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Consistency in Simple vs. Complex Choices over the Life Cycle

Brocas, Isabelle; Carrillo, Juan D; Combs, T. Dalton; … - C.E.P.R. Discussion Papers - 2015

Employing a variant of GARP, we study consistency in aging by comparing the choices of younger adults (YA) and older adults (OA) in a 'simple', two-good and a `complex' three-good condition. We find that OA perform worse than YA in the complex condition but similar in the simple condition....

Persistent link: https://www.econbiz.de/10011186610

Exploitation, Altruism, and Social Welfare: An Economic Exploration

Doepke, Matthias - C.E.P.R. Discussion Papers - 2013

Child labor is often condemned as a form of exploitation. I explore how the notion of exploitation, as used in everyday language, can be made precise in economic models of child labor. Exploitation is defined relative to a specific social welfare function. I first show that under the standard...

Persistent link: https://www.econbiz.de/10011084615

Labour Specialization and City Formation

Berliant, Marcus; Zenou, Yves - C.E.P.R. Discussion Papers - 1995

This paper explores the formation of cities through labour specialization, gains to trade, a fixed cost for the transportation network, imperfect competition between firms, and the commuting costs of consumers. The model uses a very general setting, allowing a multidimensional location space and...

Persistent link: https://www.econbiz.de/10005498079

Asset Prices and Institutional Investors

Basak, Suleyman; Pavlova, Anna - C.E.P.R. Discussion Papers - 2012

Empirical evidence indicates that trades by institutional investors have sizable effects on asset prices, generating phenomena such as index effects, asset-class effects and others. It is difficult to explain such phenomena within standard representative-agent asset pricing models. In this...

Persistent link: https://www.econbiz.de/10011083249

Rotten Parents and Disciplined Children: A Politico-Economic Theory of Public Expenditure and Debt

Song, Zheng Michael; Storesletten, Kjetil; Zilibotti, … - C.E.P.R. Discussion Papers - 2012

This paper proposes a dynamic politico-economic theory of fiscal policy in a world comprising a set of small open economies, whose driving force is the intergenerational conflict over debt, taxes, and public goods. Subsequent generations of voters choose fiscal policy through repeated elections....

Persistent link: https://www.econbiz.de/10011083405

Asset Prices with Heterogeneity in Preferences and Beliefs

Bhamra, Harjoat Singh; Uppal, Raman - C.E.P.R. Discussion Papers - 2013

priors) and their preference parameters for time discount, risk aversion, and sensitivity to habit. A key contribution of our … heterogeneous priors and heterogeneous preferences without restricting the risk aversion of the two agents to special values. We … solve in closed form also for the the state-price density, the riskless interest rate and market price of risk; the stock …

Persistent link: https://www.econbiz.de/10011083492

Toward a theory of monopolistic competition

Parenti, Mathieu; Thisse, Jacques-François; Ushchev, Philip - C.E.P.R. Discussion Papers - 2014

We propose a general model of monopolistic competition, which encompasses existing models while being flexible enough to take into account new demand and competition features. The basic tool we use to study the market outcome is the elasticity of substitution at a symmetric consumption pattern,...

Persistent link: https://www.econbiz.de/10011083517

Labor Differentiation and Agglomeration in General Equilibrium

Berliant, Marcus; Zenou, Yves - C.E.P.R. Discussion Papers - 2012

and quantities. This is among the first papers to apply smooth economy techniques to urban economics. Existence of …

Persistent link: https://www.econbiz.de/10011083732

The Macroeconomics of Modigliani-Miller

Gersbach, Hans; Haller, Hans; Müller, Jürg - C.E.P.R. Discussion Papers - 2013

general equilibrium model with two production sectors, risk-averse households and financial intermediation by banks. Banks are …

Persistent link: https://www.econbiz.de/10011084423

Optimal Spatial Taxation: Are Big Cities too Small?

Eeckhout, Jan; Guner, Nezih - C.E.P.R. Discussion Papers - 2015

We analyze the role of optimal income taxation across different local labor markets. Should labor in large cities be taxed differently than in small cities? We find that a planner who needs to raise revenue and is constrained by free mobility of labor across cities does not choose equal taxes...

Persistent link: https://www.econbiz.de/10011145397

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