Search results for "Economics"
showing 10 items of 14389 documents
Reciprocity, matching and conditional cooperation in two public goods games
2005
Previous experimental and empirical evidence has identified social preferences in the voluntary provision of public goods. A number of competing models of such preferences have been proposed. We provide evidence for one model of behavior in these games, reciprocity (or matching, or conditional cooperation). Consistent with previous research, we find that participants in the voluntary contribution mechanism attempt to match the contributions of others in their group. We also examine participants in a related game with different equilibria, the weakest-link mechanism. Here, in contrast, participants contribute so as to match the minimum contribution of others in their group.
Regional financial development and bank competition: effects on firms' growth
2009
Fernandez de Guevara J. and Maudos J. Regional financial development and bank competition: effects on firms' growth, Regional Studies. This paper analyses the effect of regional financial development and bank competition on firms' growth using the Spanish provinces as a testing ground. The results show that firms in industries with a greater dependence on external finance grow faster in more financially developed provinces. The results also show that bank monopoly power has an inverted-‘U’ effect on firms' growth, suggesting that market power has its highest effect at intermediate values. The effect is heterogeneous among firms according to the financial dependence of the industry to which …
On Capturing Oil Rents with a National Excise Tax Revisited
2004
In this paper the scope of Bergstrom’s (1982) results is studied. Moreover, his analysis is extended assuming that extraction cost is directly related to accumulated extractions. For the case of a competitive market it is found that the optimal policy is a constant tariff if extraction is costless. However, with depletion effects, the optimal tariff must ultimately be decreasing. For the case of a monopolistic market the results depend crucially on the kind of strategies the importing country governments can play and on whether the monopolist chooses the price or extraction rate. For a price-setting monopolist it is shown that the importing countries cannot use a tariff to capture monopoly …
Smart Cities and a Stochastic Frontier Analysis: A Comparison among European Cities
2013
The level of interest in smart cities is growing, and the recent literature on this topic (Holland, 2008; Caragliu et al., 2009, Nijkamp et al., 2011 and Lombardi et al., 2012) identifies a number of factors that characterise a city as smart, such as economic development, environment, human capital, culture and leisure, and e-governance. Thus, the smartness concept is strictly linked to urban efficiency in a multifaceted way. A seminal research for European policy conducted by Giffinger et al. (2007) defines a smart city on the basis of several intangible indicators, such as a smart economy, smart mobility, smart environment, smart people, smart living, and smart governance. These authors’ …
Expectations as Reference Points: Field Evidence from Professional Soccer
2015
We show that professional soccer players and their coaches exhibit reference-dependent behavior during matches. Controlling for the state of the match and for unobserved heterogeneity, we show on a minute-by-minute basis that players breach the rules of the game, measured by the referee’s assignment of cards, significantly more often if their teams are behind the expected match outcome, measured by preplay betting odds of large professional bookmakers. We further show that coaches implement significantly more offensive substitutions if their teams are behind expectations. Both types of behaviors impair the expected ultimate match outcome of the team, which shows that our findings do not si…
Perception du risque dépendance et demande d'assurance : une analyse à partir de l'enquête PATER
2013
Dans la littérature économique, de nombreux travaux tentent d'expliquer pourquoi les individus s’assurent aussi peu contre la dépendance. Du côté de l’offre, différents freins possibles au développement du marché de l’assurance dépendance ont d’ores et déjà été pointés du doigt par la littérature. Les estimations récentes montrent néanmoins que les limites imputables à l’offre ne suffisent pas à expliquer le faible développement du marché : même si les assurances étaient moins coûteuses et les couvertures proposées plus larges, la majorité des individus ne souscrirait toujours pas d’assurance. Il est donc nécessaire d’aller trouver des explications du côté de la demande d’assurance dépendan…
Are you a Good Employee or Simply a Good Guy? Infl?uence Costs and Contract Design.
2012
We develop a principal-agent model with a moral hazard problem in which the principal has access to a hard signal (the level of output) and a soft signal (the supervision signal) about the agent?s level of effort. We show that the agent?'s ability to manipulate the soft signal increases the cost of implementing the effcient equilibrium, leading to wage compression when the infl?uence cost is privately incurred by the agent. When manipulation activities negatively affect the agent?s productivity through the level of output, the design of infl?uence-free contracts that deter manipulation may lead to high-powered incentives. This result implies that high-productivity workers face incentive sch…
L'analyse de la monnaie et de la finance par David Hume : conventions, promesses, régulations
2008
De l’apport de David Hume a l’analyse economique, un aspect est generalement retenu : son approche presumee quantitative de la monnaie. Or, lorsqu’on resitue l’examen des relations monetaires et financieres a l’interieur de son corpus philosophique, il revele d’autres perspectives. Selon Hume, le processus de civilisation institue certaines fictions, qui permettent aux individus de forger un ordre symbolique. Dans une economie de marche, la distinction entre la monnaie – de nature conventionnelle – et les engagements financiers – assimiles a des promesses – est centrale. Alors que les conventions monetaires autorisent de multiples agencements, les engagements financiers doivent etre etroite…
Are Energy Market Integrations a Green Light for FDI?
2015
This paper studies the effect of energy market integration (EMI) on foreign direct investment (FDI). EMIs diminish energy uncertainty and price volatility in the host country and affect FDI through two channels: first, by harmonizing energy prices and, second, by reducing price dispersion. FDI may, as a result, increase both within and outside the EMI area, through energy stability mechanisms and price mechanisms, respectively. An empirical application on a global dataset including bilateral FDI data, during 2003-2012, using the gravity equation, shows that the integration of Portugal and Spain's electricity market in 2007 increased the amount of FDI's participants. Additionally, a positive…
Le point sur... Les privatisations
2005
(VF)L'objectif de ce « Point sur… » est de présenter les principales tendances actuelles guidant les recherches concernant le phénomène des privatisations. Suivant le mouvement observé en pratique depuis la fin des années quatre-vingt dix, les recherches se focalisent sur les privatisations des pays émergents et (ou) sortant d'une économie planifiée et centralisée. Les privatisations menées actuellement dans les pays de l'OCDE concernent des entreprises agissant sur des secteurs réglementés, souvent en position de monopole, et suscitent une littérature plutôt axée sur les problèmes de recherche d'une réglementation optimale que nous n'aborderons pas ici.(VA)The objective of this "Point sur.…