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Now showing items 21-30 of 35
Cumulative Harm and Resilient Liability Rules for Product Markets
(Vanderbilt University, 2011)
In the traditional model of the law and economics of torts, harm accrues proportional to use. This has the remarkable implication for products-generated torts that product performance concerns (e.g., issues of care and of ...
The Advantages of Association: Know-How Sharing and Innovation Adoption in Four Brazilian Cities
(Vanderbilt University, 2011)
This paper investigates the role of social learning in the diffusion of different types of innovation in four urban areas of Brazil. A unique database of small sized firms in 19 economic sectors is used to show evidence ...
Do Sticky Prices Increase Real Exchange Rate Volatility at the Sector Level?
(Vanderbilt University, 2011)
We introduce the real exchange rate volatility curve as a useful device to understand the relationship between price stickiness and the fluctuations in Law of One Price deviations. In the presence of both nominal and real ...
International Risk-Sharing and Commodity Prices
(Vanderbilt University, 2011)
Cole and Obstfeld (1991) exposited a classic result where equilibrium movements in the terms of trade could make ex ante risk-sharing arrangements unnecessary: a unity elasticity of substitution across goods and production ...
Director Histories and the Pattern of Acquisitions
(Vanderbilt University, 2011)
We trace directors through time and across firms to study whether acquirers' exposure to non-public information about potential targets through board service histories affects the market for corporate control. In a sample ...
Turning Points in Leadership: Shipping Technology in the Portuguese and Dutch Merchant Empires
(Vanderbilt University, 2011)
This paper focuses on the implications of organizational control on the race for economic leadership across merchant empires. Poor organizational choices reduce incentives to invest, which in turn stifle technological ...
Data Revisions, Gradualism, and US Inflation Pressure in Real Time
(Vanderbilt University, 2011)
Uncertainties associated with the informational content of real-time data and the impact of policy initiatives on expectations have been offered as rationales for gradualism in monetary policy. Our objective is to assess ...
Examining the Distributional Effects of Military Service on Earnings: A Test of Initial Dominance
(Vanderbilt University, 2011)
Existing empirical evidence suggests that the effects of Vietnam veteran status on earnings in the decade-and-a-half following service may be concentrated in the lower tail of the earnings distribution. Motivated by this ...
A Unified Approach to Strategy-Proofness for Single-Peaked Preferences
(Vanderbilt University, 2011)
This article establishes versions of Moulin's [On strategy-proofness and single peakedness, Public Choice 35 (1980), 31-38] characterizations of various classes of strategy-proof social choice functions when the domain ...
Search, Bargaining, and Agency in the Market for Legal Services
(Vanderbilt University, 2011)
We show that, in the context of the market for a professional service, adverse selection problems can sufficiently exacerbate moral hazard considerations so that even though all agents are risk neutral, welfare can be ...