We experimentally study auctions versus grandfathering in the initial assignment of pollution permits that can be traded in a secondary spot market. Low and high emitters compete for permits in the auction, whereas permits ...
eBay's Buy It Now format allows a seller to list an auction with a "buy price" at which a bidder may purchase the item immediately and end the auction. When bidders are risk averse, then theoretically a buy price can raise ...
We study the effects of deliberation on collective decisions. In a series of experiments, we vary groups' preference distributions (between common and conflicting interests) and the institutions by which decisions are ...
This paper reports the results of an experiment designed to test the usefulness of alternative solution concepts to explain players' behavior in noncooperative games with preplay communication. In the experiment subjects ...
We analyse the Bouchouev integral equation for the deterministic volatility function in the Black-Scholes option pricing model. We areable to reduce Bouchouev's original triple integral equation to a single integral equation ...
Despite continuous government attempts to increase taxpayer compliance, the underground economy continues to offer an avenue for taxpayers to evade their tax paying obligations. The consequences are clear: policymakers ...
Purpose To investigate the construct validity of the ICECAP-A capability wellbeing measure. Methods A face-to-face interview-administered survey was conducted with 418 members of the UK general population, randomly sampled ...
In a standard environment for choice under uncertainty with constant relative risk aversion (CRRA), the existence of expected utility is fragile with respect to changes in the distributions of random variables, changes in ...
THIS NOTE SUGGESTS that the components models employed in [2, 3, 10, 11, 12 and 17] may be usefully analyzed within the state space framework found in the literature of control engineering. Such a formulation has the ...
It is proposed to sample antithetically rather than randomly from the posterior density in Bayesian inference using Monte Carlo integration. Conditions are established under which the number of replications required with ...
Background: The EQ-5D-5L has recently been developed to improve the sensitivity of the widely used three-level version. Valuation studies are required before the use of this new instrument can be adopted. The use of discrete ...
Aryal, G; Kim, D(American Statistical Association, 2013-01)
This article proposes a decision-theoretic method to choose a single reserve price for partially identified auction models, such as Haile and Tamer (2003), using data on transaction prices from English auctions. The article ...
Diermeier, D; Keane, M; Merlo, A(American Economic Association, 2005-01)
Our main goal is to quantify the returns to a career in the United States Congress. We specify a dynamic model of career decisions of a member of Congress and estimate this model using a newly collected dataset. Given ...
In finance and economics the key dynamics are often specified via stochastic differential equations (SDEs) of jump-diffusion type. The class of jump-diffusion SDEs that admits explicit solutions is rather limited. Consequently, ...
Ching, A; Imai, S; Ishihara, M; Jain, N(Springer, 2012-01)
This paper provides a step-by-step guide to estimating infinite horizon discrete choice dynamic programming (DDP) models using a new Bayesian estimation algorithm (Imai et al., Econometrica 77:18651899, 2009a) (IJC). In ...
This paper proposes a new test of the Protection for Sale (PFS) model by Grossman and Helpman (1994). Unlike existing methods in the literature, our approach does not require any data on political organization. We use ...
Keane, M; Runkle, D(Federal Reserve Bank of Minneapolis, 1989-01)
his paper discusses at an undergraduate level how forecast rationality can be tested. It explains that forecasters should correctly use any relevant information they knew in making their predictions. It shows that forecast ...