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Brexit and Uncertainty: Insights from the Decision Maker Panel (2018)
Journal Article
Thwaites, G., Bloom, N., Bunn, P., Chen, S., Mizen, P., Smietanka, P., & Young, G. (2018). Brexit and Uncertainty: Insights from the Decision Maker Panel. Fiscal Studies, 39(4), 555-580. https://doi.org/10.1111/1475-5890.12179

© 2018 Bank of England. Fiscal Studies © 2018 Institute for Fiscal Studies. The UK's decision to leave the EU in the 2016 referendum created substantial uncertainty for UK businesses. The nature of this uncertainty is different from that of a typical... Read More about Brexit and Uncertainty: Insights from the Decision Maker Panel.

Why are some households so poorly insured? (2018)
Journal Article
Gathergood, J., & Wylie, D. (2018). Why are some households so poorly insured?. Journal of Economic Behavior and Organization, 156, 1-12. https://doi.org/10.1016/j.jebo.2018.08.006

We explore empirically how households insure themselves against consumption volatility. We asked households how they would fund an unexpected emergency consumption expense equivalent to one month’s income. Answers reveal a range of consumption insura... Read More about Why are some households so poorly insured?.

Efficient chip strategies in repeated games (2018)
Journal Article
Olszewski, W., & Safronov, M. (2018). Efficient chip strategies in repeated games. Theoretical Economics, 13(3), 951-978. https://doi.org/10.3982/TE2434

We study a class of chip strategies in repeated games of incomplete information. This class generalizes the strategies studied by Möbius (2001) in the context of a favor‐exchange model and the strategies studied in our companion paper, Olszewski and... Read More about Efficient chip strategies in repeated games.

Rented vs. owner-occupied housing and monetary policy (2018)
Journal Article
Rubio, M. (2019). Rented vs. owner-occupied housing and monetary policy. BE Journal of Macroeconomics, 19(1), https://doi.org/10.1515/bejm-2016-0110

© 2019 Walter de Gruyter GmbH, Berlin/Boston. The aim of this paper is to show how housing tenure (rented vs.cowner-occupied) affects monetary policy. I propose a dynamic stochastic general equilibrium model with housing, both owned and rented. First... Read More about Rented vs. owner-occupied housing and monetary policy.

The enforcement of mandatory disclosure rules (2018)
Journal Article
Dahm, M., González, P., & Porteiro, N. (2018). The enforcement of mandatory disclosure rules. Journal of Public Economics, 167, 21-32. https://doi.org/10.1016/j.jpubeco.2018.08.014

This paper examines the incentives of a firm to invest in information about the quality of its product and to disclose its findings. If the firm conceals information, it might be detected and fined. We show that optimal monitoring is determined by a... Read More about The enforcement of mandatory disclosure rules.

Efficient cooperation by exchanging favors (2018)
Journal Article
Olszewski, W., & Safronov, M. (2018). Efficient cooperation by exchanging favors. Theoretical Economics, 13(3), 1191-1232. https://doi.org/10.3982/TE2771

We study chip-strategy equilibria in two-player repeated games. Intuitively, in these equilibria players exchange favors by taking individually suboptimal actions if these actions create a "gain" for the opponent larger than the player's "loss" from... Read More about Efficient cooperation by exchanging favors.

Efficiency versus equality in bargaining (2018)
Journal Article
Galeotti, F., Montero, M., & Poulsen, A. (2019). Efficiency versus equality in bargaining. Journal of European Economic Association, 17(6), 1941-1970. https://doi.org/10.1093/jeea/jvy030

© The Author(s) 2019. We consider how the outcome of bargaining varies with changes in the trade-off between equality, efficiency, and total-earnings maximization.We observe that subjects avoid an equal-earning outcome if it is Pareto inefficient; a... Read More about Efficiency versus equality in bargaining.

Leaders as role models and ‘belief managers’ in social dilemmas (2018)
Journal Article
Gächter, S., & Renner, E. (2018). Leaders as role models and ‘belief managers’ in social dilemmas. Journal of Economic Behavior and Organization, 154, 321-334. https://doi.org/10.1016/j.jebo.2018.08.001

We investigate the link between leadership, beliefs and pro-social behavior in social dilemmas. This link is interesting because field evidence suggests that people's behavior in domains like charitable giving, tax evasion, corporate culture and corr... Read More about Leaders as role models and ‘belief managers’ in social dilemmas.

How do payday loans affect borrowers?: evidence from the UK market (2018)
Journal Article
Gathergood, J., Guttman-Kenney, B., & Hunt, S. (2019). How do payday loans affect borrowers?: evidence from the UK market. Review of Financial Studies, 32(2), 496–523. https://doi.org/10.1093/rfs/hhy090

Payday loans are controversial high cost, short-term lending products, banned in many US states. But debates surrounding their benefits to consumers continue. We analyse the effects of payday loans on consumers using a unique dataset including 99% of... Read More about How do payday loans affect borrowers?: evidence from the UK market.

Occupational Choice with Endogenous Spillovers (2018)
Journal Article
Albornoz, F., Cabrales, A., & Hauk, E. (2019). Occupational Choice with Endogenous Spillovers. Economic Journal, 129(621), 1953-1970. https://doi.org/10.1111/ecoj.12634

© 2019 Royal Economic Society. Published by Oxford University Press. We study a model that integrates productive and socialising efforts with occupational choice, and endogenous spillovers. We show that more talented individuals work harder and contr... Read More about Occupational Choice with Endogenous Spillovers.

Coalition-proof full efficient implementation (2018)
Journal Article
Safronov, M. (2018). Coalition-proof full efficient implementation. Journal of Economic Theory, 177, 659-677. https://doi.org/10.1016/j.jet.2018.07.009

The Vickrey-Clarke-Groves and d'Aspremont-Gerard-Varet mechanisms implement efficient social choice by compensating each agent for the externalities that his report imposes on all other agents. Instead of aggregate compensations, which may lead to pr... Read More about Coalition-proof full efficient implementation.

Nonparametric series density estimation and testing (2018)
Journal Article
Marsh, P. (2019). Nonparametric series density estimation and testing. Statistical Methods and Applications, 28(1), 77–99. https://doi.org/10.1007/s10260-018-00432-y

This paper .rst establishes consistency of the exponential series density estimator when nuisance parameters are estimated as a preliminary step. Convergence in relative entropy of the density estimator is preserved, which in turn implies that the qu... Read More about Nonparametric series density estimation and testing.

Affirmative action through extra prizes (2018)
Journal Article
Dahm, M., & Esteve-González, P. (2018). Affirmative action through extra prizes. Journal of Economic Behavior and Organization, 153, 123-142. https://doi.org/10.1016/j.jebo.2018.06.016

Some affirmative action policies establish that a set of disadvantaged competitors has access to an extra prize. We analyse the effects of creating an extra prize by reducing the prize in the main competition. Contestants differ in ability and agents... Read More about Affirmative action through extra prizes.

The meta-Phillips Curve: modelling U.S. inflation in the presence of regime change (2018)
Journal Article
Aristidou, C. (2018). The meta-Phillips Curve: modelling U.S. inflation in the presence of regime change. Journal of Macroeconomics, 57, 367-379. https://doi.org/10.1016/j.jmacro.2018.07.002

A novel approach to modelling inflation dynamics is presented based on a set of Hybrid New-Keynesian Phillips Curves, distinguished by the regime duration and measures of real marginal cost, and combined into a meta-Phillips Curve using model averagi... Read More about The meta-Phillips Curve: modelling U.S. inflation in the presence of regime change.

Real-time monitoring for explosive financial bubbles (2018)
Journal Article
Astill, S., Harvey, D. I., Leybourne, S. J., Sollis, R., & Taylor, A. R. (2018). Real-time monitoring for explosive financial bubbles. Journal of Time Series Analysis, 39(6), 863-891. https://doi.org/10.1111/jtsa.12409

We propose new methods for the real-time detection of explosive bubbles in financial time series. Most extant methods are constructed for a fixed sample of data and, as such, are only appropriate when applied as one-shot tests. Sequential application... Read More about Real-time monitoring for explosive financial bubbles.

To tender or not to tender?: deliberate and exogenous sunk costs in a public good game (2018)
Journal Article
Heine, F., & Sefton, M. (2018). To tender or not to tender?: deliberate and exogenous sunk costs in a public good game. Games, 9(3), Article 41. https://doi.org/10.3390/g9030041

In an experimental study, we compare individual willingness to cooperate in a public good game after an initial team contest phase. While players in the treatment setup make a conscious decision on how much to invest in the contest, this decision is... Read More about To tender or not to tender?: deliberate and exogenous sunk costs in a public good game.

Dispositional free riders do not free ride on punishment (2018)
Journal Article
Weber, T. O., Weisel, O., & Gächter, S. (2018). Dispositional free riders do not free ride on punishment. Nature Communications, 9(1), Article 2390. https://doi.org/10.1038/s41467-018-04775-8

Strong reciprocity explains prosocial cooperation by the presence of individuals who incur costs to help those who helped them (‘strong positive reciprocity’) and to punish those who wronged them (‘strong negative reciprocity’). Theories of social pr... Read More about Dispositional free riders do not free ride on punishment.

Special economic zones and WTO compliance: evidence from the Dominican Republic (2018)
Journal Article
Defever, F., Riaño, A., Reyes, J., & Sanchez-Martin, M. E. (2019). Special economic zones and WTO compliance: evidence from the Dominican Republic. Economica, 86(343), 532-568. https://doi.org/10.1111/ecca.12276

Special economic zones (SEZ), one of the most important instruments of industrial policy used in developing countries, often impose export share requirements (ESR). That is, firms located in SEZ are required to export more than a certain share of the... Read More about Special economic zones and WTO compliance: evidence from the Dominican Republic.

Evolutionary games and matching rules (2018)
Journal Article
Jensen, M. K., & Rigos, A. (2018). Evolutionary games and matching rules. International Journal of Game Theory, 47(3), 707-735. https://doi.org/10.1007/s00182-018-0630-1

This study considers evolutionary games with non-uniformly random matching when interaction occurs in groups of n?2 individuals using pure strategies from a finite strategy set. In such models, groups with different compositions of individuals genera... Read More about Evolutionary games and matching rules.