The Value Of Signals In Hidden Action Models
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Author | : Wendelin Schnedler |
Publisher | : Springer Science & Business Media |
Total Pages | : 165 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 3790827061 |
Download The Value of Signals in Hidden Action Models Book in PDF, Epub and Kindle
Since the fundamental work of Walras (1874), markets have received particular attention by economists because they lead to an efficient allocation of goods and services. However, the proper functioning of markets rests on certain assumptions. For instance, the good or ser vice which is to be traded must be clearly defined. This elementary requirement is often violated in reality, in particular when services are concerned. Consider the example of railway workers who are hired to lay tracks. A labour contract which stipulates a fixed wage and defines the workers' task as "laying tracks" is rather unspecific. Workers may profit from this vagueness by reducing effort to a comfortable amount -as long as tracks are laid, they do not violate contract conditions. Thus, an im precise definition of the service can result in inefficiently low efforts. An obvious solution to this problem is a clearer definition of the ser vice, but often this way is barred: To specify, for instance, all actions which are involved in laying tracks and which may vary with weather, surface and other conditions is far too complicated and too costly. In deed, labour contracts seldom give a detailed account of the task of a worker. Alternatively to a more precise task description, the wage of the worker could be conditioned on information about the worker's performance. For example, the railway workers might be paid by the length of tracks laid so that they are motivated to exert more effort.
Author | : Wendelin Schnedler |
Publisher | : |
Total Pages | : 172 |
Release | : 2004-02-09 |
Genre | : |
ISBN | : 9783790827071 |
Download The Value of Signals in Hidden Action Models Book in PDF, Epub and Kindle
Author | : Francesco C. Billari |
Publisher | : Springer Science & Business Media |
Total Pages | : 232 |
Release | : 2006-06-14 |
Genre | : Business & Economics |
ISBN | : 379081721X |
Download Agent-Based Computational Modelling Book in PDF, Epub and Kindle
The present book describes the methodology to set up agent-based models and to study emerging patterns in complex adaptive systems resulting from multi-agent interaction. It offers the application of agent-based models in demography, social and economic sciences and environmental sciences. Examples include population dynamics, evolution of social norms, communication structures, patterns in eco-systems and socio-biology, natural resource management, spread of diseases and development processes. It presents and combines different approaches how to implement agent-based computational models and tools in an integrative manner that can be extended to other cases.
Author | : Sandra Gruescu |
Publisher | : Springer Science & Business Media |
Total Pages | : 206 |
Release | : 2007-05-26 |
Genre | : Business & Economics |
ISBN | : 3790819069 |
Download Population Ageing and Economic Growth Book in PDF, Epub and Kindle
This book reviews standard economic growth models concentrating on the relationship between population ageing and economic growth and develops a growth model with endogenous human capital and endogenous fertility. This model is used to analyse the effects of education policy and family policy on economic growth. The author presents results both for economic policy, and for economic growth theory.
Author | : Sardar M. N. Islam |
Publisher | : Springer Science & Business Media |
Total Pages | : 208 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 3790826669 |
Download Empirical Finance Book in PDF, Epub and Kindle
This book makes two key contributions to empirical finance. First it provides a comprehensive analysis of the Thai stock market. Second it presents an excellent exposition ofhow modem econometric techniques can be utilised to understand a market. The increasing globalisation of the world's financial markets has made our un derstanding of the risk-return relationship in a broader range of markets critical. This is particularly so in emerging markets where market depth and liquidity are major issues. One such emerging market is Thailand. The Thai capital market isof particular interest given that it was the market in which the Asian financial crises commenced. As such an understanding ofthe Thai capital market via study of the pre and post-crisis periods enables one to shed light on one of the major financial markets events of recent times. This book provides a quantitative analysis of the Thai capital market using some very useful and recent econometric techniques. The book provides an over view of the Thai stock market in chapter 2. Descriptive statistics and time series models (moving average, exponential smoothing, ARIMA) are presented in chap ter 3 followed by market efficiency tests based on autocorrelations in chapter 4. A richer set of models is then considered in chapters 5 through 8. Chapter 5 finds a cointegrating relationship between macroeconomic factors and stock returns.
Author | : Renato Giannetti |
Publisher | : Springer Science & Business Media |
Total Pages | : 316 |
Release | : 2009-06-10 |
Genre | : Business & Economics |
ISBN | : 3790817120 |
Download Evolution of Italian Enterprises in the 20th Century Book in PDF, Epub and Kindle
During the first two-thirds of the 20th century the themes of sectorial structure and compared performance prevail in Italian economic historiography. In contrast, in the last part of the century attention is focused on the behavior of single economic actors and their micro-economic strategies. This book intends to act as a bridge between the two approaches, and reconstructs the secular journey of Italian industrial enterprise through an original study.
Author | : Patrick S. Renz |
Publisher | : Springer Science & Business Media |
Total Pages | : 274 |
Release | : 2007-07-19 |
Genre | : Business & Economics |
ISBN | : 3790819271 |
Download Project Governance Book in PDF, Epub and Kindle
This book unveils a gap in the governance of development projects that ultimately hinders effective, transparent and accountable usage of resources. Illustrated with entertaining examples, the book develops a Project Governance model. The models six modules build an integrated, strategically oriented and ethically reflected platform for a more truthful and efficient cooperation in difficult projects or programs such as in development.
Author | : Bernard Michael Gilroy |
Publisher | : Springer Science & Business Media |
Total Pages | : 324 |
Release | : 2004-10-20 |
Genre | : Business & Economics |
ISBN | : 9783790802764 |
Download Multinational Enterprises, Foreign Direct Investment and Growth in Africa Book in PDF, Epub and Kindle
How can Africa, the world’s most lagging region, benefit from globalisation and achieve sustained economic growth? Africa needs greater investment by Multinational Enterprises (MNEs) to improve competitiveness and generate more growth through positive spill-over effects. Despite the fact that Africa’s returns on investment averaged 29% since 1990, Africa has gained merely 1% of global Foreign Direct Investment (FDI) flows. The challenge for African countries is how to be a more desirable destination for FDI. The study integrates three currents of economic research, namely from the literature on (endogenous) economic growth, convergence and regional integration, the explanations for Africa’s poor growth and the growing understanding of the role of MNEs in a global economy. The empirical side of the book is based on an econometric study of the determinants of FDI in Africa as well as a detailed firm-level survey conducted in 2000.
Author | : W.J. Meester |
Publisher | : Springer Science & Business Media |
Total Pages | : 228 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 3790826871 |
Download Locational Preferences of Entrepreneurs Book in PDF, Epub and Kindle
In this book, locational preferences of firms in The Netherlands and Germany are studied from a behavioural point of view. Stated preferences of entrepreneurs in each country are examined, using various types of statistical analysis. The influence of both firm and place characteristics is analysed. Special attention is given to the relation between distance and rating. Other topics mentioned are changes in the rating patterns in time, the relation of locational preferences with other types of spatial preferences and with locational behaviour. The results of the analyses may be regarded as relevant to behavioural theory as well as to the practice of government policies.
Author | : Emilio Colombo |
Publisher | : Springer Science & Business Media |
Total Pages | : 188 |
Release | : 2005-09-16 |
Genre | : Business & Economics |
ISBN | : 9783790815818 |
Download Financial Market Imperfections and Corporate Decisions Book in PDF, Epub and Kindle
We would like to thank Akos Valentinyi and Mark Schaffer for their advice on various stages of this research project. We also would like to thank our col leagues at the Department of Economics of the University of Milan - Bicocca for their advice and support. This book is the result of a long term project financed by various research grants: in particular the Phare-Ace programme (Project P-96-6151-R) and a research grant from the Italian Ministry of Education under the young researchers scheme. Milan, March 2005 Emilio Colombo Luca Stanca Contents Introduction 1 Financial market imperfections and corporate decisions: theory and evidence 7 2. 1 Introduction 7 2. 2 Financial market imperfections, investment and cycles 9 2. 2. 1 The Stiglitz view 9 2. 2. 2 Agency costs and macroeconomic fluctuations 15 2. 2. 3 Assessing the differences 18 2. 2. 4 Further developments 20 2. 2. 5 Empirical evidence 22 2. 3 Financial market imperfections and corporate capital structure 24 2. 3. 1 Asymmetric information and capital structure choice . . 25 2. 3. 2 Agency costs and capital structure choice 30 2. 3. 3 Empirical evidence 32 The transformation of the Hungarian financial system 35 3. 1 Introduction 35 3. 2 Macroeconomic background 36 3. 3 Liberalisation, privatisation and financial development 44 3. 3. 1 Banking and credit 45 3. 3. 2 Equity market 48 3. 3. 3 Foreign direct investment 49 3. 4 Financial sector reform 50 3. 4.