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sufficient to generate increasing income skewness and decreasing redistribution in the presence of upward mobility. -- Voting …Despite a strong theoretical prediction that income skewness and redistribution should be positively linked, empirical … skewness. Under imperfect information, these developments affect redistribution in different ways. While rising polarization …
Persistent link: https://www.econbiz.de/10008933747
Despite a strong theoretical prediction that income skewness and redistribution should be positively linked, empirical … skewness. Under imperfect information, these developments affect redistribution in different ways. While rising polarization … increases redistribution, upward mobility can have the opposite effect. Reasonable degrees of informational imperfection are …
Persistent link: https://www.econbiz.de/10013135849
Persistent link: https://www.econbiz.de/10010387766
distribution with independent marginals then, under weak conditions, voting on the original issues is not optimal. If the marginals … are identical (but not necessarily independent), then voting first on the total sum and next on the differences is often … welfare superior to voting on the original issues. We also provide various lower bounds on incentive efficiency: in particular …
Persistent link: https://www.econbiz.de/10012022742
We show how experience and dynamic learning processes reduce the obstacles to optimization imposed by information frictions when individuals newly enter the formal sector economy. Most importantly, we provide causal evidence on the exact mechanisms through which individuals learn about the...
Persistent link: https://www.econbiz.de/10012918220
We show how experience and dynamic learning processes reduce the obstacles to optimization imposed by information frictions when individuals newly enter the formal sector economy. Most importantly, we provide causal evidence on the exact mechanisms through which individuals learn about the...
Persistent link: https://www.econbiz.de/10011865317
A candidate for political office has private information about his and his rival's qualifications. A more informative positive (negative) campaign generates a more accurate public signal about his own (his rival's) qualifications, but costs more. A high type candidate has a comparative advantage...
Persistent link: https://www.econbiz.de/10014169481
Games with imperfect information often feature multiple equilibria, which depend on beliefs off the equilibrium path. Standard selection criteria such as passive beliefs, symmetric beliefs or wary beliefs rest on ad hoc restrictions on beliefs. We propose a new selection criterion that imposes...
Persistent link: https://www.econbiz.de/10010339744
We study the term structure of disagreement of professional forecasters for key macroeconomic variables. We document a novel set of facts: 1) forecasters disagree at all horizons, including the very long run; 2) the shape of the term structure of disagreement differs markedly across variables:...
Persistent link: https://www.econbiz.de/10010222893
We consider an oligopolistic market where firms compete in price and quality and where consumers are heterogeneous in knowledge: some consumers know both the prices and quality of the products offered, some know only the prices and some know neither. We show that two types of signalling...
Persistent link: https://www.econbiz.de/10011376636