We propose a method to nonparametriclly estimate the revenue under a auction that is efficient and resilient to collusion [Chen and Micali, 2012]. Efficiency is achieved on account of a lower revenue and we propose a method to quantify this efficiency-revenue trade-off, i.e. the extra cost for...

Production takes time, and labor supply and profit maximization decisions that relate to current production are typically made before all shocks affecting that production have been realized. In this paper we re-examine the problem of stochastic optimal growth with aggregate risk where the timing...

In equilibrium models of firm dynamics, the stationary equilibrium distribution of firms summarizes the predictions of the model for a given set of primitives. Focusing on Hopenhayn's seminal model of firm dynamics with entry and exit (Econometrica, 60:5, 1992, p.~1127--1150), we provide an...

We formulate an overlapping generations model with temptation and self-control preferences and incomplete market for commitment devices to study the role of two fiscal programs: social security and saving subsidy. In our environment, the distortions created by such fiscal programs work as a...

The paper interprets the neoliberalism' of Friedman, Hayek (and others), as a partly successful doctrinal reformulation of 'historical liberalism' that certain material realities had by the mid-20th century proved solvent of. It argues that in the post-War period it was the doctrinal...

We analyze a static game of public good contributions where finitely many anonymous players have heterogeneous preferences about the public good and heterogeneous beliefs about the distribution of preferences. In the unique symmetric equilibrium, the only individuals who make positive...

I examine household resource reallocation when private transfers are sent to nonhousehold members living elsewhere. The literature has so far focused on the impact of private transfers on the recipients, but not on the senders. Potential endogeneity of private transfers is handled by...

In this paper, I provide new empirical evidence that the natural environment can shape individual risk preferences. By combining historical data on weather variation and contemporary survey questions on risk aversion, I find that risk aversion is significantly different for people who live in...

In this paper, we develop a bivariate unobserved components model for inflation and unemployment. The unobserved components are trend inflation and the non-accelerating inflation rate of unemployment (NAIRU). Our model also incorporates a time-varying Phillips curve and time-varying inflation...

This paper estimates the role of labor market conditions in the recent decline in welfare receipt among the working age population in Australia. A stock-flow model is used, which involves modeling the underlying welfare flows and using the results to simulate the effect of labor market...