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Common to most theoretical and empirical research on public goods is the assumption that the parameters of the game are common knowledge. Recent theoretical and empirical studies have questioned this assumption by arguing that many public goods situations are characterized by uncertainty regarding various aspects of the situation. In particular, Suleiman (1997) argued that members of production groups of step-level public goods are often uncertain about the value of the provision threshold. For this type of uncertainty he proposed three distinct models to account for the individual's contribution.The present study reports the results of an experiment designed primarily to test and contrast the predictions derived from two of these models – a subjective expected utility model and a cooperative model – regarding the effects of threshold uncertainty on contribution for the provision of step-level public goods. Other goals of the study were to test the joint effect of the threshold uncertainty level, and its mean (low vs. high), on contribution, and to examine the effect of threshold uncertainty on the individuals' estimates regarding the contributions of other group members.The results show that the effect of threshold uncertainty is moderated by the threshold mean: Contribution to the public good increased as a function of uncertainty for the lower threshold mean, and decreased (though not significantly) for the higher threshold mean. In contrast, for the two threshold means the subjects' estimates of the mean and variability of others' contribution increased with threshold uncertainty.The models' comparison revealed that the cooperative model was superior to the subjective expected utility model. This result adds to a substantial body of research on social dilemmas showing that under conditions of social (strategic) uncertainty, group members tacitly coordinate their choice behavior by anchoring their decisions on rules of fairness. 相似文献
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Yacine Hammami 《Financial Markets and Portfolio Management》2014,28(3):263-279
Asset pricing theory implies that the estimate of the zero-beta rate should fall between divergent lending and borrowing rates. This paper proposes a formal test of this restriction using the difference between the prime loan rate and the 1-month Treasury bill rate as a proxy for the difference between borrowing and lending rates. Based on simulations, this paper shows that in the ordinary least squares case, the Fama and MacBeth (J Pol Econ 81:607–636, 1973) t-statistic has high power against a general alternative, which is not true of the Shanken (Rev Financ Stud 5:1–33, 1992) and Kan et al. (J Financ doi:10.1111/jofi.12035, 2013) t-statistics. In the generalized least squares case, all three t-statistics have high power. The empirical investigation highlights that only the intertemporal capital asset pricing model reasonably prices the zero-beta portfolio. Other models, such as the Fama and French (J Financ Econ 33:3–56, 1993) model, do not assign the correct value to the zero-beta rate. 相似文献
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The aim of this paper is to investigate the pricing of the Chicago Board of Trade (CBOT) Treasury-Bond futures. The difficulty in pricing it arises from its multiple inter-dependent embedded delivery options, which can be exercised at various times and dates during the delivery month. We consider a general Markov diffusion process model for stochastic interest rates and propose a pricing algorithm that can handle all the delivery rules embedded in the CBOT T-Bond futures. Our procedure combines dynamic programming, finite-elements approximation, and fixed-point evaluation. Numerical illustrations are provided under the one-factor Vasicek and Cox–Ingesoll–Ross models, and under the time in-homogeneous Hull–White model. 相似文献
4.
Ramzi Fatfouta 《Human Resource Management Review》2019,29(4):100669
Research on narcissism continues to develop at a rapid pace. Yet, researchers from different disciplines are still divided over whether narcissists are good versus bad leaders. On the one hand, narcissists' bright qualities (e.g., charisma) are associated with positive outcomes at different levels of analysis from subordinates, to peers, and the organization as a whole. On the other hand, however, narcissists' dark qualities (e.g., entitlement) are associated with a number of counterproductive work behaviors, causing organizations to falter. The present article adds to and extends the traditional good-versus-bad debate about narcissistic leadership and pursues three goals: (a) to critically review the literature on narcissistic leaders and their behaviors in the workplace, (b) to provide tangible recommendations for how to best assess, select, and develop narcissistic leaders, and (c) to highlight future directions and ongoing challenges ahead in the field of narcissistic leadership. 相似文献
5.
Georges Dionne Geneviève Gauthier Khemais Hammami Mathieu Maurice Jean-Guy Simonato 《Financial Management》2010,39(2):707-731
An important research question examined in the credit risk literature focuses on the proportion of corporate yield spreads attributed to default risk. This topic is reexamined in light of the different issues associated with the computation of default probabilities obtained from historical default data. We find that the estimated default risk proportion in corporate yield spreads is sensitive to the ex ante estimated term structure of default probabilities used as inputs. This proportion can become a large fraction of the spread when sensitivity analyses are made with respect to the period over which the probabilities are estimated and the recovery rates. 相似文献
6.
This article investigates the dynamic relationship between political instability and exchange rates in five Arab Spring countries over the period 1992Q1–2016Q4. We include macroeconomic fundamentals to identify the transmission channels through which political instability may affect exchange rates. Based on VAR and ARDL models, our results report that political instability is associated with a significant drop in the value of domestic currencies of these countries. Economic growth is found to be the key mechanism channel. We find also that the dependence between variables is more emphasized in the short run than in the long run. 相似文献
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This paper investigates the causal relationship between environmental quality, Foreign Direct Investment and economic growth using simultaneous-equation panel data VAR model a panel of 17 MENA countries over the period 1990–2012. Our empirical results pointed out that there is a unidirectional causality running from both FDI stocks and CO2 emissions to economic growth. They also indicate the existence of unidirectional causality running from economic growth to CO2 emissions. However, the results support the occurrence of unidirectional causality from FDI stocks to CO2 emissions. Our empirical result confirms the hypothesis of neutrality for the Environment-GDP link. There is bidirectional causality from emissions and economic growth, and a bidirectional causal relationship between FDI stocks and CO2 emissions. For the global panel, we show that the existence of a unidirectional causality running from FDI stocks to economic growth; a bidirectional causality between economic growth and CO2 emissions; as well as a bidirectional causality between FDI stocks and emissions. 相似文献
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Hammami Samir Marwan Alhousary Tareq Muhammad Kahwaji Ahmad Taha Jamil Syed Ahsan 《Quality and Quantity》2022,56(4):2063-2089
Quality & Quantity - While the Omani government’s endeavours over two decades to support entrepreneurship, particularly among women, have been significant, research has not substantiated... 相似文献
10.
Abstract. This paper revisits the relationship between energy prices and the Canadian dollar, using an equation first developed by Amano and van Norden (1995) . They found evidence of a negative relationship between these two variables, such that higher real energy prices led to a depreciation of the Canadian dollar. Based on structural break tests, we find a break point in the sign of this relationship, which changes from negative to positive in the early 1990s. The timing of the break is consistent with major changes in Canada's energy policies and in energy-related cross-border trade and investment. 相似文献