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Auctions under Payoff Uncertainty: The Case with Heterogeneous Bidder-Aversion to Downside Risk

Hu, Audrey; Zou, Liang - 2008

This paper characterizes the optimal first-price auction (FPA) and second-price auction (SPA) for selling rights, contracts, or licenses that involve ensuing payoff uncertainty for the winning bidder. The distribution of the random payoff is common knowledge, except that bidders have private...

Persistent link: https://www.econbiz.de/10010325804

Behavioral efficiency I: Definition, methodology and demonstration

Harstad, Ronald M. - 2011

Economic experiments conducted in laboratories employing an induced-values methodology can report on allocative efficiencies observed. This methodology is limited by requiring the experimenter to know subjects' motivations, an impossibility in field experiments. Allocative efficiency implies a...

Persistent link: https://www.econbiz.de/10010332372

Public Bank Guarantees and Allocative Efficiency

Gropp, Reint E.; Guettler, Andre; Saadi, Vahid - 2015

[Staatliche Bankgarantien und Allokationseffizienz] Im Zuge der jüngsten Finanzkrise haben viele Regierungen ihre … Bürgschaften auf die Kreditvergabe identifizieren zu können („Allokationseffizienz“). Unter Verwendung zusammengeführter Bank- und … Unternehmensdaten zeigt sich, dass staatliche Garantien diese Allokationseffizienz mindern. Werden Garantien gewährleistet, investieren …

Persistent link: https://www.econbiz.de/10011306638

When inefficiency begets efficiency

Gersbach, Hans; Haller, Hans - 2003

Collective consumption decisions taken by the members of a household may prove inefficient. The impact of such inefficient household decisions on market performance is investigated. At one extreme, market efficiency can occur even when household decisions are inefficient, namely when household...

Persistent link: https://www.econbiz.de/10010292768

Wage Setting in Modern Labor Markets: Neither Fair Nor Efficient

Schlicht, Ekkehart - 2011

The increasing wage inequality in many countries is usually seen as brought about by economic forces that drive for economic efficiency within a changing technological and social environment. Ethical evaluations of these developments diverge, yet the view that free labor markets drive to...

Persistent link: https://www.econbiz.de/10010331414

Labour supply and employment in the euro area countries - developments and challenges

Masuch, Klaus; Gómez-Salvador, Ramon; … - 2008

The aim of this report, which has been prepared by a Task Force of the Monetary Policy Committee of the Eurosystem, is to describe and analyse the main developments in labour supply and its determinants in the euro area, review the links between labour supply and labour market institutions,...

Persistent link: https://www.econbiz.de/10011606239

Progressive taxes and the labour market: Is the trade-off between equality and efficiency inevitable?

Røed, Knut; Strøm, Steinar - 1999

Does an income tax harm economic efficiency more the more progressive it is? Public economics provides a strong case for a definite ‘yes’. But at least three forces may pull in the other direction. First, low-wage workers may on average have more elastic labour supply schedules than...

Persistent link: https://www.econbiz.de/10010284358

Meta-analysis of empirical evidence on the labour market impacts of immigration

Longhi, Simonetta; Nijkamp, Peter; Poot, Jacques - 2008

The increasing proportion of immigrants in the population of many countries has raised concerns about the 'absorption capacity' of the labour market, and fuelled extensive empirical research in countries that attract migrants. In previous papers we synthesized the conclusions of this empirical...

Persistent link: https://www.econbiz.de/10010268868

Kind of Black : the musicians' labour market in Italy

Balestrino, Alessandro - 2009

It is estimated that only 5% of musicians in Italy are regularly employed. In an attempt at understanding such a peculiar situation, we build a theoretical model of the musicians' labour market in which we embed the main institutional features of the Italian system. We notice how the presence of...

Persistent link: https://www.econbiz.de/10010270601

A Theory of Social Forces and Immigrant Second Language Acquisition

DeVoretz, Don J.; Werner, Christiane - 2000

The preponderance of minimal second language acquisition by immigrants worldwide is striking. This paper proposes a theoretical model, which analyzes the underlying forces that contribute to this outcome of minimal secondary language acquisition by immigrants in such diverse immigrant-receiving...

Persistent link: https://www.econbiz.de/10010272933