Browsing Department of Economics (ECO) by Subject "D82"

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Browsing Department of Economics (ECO) by Subject "D82"

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    Title: Financial Markets as a Commitment Device for the Government  Author(s): SIMON, Jenny Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: How does the presence of financial markets shape the government's ability to implement social redistribution? Individuals do not typically constrain consumption to equal their net-of-tax income every period. Instead, access ...
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    Title: Optimal Debt Bias in Corporate Income Taxation  Author(s): SIMON, Jenny Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: I present a rationale for a government to discriminate between debt and equity financing when taxing corporate income. For risk-averse entrepreneurs, equity generates more surplus than debt, because it provides financing ...
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    Title: Flexible Contracts  Author(s): GOTTARDI, Piero; TALLON, Jean Marc; GHIRARDATO, Paolo Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: This paper studies the costs and benefits of delegating decisions to superiorly informed agents relative to the use of rigid, non discretionary contracts. The main focus of the paper lies in the analysis of the costs of ...
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    Title: Revenue Comparison in Asymmetric Auctions with Discrete Valuations  Author(s): DONI, Nicola; MENICUCCI, Domenico Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We consider an asymmetric auction setting with two bidders such that the valuation of each bidder has a binary support. We prove that in this context the second price auction yields a higher expected revenue than the first ...
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    Title: Markets and Contracts  Author(s): BISIN, Alberto; GEANAKOPOLS, John; GOTTARDI, Piero; MINELLI, Enrico; POLEMARCHAKIS, Herakles Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium that does not require an explicit modeling of private information. Sellers have discretion over ...
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    Title: Flexible Contracts  Author(s): GOTTARDI, Piero; TALLON, Jean Marc; GHIRARDATO, Paolo Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: This paper studies the costs and benefits of delegating decisions to superiorly informed agents relative to the use of rigid, non discretionary contracts. Delegation grants some flexibility in the choice of the action by ...
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    Title: Inventors and Impostors: An Economic Analysis of Patent Examination  Author(s): SCHUETT, Florian Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: The objective of patent examination is to separate the wheat from the chaff. Good applications - those satisfying the patentability criteria, particularly novelty and nonobviousness - should be accepted, while bad applications ...
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    Title: Does the Good Matter? Evidence on Moral Hazard and Adverse Selection from Consumer Credit Market  Author(s): BICAKOVA, Alena Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Default rates on instalment loans vary with type of the good purchased. Using an Italian dataset of instalment loans between 1995-1999, we first show that the variation persists even after controlling for contract ...
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    Title: Asset Based Unemployment Insurance  Author(s): RENDAHL, Pontus Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: This paper studies a model of optimal redistribution policies in which agents face unemployment risk and in which savings may provide partial self-insurance. Moral hazard arises as job search effort is unobservable. The ...