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1.
Nanyang Bu 《Economic Theory》2016,61(1):115-125
We study the problem of assigning objects to buyers. Monetary transfers are allowed. Each buyer’s preference space contains, but is not limited to, the linear additively separable preferences. A rule maps each preference profile to an allocation. We are concerned about the possibility that a group of buyers may engage in the following kind of manipulation: They make side payments internally and then carry out a joint misrepresentation. A rule is strongly group strategy-proof if no group can gain by engaging in such operations. We also consider several other appealing requirements. We find that the posted-price rules are the only one that satisfies non-triviality, non-imposition, envy-freeness, and strong group strategy-proofness.  相似文献   

2.
We examine the impact of financial reforms on efficient reallocation of capital within and between sectors in South Africa using firm-level panel data for the period 1991–2008. The measure of efficient allocation of capital is based on the Tobin’s Q. We find that financial reforms are associated with improvements in within-sector, but not between-sector allocation of capital. These results imply that for South Africa to unleash the potential for take-off that is often associated with reallocation of resources from the primitive to modern sectors, reforms that focus beyond the financial sector are necessary. While more research is necessary to determine what would fully constitute such additional reforms, our analysis shows that reforms that improve the quality of economic institutions may be a step in the right the direction.  相似文献   

3.
It is argued if xt ~ I(1) and yt ~ I(1), then running a regression xt on yt would produce spurious results because e t would generally be I(1). However, there may exist a ‘b’ such that e t  = x t - by t is I(0), then running a regression x t on y t would not produce spurious results. This special case of two integrated time series is known in the literature as cointegration. In this particular case, x t and y t are said to be cointegrated. In our review of the development of the concept of cointegration, we identified that the underlying reason for this special case to arise is the proposition that if x t  ~ I(d x ), y t  ~ I(d y ), then z t  = bx t  + cy t  ~ I(max(d x ,d y )). In this research, we offer evidence against this proposition.  相似文献   

4.
In this paper we consider the standard voting model with a finite set of alternatives A and n voters and address the following question: what are the characteristics of domains \({\mathcal D}\) that induce the property that every strategy-proof social choice function \({f: {\mathcal D}^n \rightarrow A}\) satisfying unanimity, has the tops-only property? We first impose a minimal richness condition which ensures that for every alternative a, there exists an admissible ordering where a is maximal. We identify conditions on \({\mathcal D}\) that are sufficient for strategy-proofness and unanimity to imply tops onlyness in the general case of n voters and in the special case, n = 2. We provide an algorithm for constructing tops-only domains from connected graphs with elements of A as nodes. We provide several applications of our results. Finally, we relax the minimal richness assumption and partially extend our results.  相似文献   

5.
This paper suggests a theory of choice among strategic situations when the rules of play are not properly specified. We take the view that a “strategic situation” is adequately described by a TU game since it specifies what is feasible for each coalition but is silent on the procedures that are used to allocate the surplus. We model the choice problem facing a decision maker (DM) as having to choose from finitely many “actions”. The known “consequence” of the ith action is a coalition from game f i over a fixed set of players \(N_i\cup\{d\}\) (where d stands for the DM). Axioms are imposed on her choice as the list of consequences (f 1,..., f m ) from the m actions varies. We characterize choice rules that are based on marginal contributions of the DM in general and on the Shapley Value in particular.  相似文献   

6.
We scrutinize the scope of auctions for firm acquisitions in the presence of downstream interactions and information externalities. We show that no mechanism exists that allows an investor to acquire a low-cost firm under incomplete information: a separating auction implies adverse selection and relies substantially on commitment to allocation and transfer rules. A pooling auction serves as a commitment device against ex-post opportunistic behavior and alleviates adverse selection. It can earn the investor a higher expected payoff than a separating auction, even when consistency is required as to qualify for a sequential equilibrium.  相似文献   

7.
This study analyzes the persistency of total and disaggregated Turkish exports for different shock magnitudes using the quantile autoregression (QAR) method in line with Koenker and Xiao (J Am Stat Assoc 99:775–787, 2004). The results suggest that the persistence of shocks are not similar across different quantiles of Total Exports and disaggregated export sectors, indicating an asymmetry in the case of negative and positive shocks across different export sectors. The persistency behavior of Total Exports as well as Food and Beverages, Chemicals, Basic Metals, Raw Materials, Motor Vehicles and Radio & TV exports are asymmetric to negative versus positive shocks, which cannot be captured by traditional unit root tests. Thus, sound interpretation of QAR results is necessary for policy makers to identify shock characteristics and thereby pursue appropriate policies for overcoming adverse impacts on the economy.  相似文献   

8.
This paper discusses mixture periodic GARCH (M-PGARCH) models that constitute very flexible class of nonlinear time series models of the conditional variance. It turns out that they are more parsimonious comparatively to MPARCH models. We first provide some probabilistic properties of this class of models. We thus propose an estimation method based on the expectation-maximization algorithm. Finally, we apply this methodology to model the spot rates of the Algerian dinar against euro and US dollar. This empirical analysis shows that M-PGARCH models yield the best performance among the competing models.  相似文献   

9.
In models of learning by experimentation that exhibit signal dependence, a benchmark using a passive learner has been proposed. The use of this benchmark is flawed – first, passive learning does not disentangle the effects of knowing that beliefs, as well as other state variables, might change, and we address this issue directly by introducing a naïve learner. Secondly, and more tellingly, passive learning does not do what it is supposed to do, namely help measure the gains from active experimentation; the naïve learner enables us to illustrate this point in the context of a particular example.  相似文献   

10.
This paper contributes to a theoretical underpinning of the economic freedom–political freedom relationship. We use the theory of social orders (North et al. in Violence and social orders: a conceptual framework for understanding recorded human history, Cambridge University Press, Cambridge, 2009) to look at the Hayek–Friedman Hypothesis (HFH), which leads us to propose a novel interpretation. The core insight of our weak interpretation of the hypothesis is that economic freedom is a necessary condition for maintaining political freedom in open access order countries (countries with high levels of both freedoms), i.e., once achieved, political freedom needs economic freedom to be stable; but the HFH is not relevant for limited access orders (rent-seeking-dominated orders). We find empirical support for the weak interpretation with canonical correlations and conditional logit regressions, using a panel database for 122 countries for the period 1980–2011.  相似文献   

11.
Theory and History is often said to be Ludwig von Mises’ least read and least appreciated book. This article argues that historians in the Anglo-American world generally did not understand the German and Austrian traditions that Mises drew on, and that their early reviews of the book therefore fundamentally misunderstood its purpose. Most saw it as a political tract. Some commented on Mises’ contribution to the debate about the autonomy of the discipline of history. Few, however, understood Mises’ apriorism or logical approach. To understand why Theory and History has not been recognized for its a contribution to historical methodology, we must first understand Mises’ place as an outsider in the debates on historiography in the 1950s.  相似文献   

12.
Assuming constant marginal cost, it is shown that a switch from specific to ad valorem taxation that results in the same collusive price has no effect on the critical discount factor required to sustain collusion. This result is shown to hold for Cournot oligopoly when collusion is sustained with Nash-reversion strategies or optimal-punishment strategies. In a Cournot duopoly model with linear demand and quadratic costs, it is shown that the critical discount factor is lower with an ad valorem tax than with a specific tax that results in the same collusive price. However, in contrast to Colombo and Labrecciosa (J Public Econ 97:196–205, 2013) it is shown that the revenue is always higher with an ad valorem tax than with a specific tax.  相似文献   

13.
Should the powers of monitoring compliance and allocating tradeable emissions allowances be appointed to a unique supranational regulator or decentralized to several local regulators? To answer this question, we develop a two stage-two country game where environmental regulators set the amount of emission allowances and the level of monitoring effort to achieve full compliance while the regulated firms choose actual emissions and the number of permits to be held. Various, possibly conflicting, spillovers between countries arise in a decentralized setting. We show that decentralization is socially harmful if no asymmetry among institutional settings is introduced and can be suboptimal even when decentralization features lower monitoring costs than a centralized setting. Lower monitoring costs are therefore necessary, but not sufficient, to justify decentralization. Also, our analysis reveals that welfare can be higher under decentralization even if the corresponding environmental quality is worse than under centralization. Indeed, better environmental quality is sufficient but not necessary for higher welfare under decentralization. Finally, we discuss how these results can provide a theoretical rationale for the recent evolution of the EU ETS design.  相似文献   

14.
15.
Public reason is justified to the extent that it uses (only) arguments, assumptions, or goals that are allowable as “public” reasons. But this exclusion requires some prior agreement on domains, and a process that disallows new unacceptable reasons by unanimous consent. Surprisingly, this problem of reconciliation is nearly the same, mutatis mutandis, as that faced by micro-economists working on general equilibrium, where a conceit—tâtonnement, directed by an auctioneer—was proposed by Leon Walras. Gaus’s justification of public reason requires the “as if” solution of a Kantian Parliamentarian, who rules on whether a proposal is “in order.” Previous work on public reason, by Rousseau, Kant, and Rawls, have all reduced decision-making and the process of “reasoning” to choice by a unitary actor, thereby begging the questions of disagreement, social choice, and reconciliation. Gaus, to his credit, solves that problem, but at the price of requiring that the process “knows” information that is in fact indiscernible to any of the participants. In fact, given the dispersed and radical situatedness of human aims and information, it is difficult for individuals, much less groups, to determine when norms are publicly justified or not. More work is required to fully take on Hayek’s insight that no person, much less all people, can have sufficient reasons to endorse the relevant norm, rule or law.  相似文献   

16.
The paper shows that time preferences and risk preferences are key covariates of self-reported trust. They both predict negatively a measure of generalized trust; however, risk aversion is positively correlated with an index of particularized trusting behaviour (which refers to the circle of known people).  相似文献   

17.
One area of public policy where rent-seeking and favoritism is relatively common is the contracting out of public services. Private firms can improve their chances of obtaining contracts by bribing politicians or public servants and funding political parties. In the same vein, firms can gain access to policymakers by hiring influential former politicians—a practice commonly referred to as revolving-doors. In this paper, we use information from 922 privatizations of water services in Spanish municipalities between 1984 and 2016 and multinomial logistic regression techniques to study the association between specific firms securing contracts and the political parties ruling the municipalities. We find robust statistical evidence of an association between the Popular Party (Partido Popular or PP) and the firm Aqualia, part of the large Spanish holding company Fomento de Construcciones y Contratas (FCC), which is known to have funded the Popular Party. Furthermore, former PP politicians have been appointed to top positions in the FCC Board of Directors. However, this relationship weakened after the institutional reform of 2007 on public procurement and financing of political parties, which is empirically evaluated in this paper.  相似文献   

18.
To what extent have national fiscal policies contributed to the decarbonisation of newly sold passenger cars? We construct a simple model that generates predictions regarding the effect of fiscal policies on average \(\hbox {CO}_{2}\) emissions of new cars, and then test the model empirically. Our empirical strategy combines a diverse series of data. First, we use a large database of vehicle-specific taxes in 15 EU countries over 2001–2010 to construct a measure for the vehicle registration and annual road tax levels, and separately, for the \(\hbox {CO}_{2}\) sensitivity of these taxes. We find that for many countries the fiscal policies have become more sensitive to \(\hbox {CO}_{2}\) emissions of new cars. We then use these constructed measures to estimate the effect of fiscal policies on the \(\hbox {CO}_{2}\) emissions of the new car fleet. The increased \(\hbox {CO}_{2}\)-sensitivity of registration taxes have reduced the \(\hbox {CO}_{2}\) emission intensity of the average new car by 1.3 %, partly through an induced increase of the share of diesel-fuelled cars by 6.5 percentage points. Higher fuel taxes lead to the purchase of more fuel efficient cars, but higher diesel fuel taxes also decrease the share of (more fuel efficient) diesel cars; higher annual road taxes have no or an adverse effect.  相似文献   

19.
There is growing evidence that face-to-face interaction is declining in many countries, exacerbating the phenomenon of social isolation. On the other hand, social interaction through online networking sites is steeply rising. To analyze these societal dynamics, we have built an evolutionary game model in which agents can choose between three strategies of social participation: 1) interaction via both online social networks and face-to-face encounters; 2) interaction by exclusive means of face-to-face encounters; 3) opting out from both forms of participation in pursuit of social isolation. We illustrate the dynamics of interaction among these three types of agent that the model predicts, in light of the empirical evidence provided by previous literature. We then assess their welfare implications. We show that when online interaction is less gratifying than offline encounters, the dynamics of agents’ rational choices of interaction will lead to the extinction of the sub-population of online networks users, thereby making Facebook and similar platforms disappear in the long run. Furthermore, we show that the higher the propensity for discrimination of those who interact via online social networks and via face-to-face encounters (i.e., their preference for the interaction with agents of their same type), the greater the probability will be that they all will end up choosing social isolation in the long run, making society fall into a “social poverty trap”.  相似文献   

20.
Does Benford’s Law hold in economic research and forecasting?   总被引:1,自引:0,他引:1  
First and higher order digits in data sets of natural and socio-economic processes often follow a distribution called Benford’s law. This phenomenon has been used in business and scientific applications, especially in fraud detection for financial data. In this paper, we analyse whether Benford’s law holds in economic research and forecasting. First, we examine the distribution of regression coefficients and standard errors in research papers, published in Empirica and Applied Economics Letters. Second, we analyse forecasts of GDP growth and CPI inflation in Germany, published in Consensus Forecasts. There are two main findings: The relative frequencies of the first and second digits in economic research are broadly consistent with Benford’s law. In sharp contrast, the second digits of Consensus Forecasts exhibit a massive excess of zeros and fives, raising doubts on their information content.  相似文献   

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