Working Papers: Recent submissions
Now showing items 61-80 of 319
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(Vanderbilt University, 2007)Social welfare dominance criteria based on critical-level generalized utilitarian social welfare functions are investigated. An analogue of a generalized Lorenz curve called a generalized concentration curve is introduced. ...
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(Vanderbilt University, 2007)The players behave quite differently in the negotiation model under different time preferences than under common time preferences. Conventional analysis in this literature relies on the key presumption that all continuation ...
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(Vanderbilt University, 2007)The impact of changing an individual's skill level on the solution to a finite population version of the Mirrlees optimal nonlinear income tax problem with quasilinear-in-leisure preferences is investigated. It is shown ...
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(Vanderbilt University, 2007)In sticky price models with endogenous investment, virtually all monetary policy rules that set a nominal interest rate in response solely to future inflation induce real indeterminacy of equilibrium. Applying the ...
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(Vanderbilt University, 2007)We introduce a subsidized Vickrey auction for cost sharing problems. Although the average, marginal, and serial cost sharing mechanisms are budget-balanced, they are not allocatively efficient and they do not induce players ...
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(Vanderbilt University, 2007)Firms communicate product quality attributes to consumers through a variety of channels, such as pricing, advertising, releases of research reports and test results, or warranties and returns policies. The conceptualization ...
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(Vanderbilt University, 2007)This paper studies a flexible price version of the Prescott (1975) hotels model. Unlike rigid price versions of the model, here the equilibrium outcome is efficient if potential buyers have the same downward sloping demand ...
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(Vanderbilt University, 2007)The welfare gains from adopting a zero nominal interest policy depend on the implementation details. Here I focus on a government loan program that crowds out lending and borrowing and other money substitutes. Since money ...
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(Vanderbilt University, 2007)Empirical evidence suggests that it may cost time, effort, and resources to properly implement a saving plan, though such cost may differ across individual consumers. We document seven facts on macroeconomic consumption ...
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(Vanderbilt University, 2007)I model the World Trade Organization as an impartial arbitrator with no enforcement power which issues public signals correlated with the state of the world in the disputing countries. Such public signals, by mitigating ...
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(Vanderbilt University, 2007)I use price dispersion to model liquidity. Buyers may be rationed at the low price. An asset is more liquid if it is used relatively more in low price transactions and the probability that it will buy at the low price is ...
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(Vanderbilt University, 2007)This paper studies the empirical relevance of temptation and self-control using household-level data from the Consumer Expenditure Survey. We construct an infinite-horizon consumption-savings model that allows, but does ...
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(Vanderbilt University, 2007)We explore how the incentives of a plaintiff and her attorney, when considering filing suit and bargaining over settlement, can differ between those suits associated with stand-alone torts cases and those suits involving ...
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(Vanderbilt University, 2007)Overconfidence is a widely documented phenomenon. In this paper, we study the implications of consumer overconfidence in a life-cycle consumption/saving model. Our main analytical result is a necessary and sufficient ...
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(Vanderbilt University, 2007)We build a model in which financial intermediaries provide insurance to households against idiosyncratic liquidity shocks. Households can invest in financial markets directly if they pay a cost. In equilibrium, the ability ...
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(Vanderbilt University, 2007)We show that, in a setting where tax competition promotes efficiency, variation in the extent to which firms can use public goods to reduce costs brings about a reduction in the intensity of tax competition. This in turn ...
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(Vanderbilt University, 2007)This paper presents a new family of chronic poverty measures based on the Pa poverty measures of Foster, Greer,and Thorbecke (1984). The chronically poor are identified using two cutoffs: a standard poverty line, which ...
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(Vanderbilt University, 2008)This study explores theoretical and macroeconomic implications of the self-confirming equilibrium in a standard growth model. When rational expectations are replaced by adaptive expectations, we prove that the self-confirming ...
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(Vanderbilt University, 2008)We explore the potential for correlated equilibrium to capture conformity to norms and the coordination of behavior within social groups. Given a partition of players into social groups we propose three properties one may ...
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(Vanderbilt University, 2008)The welfare gains from adopting a zero nominal interest policy depend on the implementation details. Here I argue that implementing the Friedman rule by a government loan program may be better than implementing it by ...