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  1. Robust contracts in common agency
    Author: Marku, Keler; Ocampo Díaz, Sergio; Tondji, Jean-Baptiste
    Published: 2022
    Publisher:  Department of Economics, Social Science Centre, Western University, London, Ontario, Canada

    We consider a game between several principals and a common agent, where principals know only a subset of the agent's available actions. Principals demand robustness and evaluate contracts on a worst-case basis. This robust approach allows for a crisp... more

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    We consider a game between several principals and a common agent, where principals know only a subset of the agent's available actions. Principals demand robustness and evaluate contracts on a worst-case basis. This robust approach allows for a crisp characterization of the equilibrium contracts and payoffs and provides a novel proof of equilibrium existence in common agency by constructing a pseudo-potential for the game. Robust contracts make explicit how the efficiency of the equilibrium outcome relative to collusion among principals depends on the principals' ability to extract payments from the agent.

     
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    Language: English
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    hdl: 10419/270404
    Series: Department of Economics research report series ; # 2022, 2 (June 2022)
    Subjects: Common agency; robustness; worst case; efficiency
    Scope: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  2. Acquisitions, management, and efficiency in Rwanda's coffee industry
    Author: Macchiavello, Rocco; Morjaria, Ameet
    Published: 04 July 2022
    Publisher:  Centre for Economic Policy Research, London

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    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17434
    Subjects: Ownership Changes; efficiency; Management; Relationships; ImplementationChallenges
    Scope: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  3. Tying under double-marginalization
    Author: Inderst, Roman; Griem, Fabian; Schaffer, Greg
    Published: 17 May 2022
    Publisher:  Centre for Economic Policy Research, London

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    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17314
    Subjects: contractual inefficiencies; Double-marginalization; Competition; surplus-sharing effect; rent-extraction effect; efficiency; brand strength
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  4. Poder de mercado, bienestar social y eficiencia en la industria microfinanciera regulada en el Perú
    Author: Aguilar, Giovanna; Portilla, Jhonatan
    Published: junio, 2022
    Publisher:  Departamento de Economía, Pontificia Universidad Católica del Perú, Lima, Perú

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    Language: Spanish
    Media type: Book
    Format: Online
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    hdl: 123456789/185392
    Edition: Primera edición
    Series: Documento de trabajo / Departamento Académico de Economía, PUCP ; no 512
    Subjects: Microfinance; efficiency; market power; social welfare
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  5. Avaliando a qualidade dos serviços de distribuição de energia elétrica no Brasil
    Author: Mendonça, Mário Jorge; Pereira Júnior, Amaro Olimpio; Pessanha, Jose Francisco Moreira; Medrano, Luis Alberto Toscano; Bellido, Marlon Max H.
    Published: junho de 2022
    Publisher:  Instituto de Pesquisa Econômica Aplicada, Brasília

    Among the aspects related to the quality of electric power supply, continuity stands out, evaluated based on the DEC and FEC indicators that express, respectively, the duration and frequency of supply interruptions. Regarding the continuity of... more

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    Among the aspects related to the quality of electric power supply, continuity stands out, evaluated based on the DEC and FEC indicators that express, respectively, the duration and frequency of supply interruptions. Regarding the continuity of supply, this study aims to present an alternative approach to the current methodology implemented by ANEEL for evaluating the performance of distributors in the Brazilian Electric System. For this purpose, a stochastic frontier analysis is proposed for benchmarking the continuity indicators of electric power distributors. The proposed model estimated based on bayesian inference is still capable of contemplating the temporal dynamics of efficiency. The consideration of this point is fundamental, because the studies done to evaluate the efficiency of the electric sector have neglected the fact that part of the increase in efficiency of a utility comes from the gain of scale due to the expansion of the market, a process that happens over time. Consideration of the dynamic aspect of efficiency is also of great importance for tariff revision. It was observed that actions of the utilities managed to keep the FEC below the regulatory goal, while the DEC exceeded the limit during 2009-2019. In order to assist the regulator in calibrating local continuity targets, it was also proposed to apply the efficiency indexes to define annual global targets for the continuity indicators. The results showed that the limits defined by our methodology are compatible with the limits defined by ANEEL and are perfectly feasible to be exceeded by the utilities.

     
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    Language: Portuguese
    Media type: Book
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    hdl: 10419/265296
    Series: Texto para discussão / Ipea ; 2776
    Subjects: utilities; continuity of supply; SAIDI; SAIFI; efficiency; stochastic frontier; bayesian inference
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  6. Effect of educational spending on academic performance under different institutional arrangements
    Author: Orduz, María
    Published: junio de 2022
    Publisher:  CEDE, Centro de Estudios sobre Desarrollo Económico, Bogotá, D.C., Colombia

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    Other identifier:
    hdl: 1992/58371
    Series: Array ; 2022, 20
    Subjects: Academic performance; per-pupil spending; efficiency; instrumental variable; regression discontinuity
    Scope: 1 Online-Ressource (circa 65 Seiten), Illustrationen
  7. Property tax competition
    Author: Borck, Rainald; Oshiro, Jun; Satō, Yasuhiro
    Published: [2022]
    Publisher:  Universität Potsdam, Potsdam

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    Language: English
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    Series: CEPA discussion papers ; no. 52 (October 2022)
    Subjects: efficiency; property taxes; tax competition
    Scope: 1 Online-Ressource (71 Seiten, 11002 KB), Illustrationen
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    We develop a model of property taxation and characterize equilibria under three alternative taxa-tion regimes often used in the public finance literature: decentralized taxation, centralized taxation, and “rent seeking” regimes. We show that decentralized taxation results in inefficiently high tax rates, whereas centralized taxation yields a common optimal tax rate, and tax rates in the rent-seeking regime can be either inefficiently high or low. We quantify the effects of switching from the observed tax system to the three regimes for Japan and Germany. The decentralized or rent-seeking regime best describes the Japanese tax system, whereas the centralized regime does so for Germany. We also quantify the welfare effects of regime changes
  8. Improving efficiency and equality in school choice
    Author: Ortega, Josue; Klein, Thilo
    Published: [2022]
    Publisher:  ZEW - Leibniz Centre for European Economic Research, Mannheim, Germany

    How should students be assigned to schools? Two mechanisms have been suggested and implemented around the world: deferred acceptance (DA) and top trading cycles (TTC). These two mechanisms are widely considered excellent choices because they are... more

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    How should students be assigned to schools? Two mechanisms have been suggested and implemented around the world: deferred acceptance (DA) and top trading cycles (TTC). These two mechanisms are widely considered excellent choices because they are strategy-proof, in addition to DA's no justified envy and TTC's Pareto optimality. We show theoretically and empirically that both mechanisms perform poorly with regard to two key desiderata such as efficiency and equality, even in large markets. In contrast, the rank-minimizing mechanism (RM) is significantly more efficient and egalitarian. It is also Pareto optimal for the students, unlike DA, and generates less justified envy than TTC.

     
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    hdl: 10419/265419
    Series: Discussion paper / ZEW ; no. 22, 046 (10/2022)
    Subjects: school choice; inequality; efficiency; justified envy
    Scope: 1 Online-Ressource (23 Seiten), Illustrationen
  9. Property tax competition
    a quantitative assessment
    Author: Borck, Rainald; Oshiro, Jun; Satō, Yasuhiro
    Published: October 2022
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We develop a model of property taxation and characterize equilibria under three alternative taxation regimes often used in the public finance literature: decentralized taxation, centralized taxation, and "rent seeking" regimes. We show that... more

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    We develop a model of property taxation and characterize equilibria under three alternative taxation regimes often used in the public finance literature: decentralized taxation, centralized taxation, and "rent seeking" regimes. We show that decentralized taxation results in inefficiently high tax rates, whereas centralized taxation yields a common optimal tax rate, and tax rates in the rent-seeking regime can be either inefficiently high or low. We quantify the effects of switching from the observed tax system to the three regimes for Japan and Germany. The decentralized or rent-seeking regime best describes the Japanese tax system, whereas the centralized regime does so for Germany. We also quantify the welfare effects of regime changes.

     
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    Other identifier:
    hdl: 10419/267235
    Series: CESifo working paper ; no. 10002 (2022)
    Subjects: property taxes; tax competition; efficiency
    Scope: 1 Online-Ressource (circa 74 Seiten), Illustrationen
  10. Evaluating climate policies by the Pareto principle
    efficiency when future identities are unobservable
    Author: Asheim, Geir B.; Kamaga, Kohei; Zuber, Stéphane
    Published: February 2022
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Climate change is an externality since those who emit greenhouse gases do not pay the long-term negative consequences of their emissions. In view of the resulting inefficiency, it has been claimed that climate policies can be evaluated by the Pareto... more

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    Climate change is an externality since those who emit greenhouse gases do not pay the long-term negative consequences of their emissions. In view of the resulting inefficiency, it has been claimed that climate policies can be evaluated by the Pareto principle. However, climate policies lead to different identities of future people, implying that the Pareto principle is not applicable. Assuming that there are infinitely many future people whose identities are not observable, we specify conditions under which their spatiotemporal positions do not matter. This implies that the Suppes-Sen principle whereby ranked streams are compared plays an important role and justifies that following dominance relation: A state a is said to dominate another state b if a Pareto dominates b for existing people and Suppes-Sen dominates b for future people, with at least one of the two being strict. We illustrate the consequences of this dominance definition for policy choice.

     
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    hdl: 10419/252092
    Series: CESifo working paper ; no. 9575 (2022)
    Subjects: climate change; efficiency; intergenerational equity; population ethics; infinite streams
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  11. Does group-based incentive pay lead to higher productivity?
    evidence from a complex and interdependent industrial production process
    Author: Frederiksen, Anders; Hansen, Daniel Baltzer Schjødt; Flaherty Manchester, Colleen N.
    Published: January 2022
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    Group-based incentive pay is attractive in contexts where production is complex and interdependent, yet freeriding is a paramount concern. We assess the introduction of group-based performance pay in a modern industrial production setting using... more

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    Group-based incentive pay is attractive in contexts where production is complex and interdependent, yet freeriding is a paramount concern. We assess the introduction of group-based performance pay in a modern industrial production setting using difference-in-difference estimation. Performance increased by 19 percent, with three quarters coming from increased performance of existing workers and the remaining from selection; workers became more efficient and were absent less often. We find little evidence of freeriding; quantile regressions show increased performance throughout the distribution of workers. Features of the design and implementation process created trust, a common goal, and a shared identity, which limited freeriding.

     
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    hdl: 10419/250647
    Series: Discussion paper series / IZA ; no. 14986
    Subjects: difference-in-differences; performance pay; group-based incentive; freeriding; incentive effects; selection effects; absenteeism; efficiency; performance; productivity; trust
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  12. Electricity pricing problems in future renewables-dominant power systems
    Author: Mallapragada, Dharik S.; Junge, Cristian; Wang, Cathy Xun; Pfeifenberger, Hannes; Joskow, Paul L.; Schmalensee, Richard
    Published: [2022]
    Publisher:  MIT Center for Energy and Environmental Policy Research, Cambridge, MA, USA

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    Edition: Revised February 2022
    Series: Working paper series / MIT Center for Energy and Environmental Policy Research ; 2021, 017 (November 2021)
    Subjects: decarbonization; storage; pricing; renewables; efficiency; electrification
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  13. Fees, incentives, and efficiency in large double auctions
    Author: Jantschgi, Simon; Nax, Heinrich H.; Pradelski, Bary S. R.; Pycia, Marek
    Published: February 2022
    Publisher:  University of Zurich, Department of Economics, Zurich

    Fees are omnipresent in markets but, with few exceptions, are omitted in economic models-such as Double Auctions-of these markets. Allowing for general fee structures, we show that their impact on incentives and efficiency in large Double Auctions... more

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    Fees are omnipresent in markets but, with few exceptions, are omitted in economic models-such as Double Auctions-of these markets. Allowing for general fee structures, we show that their impact on incentives and efficiency in large Double Auctions hinges on whether the fees are homogeneous (as, e.g., fixed fees and price fees) or heterogeneous (as, e.g., bid-ask spread fees). Double Auctions with homogeneous fees share the key advantages of Double Auctions without fees: markets with homogeneous fees are asymptotically strategyproof and efficient. We further show that these advantages are preserved even if traders have misspecified beliefs. In contrast, heterogeneous fees lead to complex strategic behavior (price guessing) and may result in severe market failures. Allowing for aggregate uncertainty, we extend these insights to market organizations other than the Double Auction.

     
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    hdl: 10419/251438
    Series: Working paper series / University of Zurich, Department of Economics ; no. 405
    Subjects: Double auction; fees; transaction costs; incentives; strategyproofness; efficiency; robustness
    Scope: 1 Online-Ressource (circa 61 Seiten), Illustrationen
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    Datei wurde von der herausgebenden Institution entfernt
  14. A measure of well-being efficiency based on the World Happiness Report
    Author: Sarracino, Francesco; O'Connor, Kelsey J.
    Published: 2022
    Publisher:  Global Labor Organization (GLO), Essen

    We propose a measure of well-being efficiency to assess countries' ability to transform inputs into subjective well-being (Cantril ladder). We use the six inputs (real GDP per capita, healthy life expectancy, social support, freedom of choice,... more

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    We propose a measure of well-being efficiency to assess countries' ability to transform inputs into subjective well-being (Cantril ladder). We use the six inputs (real GDP per capita, healthy life expectancy, social support, freedom of choice, absence of corruption, and generosity) identified in the World Happiness Reports and apply Data Envelopment Analysis to a sample of 126 countries. Efficiency scores reveal that high ranking subjective well-being countries, such as the Nordics, are not strictly the most efficient ones. Also, the scores are uncorrelated with economic efficiency. This means that the implicit assumption that economic efficiency promotes well-being is not supported. Well-being efficiency can be improved by changing the amount (scale) or composition of inputs and their use (technical efficiency). For instance countries with lower unemployment, and greater healthy life expectancy and optimism are more efficient.

     
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    hdl: 10419/251216
    Series: GLO discussion paper ; no. 1061
    Subjects: subjective well-being; World Happiness Report; efficiency; Data Envelopment Analysis
    Scope: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  15. A measure of well-being efficiency based on the world happiness report
    Author: Sarracino, Francesco; O'Connor, Kelsey J.
    Published: October 2022
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    We estimate a measure of well-being efficiency that assesses countries' ability to transform inputs into subjective well-being (Cantril ladder). We use the six inputs (real GDP per capita, healthy life expectancy, social support, freedom of choice,... more

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    We estimate a measure of well-being efficiency that assesses countries' ability to transform inputs into subjective well-being (Cantril ladder). We use the six inputs (real GDP per capita, healthy life expectancy, social support, freedom of choice, absence of corruption, and generosity) identified in the World Happiness Reports and apply Data Envelopment Analysis to a sample of 126 countries. Efficiency scores reveal that high ranking subjective well-being countries, such as the Nordics, are not strictly the most efficient ones. Also, the scores are uncorrelated with economic efficiency. This suggests that the implicit assumption that economic efficiency promotes well-being is not supported. Subjective well-being efficiency can be improved by changing the amount (scale) or composition of inputs and their use (technical efficiency). For instance countries with lower unemployment, and greater healthy life expectancy and optimism are more efficient.

     
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    hdl: 10419/267406
    Series: Discussion paper series / IZA ; no. 15669
    Subjects: subjective well-being; World Happiness Report; efficiency; Data Envelopment Analysis
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  16. Respecting priorities versus respecting preferences in school choice
    when is there a trade-off?
    Author: Cantillon, Estelle; Chen, Li; Pereyra, Juan
    Published: December 2022
    Publisher:  ECARES, Brussels, Belgium

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    hdl: 2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/352301
    Series: ECARES working paper ; 2022, 39
    Subjects: Matching; envyfreeness; efficiency; priorities; preferences; matching algorithms
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  17. Property tax competition
    a quantitative assessment
    Author: Borck, Rainald; Oshiro, Jun; Satō, Yasuhiro
    Published: Sptember 2022
    Publisher:  [CIRJE, Faculty of Economics, University of Tokyo], [Tokyo]

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    Series: Array ; CIRJE-F-1199
    Subjects: property taxes; tax competition; efficiency
    Scope: 1 Online-Ressource (circa 72 Seiten), Illustrationen
  18. How do institutions affect the impact of natural disasters?
    Author: Bos, Jaap W. B.; Gröschl, Jasmin Katrin; Lamers, Martien; Li, Runliang; Sanders, Mark; Schippers, Vincent
    Published: December 2022
    Publisher:  CESifo, Munich, Germany

    In this paper we study how differences in the quality of countries' institutions affect the impact of natural hazards in these countries. To do so, we first build a new data set that allows us to adequately control for countries' development and... more

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    In this paper we study how differences in the quality of countries' institutions affect the impact of natural hazards in these countries. To do so, we first build a new data set that allows us to adequately control for countries' development and geological characteristics and, importantly, the physical intensity of the natural hazard. We then analyze our data using an output distance frontier model to assess two important aspects of the relation-ship between institutions and hazard impacts. First, the model allows us to estimate the trade-offs between different types of (negative) outcomes (e.g., deaths, affected, and damages). Second, it enables us to estimate the excess deaths, affected inhabitants and damages that countries, all else equal, suffer relative to the best performing countries. We can refer to this as the countries' (in)efficiency at managing natural hazards. Our results show that countries differ a lot in their disaster management efficiencies, with richer countries performing better than poorer countries. Richer countries also incur higher capital losses in exchange for fewer lives affected, controlling for their overall level of development and population density. For rich and poor countries we show that institutions of higher quality indeed correlate with higher disaster relief efficiencies. Most important are indicators of good governance and government effectiveness, whereas the de jure indicators are not informative. Our estimates suggest that a country with a 10%higher disaster relief efficiency will save one more life and protect four more people at the cost of $8 million in capital losses in an average intensity natural hazard.

     
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    hdl: 10419/271818
    Series: CESifo working papers ; 10174 (2022)
    Subjects: natural disasters; resilience; institutions; efficiency
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  19. When can we design efficient and strategy-proof rules in package assignment problems?
    Author: Kazumura, Tomoya
    Published: January, 2022
    Publisher:  Graduate School of Economics, Kyoto University, Kyoto City, Japan

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    Series: Array ; no. 21, 008
    Subjects: Strategy-proofness; efficiency; non-quasi-linear preferences; partially quasi-linear preferences; generalized Vickrey rule; maximal domain
    Scope: 1 Online-Ressource (circa 82 Seiten), Illustrationen
  20. Tract housing, the core, and pendulum auctions
    Author: MacKenzie, Andrew; Zhou, Yu
    Published: August, 2022
    Publisher:  Graduate School of Economics, Kyoto University, Kyoto City, Japan

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; no. 22, 005
    Subjects: tract housing; core; pendulum auction; almost-synchronized equilibrium; private wealth constraints; efficiency; obvious strategy-proofness
    Scope: 1 Online-Ressource (circa 55 Seiten)
  21. Approximate Bayesian implementation and exact maxmin implementation
    an equivalence
    Author: Song, Yangwei
    Published: [2022]
    Publisher:  Collaborative Research Center Transregio 190, [München]

    This paper provides a micro-foundation for approximate incentive compatibility using ambiguity aversion. In particular, we propose a novel notion of approximate interim incentive compatibility, approximate local incentive compatibility, and establish... more

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    This paper provides a micro-foundation for approximate incentive compatibility using ambiguity aversion. In particular, we propose a novel notion of approximate interim incentive compatibility, approximate local incentive compatibility, and establish an equivalence between approximate local incentive compatibility in a Bayesian environment and exact interim incentive compatibility in the presence of a small degree of ambiguity. We then apply our result to the implementation of efficient allocations. In particular, we identify three economic settings - including ones in which approximately efficient allocations are implementable, ones in which agents are informationally small, and large double auctions - in which efficient allocations are approximately locally implementable when agents are Bayesian. Applying our result to those settings, we conclude that efficient allocations are exactly implementable when agents perceive a small degree of ambiguity.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
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    Other identifier:
    hdl: 10419/282054
    Series: Discussion paper / Rationality & Competition, CRC TRR 190 ; no. 362 (December 28, 2022)
    Subjects: approximate local incentive compatibility; ambiguity aversion; efficiency; informational size; modified VCG mechanism; double auction
    Scope: 1 Online-Ressource (circa 63 Seiten)
  22. Property tax competition
    Author: Borck, Rainald; Oshiro, Jun; Satō, Yasuhiro
    Published: [2022]
    Publisher:  Universität Potsdam, Potsdam

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    Universität Potsdam, Universitätsbibliothek
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    Language: English
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    Series: CEPA discussion papers ; no. 52 (October 2022)
    Subjects: efficiency; property taxes; tax competition
    Scope: 1 Online-Ressource (71 Seiten, 11002 KB), Illustrationen
    Notes:

    We develop a model of property taxation and characterize equilibria under three alternative taxa-tion regimes often used in the public finance literature: decentralized taxation, centralized taxation, and “rent seeking” regimes. We show that decentralized taxation results in inefficiently high tax rates, whereas centralized taxation yields a common optimal tax rate, and tax rates in the rent-seeking regime can be either inefficiently high or low. We quantify the effects of switching from the observed tax system to the three regimes for Japan and Germany. The decentralized or rent-seeking regime best describes the Japanese tax system, whereas the centralized regime does so for Germany. We also quantify the welfare effects of regime changes