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Information, Commitment, and Separation in Illiquid Housing Markets

Stacey, Derek G. - Economics Department, Queen's University - 2012

I propose a model of the housing market using a search framework with asymmetric information in which sellers are … posting as a signalling device to direct buyers' search. Adverse selection and inefficient entry on the demand side then …

Persistent link: https://www.econbiz.de/10010615129

How to take an exam if you must: Decision under Deadline

Huynh, Hsueh-Ling; Majumdar, Sumon - Economics Department, Queen's University - 2006

; this increases complexity of the problem of finding the optimal search policy. …This paper uses the example of an exam to model multi-dimensional search under a deadline. When the dimension is two …, an order-invariance property allows simple characterization of the optimal search policy. Behavior is shown to be highly …

Persistent link: https://www.econbiz.de/10005688286

Eroded Coffee Traceability and Its Impact on Export Coffee Prices for Ethiopia

Leung, Leonard - Economics Department, Queen's University - 2014

In December 2008, the Ethiopian Commodity Exchange (ECX) opened a new coffee platform that has transformed Ethiopia’s coffee trade. The way ECX handles coffee in a commodity fashion has eroded traceability, a characteristic sought after by overseas coffee buyers. This paper traces the forces...

Persistent link: https://www.econbiz.de/10010744613

Contracting in Vague Environments

Vierø, Marie-Louise - Economics Department, Queen's University - 2006

This paper shows that a new trade-off arises in the optimal contract when contracting takes place with vague information (objective ambiguity), reflecting that real-world contracting often takes place under imprecise information. The choice-theoretic framework captures a decision-maker`s...

Persistent link: https://www.econbiz.de/10004976747

Bait Contracts

Vierø, Marie-Louise - Economics Department, Queen's University - 2009

This paper explores contracting in the presence of ambiguity. It revisits Holmstrom's sufficient statistic result of when to condition a contract on an outside signal. It is shown that if the signal is ambiguous, in the sense that its probability distribution is unknown, then Holmstrom's result...

Persistent link: https://www.econbiz.de/10004976748

Iterated Expectations under Rank-Dependent Expected Utility and Model Consistency

Stomper, Alex; Vierø, Marie-Louise - Economics Department, Queen's University - 2015

Under expected utility theory, compound lotteries can be valued by "iterating" expectations: the expected utility of a compound lottery is the expected value of a simple lottery over prizes that are certainty equivalents to follow-up lotteries. We derive necessary and sufficient conditions for a...

Persistent link: https://www.econbiz.de/10008529045

Exactly What Happens After the Anscombe-Aumann Race? Representing Preferences in Vague Environments

Vierø, Marie-Louise - Economics Department, Queen's University - 2006

This paper derives a representation of preferences for a choice theory with vague environments; vague in the sense that the agent does not know the precise lotteries over outcomes conditional on states. Instead, he knows only a possible set of these lotteries for each state. Thus, this paper's...

Persistent link: https://www.econbiz.de/10005497204

Common Knowledge With Monotone Statistics

Bergin, James - Economics Department, Queen's University - 1998

When individual statistics are aggregated through a strictly monotone function to an aggregate statistic, common knowledge of the value of the aggregate statistic does not imply, in general, constancy of the individual statistics. This paper discusses two circumstances where it does occur. The...

Persistent link: https://www.econbiz.de/10005209124

What Banks Do and Markets Don't: Cross-subsidization

Koeppl, Thorsten; MacGee, James - Economics Department, Queen's University - 2005

We show that interbank markets are a poor substitute for ``broad'' banks that operate across regions or sectors. In the presence of regional or sectoral asset and liquidity shocks, interbank markets can distribute liquidity efficiently, but fail to respond efficiently to asset shocks. Broad...

Persistent link: https://www.econbiz.de/10005688331

The Role of Large Players in a Dynamic Currency Attack Game

Li, Mei; Milne, Frank - Economics Department, Queen's University - 2007

We establish a dynamic currency attack model in the presence of a large player (LP) based on Abreu and Brunnermeier (2003), which differs from most existing one-period static currency attack models. In an attack on a fixed exchange rate regime with a gradually overvaluing currency, both the...

Persistent link: https://www.econbiz.de/10005688437