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Transfers, Diversification and Household Risk Strategies: Experimental evidence with lessons for climate change adaptation

Macours, Karen; Premand, Patrick; Vakis, Renos - C.E.P.R. Discussion Papers - 2012

While climate change is likely to increase weather risks in many developing countries, there is little evidence on effective policies to facilitate adaptation. This paper presents experimental evidence on a program in rural Nicaragua aimed at improving households’ risk-management through...

Persistent link: https://www.econbiz.de/10011084056

Intermediation in Innovation

Hoppe, Heidrun C.; Ozdenoren, Emre - C.E.P.R. Discussion Papers - 2005

inventions. We find that uncertainty about the profitability of investing in new inventions generates a basis for intermediation … of intermediation in innovation. …

Persistent link: https://www.econbiz.de/10005498006

Monetary Policy and Inflation: From Theory to Practice

Viñals, José - C.E.P.R. Discussion Papers - 1998

This paper addresses a number of questions which are essential to a proper understanding of the causes and effects of the inflationary process and to an assessment of the contribution of monetary policy to the achievement of long-term price stability. These questions are: (1) what are the...

Persistent link: https://www.econbiz.de/10005661822

Corporate Culture, Societal Culture, and Institutions

Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2015

While both cultural and legal norms (institutions) help foster cooperation, culture is the more primitive of the two and itself sustains formal institutions. Cultural changes are rarer and slower than changes in legal institutions, which makes it difficult to identify the role played by culture....

Persistent link: https://www.econbiz.de/10011168899

The Value of Corporate Culture

Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2013

We study which dimensions of corporate culture are related to a firm’s performance and why. We find that proclaimed values appear irrelevant. Yet, when employees perceive top managers as trustworthy and ethical, firm’s performance is stronger. We then study how different governance...

Persistent link: https://www.econbiz.de/10011084023

Macroeconomic Policy Games with Incomplete Information: Some Extensions

Driffill, John - C.E.P.R. Discussion Papers - 1987

central result of the work by Backus and Driffill and by Barro is that the uncertainty may provide an incentive for the … in two ways. First, it considers a model in which the uncertainty about the government's preferences is somewhat more … exactly the policy measures taken by the government. The analysis of the more general model of uncertainty about preferences …

Persistent link: https://www.econbiz.de/10005504603

Model Misspecification and Under-Diversification

Uppal, Raman; Wang, Tan - C.E.P.R. Discussion Papers - 2002

In this Paper we develop a model of intertemporal portfolio choice where an investor accounts explicitly for the possibility of model misspecification. This work is motivated by the difficulty in estimating precisely the probability law for asset returns. Our contribution is to develop a...

Persistent link: https://www.econbiz.de/10005504745

Revisiting Oligopolistic Reaction: Are FDI Decisions Strategic Complements?

Head, Keith; Mayer, Thierry; Ries, John - C.E.P.R. Discussion Papers - 2002

develop a model that incorporates central features of Knickerbocker's story-oligopoly, uncertainty, and risk aversion …

Persistent link: https://www.econbiz.de/10005497737

Should Firms be Required to Pay for Vocational Training?

Stevens, Margaret - C.E.P.R. Discussion Papers - 1999

uncertainty, deterring potential trainees, or labour market imperfections that create external benefits for firms. This paper …

Persistent link: https://www.econbiz.de/10005498076

Evaluating the Minimum Asset Tax on Corporations: An Option Pricing Approach

Estache, Antonio; van Wijnbergen, Sweder - C.E.P.R. Discussion Papers - 1992

King-Fullerton methodology cannot assess the minimum-asset tax (MAT) because it cannot handle uncertainty. We present … an alternative based on option pricing, and show how carry-over rules, depreciation conventions and uncertainty affect …

Persistent link: https://www.econbiz.de/10005498170