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Modelling Negotiated Decision Making: A Multilateral, Multiple Issues, Non-Cooperative Bargaining Model with Uncertainty

Carraro, Carlo; Sgobbi, Alessandra - C.E.P.R. Discussion Papers - 2007

The relevance of bargaining to everyday life can easily be ascertained, yet the study of any bargaining process is … on some dimensions of the bargaining process – asymmetries and uncertainties in particular – by using a non … most economic situations, uncertainty crucially affects also bargaining processes. Therefore, in our analysis, we introduce …

Persistent link: https://www.econbiz.de/10005791640

A Stochastic Multiple Players Multi-Issues Bargaining Model for the Piave River Basin

Carraro, Carlo; Sgobbi, Alessandra - C.E.P.R. Discussion Papers - 2007

The objective of this paper is to investigate the usefulness of non-cooperative bargaining theory for the analysis of … multilateral, multiple issues, non-cooperative bargaining model of water allocation in the Piave River Basin, in the North East of … problem and conduct comparative static analyses to assess sources of bargaining power. Finally, we explore the implications of …

Persistent link: https://www.econbiz.de/10005791729

Competition between Intermediated and Direct Trade and the Timing of Disintermediation

Fingleton, John - C.E.P.R. Discussion Papers - 1996

This paper analyses competition between direct and intermediated trade. We show that middlemen’s supply and demand depend on both their bid and ask prices if sellers and buyers have the alternative of trading directly. Multiplicity also prevails. Direct trade does not constrain the market...

Persistent link: https://www.econbiz.de/10005661852

Explaining the Favorite-Longshot Bias: Is it Risk-Love or Misperceptions?

Snowberg, Erik; Wolfers, Justin - C.E.P.R. Discussion Papers - 2010

The favorite-longshot bias describes the longstanding empirical regularity that betting odds provide biased estimates of the probability of a horse winning—longshots are overbet, while favorites are underbet. Neoclassical explanations of this phenomenon focus on rational gamblers who overbet...

Persistent link: https://www.econbiz.de/10008468517

Strategic Experimentation and Disruptive Technological Change

Schivardi, Fabiano; Schneider, Martin - C.E.P.R. Discussion Papers - 2005

This paper studies the diffusion of a new technology that is brought to market while its potential is still uncertain. We consider a dynamic game in which firms improve both a new and a rival old technology while learning about the relative potential of both technologies. We use the model to...

Persistent link: https://www.econbiz.de/10005504449

Government Debt Management: The Long and the Short of It

Faraglia, Elisa; Marcet, Albert; Oikonomou, Rigas; … - C.E.P.R. Discussion Papers - 2014

Our aim is to provide insights into some basic facts of US government debt management by introducing simple financial frictions in a Ramsey model of fiscal policy. We find that the share of short bonds in total U.S. debt is large, persistent, and highly correlated with total debt. A well known...

Persistent link: https://www.econbiz.de/10011096106

Industry location and wages: The role of market size and accessibility in trading networks

Barbero, Javier; Behrens, Kristian; Zofio, Jose L. - C.E.P.R. Discussion Papers - 2015

We investigate the geographical distribution of economic activity and wages in a general equilibrium model with many asymmetric regions and costly trade. As shown by extensive simulations on random networks, local market size better explains a region’s industry share, whereas accessibility...

Persistent link: https://www.econbiz.de/10011165639

A Welfare Assessment of Revenue Management Systems

Dupuis, Nicolas; Ivaldi, Marc; Pouyet, Jérôme - C.E.P.R. Discussion Papers - 2015

We study the welfare impact of revenue management, i.e. intertemporal price discrimination when the product availability is limited both in time and quantity, and consumers' arrival is random. This practice is particularly relevant, and widely spread, in the transport industry, but little is...

Persistent link: https://www.econbiz.de/10011165643

Nestedness in Networks: A Theoretical Model and Some Applications

König, Michael; Tessone, Claudio J.; Zenou, Yves - C.E.P.R. Discussion Papers - 2012

We develop a dynamic network formation model that can explain the observed nestedness in real-world networks. Links are formed on the basis of agents’ centrality and have an exponentially distributed life time. We use stochastic stability to identify the networks to which the network formation...

Persistent link: https://www.econbiz.de/10011083433

Information Aggregation in a DSGE Model

Hassan, Tarek; Mertens, Thomas M. - C.E.P.R. Discussion Papers - 2014

We introduce the information microstructure of a canonical noisy rational expectations model (Hellwig, 1980) into the framework of a conventional real business cycle model. Each household receives a private signal about future productivity. In equilibrium, the stock price serves to aggregate and...

Persistent link: https://www.econbiz.de/10011083546