Results 141 to 150 of about 899,497 (303)
The effects of minimum wage regulation in inter‐regional oligopoly competition
Contemporary Economic Policy, EarlyView.Abstract We examine how minimum wage regulation affects firm profit when labor‐market power interacts with product‐market competition. A binding wage floor reduces the regulated firm's marginal labor cost, inducing it to expand production. This expansion can induce rivals to contract production when relevant strategic variables are strategic ...
Noriaki Matsushima +2 more
wiley +1 more source
The Geometry of Nash Equilibria and Correlated Equilibria and a Generalization of Zero-Sum Games [PDF]
A pure strategy is coherent if it is played with positive probability in at least one correlated equilibrium. A game is pre-tight if in every correlated equilibrium, all incentives constraints for non deviating to a coherent strategy are tight.
Viossat, Yannick
core
Economica, EarlyView.Abstract I argue that economists' distinction between ‘pure’ and ‘applied’ economic theory is often based on papers' stylistic markers rather than their methodology or scope. I illustrate this point with a model of price competition for boundedly rational consumers, due to Piccione and Spiegler. I first present its original, ‘pure style’ version.
Ran Spiegler
wiley +1 more source
The Nash Equilibrium requires strong cooperation [PDF]
Contrary to the customary view that the celebrated Nash-equilibrium theorem in Game Theory is paradigmatic for non-cooperative games, it is shown that, in fact, it is essentially based on a particularly strong cooperation assumption.
Rosinger, Elemer Elad
core
When do proxy advisors improve corporate decisions?
Economic Inquiry, EarlyView.Abstract This paper studies the impact of proxy advisors on shareholder decision‐making. We posit two assumptions: (i) the board is at least as well informed as any individual shareholder; (ii) shareholders can condition their information acquisition on the proxy advisor's (PA) recommendation.
Berno Buechel +2 more
wiley +1 more source
How to use Rosen's normalised equilibrium to enforce a socially desirable Pareto efficient solution [PDF]
We consider a situation, in which a regulator believes that constraining a complex good created jointly by competitive agents, is socially desirable. Individual levels of outputs that generate the constrained amount of the externality can be computed as ...
Jacek B. Krawczyk, Mabel Tidball
core
Helicopter drops in an open economy when markets are incomplete
Economic Inquiry, EarlyView.Abstract We characterize the spillover effects of helicopter drops and optimal monetary policy in a tractable two‐country overlapping generations model with incomplete markets. As helicopter drops can affect the distribution of income across countries, they create room for redistribution policies which are particularly relevant when agents are ...
Sara Eugeni
wiley +1 more source
Political Partisanship and State‐Level Bank Efficiency
Financial Review, EarlyView.ABSTRACT We examine the relationship between political partisanship and commercial bank efficiency in the United States from 1972 to 2020, assessing the persistent influence of political affiliations at the state and District of Columbia levels. Bank efficiency scores are estimated using a double‐bootstrap approach, and the analysis is conducted within
Jeremy Eng‐Tuck Cheah +3 more
wiley +1 more source
Teaching Mixed Strategy Nash Equilibrium to Undergraduates [PDF]
The authors present a simple and effective method for improving student comprehension of mixed strategies. After reviewing available texts, and with some trial and error, we feel that this method eases the teaching of the information and increases the ...
Kenneth Garrett, Evan Moore
core
The Interaction Between Credit and Labor Market Frictions
International Economic Review, EarlyView.ABSTRACT I study a novel two‐way feedback between credit and labor market frictions. Running from credit to labor markets, amplitude in capital demand caused by collateral constraints spills over onto labor demand due to the complementarity of capital and labor; and, furthermore, credit frictions raise effective financial hiring costs, prompting firms ...
Yulia Moiseeva
wiley +1 more source