Communication, Coordination, and Efficiency in Evolutionary One-population Models
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Sjaak Hurkens; Karl H. Schlag; Resumen : We analyze the role of commitment in pre-play communication for ensuring efficient evolutionarily stable outcomes in coordination games. All players are a priori identical as they ...
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Endogenous Policy Leads to Inefficient Risk Sharing
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Marco Celentani; J. Ignacio Conde; Klaus Desmet; Resumen : We analyze risk sharing and fiscal spending in a two-region model with complete markets. Fiscal policy determines tax rates for each state of nature. When fiscal ...
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Financial Repression in a Natural Experiment: Loan Allocation and the Change in the Usury Laws in 1714
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Peter Tenim; Joachim Voth; Resumen : If financial deepening aids economic growth, then financial repression should be harmful. We use a natural experiment the change in the English usury laws in 1714 to analyze the ef...
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On the Timing of Balance of Payments Crises: Disaggregated Information and Interest Rate Policy
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Fernando Broner; Resumen : This paper proposes a dynamic framework to study the timing of balance of payments crises. The model incorporates two main ingredients: (i) investors have private information; (ii)investors inte...
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Multiple Prisoner's Dilemma Games with (out) an Outside Option: An Experimental Study
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Esther Hauk; Resumen : Experiments in which subjects play simultaneously several finite prisoner's dilemma supergames with and without an outside option reveal that: (i) subjects use probabilistic start and endeffect beha...
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Seniority-based pay: is it used as a motivation device?
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Autònoma de Barcelona. Departament d'Economia de l'Empresa Autor/es: Bayo Moriones, José Alberto; Publica: Universitat Autònoma de Barcelona. Departament d'Economia de l'Empresa Resumen : The purpose of this article is to explain what factors determine the use of seniority-base...
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On the Cultural Transmission of Corruption
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Esther Hauk; Maria Sáez; Resumen : We provide a cultural explanation to the phenomenon of corruption in the framework of an overlapping generations model with intergenerational transmission of values. We show that the eco...
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Instituciones Financieras
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Superintendencia de bancos. Fondo de garantia de depósito y protección. Fondo monetario internacional. Banco mundial. Lectura adicional.~~A medida que el mundo fue evolucionando las personas han buscado la mejor manera de cuidar su dinero, de hacerlo producir, de tenerlo en un lugar seguro y donde p...
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On the Valuation and Incentive Effects of Executive Cash Bonus Contracts
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Lionel Martellini; Branko Urosevic; Resumen : Executive compensation packages are often valued in an inconsistent manner: while employee stock options (ESOs) are typically valued ex-ante, cash bonuses are valued ex-post. ...
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On the Accuracy of Latin American Trade Statistics: a Nonparametric Test for 1925
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: M. del Mar Rubio Varas; Mauricio Folchi; Resumen : This paper proposes a nonparametric test in order to establish the level of accuracy of the foreign trade statistics of 17 Latin American countries when contrasted with t...
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Sequential Screening
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Pascal Courty; Li Hao; Resumen : We present a model of price discrimination where a monopolist faces a consumer who is privately informed about the distribution of his valuation for an indivisible unit of good but has yet...
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Honey, I Shrunk the Sample Covariance Matrix
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Olivier Ledoit; Michael Wolf; Resumen : The central message of this paper is that nobody should be using the sample covariance matrix for the purpose of portfolio optimization. It contains estimation error of the kind mos...
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Systemic Crises and Growth
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Romain Rancière; Aaron Tornell; Frank Westermann; Resumen : In this paper, we document the fact that countries that have experienced occasional financial crises have on average grown faster than countries with stable fina...
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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...
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Caution, Children Crossing: Heterogeneity of Victim's Cost of Care and Negligence Rule
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Juan José Ganuza; Fernando Gómez; Resumen : The paper deals with a bilateral accident situation in which victims have heterogeneous costs of care. With perfect information,efficient care by the injurer raises with the vic...
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Finite Horizon Bargaining and the Consistent Field
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Armando Gomes; Sergiu Hart; Andreu Mas-Colell; Resumen : This paper explores the relationships between noncooperative bargaining games and the consistent value for non-transferable utility (NTU) cooperative games. A dynam...
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Hiring and Firing Costs, Adverse Selection and Long-term Unemployment
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Adriana D. Kugler; Gilles Saint Paul; Resumen : In this paper, we present a matching model with adverse selection that explains why flows into and out of unemployment are much lower in Europe compared to North America, wh...
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Turbulence and Unemployment in a Job Matching Model
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Wouter J. Den Haan; Christian Haefke; Garey Ramey; Resumen : According to Ljungqvist and Sargent (1998), high European unemployment since the 1980s can be explained by a rise in economic turbulence, leading to greater num...
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A Multi-state model for the analysis of functional decline and mortality of frail elderly patients
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat de Vic. Grup de Recerca en Modelització de Sistemes Biològics Autor/es: Calle, M. Luz; Roura, Pere; Arnau, Anna; Yáñez, Aina; Leiva, Alfonso; Publica: Universitat de Vic Resumen : L’objectiu d’aquest estudi, que correspon a un projecte de recerca sobre la pèrdua funcional i la ...
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Ethics and Creative Accounting: Some Empirical Evidence on Accounting for Intangibles in Spain
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Ester Oliveras; Oriol Amat; Resumen : Recent research shows that financial reports are losing relevance. Mainly this is due to the growing strategic importance of intangible assets in the performance of a company. A possi...
