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Malin Arve, and David Martimort
n. rdae106, November 2024
We consider a procurement auction for the provision of a basic service to which an add-on must later be appended. Potential providers are symmetric, have private information on their cost for the basic service and the winning firm must also implement the add-on. To finance value-enhancing...
Christian Gollier
vol. 128, n. 103062, November 2024
Any global temperature target must be translated into an intertemporal carbon budget and its associated cost-efficient carbon price schedule. Under the Hotelling’s rule without uncertainty, the growth rate of this price should be equal to the interest rate. It is therefore a puzzle that many cost-...
Emmanuelle Auriol, Camille Landais, and Nina Roussille
n. 83, November 2024
Julien Lie-Panis, Léo Fitouchi, Nicolas Baumard, and Jean-Baptiste André
vol. 121(51), n. e2408802121, November 2024
Institutions allow cooperation to persist when reciprocity and reputation provide insufficient incentives. Yet how they do so remains unclear, especially given that institutions are themselves a form of cooperation. To solve this puzzle, we develop a mathematical model of reputation-based...
Daniel L. Chen
vol. 77, n. 4, November 2024, pp. 1004–1025
Sultan Mehmood, Shaheen Naseer, and Daniel L. Chen
vol. 121, n. e2406034121, November 2024
We provide experimental evidence that role models can galvanize prosocial actions amid global crises, exemplified by the COVID-19 pandemic. In a randomized control trial comparing role models, cash incentives, and celebrity endorsements, only role models successfully mitigated vaccine reluctance...
Maxime Derex, Pierce Edmiston, Gary Lupyan, and Alex Mesoudi
vol. 48, n. e2322886121, November 2024
Although the theoretical foundations of the modern field of cultural evolution have been in place for over 50 y, laboratory experiments specifically designed to test cultural evolutionary theory have only existed for the last two decades. Here, we review the main experimental designs used in the...
Marc Ivaldi, and Connie Lee
Randolph Tritell, Daniel Crane, and Damien Gerard (eds.), chapter 5, November 2024, pp. 567–570
Randolph Tritell, Daniel Crane, and Damien Gerard (eds.)
November 2024, 870 pages
Patrick Fève, and Alban Moura
vol. 168, n. 105000, November 2024
This paper establishes that frictionless, rational-expectations models driven by specific ARMA(2,1) processes can produce equilibrium asset-price momentum, defined as persistent movements in asset-price changes. To demonstrate this, we first document that AR(2) models adequately capture the...
