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Communication in Federal Politics: Universalism, Policy Uniformity, and the Optimal Allocation of Fiscal Authority
Kessler, Anke - C.E.P.R. Discussion Papers - 2010
The paper presents a positive model of communication in federal legislatures to study the incentives of members to … consideration, communication between delegates generally suffers from a bias that make truthful revelation difficult and sometimes …-)centralization, which revisits Oates' decentralization theorem in a world of incomplete information and strategic communication. Empirical …
Persistent link: https://www.econbiz.de/10008554245
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Cheap Talk with Multiple Audiences: an Experimental Analysis
Battaglini, Marco; Makarov, Uliana - C.E.P.R. Discussion Papers - 2010
communication between the sender and the receiver in a way consistent with the theoretical predictions. Deviations from the …
Persistent link: https://www.econbiz.de/10008784698
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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
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The Social Cost of Air Traffic Delays
de Villemeur, Etienne; Ivaldi, Marc; Quinet, Emile; … - C.E.P.R. Discussion Papers - 2015
The so-called buffer time or buffer delay allows airlines to control for excessive delays by introducing extra time in their schedule in addition to what is technically required. . We study the differences between unregulated markets - where airlines are free to fix their buffer times...
Persistent link: https://www.econbiz.de/10011165671
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Roads and Trade: Evidence from the US
Duranton, Gilles; Morrow, Peter; Turner, Matthew A - C.E.P.R. Discussion Papers - 2013
We estimate the effect of interstate highways on the level and composition of trade for us cities. Highways within cities have a large effect on the weight of city exports with an elasticity of approximately 0.5. We find little effect of highways on the total value of exports. Consistent with...
Persistent link: https://www.econbiz.de/10011083314
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Does Supporting Passenger Railways Reduce Road Traffic Externalities?
Lalive, Rafael; Luechinger, Simon; Schmutzler, Armin - C.E.P.R. Discussion Papers - 2013
Many governments subsidize regional rail service as an alternative to road traffic. This paper assesses whether increases in service frequency reduce road traffic externalities. We exploit differences in service frequency growth by procurement mode following a railway reform in Germany to...
Persistent link: https://www.econbiz.de/10011083939
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Integration in the English wheat market 1770-1820
Brunt, Liam; Cannon, Edmund - C.E.P.R. Discussion Papers - 2013
Cointegration analysis has been used widely to quantify market integration through price arbitrage. We show that total price variability can be decomposed into: (i) magnitude of price shocks; (ii) correlation of price shocks; (iii) between-period arbitrage. All three measures depend upon data...
Persistent link: https://www.econbiz.de/10011084541
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The Fundamental Law of Road Congestion: Evidence from US cities
Duranton, Gilles; Turner, Matthew A - C.E.P.R. Discussion Papers - 2009
We investigate the relationship between interstate highways and highway vehicle kilometers traveled (vkt) in US cities. We find that vkt increases proportionately to highways and identify three important sources for this extra vkt: an increase in driving by current residents; an increase in...
Persistent link: https://www.econbiz.de/10008528527
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Insider Trading, Investment and Liquidity
Bhattacharya, Sudipto; Nicodano, Giovanna - C.E.P.R. Discussion Papers - 1999
We compare competitive equilibrium outcomes with and without trading by a privately informed 'monopolistic' insider, in a model with real investment portfolio choices ex ante, and noise trading generated by aggregate uncertainty regarding other agents' intertemporal consumption preferences. The...
Persistent link: https://www.econbiz.de/10005504224
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Risk Taking and Optimal Contracts for Money Managers
Palomino, Frédéric; Prat, Andrea - C.E.P.R. Discussion Papers - 1999
Recent empirical work suggests a strong connection between the incentives money managers are offered and their risk-taking behavior. We develop a general model of delegated portfolio management, with the feature that the agent can control the riskiness of the portfolio. This represents a...
Persistent link: https://www.econbiz.de/10005504241