Abstract: In this paper we investigate the use of consumer surplus in monopoly when the consumption of the outside good cannot be smaller than a certain number and when the weights given in the social welfare function to consumers and the firm are different. We assume quasi-linear utility and constant returns to scale. We find…
Abstract: The consequences that educational underperformance has on both individuals and society as a whole lead policy makers and planners to focus on how to measure it properly. The aim of this paper is to propose an index to measure educational poverty which, taking as a starting point the economic literature on multidimensional poverty measurement,…
Abstract A general finding in group contest is that there is an over-expenditure of effort, that is contests between groups generate very high individual efforts (and little free riding) compared to theoretical predictions. However, in the literature the way that the prize is shared ranges only between proportional sharing to egalitarian sharing. In many environments…
Business Angels are private individuals who invest their personal financial resources in new and growing small firms. To study Business Angels’decisions we design an experiment based on the Trust Game (Berg et al., 1995) and add a third party, the Business Angel, who decides whether and how much to invest in a firm that is…
The theory of orthogonal polynomials constitutes a nice example of the interplay between classical analysis, numerical analysis, linear algebra, probability theory and mathematical physics. In this talk we will deal with orthogonal polynomials associated with measures supported on the real line with a special emphasis on the situations where they are eigenfunctions of higher order…
Abstract: I analyze how the loss aversion of consumers affects the strategies of the government and the incumbent to avoid commercial piracy and the price competition between the incumbent and the pirate. To that end, I develop a sequential duopoly model of vertical product differentiation with price competition in which consumers have a reference-dependent utility….
El diseño experimental es la única situación en la que es significativo dentro de la teoría Bayesiana promediar sobre el espacio muestral. Como la muestra aún no se ha observado, se aplica el principio general de promediar sobre lo desconocido. Este marco justifica muchos criterios de optimalidad y abre nuevas posibilidades, por lo que varios…
A Bayesian method of moments/instrumental variable (BMOM/IV) approach is developed and applied in the analysis of the important mean and multiple regression models. Given a single set of data, it is shown how to obtain posterior and predictive moments without the use of likelihood functions, prior densities and Bayes’ Theorem. The posterior and predictive moments,…
Abstract: We explore the role of public funds sharing in the framework of laboratory federalism, viewed as a learning process of policy innovation and imitation. In a model of decentralized, rich-to-poor redistribution with labor mobility, such a learning dynamics leads to the complete erosion of the welfare state. We show that suitably designed funds sharing schemes can correct this…
Abstract: Are connections to decision makers valuable? Do connections lead to better or worse decisions? And if they do, why is that? We set out to answer these questions by studying connections to the editorial board members of more than 100 economics and finance journals over the period 1990-2011. Departments double their publications in a journal when…
