where the type of each agent follows an arithmetic …


Money And Status: How Best To Incentivize Work, Pradeep Dubey, John Geanakoplos Jul 2014

Money And Status: How Best To Incentivize Work, Pradeep Dubey, John Geanakoplos

Cowles Foundation Discussion Papers

Status is greatly valued in the real world, yet it has not received much attention from economic theorists. We examine how the owner of a firm can best combine money and status to get her employees to work hard for the least total cost. We find that she should motivate workers of low skill mostly by status and high skill mostly by money. Moreover, she should do so by using a small number of titles and wage levels. This often results in star wages to the elite performers and, more generally, in wage jumps for small increases in productivity. By …


Discounting The Distant Future, J. Doyne Farmer, John Geanakoplos, Jaume Masoliver, Miquel Montero Jul 2014

Discounting The Distant Future, J. Doyne Farmer, John Geanakoplos, Jaume Masoliver, Miquel Montero

Cowles Foundation Discussion Papers

If the historical average annual real interest rate is m > 0, and if the world is stationary, should consumption in the distant future be discounted at the rate of m per year? Suppose the annual real interest rate r ( t ) reverts to m according to the Ornstein Uhlenbeck (OU) continuous time process dr ( t ) = α[ m – r ( t )] dt + kdw ( t ), where w is a standard Wiener process. Then we prove that the long run rate of interest is r ∞ = m – k 2 /2α 2 . …


Games With Money And Status: How Best To Incentivize Work, Pradeep Dubey, John Geanakoplos Jul 2014

Games With Money And Status: How Best To Incentivize Work, Pradeep Dubey, John Geanakoplos

Cowles Foundation Discussion Papers

Status is greatly valued in the real world, yet it has not received much attention from economic theorists. We examine how the owner of a firm can best combine money and status together to get his employees to work hard for the least total cost. We find that he should motivate workers of low skill mostly by status and high skill mostly by money. Moreover, he should do so by using a small number of titles and wage levels. This often results in star wages to the elite performers.


Dynamic Revenue Maximization: A Continuous Time Approach, Dirk Bergemann, Philipp Strack Jul 2014

Dynamic Revenue Maximization: A Continuous Time Approach, Dirk Bergemann, Philipp Strack

Cowles Foundation Discussion Papers

We characterize the profit-maximizing mechanism for repeatedly selling a non-durable good in continuous time. The valuation of each agent is private information and changes over time. At the time of contracting every agent privately observes his initial type which influences the evolution of his valuation process. In the profit-maximizing mechanism the allocation is distorted in favor of agents with high initial types. We derive the optimal mechanism in closed form, which enables us to compare the distortion in various examples. The case where the valuation of the agents follows an arithmetic/geometric Brownian motion, Ornstein-Uhlenbeck process, or is derived from a …


Dynamic Revenue Maximization: A Continuous Time Approach, Dirk Bergemann, Philipp Strack Jul 2014

Dynamic Revenue Maximization: A Continuous Time Approach, Dirk Bergemann, Philipp Strack

Cowles Foundation Discussion Papers

We characterize the profit-maximizing mechanism for repeatedly selling a non-durable good in continuous time. The valuation of each agent is private information and changes over time. At the time of contracting every agent privately observes his initial type which influences the evolution of his valuation process. In the profit-maximizing mechanism the allocation is distorted in favor of agents with high initial types. We derive the optimal mechanism in closed form, which enables us to compare the distortion in various examples. The case where the valuation of the agents follows an arithmetic/geometric Brownian motion, Ornstein-Uhlenbeck process, or is derived from a …


Yale University Faculty Handbook July 1, 2014, Yale University Office Of The Provost Jul 2014

Yale University Faculty Handbook July 1, 2014, Yale University Office Of The Provost

Faculty Handbooks

No abstract provided.


Deposit Insurance Database (July 2014), Asli Demirg¼§-Kunt, Edward Kane, Luc Laeven Jul 2014

Deposit Insurance Database (July 2014), Asli Demirg¼§-Kunt, Edward Kane, Luc Laeven

Documents

No abstract provided.


Fourth Post-Program Monitoring Discussions—Staff Report; Press Release; And Statement By The Executive Director For Iceland, International Monetary Fund (Imf) Jul 2014

Fourth Post-Program Monitoring Discussions—Staff Report; Press Release; And Statement By The Executive Director For Iceland, International Monetary Fund (Imf)

Documents

No abstract provided.


People's Republic Of China 2014 Article Iv Consultation, International Monetary Fund (Imf) Jul 2014

People's Republic Of China 2014 Article Iv Consultation, International Monetary Fund (Imf)

Documents

No abstract provided.


Federal Act On The Amendment Of The Swiss Civil Code, Switzerland: Federal Assembly Jul 2014

Federal Act On The Amendment Of The Swiss Civil Code, Switzerland: Federal Assembly

Documents

No abstract provided.


International Financial Reporting Standards 9 Financial Instruments, International Accounting Standards Board (Iasb) Jul 2014

International Financial Reporting Standards 9 Financial Instruments, International Accounting Standards Board (Iasb)

Documents

No abstract provided.


Denmark Governing Board, Danish Government: Danish Financial Supervisory Authority (Dfsa) Jul 2014

Denmark Governing Board, Danish Government: Danish Financial Supervisory Authority (Dfsa)

Documents

No abstract provided.


Selling Experiments: Menu Pricing Of Information, Dirk Bergemann, Alessandro Bonatti, Alex Smolin Jul 2014

Selling Experiments: Menu Pricing Of Information, Dirk Bergemann, Alessandro Bonatti, Alex Smolin

Cowles Foundation Discussion Papers

A monopolist sells informative experiments to heterogeneous buyers. Buyers differ in their prior information, and hence in their willingness to pay for additional signals. The monopolist can profitably offer a menu of experiments. We show that, even under costless information acquisition and free degrading of information, the optimal menu is quite coarse. The seller offers at most two experiments, and we derive conditions under which at vs. discriminatory pricing is optimal.


Monetary Law Act (1949), Central Bank Of Sri Lanka (Cbsl) Jun 2014

Monetary Law Act (1949), Central Bank Of Sri Lanka (Cbsl)

Documents

No abstract provided.


Bankia, S.A: Tailored Resolution Plan, United States: Federal Deposit Insurance Corporation (Fdic) Jun 2014

Bankia, S.A: Tailored Resolution Plan, United States: Federal Deposit Insurance Corporation (Fdic)

Documents

No abstract provided.


Guidelines On The Disclosure Of Encumbered And Unencumbered Assets, European Banking Authority (Eba) Jun 2014

Guidelines On The Disclosure Of Encumbered And Unencumbered Assets, European Banking Authority (Eba)

Documents

technical document describing when to, and not to, disclose assets to European banking regulators


Europe Rethinks How To Cure Its Debt Hangover, Ralph Atkins Jun 2014

Europe Rethinks How To Cure Its Debt Hangover, Ralph Atkins

Documents

No abstract provided.


German Investors Rail Against Austria's Hypo Bail-In, Andreas Krã¶Ner Jun 2014

German Investors Rail Against Austria's Hypo Bail-In, Andreas Krã¶Ner

Documents

No abstract provided.


Rpt-Fitch Affirms Sfef's Guaranteed Bond Issues At 'Aa+', Reuters Staff Jun 2014

Rpt-Fitch Affirms Sfef's Guaranteed Bond Issues At 'Aa+', Reuters Staff

Documents

No abstract provided.


Prolongation Of The Guarantee Scheme And The Bond Loan Scheme For Credit Institutions In Greece, European Union: European Commission, Joaquin Almunia Jun 2014

Prolongation Of The Guarantee Scheme And The Bond Loan Scheme For Credit Institutions In Greece, European Union: European Commission, Joaquin Almunia

Documents

Joaqu­n ALMUNIA Vice-President State aid SA.38857 (2014/N)


Privatization Agency: Investor Engagement With Citadele Reaches Its Final Stage, Citadele Jun 2014

Privatization Agency: Investor Engagement With Citadele Reaches Its Final Stage, Citadele

Documents

No abstract provided.


Moody's Affirms State Of Carinthia's A2 Rating With Stable Outlook, Moody's Investor Service Jun 2014

Moody's Affirms State Of Carinthia's A2 Rating With Stable Outlook, Moody's Investor Service

Documents

No abstract provided.


Bailing Out Banks Is Not A Lucrative Business, Henry Farrell Jun 2014

Bailing Out Banks Is Not A Lucrative Business, Henry Farrell

Documents

No abstract provided.


Bailing Out Banks Is Not A Lucrative Business, Henry Farrell Jun 2014

Bailing Out Banks Is Not A Lucrative Business, Henry Farrell

Documents

No abstract provided.