Digital Commons Network^™

Strategic Freedom, Constraint And Symmetry In One-Period Markets With Cash And Credit Payment, Martin Shubik, Eric Smith

Cowles Foundation Discussion Papers

In order to explain in a systematic way why certain combinations of market, financial, and legal structures may be intrinsic to certain capabilities to exchange real goods, we introduce criteria for abstracting the qualitative functions of markets. The criteria involve the number of strategic freedoms the combined institutions, considered as formalized strategic games, present to traders, the constraints they impose, and the symmetry with which those constraints are applied to the traders. We pay particular attention to what is required to make these “strategic market games” well-defined, and to make various solutions computable by the agents within the bounds on …

Robust Mechanism Design, Dirk Bergemann, Stephen Morris

Cowles Foundation Discussion Papers

The mechanism design literature assumes too much common knowledge of the environment among the players and planner. We relax this assumption by studying implementation on richer type spaces, with more higher order uncertainty. We study the “ex post equivalence” question: when is interim implementation on all possible type spaces equivalent to requiring ex post implementation on the space of payoff types? We show that ex post equivalence holds when the social choice correspondence is a function and in simple quasi-linear environments. When ex post equivalence holds, we identify how large the type space must be to obtain the equivalence. We …

Moral Hazard, Hanming Fang, Giuseppe Moscarini

Cowles Foundation Discussion Papers

We interpret workers’ confidence in their own skills as their morale, and investigate the implication of worker overconfidence on the firm’s optimal wage-setting policies. In our model, wage contracts both provide incentives and affect worker morale, by revealing private information of the firm about worker skills. We provide conditions for the non-differentiation wage policy to be profit-maximizing. In numerical examples, worker overconfidence is a necessary condition for the firm to prefer no wage differentiation, so as to preserve some workers’ morale; the non-differentiation wage policy itself breeds more worker overconfidence; finally, wage compression is more likely when aggregate productivity is …

Multidimensional Private Value Auctions, Hanming Fang, Stephen Morris

Cowles Foundation Discussion Papers

We consider parametric examples of two-bidder private value auctions in which each bidder observes her own private valuation as well as noisy signals about her opponent’s private valuation. In such multidimensional private value auction environments, we show that the revenue equivalence between the first and second price auctions breaks down and there is no definite revenue ranking; while the second price auction is always efficient allocatively, the first price auction may be inefficient and the inefficiency may increase as the signal becomes more informative; equilibria may fail to exist for the first price auction. We also show that auction mechanisms …

Fundamental R&D Spillovers And The Internationalization Of A Firm's Research Activities, Bernard Franck, Robert Owen

Cowles Foundation Discussion Papers

A conceptual framework is proposed for analyzing how differences in national R&D stocks can impact on a firm’s decision to internationalize its R&D activities. A central finding is that the integration of product markets can generate an added incentive to undertake R&D abroad. A three-stage analysis of a non-cooperative game is proposed, which entails cost-reducing process innovation in an international model of duopoly. Each firm’s technological efficiency depends not only on its investment in applied R&D, but also on its absorption of domestic and foreign fundamental R&D, as well as the extent to which the latter are substitutes or complements. …

Direct Evidence For A Membrane Deforming Motif In Endophilin: Implications Beyond Synaptic Vesicle Recycling, Khashayar Farsad

Yale Medicine Thesis Digital Library

Effective neurotransmission is dependent on fast, reproduceable synaptic vesicle recycling. The synaptic vesicle recycling process is a complex event involving both protein-protein, as well as protein-lipid interactions. A central part of the retrieval process of synaptic vesicles lies in the ability of soluble proteins to deform the plasma membrane into a nascent bud which will eventually reform a fully competent synaptic vesicle upon fission. This process involves clathrin-coat proteins, which form a protein scaffold around the vesicle bud, as well as proteins which have more recently been thought to be involved in generating the high curvature membranes present at the …

Argentina's Crisis: Causes And Consequences, Geethanjali Nataraj, Pravakar Sahoo

Documents

No abstract provided.

Robust Mechanism Design, Dirk Bergemann, Stephen Morris

Cowles Foundation Discussion Papers

The mechanism design literature assumes too much common knowledge of the environment among the players and planner. We relax this assumption by studying implementation on richer type spaces. We ask when ex post implementation is equivalent to interim (or Bayesian) implementation for all possible type spaces. The equivalence holds in the case of separable environments; examples of separable environments arise (1) when the planner is implementing a social choice function (not correspondence); and (2) in a quasilinear environment with no restrictions on transfers. The equivalence fails in general, including in some quasilinear environments with budget balance. In private value environments, …

Fannie Mae Manufactured Housing Securities Status Report, Federal National Mortgage Association (Fannie Mae)

Documents

No abstract provided.

Managing Financial Crises: Recent Experience And Lessons For Latin America, Charles Collyns, Russell G. Kincaid

Documents

No abstract provided.

Primera Resolucion De Fecha 7 De Julio Del 2003, Que Revoca Y Disuelve Las Operaciones Del Banco Intercontinental, S. A., Central Bank Of The Dominican Republic

Documents

No abstract provided.

Ecuador: Staff Report For The 2003 Article Iv Consultation, Request For A Stand-By Arrangement, And Approval Of An Exchange Restriction, International Monetary Fund (Imf)

Documents

No abstract provided.

Program Document For A Proposed Loan In The Amount Of Us$150 Million For A Programmatic Financial Sector Adjustment Operation To Colombia (25472-Co), World Bank/World Bank Group

Documents

No abstract provided.

Yale Nurse: Yale University School Of Nursing Alumnae/I Newsletter, Spring 2003, Yale University School Of Nursing

Yale School of Nursing Alumni Newsletters and Magazines

This issue has a feature article on community health beyond borders in Oaxaco, Mexico.

Please contact the Medical Historical Library if you need a higher resolution version.

The Politic 2003 Spring, The Politic, Inc.

The Politic

No abstract provided.

Finding The Right Hospital 2002 Annual Report Yale-New Haven Hospital, Yale-New Haven Hospital

Yale New Haven Hospital Annual Reports

For the year 2002. Year ending September 30, 2002.

Human Resources In China: The Birth Quota, Returns To Schooling, And Migration, T. Paul Schultz

Discussion Papers

No abstract provided.

Buying Fields And Marrying Daughters: An Empirical Analysis Of Rosca Auctions In A South Indian Village, Stefan Klonner

Discussion Papers

No abstract provided.

Human Capital, Schooling And Health Returns, T. Paul Schultz

Discussion Papers

No abstract provided.

Moody's Mortgage Metrics - A Model Analysis Of Residential Mortgage Pools (Moody's Special Report), Jay Siegel

Documents

No abstract provided.

On Local And Network Games, Thomas Quint, Martin Shubik

Cowles Foundation Discussion Papers

The knowledge constraints and transactions costs imposed by geographical distance, network connections and time conspire to justify local behavior as a good approximation for global rationality. We consider a class of games to illustrate this relationship and raise some questions as to what constitutes a satisfactory solution concept.

The Execution Of Monetary Policy: A Tale Of Two Central Banks, Leonardo Bartolini, Alessandro Prati

Documents

Working paper differentiating the monetary policy frameworks of the Federal Reserve and the then-new European Central Bank

Frb Email From Charles S Fleet To Pat Robinson Re Citigroup Litigation Reports, Charles S. Fleet, Pat Robinson, Michael Campbell, Robert E. Cook, David H. Evans

Documents

No abstract provided.

Nota Bene; Volume Xvii, Number I, Yale University Library

Nota Bene

Nota Bene is published during the academic year to acquaint the Yale community and others with the resources of the Yale Library.

Japan's Asian Monetary Fund Proposal, Phillip Y. Lipscy

Documents

No abstract provided.

The Political Economy Of Reconstruction Finance Corporation Assistance During The Great Depression, Joseph R. Mason

Documents

No abstract provided.

Dynamic Price Competition, Dirk Bergemann, Juuso Välimäki

Cowles Foundation Discussion Papers

We consider the model of price competition for a single buyer among many sellers in a dynamic environment. The surplus from each trade is allowed to depend on the path of previous purchases, and as a result, the model captures phenomena such as learning by doing and habit formation in consumption characterize Markovian equilibria for finite and infinite horizon versions of the model and show that the stationary infinite horizon version of the model possesses an equilibrium where all the sellers receive an equilibrium payoff equal to their marginal contribution to the social welfare.

Market Bubbles And Wasteful Avoidance: Tax And Regulatory Constraints On Short Sales, Michael R. Powers, David M. Schizer, Martin Shubik

Cowles Foundation Discussion Papers

Although short sales make an important contribution to financial markets, this transaction faces legal constraints that do not govern long positions. In evaluating these constraints, other commentators, who are virtually all economists, have not focused rigorously enough on the precise contours of current law. Some short sale constraints are mischaracterized, while others are omitted entirely. Likewise, the existing literature neglects many strategies in which well advised investors circumvent these constraints; this avoidance may reduce the impact of short sale constraints on market prices, but may contribute to social waste in other ways. To fill these gaps in the literature, this …

Fannie Mae 2002 10-K, Federal National Mortgage Association (Fannie Mae)

Documents

No abstract provided.

Fannie Mae Conseco Manufactured Housing Business- Data Gaps Lessons Learned, Federal National Mortgage Association (Fannie Mae)

Documents

No abstract provided.