The quality of information in financial asset markets is often hard to estimate. This paper analyzes information transmission in asset markets when agents treat information of unknown quality as ambiguous. We consider a market with risk-averse informed investors, risk-neutral competitive...

The term mobility has different meanings in the following science disciplines. In economics, mobility is the ability of an individual or a group to improve their economic status in relation to income and wealth within their lifetime or between generations. In information systems and computer...

Most countries, developed and developing, are fiscally decentralized with regional and local governments of varying importance. In many of these countries, some of these sub-national governments differ substantially from others in terms of wealth, ethnic, religious, or linguistic composition....

The objective of this paper is to identify variational preferences and multiple-prior (maxmin) expected utility functions that exhibit aversion to risk under some probability measure from among the priors. Risk aversion has profound implications on agents’ choices and on market prices and...

La fiscalité communale en Allemagne est l'objet aujourd'hui d'une attention particulière. Nous la décrivons précisément, en mettant en lumière l'effet de ciseaux entre des recettes fiscales locales limitées et contraintes, et l'augmentation des compétences transférées et des charges...