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Vishal Kamat, and Ivan Canay
vol. 85, n. 3, July 2018, pp. 1577–1608
Fabrice Collard, Sujoy Mukerji, Kevin Sheppard, and Jean-Marc Tallon
vol. 9, n. 2, July 2018, pp. 945–993
This paper assesses the quantitative impact of ambiguity on historically observed financial asset returns and growth rates. The single agent, in a dynamic exchange economy, treats the conditional uncertainty about the consumption and dividends next period as ambiguous. We calibrate the agent's...
Guillaume Cheikbossian, and Romain Fayat
vol. 168, July 2018, pp. 77–81
We revisit the group size paradox in a model where two groups of different sizes compete for a prize exhibiting a varying degree of rivalry and where group effort is given by a CES function of individual e¤orts. We show that the larger group can be more successful than the smaller group if the...
Gladys Barragan, Cristina Atance, Leia Kopp, and Astrid Hopfensitz
vol. 171, July 2018, pp. 14–30
Patience, or the ability to tolerate delay, is typically studied using delay of gratification (DoG) tasks. However, among other factors (e.g., type of reward), the use of a reward to test patience is affected by an individual’s motivation to obtain the reward (e.g., degree of preference for the...
Tim Lee, and Ananth Seshadri
vol. 128, n. 612, July 2018, pp. 114–151
We employ equality of opportunity (EOP) definitions that have appeared in the philosophical literature on distributive justice to a quantitative economic model that incorporates human capital investment and luck, within and across generations. The model is calibrated to the U.S. in 1990, and we...
Arnaud Reynaud, Manh-Hung Nguyen, and Cécile Aubert
vol. 20, n. 3, July 2018, pp. 593–617
Vietnam is one of the countries most affected by floods. Despite high exposure to this risk and repeated calls from international organizations, the penetration rate of flood insurance remains surprisingly low in Vietnam. We investigate if there is a demand for flood insurance by Vietnamese...
Marc Bourreau, and Bruno Jullien
vol. 167, June 2018, pp. 136–141
In this paper, we study the impact of a merger to monopoly on prices and investments. Two single-product firms compete in prices and coverage for a new technology. In equilibrium, one firm covers a larger territory than its competitor with the new technology, leading to singleproduct and multi-...
Patrick Fève, Julien Matheron, and Jean-Guillaume Sahuc
vol. 16, n. 3, June 2018, pp. 857–893
In a neoclassical growth model with incomplete markets and heterogeneous, liquidity-constrained agents, the properties of the Laffer curve depend on whether debt or transfers are adjusted to balance the government budget constraint. The Laffer curve conditional on public debt is horizontally S-...
Bruno Jullien, Jérôme Pouyet, and Wilfried Sand-Zantman
vol. 69, June 2018, pp. 985–1007
Mohamed Saleh
vol. 78, n. 2, June 2018, pp. 394–434
