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Articles 571 - 578 of 578

Full-Text Articles in Behavioral Economics

Fnma Mortgage Commitments As Put Options: An Empirical Examination, Thomas Berry, Adam Gehr Dec 1984

Fnma Mortgage Commitments As Put Options: An Empirical Examination, Thomas Berry, Adam Gehr

Thomas D Berry

The Federal National Mortgage Association (FNMA) auctions commitments to purchase mortgages. An examination of the terms of the commitment contract shows that these commitments are actually put options on mortgages. The contract is unusual, however, in that the price of the commitment is a fixed percentage of the value of the mortgages. In the auction, the dealers effectively bid the exercise price at which they would be willing to pay the fixed commitment price. In this paper, we study the economics of the FNMA auction. We use a two-state approximation to the American put pricing model for interest-dependent securities to …

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State Variation In The Targeted Jobs Tax Credit Program, Thomas Berry, Julie Lane Dec 1984

State Variation In The Targeted Jobs Tax Credit Program, Thomas Berry, Julie Lane

Thomas D Berry

No abstract provided.

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Bargaining With Incomplete Information: An Infinite-Horizon Model With Two-Sided Uncertainty, Peter Cramton Jan 1984

Bargaining With Incomplete Information: An Infinite-Horizon Model With Two-Sided Uncertainty, Peter Cramton

Peter Cramton

The resolution of any bargaining conflict depends crucially on the relative urgency of the agents to reach agreement and the information each agent has about the others’ preferences. This paper explores, within the context of an infinite-horizon bargaining model with two-sided uncertainty, how timing and information affect the rational behavior of agents when commitment is not possible. Since the bargainers are uncertain about whether trade is desirable, they must communicate some of their private information before an agreement can be reached. This need for learning, due to incomplete information about preferences, results in bargaining inefficiencies: trade often occurs after costly …

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A Short-Run Model Of Regional Housing Demand, Thomas Berry Dec 1983

A Short-Run Model Of Regional Housing Demand, Thomas Berry

Thomas D Berry

No abstract provided.

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Fnma Auction Results As A Forecaster Of Residential Mortgage Yields, Thomas Berry, Adam Gehr Jan 1983

Fnma Auction Results As A Forecaster Of Residential Mortgage Yields, Thomas Berry, Adam Gehr

Thomas D Berry

No abstract provided.

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An Alternative Methodology For Developing Certainty Equivalents, Thomas Berry, Bill Poppie Dec 1982

An Alternative Methodology For Developing Certainty Equivalents, Thomas Berry, Bill Poppie

Thomas D Berry

No abstract provided.

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The Choice Of Money Market Fund, Thomas Berry Apr 1982

The Choice Of Money Market Fund, Thomas Berry

Thomas D Berry

No abstract provided.

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The Logic Of Protest Action, Herman L. Boschken Jan 1975

The Logic Of Protest Action, Herman L. Boschken

Herman L. Boschken

In recent years, there has been a noticeable growth in political protest involving groups of widely diverging interests. The rising incidence of protest seems paradoxical to the apparent growth of affluence in society. This paper attempts to resolve this paradox by contending that most forms of protest are a function of the degree of separation between (a) the values and goals of those controlling collective decision processes and (b) the diversity of interests and aspirations in segmented society at large. Through protest action, disenfranchised groups are able to impose "external" costs on "establishment" regimes that lead to alteration of the …

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