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1.
Navin Kartik 《Journal of Economic Theory》2007,136(1):749-758
Austen-Smith and Banks [Cheap talk and burned money, J. Econ. Theory 91(1) (2000) 1-16] study how money burning can expand the set of pure cheap talk equilibria of Crawford and Sobel [Strategic information transmission, Econometrica 50(6) (1982) 1431-1451]. I identify an error in the main Theorem of Austen-Smith and Banks, and provide a variant that preserves some of the important implications. I also prove that cheap talk can be influential with money burning if and only if it can be influential without money burning. This strengthens a result of Austen-Smith and Banks, but uncovers other errors in their analysis. Finally, an open conjecture of theirs is proved correct. 相似文献
2.
Corporate social performance (CSP) consists of actions in different domains that vary in the information they provide stakeholders, and hence, in their effect on firm performance. To demonstrate this, the authors examine the impact of CSP on firm performance in two areas—the product and the environment, referred to as product social performance (PSP) and environmental social performance (ESP), respectively. PSP has a stronger positive impact on firm performance compared to ESP. The findings using disaggregated measures of PSP and ESP indicate negativity bias in that PSP weakness has a stronger negative impact on firm performance compared to PSP strength. Copyright © 2013 John Wiley & Sons, Ltd. 相似文献
3.
We examine how industry competition affects firms’ choice of short‐term debt. We find that the percentage of short‐term debt is positively related to industry concentration at low levels of concentration, and inversely related to industry concentration at higher levels of concentration. This nonlinear relation is stronger in industries where firms are either more homogeneous or compete more aggressively. Moreover, we find that firms with shorter‐maturity debt are less aggressive than their rivals in the product market. The overall evidence suggests that although financial contracts alleviate agency problems, they exacerbate the risk of predation. 相似文献
4.
Summary. Let
continuous,
exists in
for x in
. Let
be an i.i.d. sequence from F and X0 be a nonnegative random variable independent of
. Let
be the Markov chain generated by the iteration of random maps
by
. Such Markov chains arise in population ecology and growth models in economics. This paper studies the existence of nondegenerate stationary measures for {Xn}. A set of necessary conditions and two sets of sufficient conditions are provided. There are some convergence results also. The present paper is a generalization of the work on random logistics maps by Athreya and Dai (2000).Received: 20 March 2002, Revised: 4 December 2002, JEL Classification Numbers:
C22, D9.The author wishes to thank Professor Mukul Majumdar and the referees for several useful suggestions. 相似文献
5.
Corporate brands are strategic assets for organizations, but it is difficult to understand the value added by corporate brand name changes because they often occur simultaneously with business restructuring initiatives. The authors test a framework that delineates the informational relationship between corporate name changes and business restructuring initiatives. The hypothesis is tested on a sample of jointly announced corporate name changes and business restructuring initiatives. The results show that jointly announced corporate name changes and business restructuring are significantly more informative than the sum of their individual effects. The results further suggest that the information complementarity arises because corporate brand name changes resolve uncertainty and help in coordinating business restructuring initiatives. The results do not support the view that corporate brand name changes are cosmetic and/or primarily signals for business restructuring. The study offers a promising research foundation for understanding the value of marketing actions announced jointly with other corporate events. 相似文献
6.
This paper studies a simple model of observational learning where agents care not only about the information of others but also about their actions. We show that despite complex strategic considerations that arise from forward-looking incentives, herd behavior can arise in equilibrium. The model encompasses applications such as sequential elections, public good contributions, and leadership charitable giving. 相似文献
7.
8.
Kartik Athreya 《Journal of Monetary Economics》2009,56(1):83-103
We study the extent to which unsecured credit markets have altered the transmission of increased income risk to consumption variability over the past several decades. We find that unsecured credit markets pass through increased income risk to consumption, irrespective of bankruptcy policy and the information possessed by lenders. If risk sharing has indeed improved over this period, the reasons do not therefore lie in the unsecured credit market. 相似文献
9.
Youth consumption has been an area of research interest as well as societal concern. Globalization and proliferation of media have been cited as the main reasons for rise in consumption, especially among youth. This paper has examined how the Indian Urban youth represent their Consumer Identities through their narratives. In 1991, India opened up to Globalization and its effect on the youth consumption is now wide spread. Studies in other parts of the world have shown youth to be ‘Raving Hedonists’ and ‘Squanderer’ as well as Rational and Economical Consumers. An empirical approach was taken to establish the typology of Indian Youth Consumers. Empirical data for this research was collected by conducting in‐depth interviews in 2013, covering various states of India, with students in the age group of eighteen to twenty three years, who are financially dependent on their parents. Forty in‐depth interviews, representing thirteen distinct linguistic identities were conducted and analysed. Studies done in other parts of the world such as UK, Finland, Norway and Belgium have established typologies of youth consumers such as Hedonist, Squanderer, Rational and Economical Consumer Identities. While these Consumer Identities exist among Indian Urban Youth, the researchers have identified additional Consumer Identity Typologies of Reluctant, Dependent and Aspirant Consumers. The youth in India is somewhat similar to youth elsewhere and yet has its own distinction as consumers. The fact that India has a very high youth population makes this study significant. 相似文献
10.
Would I lie to you? On social preferences and lying aversion 总被引:1,自引:0,他引:1
This paper reinterprets the evidence on lying or deception presented in Gneezy (Am. Econ. Rev. 95(1):384–394, 2005). We show that Gneezy’s data are consistent with the simple hypothesis that people are one of two kinds: either a person
will never lie, or a person will lie whenever she prefers the outcome obtained by lying over the outcome obtained by telling
the truth. This implies that so long as lying induces a preferred outcome over truth-telling, a person’s decision of whether
to lie may be completely insensitive to other changes in the induced outcomes, such as exactly how much she monetarily gains
relative to how much she hurts an anonymous partner. We run new but broadly similar experiments to those of Gneezy in order
to test this hypothesis. While we also confirm that there is an aversion to lying in our subject population, our data cannot
reject the simple hypothesis described above either.
Electronic Supplementary Material The online version of this article () contains supplementary material, which is available to authorized users. 相似文献
Electronic Supplementary Material The online version of this article () contains supplementary material, which is available to authorized users. 相似文献