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Articles 1 - 30 of 375
Full-Text Articles in Social and Behavioral Sciences
International Reserves And Rollover Risk, Javier Bianchi, Juan Carlos Hatchondo, Leonardo Martinez
International Reserves And Rollover Risk, Javier Bianchi, Juan Carlos Hatchondo, Leonardo Martinez
Leonardo Martinez
No abstract provided.
Trust In Cohesive Communities, Felipe Balmaceda Assoc Prof., Juan Escobar Assistant Professor
Trust In Cohesive Communities, Felipe Balmaceda Assoc Prof., Juan Escobar Assistant Professor
Felipe Balmaceda
This paper studies which social networks maximize trust and welfare when agreements are implicitly enforced. We study a repeated trust game in which trading opportunities arise exogenously and a social network determines the information each player has. We show that cohesive communities, modeled as social networks of complete components, emerge as the optimal community design. Cohesive communities generate some degree of common knowledge of transpired play that allows players to coordinate their punishments and, as a result, yield relatively high equilibrium payoffs. We also show that when news swiftly travel through the network, Pareto efficient networks are minimally connected: the …
Competitive Intensity And Its Two-Sided Effect On The Boundaries Of Firm Performance, Joao Montez, Francisco Ruiz-Aliseda, Michael D. Ryall
Competitive Intensity And Its Two-Sided Effect On The Boundaries Of Firm Performance, Joao Montez, Francisco Ruiz-Aliseda, Michael D. Ryall
Michael D Ryall
The new perspective emerging from strategy's value-capture stream is that the effects of competition are two-fold: competition for an agent bounds its performance from below, while that for its transaction partners bounds from above. Thus, assessing the intensity of competition on either side is essential to understanding firm performance. Yet, the literature provides no formal notion of "competitive intensity" with which to make such assessments. Rather, some authors use added value as their central analytic concept, others the core. Added value is simple, but misses the crucial, for-an-agent side of competition. The core is theoretically complete, but difficult to interpret …
Research And Development Cooperatives And Market Collusion: A Global Dynamic Approach, Jeroen Hinloopen, Grega Smrkolj, Florian Wagener
Research And Development Cooperatives And Market Collusion: A Global Dynamic Approach, Jeroen Hinloopen, Grega Smrkolj, Florian Wagener
Jeroen Hinloopen
We present a continuous-time generalization of the seminal research and development model of d’Aspremont and Jacquemin (Am Econ Rev 78(5):1133–1137, 1988) to examine the trade-off between the benefits of allowing firms to cooperate in research and the corresponding increased potential for product market collusion. Weshow the existence of a solution to the optimal investment problem using a combination of results from viscosity theory and the theory of planar dynamical systems. In particular, we show that there is a critical level of marginal cost at which firms are indifferent between doing nothing and starting to develop the technology.We findthat colluding firms …
Information, Competition, And The Quality Of Charities, Silvana Krasteva, Huseyin Yildirim
Information, Competition, And The Quality Of Charities, Silvana Krasteva, Huseyin Yildirim
Huseyin Yildirim
Drawing upon the all-pay auction literature, we propose a model of charity competition in which informed giving alone can account for the significant quality heterogeneity across similar charities. Our analysis identifies a negative effect of competition and a positive effect of informed giving on the equilibrium quality of charity. In particular, we show that as the number of charities grows, so does the percentage of charity scams, approaching one in the limit. In light of this and other results, we discuss the need for regulating nonprofit entry and conduct as well as promoting informed giving.
Optimal Task Assignments, Felipe Balmaceda Assoc Prof.
Optimal Task Assignments, Felipe Balmaceda Assoc Prof.
Felipe Balmaceda
This paper studies optimal task assignments in a risk neutral principal-agent model in which agents are compensated according to an aggregated performance measure. The main trade-off involved is one in which specialization allows the implementation of any possible effort profile, while multitasking constraint the set of implementable effort profiles. Yet, the implementation of any effort profile in this set is less expensive than that under specialization. The principal prefers multitasking to specialization except when tasks are complements and the output after success is small enough so that it is not second-best optimal to implement high effort in each task. This …
A Unified Model Of Adaptive Learning In Normal Form Games, Naoki Funai
A Unified Model Of Adaptive Learning In Normal Form Games, Naoki Funai
Naoki Funai
We investigate an adaptive learning model which nests several existing learning models such as payoff assessment learning, valuation learning, stochastic fictitious play learning, experience-weighted attraction learning and delta learning with indirect payoff information in normal form games. In this paper, we consider adaptive players each of whom (i) assigns payoff assessments to his own actions, (ii) chooses an action which has the highest assessment with some perturbations, and (iii) updates the assessments using observed payoffs, which may include payoffs from unchosen actions, in each period. Utilising the asynchronous stochastic approximation method introduced by Tsitsiklis (1994), we provide conditions under which …
Debt Dilution And Sovereign Default Risk, Juan Carlos Hatchondo, Leonardo Martinez, Cesar Sosa Padilla
Debt Dilution And Sovereign Default Risk, Juan Carlos Hatchondo, Leonardo Martinez, Cesar Sosa Padilla
Leonardo Martinez
No abstract provided.
Fiscal Rules And The Sovereign Default Premium, Juan Carlos Hatchondo, Leonardo Martinez, Francisco Roch
Fiscal Rules And The Sovereign Default Premium, Juan Carlos Hatchondo, Leonardo Martinez, Francisco Roch
Leonardo Martinez
No abstract provided.
The Price Of Unobservability: Moral Hazard And Limited Liability, Felipe Balmaceda Assoc Prof.
The Price Of Unobservability: Moral Hazard And Limited Liability, Felipe Balmaceda Assoc Prof.
Felipe Balmaceda
This article studies a principal-agent problem with discrete outcome and effort space. The principal and the agent are risk neutral and the latter is subject to limited liability. For a given monitoring technology, we consider the maximum possible ratio between the first best social welfare to the social welfare arising from the principal's optimal pay-for-performance contract (the price of unobservability). Our main results provide tight bounds for this price. Key parameters to these bounds are number of possible efforts, the likelihood ratio evaluated at the highest outcome, and the ratio between costs of the highest and the lowest efforts. The …
"Giving" In To Social Pressure, Alvaro J. Name-Correa, Huseyin Yildirim
"Giving" In To Social Pressure, Alvaro J. Name-Correa, Huseyin Yildirim
Huseyin Yildirim
We develop a theory of charitable giving in which donors feel social pressure from adirect solicitation. We show that equilibrium donations are concentrated around a socialnorm. Despite a higher level of the public good, relatively poor and/or low altruism giversfare worse under social pressure and would avoid the solicitor at a cost. Aggregate donorwelfare improves to the extent that the added social motive alleviates the underprovision ofthe public good; however, overprovision may result. Our theory therefore predicts a lighthandedregulation for charitable solicitations, which is consistent with their exemption fromthe popular Do Not Call list in the U.S. We further show …
Lecciones De Economía Para No Economistas, Sergio A. Berumen
Lecciones De Economía Para No Economistas, Sergio A. Berumen
Sergio A. Berumen
Este libro estudia la totalidad de los contenidos de los cursos de Introducción a la Economía y de los primeros cursos de Microeconomía y Macroeconomía de los grados y las licenciaturas en Ciencias Sociales.
Constructos Teóricos En Economía Común Informática, Rodrigo Lopez-Pablos
Constructos Teóricos En Economía Común Informática, Rodrigo Lopez-Pablos
Lopez-Pablos, Rodrigo
Repasando elementos de economía comunitaria, solidaría y de la información, se construyen abstracciones teóricas fundamentales en una proto-explicación del rol de la información y el tiempo en la explicación del hecho económico digital y convencional. Infoagregadamente, se sitúa a la emisión informacional como expresión ontológica micro y macroinformática individual y colectiva del ser: el aseguramiento de la infodiversidad civilizatoria generacional; luego, se argumenta sobre la falacia filosófica computacional cognoscitiva detrás de una presunción teórica conceptual equivocada en el estudio y aplicación de lógicas artificiales: su potencial real para la generación de conocimiento híbrido y la creación de conocimiento sin precedentes …
The Last Lesson From John Nash, Sajjad Khaksari
The Last Lesson From John Nash, Sajjad Khaksari
SAJJAD KHAKSARI
John Nash died in car accident that is maybe normal without any specific message for many people but in my opinion John Nash invited me to continue my study and my research about modeling transport systems and using of his Game Theory concept to create a future world transport and logistics more modern, more safe with high technologies. Would you like to follow John’s last lesson and contribute your best to create a world full of logistics and safe public/private transport and zero dying in crash?
Guía General De Escuelas Y Corrientes De Pensamiento Económico., Sergio A. Berumen
Guía General De Escuelas Y Corrientes De Pensamiento Económico., Sergio A. Berumen
Sergio A. Berumen
Guía general de las principales Escuelas y corrientes de Pensamiento Económico. Se hace una descripción por grupos y épocas. Este material docente es de libre acceso, favor de citarlo como sigue: SERGIO A. BERUMEN [2015]. "Guía General de Escuelas y Corrientes de Pensamiento Económico", Lecciones de Economía para No Economistas, ESIC, Business & Marketing School, 2ª edición, Madrid. ISBN. 978-84-15986-86-7. sergio.berumen@urjc.es
General Guide Of Schools Of Economic Thought, Sergio A. Berumen
General Guide Of Schools Of Economic Thought, Sergio A. Berumen
Sergio A. Berumen
This educational material is freely accessible. Please quote it in the following way: SERGIO A. BERUMEN [2015]. "General Guide To Schools Of Economic Thought", Lecciones de Economía para No Economistas, ESIC, Business & Marketing School, 2nd edition, Madrid. ISBN. 978-84-15986-86-7. sergio.berumen@urjc.es
مسائل منهجيّة ونظريّة متعلّقة ببحوث الاقتصاد السياسي في شمال إفريقيا وغرب آسيا, J. G. A. Saviranta
مسائل منهجيّة ونظريّة متعلّقة ببحوث الاقتصاد السياسي في شمال إفريقيا وغرب آسيا, J. G. A. Saviranta
Akseli Saviranta
تبحث هذه الوثيقة في بعض المسائل المنهجية التي يمكن أن تعترض باحثي المسائل المتعلّقة بالاقتصاد السياسي في شمال إفريقيا وغرب آسيا. يعرض جزأها الأول تلخيصا لدراسة سابقة للمؤلّف عالجت مسألة الاقتصاد السياسي المتعلّق بالتكامل الاقتصادي، ويعرض جزأها الثاني بعضا من المسائل الآتي ذكرها مسبقا والتي وقع اعتراضها عند القيام بالدراسة.
Methodological And Theoretical Issues In Researching North African And West Asian Political Economy, J. G. A. Saviranta
Methodological And Theoretical Issues In Researching North African And West Asian Political Economy, J. G. A. Saviranta
Akseli Saviranta
This document addresses a few of the methodological issues encountered in political economy research related to North Africa and West Asia. Its first part presents notes from a previous study by the author that dealt with the issue of the political economy of integration, and its second part relates some of the aforementioned issues that were encountered while making the study.
The Problem Of Rationality: Austrian Economics Between Classical Behaviorism And Behavioral Economics (Uncorrected Proof), Mario J. Rizzo
The Problem Of Rationality: Austrian Economics Between Classical Behaviorism And Behavioral Economics (Uncorrected Proof), Mario J. Rizzo
Mario Rizzo
In Part One we establish the rationale and substance of the Robbinsian middle ground – the psychical or mind-dependent character of economics. To accomplish this we explore three post-Wieserian frameworks for Austrian economics: (1) the phenomenological social science of Alfred Schutz; (2) the structure of mind analyzed by Hayek in The Sensory Order; and (3) the later Wittgenstein’s logical analysis of thought. While there are no doubt differences among these approaches we find that they are broadly consistent way of establishing the essential mind-dependency of economics. In Part Two we directly examine the basic issues involved in the characterization of …
Elasticity Of Substitution And The Stagnation Of Italian Productivity, Enrico Saltari, Daniela Federici
Elasticity Of Substitution And The Stagnation Of Italian Productivity, Enrico Saltari, Daniela Federici
Enrico Saltari
The aim of this paper is to investigate the roots of the stagnation in the Italian total factor productivity (TFP). The analysis focuses on the specific pattern of technical progress in determining the dynamics of the TFP. This analysis cannot be done with Cobb-Douglas technology, but requires the employment of a constant elasticity of substitution (CES) production function that allows distinguishing between the direction and the bias of technical progress. We employ a CES specification embodying both labor- and capital-augmenting technical change, with a σ less than 1. We obtain three main results. (1) There seems to have been a …
Axiomatic Social Choice Theory, David Randall Jenkins
Axiomatic Social Choice Theory, David Randall Jenkins
David Randall Jenkins
Ordered Relations Theory’s two axioms ultimately enable (individual: society) well-being transitivity inasmuch as they impound Social Choice Theory’s impossibility theorem, impossibility-resolving axioms, and all such further regressive impossibility theorems and impossibility-resolving axioms.
An Analysis Of The Linkage Between Inflation Rate, Foreign Debt, Unemployment And Economic Growth In Sudan, Yagoub Elryah Dr.
An Analysis Of The Linkage Between Inflation Rate, Foreign Debt, Unemployment And Economic Growth In Sudan, Yagoub Elryah Dr.
Yagoub Elryah (PhD)
After secession of South Sudan, Sudan economy was decline due to losing of oil revenue. The government introduced the austerity measures and fault to recover the economy. The inflation was risen, the unemployment increased among Sudanese. The aim of this article was to analyze the relationship between inflation, unemployment, external debt and economic growth in Sudan. We considered Unit root technique (Augmented Dickey – Fuller Test) to find out long run equilibrium among using time series between 1980 and 2013. We show that all two public debts and unemployment have a direct and significant influence on economic growth. It was …
Ius Primae Noctis. Las Instituciones Como Causa De La Riqueza De Las Naciones, Francisco Carlos Ruiz Diaz
Ius Primae Noctis. Las Instituciones Como Causa De La Riqueza De Las Naciones, Francisco Carlos Ruiz Diaz
Francisco Carlos Ruiz Diaz
El secreto mejor guardado por los economistas es su ignorancia sobre la verdadera causa de la riqueza de las naciones. Adam Smith sostuvo que la riqueza de las naciones era resultado de una organización industrial basada en la división del trabajo. Robert Solow afirma que el aumento de la producción es consecuencia de una variable misteriosa y caprichosa llamada "progreso técnico". Algunos economistas, por su parte, afirman que el progreso es consecuencia de una mayor acumulación de capital físico (maquinarias, edificios, vehículos de transporte, etc) y capital humano (aprendiza laboral y educación formal). Sin embargo, estudios recientes demuestran que todos …
A Note On Absolutely Expedient Learning Rules, Carlos Oyarzun
A Note On Absolutely Expedient Learning Rules, Carlos Oyarzun
Carlos Oyarzun
I provide a full characterization of the set of absolutely expedient learning rules introduced in Börgers, Morales, and Sarin (2004) [“Expedient and monotone learning rules,” Econometrica, 72, 383–405]. The expected change in the expected payoff can be written as a quadratic form on the vector of relative expected payoffs of the strategies. This permits use of standard linear algebra arguments to provide a characterization in terms of the matrix defining this quadratic form.
A Theory Of Outsourced Fundraising: Why Dollars Turn Into "Pennies For Charity", Zdravko Paskalev, Huseyin Yildirim
A Theory Of Outsourced Fundraising: Why Dollars Turn Into "Pennies For Charity", Zdravko Paskalev, Huseyin Yildirim
Huseyin Yildirim
Charities frequently rely on professional solicitors whose commissions exceed half of total donations. To rationalize this practice, we propose a principal-agent model in which the charity optimally offers a higher commission to a more "efficient" solicitor, raising the price of giving significantly. Outsourcing is, therefore, profitable for the charity only if giving is very price-inelastic. This, however, clashes with empirical evidence. We show that paid solicitations can benefit the charity if: (1) donors are unaware; (2) donors have intense "warm-glow" preferences; or (3) the charity worries mostly about watchdog ratings. Unable to regulate fundraiser contracts due to freedom of speech, …
Essays On Economic Analysis Of Competition Law: Theory And Practice (Ph.D. Dissertation Defence), Dr. Danilo Samà
Essays On Economic Analysis Of Competition Law: Theory And Practice (Ph.D. Dissertation Defence), Dr. Danilo Samà
Dr. Danilo Samà
Essays on economic analysis of competition law: theory and practice
Author:Dr Danilo Samà (LUISS “Guido Carli” University, Law & Economics LAB)
Abstract:The Ph.D. dissertation, submitted to LUISS “Guido Carli” University of Rome in fulfillment of the requirements for the Degree of Doctor of Philosophy in Economic Analysis of Competition Law (XXV cicle), is the result of a scientific research in the field of the economic analysis of competition law developed through academic experiences at the Erasmus Rotterdam University in the Netherlands, the Ghent University in Belgium, the University of Hamburg in Germany and the Toulouse School of Economics in …
La Patentes Como Límite A La Innovación Tecnológica, Alejandro Pérez Y Soto Dominguez, Katherine Flórez Pinilla
La Patentes Como Límite A La Innovación Tecnológica, Alejandro Pérez Y Soto Dominguez, Katherine Flórez Pinilla
Alejandro Pérez y Soto Dominguez
El presente artículo analiza, desde el marco de la Escuela Austriaca, la propiedad intelectual reflejada en las patentes, entendidas como un mecanismo del legislador para incentivar una conducta empresarial que propenda por la innovación y el desarrollo tecnológico. Se tomó como caso las patentes en el sector farmacéutico, obteniendo a partir de éste evidencia empírica la corroboración de las hipótesis de la escuela, por medio de un análisis teórico a la luz de los problemas identificados alrededor de la patente, tales como: discriminación de precios, investigación parcializada en ciertas enfermedades, poder de mercado ilimitado, barreras al desarrollo tecnológico nacional, altos …
Patentes Como Límite A La Innovación Tecnológica, Katherine Florez Pinilla, Alejandro Perez Y Soto Domínguez
Patentes Como Límite A La Innovación Tecnológica, Katherine Florez Pinilla, Alejandro Perez Y Soto Domínguez
KATHERINE FLOREZ PINILLA
El presente artículo pretende analizar, desde el marco de la Escuela Austriaca, la propiedad intelectual reflejada en las patentes, entendidas como un mecanismo del legislador para incentivar una conducta empresarial que propenda por la innovación y el desarrollo tecnológico. Se tomó como caso las patentes en el sector farmacéutico, obteniendo a partir de éste evidencia empírica la corroboración de las hipótesis de la escuela, por medio de un análisis teórico a la luz de los problemas identificados alrededor de la patente, tales como: discriminación de precios, investigación parcializada en ciertas enfermedades, poder de mercado ilimitado, barreras al desarrollo tecnológico nacional, …
Behavioral Economics: Origins, Methodology And “Work Tools”, Daniel A. Monroy
Behavioral Economics: Origins, Methodology And “Work Tools”, Daniel A. Monroy
Daniel A Monroy C
This paper has two main objectives: (i) The main objective is to propose a theoretical and methodological delimitation of the Behavioral Economics approach. In this point, the paper argues that such delimitation involves a permanent tension with the hypotheses of rational choice theory of human behavior. (ii) The secondary objective of the paper focuses on the methodology submitted, for this, we present a couple of case studies in order to explain and test such methodology. Furthermore, the case studies will allow us to determinate some work tools of the Behavioral Economics approach.
How Do You Persuade Someone You Do Not Know?, H.C. Yi
How Do You Persuade Someone You Do Not Know?, H.C. Yi
Hyun Chang Yi
We examine the potential for communication via cheap talk between an expert and a decision maker whose type (or preferences) is uncertain. The expert privately observes multiple aspects of an issue and persuades the decision maker to choose an action in his favour by informing the decision maker about the issue. The decision maker privately observes her type and chooses an action. The optimal action for the decision maker depends upon her type and the state of the issue. We find that, in one-way cheap talk games where only the expert talks, the expert can always inform the decision maker …