Microeconomics: Information最新文献

Due Diligence 尽职调查

Microeconomics: Information Pub Date : 2021-03-30 DOI: 10.2139/ssrn.3702560

Brendan Daley, Thomas Geelen, Brett Green

引用次数: 0

Social Optimum, Heterogeneous Workers and Firms in the Labour Market with On-the-Job-Search 社会最优、异质性工人和企业在就业市场中的寻找

Microeconomics: Information Pub Date : 2021-01-08 DOI: 10.2139/ssrn.3772844

Erdenebulgan Damdinsuren

{"title":"Social Optimum, Heterogeneous Workers and Firms in the Labour Market with On-the-Job-Search","authors":"Erdenebulgan Damdinsuren","doi":"10.2139/ssrn.3772844","DOIUrl":"https://doi.org/10.2139/ssrn.3772844","url":null,"abstract":"This paper develops a search model with heterogeneous workers, firms, and on-the-job search. Employed low-skilled workers are allowed to seek better paid jobs at high productivity firms. Low productivity firms make take-it-or-leave-it wage offers, whereas high-productivity firms use Nash bargaining over wages. There are two important sources of inefficiency in the model besides the well-known classical search externality. First, low-skilled workers do not have any bargaining power when they are employed at low productivity firms. Second, the two types of workers are pooled in the same submarket. We demonstrate that lump-sum transfers paid to workers can internalize these inefficiencies. Moreover, both types of firms may benefit from the increase in the supply of low-skilled workers when the productivity difference in the two jobs for these workers is large, as a result the overall wage gap among workers increase. On the contrary, when the productivity difference is small, the effects are reversed. Finally, both types of firms emerge in the equilibrium when firms are allowed to open vacancies in both submarkets. On the one hand, it is attractive for firms to open vacancies in the low productivity submarket since they pay low wages to workers. On the other hand, it is also profitable for firms to open vacancies in the high productivity submarket because the probability of jobs being filled with low-skilled workers increase significantly, even though the bargained wages of high-skilled workers increase.","PeriodicalId":400873,"journal":{"name":"Microeconomics: Information","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131225449","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Learning and Firm Dynamics in a Stochastic Equilibrium 随机均衡中的学习和企业动力学

Microeconomics: Information Pub Date : 2019-12-04 DOI: 10.2139/ssrn.3507822

Can Tian

引用次数: 0

Optimal Financial Contracting and Risk-Shifting 最优金融契约与风险转移

Microeconomics: Information Pub Date : 2019-08-03 DOI: 10.2139/ssrn.2978645

Dong-Geun Han

引用次数: 1

Group Search Strategy 群体搜索策略

Microeconomics: Information Pub Date : 2019-04-26 DOI: 10.2139/ssrn.3437993

X. Cao, Yuting Zhu

{"title":"Group Search Strategy","authors":"X. Cao, Yuting Zhu","doi":"10.2139/ssrn.3437993","DOIUrl":"https://doi.org/10.2139/ssrn.3437993","url":null,"abstract":"In this paper, we consider the fixed-sample and sequential strategies in group search, and we break the conventional wisdom that the sequential search strategy always dominates the fixed-sample strategy. We model group search as a game among group members, and we show that the fixed-sample strategy is preferable to the sequential strategy when the unit search cost (relative to the dispersion of the product value distribution) is very low or high enough. The sequential strategy has the information advantage compared to the fixed-sample strategy because decision makers can make use of information gained during the search process. However, due to the divergence of preferences in group search, the information advantage of the sequential strategy is reduced, whereas the commitment advantage of the fixed-sample strategy emerges: when the unit search cost is large, the fixed-sample strategy commits to a smaller number to search to save search cost, whereas when the unit search cost is small, the fixed-sample strategy chooses a larger number to search than the sequential strategy because it allows group members to commit to a number to search and prevents over-search upfront. Further, we show that our result is robust to a change in the distribution assumption or in the size of the group.","PeriodicalId":400873,"journal":{"name":"Microeconomics: Information","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133472659","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

What Drives Risk Perception? A Global Survey with Financial Professionals and Lay People 什么驱动风险认知?对金融专业人士和非专业人士的全球调查

Microeconomics: Information Pub Date : 2019-03-27 DOI: 10.2139/ssrn.3374893

Felix Holzmeister, J. Huber, Michael Kirchler, F. Lindner, U. Weitzel, Stefan Zeisberger

{"title":"What Drives Risk Perception? A Global Survey with Financial Professionals and Lay People","authors":"Felix Holzmeister, J. Huber, Michael Kirchler, F. Lindner, U. Weitzel, Stefan Zeisberger","doi":"10.2139/ssrn.3374893","DOIUrl":"https://doi.org/10.2139/ssrn.3374893","url":null,"abstract":"Risk is an integral part of many economic decisions and is vitally important in finance. Despite extensive research on decision making under risk, little is known about how risks are actually perceived by financial professionals, the key players in global financial markets. In a large-scale survey experiment with 2,213 finance professionals and 4,559 laypeople in nine countries representing ~50% of the world’s population and more than 60% of the world’s gross domestic product, we expose participants to return distributions with equal expected return, and we systematically vary the distributions’ next three higher moments. Of these, skewness is the only moment that systematically affects financial professionals’ perception of financial risk. Strikingly, variance does not influence risk perception, even though return volatility is the most common risk measure in finance in both academia and the industry. When testing other, compound risk measures, the probability to experience losses is the strongest predictor of what is perceived as being risky. Analyzing professionals’ propensity to invest, skewness and loss probability also have strong predictive power, while volatility and kurtosis have some additional effect. Our results are very similar for laypeople, and they are robust across and within countries with different cultural backgrounds, as well as for different job fields of professionals. This paper was accepted by Yuval Rottenstreich, decision analysis.","PeriodicalId":400873,"journal":{"name":"Microeconomics: Information","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130216760","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 69

Monetary Policy Rules in a Non-Rational World: A Macroeconomic Experiment 非理性世界中的货币政策规则:一项宏观经济实验

Microeconomics: Information Pub Date : 2019-02-11 DOI: 10.2139/ssrn.3060341

Felix Mauersberger

引用次数: 3

Market Risk Management in Agricultural Finance in Cameroon 喀麦隆农业金融市场风险管理

Microeconomics: Information Pub Date : 2019-01-09 DOI: 10.2139/ssrn.3312712

Rose Liliane Amoa

引用次数: 0

What Drives Bitcoin Volatility? 比特币波动的原因?

Microeconomics: Information Pub Date : 2018-07-31 DOI: 10.2139/ssrn.3223368

Hans Bystrom, D. Krygier

{"title":"What Drives Bitcoin Volatility?","authors":"Hans Bystrom, D. Krygier","doi":"10.2139/ssrn.3223368","DOIUrl":"https://doi.org/10.2139/ssrn.3223368","url":null,"abstract":"We look at the link between the volatility in the Bitcoin market and the volatility in other related traditional markets, i.e. the gold, currency and stock market. We also try to answer if the volatility in the Bitcoin market can be explained by retail investor-driven internet search volumes or, perhaps, by the general level of risk in the financial system, as measured by two market-wide risk indicators. We use daily, weekly as well as monthly data covering the period 2011 to 2017. Correlations and regressions reveal a weak but positive contemporaneous link between changes in the Bitcoin volatility and changes in the volatility of the trade weighted USD currency index. A stronger positive link is found between Bitcoin volatility and search pressures on Bitcoin-related words on Google, particularly for the word “bitcoin”. To further assess what drives Bitcoin volatility we turn to a VAR-analysis and impulse response functions which point at Google searches for the word “bitcoin”, and to some extent the USD currency index volatility, being the only determinants of future Bitcoin volatility. We then use our findings to make improved predictions of Bitcoin volatility based on Google search activity. Interestingly, the significant link that we find between Google search volumes and market volatility points at retail investors, rather than large institutions, being the most important drivers of Bitcoin volatility. We believe that we contribute to the literature in several ways and that our results could be of significant practical importance if the Bitcoin market continues to grow at the current speed.","PeriodicalId":400873,"journal":{"name":"Microeconomics: Information","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115705321","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 9

Quantile and Expectile Smoothing based on L1-norm and L2-norm F-transforms 基于l1 -范数和l2 -范数f变换的分位数和点平滑

Microeconomics: Information Pub Date : 2018-03-08 DOI: 10.2139/ssrn.3298023

Maria Letizia Guerra, Luciano Stefanini, Laerte Sorini

引用次数: 3