Parameterized Expectations Approach; Some Practical Issues
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Albert Marcet; Guido Lorenzoni; Resumen : We discuss some practical issues related to the use of the Parameterized Expectations Approach (PEA) for solving non-linear...
Lyfe-Cycle Effects on Household Expenditures: A Latent-Variable Approach
RECERCAT - Dipòsit de Recerca de Catalunya
-variable model approach is adopted to evaluate the impact of income on expenditures, controlling for the number of members in the family. Two latent factors underlying repeated measures of monetary and non-monetary income are used as explanatory variables...
The Achievable Region Approach to the Optimal Control of Stochastic Systems
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Marcus Dacre; Kevin Glazebrook; José Niño-Mora; Resumen : The achievable region approach seeks solutions to stochastic optimisation problems by: (i) characterising the...
Testing for Convergence Clubs in Income per-capita: A Predictive Density Approach
RECERCAT - Dipòsit de Recerca de Catalunya
parameters of each group, and applies it to identifying convergence clubs in income per-capita. The approach uses the predictive density of the data, conditional on the parameters of the model. The steady state distribution of European regional data clusters...
A Dilution Cost Approach to Financial Intermediation and Securities Markets
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Patrick Bolton; Xavier Freixas; Resumen : This paper proposes a model of financial markets and corporate finance, with asymmetric information and no taxes, where equity issues, Bank debt and Bond financing may all co-exis...
Altruism, Equity, and Reciprocity in a Gift-Exchange Experiment: An Encompassing Approach
RECERCAT - Dipòsit de Recerca de Catalunya
contexts. Recent models of non-pecuniary motives can be classified as either altruism- based, equity-based, or reciprocity-based. We estimate and compare leading approaches in these categories, using experimental data. We then offer a flexible approach that...
Productivity Growth during the English Industrial Revolution: A Dual Approach
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Pol Antràs; Hans Joachim Voth; Resumen : This paper presents new estimates of total factor productivity growth in Britain for the period 1770-1860. We use a dual technique recently popularized by Hsieh (1999), and argue t...
Equity Considerations in Health Care: An Axiomatic Bargaining Approach
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Xavier Cuadras; José Luis Pinto; José M. Abellán; Resumen : The general issues of equity and efficiency are placed at the center of the analysis of resource allocation problems in health care. We examine them using axioma...
A Process Approach to the Utility for Gambling
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Marc Le Menestrel; Resumen : This paper argues that any specific utility or disutility for gambling must be excluded from expected utility because such a theory is consequential while a pleasure or displeasure for gamblin...
Cost Efficiency in Primary Care Contracting: A Stochastic Frontier Cost Function Approach
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Jaume Puig; Vicente Ortún; Resumen : The principal aim of this paper is to estimate a stochastic frontier cost function and an inefficiency effects model in the analysis of the primary health care services purchased by th...
Technical Inefficiency and Public Capital in US States: A Stochastic Frontier Approach
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Jaume Puig; Resumen : This paper estimates a translog stochastic frontier production function in the analysis of all 48 contiguous U.S. states in the period 1970-1983, to attempt to measure and explain changes in technica...
The Lender of Last Resort: A 21st Century Approach
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Xavier Freixas; Bruno M. Parigi; Jean-Charles Rochet; Resumen : The object of this paper is to analyze rigorously the role of a Lender of Last Resort by providing a framework where the distinction between insolvency and i...
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The Impact of the Reference Price System on the Pharmaceutical Market: A Theoretical Approach
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Anna Merino; Resumen : This article analyses the impact of the reference price system on the price-setting strategies of the pharmaceutical firms and on the level of generic usage. This model is the first to take explicit...
On the Structural Difference between the Evolutionary Approach of Young and that of Kandori, Mailath, and Rob
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Hans Jorgen Jacobsen; Mogens Jensen; Brigitte Sloth; Resumen : We provide robust examples of symmetric two-player coordination games in normal form that reveal that equilibrium selection by the evolutionary model of Young...
The Role of Moral Values in the Economic Analysis of Crime: A General Equilibrium Approach
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Nuno Garoupa; Resumen : In this paper, we develop a general equilibrium model of crime and show that law enforcement has different roles depending on the equilibrium characterization and the value of social norms. When an...
Weak Approximations. A Malliavin Calculus Approach
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Arturo Kohatsu; Resumen : We introduce a variation of the proof for weak approximations that is suitable for studying the densities of stochastic processes which are evaluations of the flow generated by a stochastic diffe...
Ethical Differentiation and Market Behavior: An Experimental Approach
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Julian Rode; Robin Hogarth; Marc Le Menestrel; Resumen : We constructed triopolistic experimental markets where producers set prices. One producers costs were higher than the others. In two experiments, costs were attrib...
Adaptive Approach Heuristics for The Generalized Assignment Problem
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Helena Ramalhinho-Lourenço; Daniel Serra; Resumen : The Generalized Assignment Problem consists in assigning a set of tasks to a set of agents with minimum cost. Each agent has a limited amount of a single resource and ea...
