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The Effect Of Sunk Costs On The Outcome Of Alternating Offers Bargaining Between Inequity Averse Agents
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Book Synopsis The Effect of Sunk Costs on the Outcome of Alternating-Offers Bargaining between Inequity-Averse Agents by : Christian Ewerhart
Download or read book The Effect of Sunk Costs on the Outcome of Alternating-Offers Bargaining between Inequity-Averse Agents written by Christian Ewerhart and published by . This book was released on 2006 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: When investments are specific to a relationship and contracting possibilities are incomplete, the efficiency of a joint venture may be severely impaired by ex-post opportunistic and hold-up type behavior. How is the logic of this argument affected by inequity aversion? In this paper I show that incentives to invest are stronger with inequity aversion because a higher investment by an individual agent increases not only the total surplus to be divided, but also, generally, the relative share of the surplus obtained by this agent in the ex-post negotiation. In fact, when production is sufficiently profitable and agents are sufficiently patient, then first-best investment levels may be approximated without any contract.
Book Synopsis Discussion of 'the Effect of Sunk Costs on the Outcome of Alternating-Offers Bargaining Between Inequity-Averse Agents' by : Elisabeth Gugl
Download or read book Discussion of 'the Effect of Sunk Costs on the Outcome of Alternating-Offers Bargaining Between Inequity-Averse Agents' written by Elisabeth Gugl and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In his article, Ewerhart argues that agents with inequity-averse preferences may overcome the hold-up problem. In this discussion, I focus on the underlying assumptions that he makes and point to some limitations of the model.
Book Synopsis Fairness in Bargaining and Markets by : Christian Korth
Download or read book Fairness in Bargaining and Markets written by Christian Korth and published by Springer Science & Business Media. This book was released on 2009-07-25 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on economic bargaining theory. Economic bargaining theory seeks to predict the outcomes of bargaining situations. In such situations, govern ments, ?rms, or individuals share a mutual interest in cooperation; however, they also have con?icting interests regarding the terms of an agreement. A classic ex ample of such a situation is wage bargaining between unions and employers. More commonplace examples also exist. For instance, a discussion between partners on how to spend an evening can be understood as a bargaining situation. Economic bargaining theory explores the relationship between bargaining situ ations and the outcomes of the bargaining. Economists have two primary reasons to show interest in this relationship. The ?rst reason is that many important human interactions, including economic interactions, are bargaining situations. The second reason is that the understanding of these situations may inform the economic theory of markets. The tool utilized in this study is the mathematical theory of games. Predictions for bargaining outcomes are developed by modeling the bargaining situation as a strategic game and using game theoretic equilibrium concepts in order to solve the game. In this approach, the speci?c identi?ed bargaining outcome depends on the assumptions underlying the model. The neoclassical and fundamental assumption is that of rational agents—called economic men—who strive to maximize their utility based on stable preferences.
Author :British Library of Political and Economic Science Staff Publisher :Routledge ISBN 13 :9780415447171 Total Pages :664 pages Book Rating :4.4/5 (471 download)
Book Synopsis IBSS: Economics: 2006 Vol. 55 by : British Library of Political and Economic Science Staff
Download or read book IBSS: Economics: 2006 Vol. 55 written by British Library of Political and Economic Science Staff and published by Routledge. This book was released on 2007-10-31 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 2007. Routledge is an imprint of Taylor & Francis, an informa company.
Book Synopsis Essays on how to Mitigate Hold-ups by : Fabienne Miller
Download or read book Essays on how to Mitigate Hold-ups written by Fabienne Miller and published by . This book was released on 2007 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Contract Design and Incentive Provision by : Eva I. Hoppe-Fischer
Download or read book Essays on Contract Design and Incentive Provision written by Eva I. Hoppe-Fischer and published by Springer. This book was released on 2019-02-19 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contract theory, which emphasizes the importance of unverifiable actions and private information, has been a highly active field of research in microeconomics in the last decades. This thesis is divided into two parts. Part I consists of three chapters that study contract-theoretic models which are motivated by the classic procurement problem of a principal who wants an agent to deliver a certain good or service. In such models it is typically assumed that decision makers are interested in their own monetary payoffs only. Moreover, they have unlimited cognitive abilities and behave in a perfectly rational way. Yet, in practice people often do not behave this way. While empirical research is very difficult in contract theory, laboratory experiments have recently turned out to be an important source of data. In Part II, three experimental studies are presented that investigate contract-theoretic problems brought up in Part I.
Book Synopsis The Economics of Fairness by : Alexander W. Cappelen
Download or read book The Economics of Fairness written by Alexander W. Cappelen and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A growing literature in economics has studied how fairness considerations shape human behavior. This research collection comprises forty key theoretical and empirical contributions spanning the last four decades, along with influential related work in normative economics. These papers show that the fairness motive is essential for understanding human behavior in a wide range of settings, such as markets, bargaining, and redistributive situations. They document large heterogeneity in what people view as fair and the importance people attach to fairness, displaying how a concern for fairness develops in childhood and manifests itself in the brain. Together with an original introduction by the editors, this volume will be a valuable research tool for those interested in the fascinating field of the economics of fairness.
Book Synopsis Bibliographie internationale de la littérature périodique dans les domaines des sciences humaines et sociales by :
Download or read book Bibliographie internationale de la littérature périodique dans les domaines des sciences humaines et sociales written by and published by . This book was released on 2007 with total page 930 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Behavioral Law and Economics by : Eyal Zamir
Download or read book Behavioral Law and Economics written by Eyal Zamir and published by Oxford University Press. This book was released on 2018 with total page 641 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past few decades, economic analysis of law has been challenged by a growing body of experimental and empirical studies that attest to prevalent and systematic deviations from the assumptions of economic rationality. While the findings on bounded rationality and heuristics and biases were initially perceived as antithetical to standard economic and legal-economic analysis, over time they have been largely integrated into mainstream economic analysis, including economic analysis of law. Moreover, the impact of behavioral insights has long since transcended purely economic analysis of law: in recent years, the behavioral movement has become one of the most influential developments in legal scholarship in general. Behavioral Law and Economics offers a state-of-the-art overview of the field. Eyal Zamir and Doron Teichman survey the entire body of psychological research that lies at the basis of behavioral analysis of law, and critically evaluate the core methodological questions of this area of research. Following this, the book discusses the fundamental normative questions stemming from the psychological findings on bounded rationality, and explores their implications for setting the law's goals and designing the means to attain them. The book then provides a systematic and critical examination of the contributions of behavioral studies to all major fields of law including: property, contracts, consumer protection, torts, corporate, securities regulation, antitrust, administrative, constitutional, international, criminal, and evidence law, as well as to the behavior of key players in the legal arena: litigants and judicial decision-makers.
Book Synopsis The Economics of Contracts by : Eric Brousseau
Download or read book The Economics of Contracts written by Eric Brousseau and published by Cambridge University Press. This book was released on 2002-10-17 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt: A 2002 survey of economics of contracts appealing to scholars in economics, management and law.
Book Synopsis Economics of the Family by : Martin Browning
Download or read book Economics of the Family written by Martin Browning and published by Cambridge University Press. This book was released on 2014-06-05 with total page 511 pages. Available in PDF, EPUB and Kindle. Book excerpt: The family is a complex decision unit in which partners with potentially different objectives make consumption, work and fertility decisions. Couples marry and divorce partly based on their ability to coordinate these activities, which in turn depends on how well they are matched. This book provides a comprehensive, modern and self-contained account of the research in the growing area of family economics. The first half of the book develops several alternative models of family decision making. Particular attention is paid to the collective model and its testable implications. The second half discusses household formation and dissolution and who marries whom. Matching models with and without frictions are analyzed and the important role of within-family transfers is explained. The implications for marriage, divorce and fertility are discussed. The book is intended for graduate students in economics and for researchers in other fields interested in the economic approach to the family.
Book Synopsis The Strategic Constitution by : Robert D. Cooter
Download or read book The Strategic Constitution written by Robert D. Cooter and published by Princeton University Press. This book was released on 2020-06-30 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: Making, amending, and interpreting constitutions is a political game that can yield widespread suffering or secure a nation's liberty and prosperity. Given these high stakes, Robert Cooter argues that constitutional theory should trouble itself less with literary analysis and arguments over founders' intentions and focus much more on the real-world consequences of various constitutional provisions and choices. Pooling the best available theories from economics and political science, particularly those developed from game theory, Cooter's economic analysis of constitutions fundamentally recasts a field of growing interest and dramatic international importance. By uncovering the constitutional incentives that influence citizens, politicians, administrators, and judges, Cooter exposes fault lines in alternative forms of democracy: unitary versus federal states, deep administration versus many elections, parliamentary versus presidential systems, unicameral versus bicameral legislatures, common versus civil law, and liberty versus equality rights. Cooter applies an efficiency test to these alternatives, asking how far they satisfy the preferences of citizens for laws and public goods. To answer Cooter contrasts two types of democracy, which he defines as competitive government. The center of the political spectrum defeats the extremes in "median democracy," whereas representatives of all the citizens bargain over laws and public goods in "bargain democracy." Bargaining can realize all the gains from political trades, or bargaining can collapse into an unstable contest of redistribution. States plagued by instability and contests over redistribution should move towards median democracy by increasing transaction costs and reducing the power of the extremes. Specifically, promoting median versus bargain democracy involves promoting winner-take-all elections versus proportional representation, two parties versus multiple parties, referenda versus representative democracy, and special governments versus comprehensive governments. This innovative theory will have ramifications felt across national and disciplinary borders, and will be debated by a large audience, including the growing pool of economists interested in how law and politics shape economic policy, political scientists using game theory or specializing in constitutional law, and academic lawyers. The approach will also garner attention from students of political science, law, and economics, as well as policy makers working in and with new democracies where constitutions are being written and refined.
Download or read book Mining Royalties written by and published by World Bank Publications. This book was released on 2006-01-01 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains a wealth of information and analysis relating to mineral royalties. Primary information includes royalty legislation from over forty nations. Analysis is comprehensive and addresses issues of importance to diverse stakeholders including government policymakers, tax administrators, society, local communities and mining companies. Extensive footnotes and citations provide a valuable resource for researchers.
Download or read book World Development Report 1978 written by and published by World Bank Publications. This book was released on 1978 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first report deals with some of the major development issues confronting the developing countries and explores the relationship of the major trends in the international economy to them. It is designed to help clarify some of the linkages between the international economy and domestic strategies in the developing countries against the background of growing interdependence and increasing complexity in the world economy. It assesses the prospects for progress in accelerating growth and alleviating poverty, and identifies some of the major policy issues which will affect these prospects.
Book Synopsis The Green Book by : Great Britain. Treasury
Download or read book The Green Book written by Great Britain. Treasury and published by Stationery Office. This book was released on 2003 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new edition incorporates revised guidance from H.M Treasury which is designed to promote efficient policy development and resource allocation across government through the use of a thorough, long-term and analytically robust approach to the appraisal and evaluation of public service projects before significant funds are committed. It is the first edition to have been aided by a consultation process in order to ensure the guidance is clearer and more closely tailored to suit the needs of users.
Download or read book Social Capital written by Partha Dasgupta and published by World Bank Publications. This book was released on 2000 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains a number of papers presented at a workshop organised by the World Bank in 1997 on the theme of 'Social Capital: Integrating the Economist's and the Sociologist's Perspectives'. The concept of 'social capital' is considered through a number of theoretical and empirical studies which discuss its analytical foundations, as well as institutional and statistical analyses of the concept. It includes the classic 1987 article by the late James Coleman, 'Social Capital in the Creation of Human Capital', which formed the basis for the development of social capital as an organising concept in the social sciences.
Book Synopsis The Theory of Corporate Finance by : Jean Tirole
Download or read book The Theory of Corporate Finance written by Jean Tirole and published by Princeton University Press. This book was released on 2010-08-26 with total page 657 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Magnificent."—The Economist From the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate finance Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.
