Spanish Economic Review
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Strong maximals: Elements with maximal score in partial orders
Spanish Economic Review - Tập 7 - Trang 157-166 - 2005
It is usually assumed that maximal elements are the best option for an agent. But there are situations in which we can observe that maximal elements are “different” one from another. This is the case of partial orders, in which one maximal element can be strictly preferred to almost every other element, whereas another maximal is not strictly preferred to any element. As partial orders are an impo...... hiện toàn bộ
Identifying optimal contingent fiscal policies in a business cycle model
Spanish Economic Review - Tập 7 - Trang 245-266 - 2005
Optimal fiscal policy is indeterminate in a dynamic and stochastic environment. The complete characterization of the fiscal policy requires the use of identification constraints. In the literature either capital taxes or debt have been restricted to be not contingent on the state of nature. We propose a different type of identification constraints to have both policy variables state-contingent. Th...... hiện toàn bộ
Underground economy and aggregate fluctuations
Spanish Economic Review - Tập 3 - Trang 41-53 - 2001
This paper explores the role of underground economic activities as an explanation of differences in registered aggregate fluctuations. In order to do so, we introduce an underground economy sector in an otherwise standard Real Business Cycle model and calibrate it to the USA economy. We find that, at low frequencies, Europe fluctuates more than the USA, while its participation rate is smaller. Th...... hiện toàn bộ
How does reciprocal behaviour of workers influence the wage setting of unions?
Spanish Economic Review - - 2008
Traditional wage setting models assume that unions maximise the total income of workers, whereas actually they should maximise worker utility. These models implicitly equate utility with income, but this is not valid if workers’ utility depends on their sense of fairness and includes a non-pecuniary benefit from work. This paper presents a model combining efficiency wages with bargaining theory, d...... hiện toàn bộ
Mergers in asymmetric Stackelberg markets
Spanish Economic Review - Tập 10 - Trang 279-288 - 2007
It is well known that the profitability of horizontal mergers with quantity competition is scarce. However, in an asymmetric Stackelberg market we obtain that some mergers are profitable. Our main result is that mergers among followers become profitable when the followers are inefficient enough. In this case, leaders reduce their output when followers merge and this reduction renders the merger pr...... hiện toàn bộ
Entry restrictions and the determination of quality
Spanish Economic Review - Tập 2 - Trang 105-127 - 2000
Entry restrictions are a common form of regulation in markets and occupations, either as a means of limiting the size of a market or affecting the quality of products or services provided by it. This paper analyzes demand, cost and informational characteristics that affect the impact of this type of policies on the quality mix of products provided by an industry and the welfare of its consumers. ...... hiện toàn bộ
A Non-cooperative Approach to Bankruptcy Problems
Spanish Economic Review - Tập 8 - Trang 189-197 - 2006
We propose an elementary game form that allows to obtain the allocations proposed by any acceptable bankruptcy rule as the unique payoff vector of the corresponding Nash equilibria.
Testing nonlinearity: Decision rules for selecting between logistic and exponential STAR models
Spanish Economic Review - Tập 3 - Trang 193-209 - 2001
A new LM specification procedure to choose between Logistic and Exponential Smooth Transition Autoregressive (STAR) models is introduced. The new decision rule has better properties than those previously available in the literature when the model is ESTAR and similar properties when the model is LSTAR. A simple natural extension of the usual LM-test for linearity is introduced and evaluated in te...... hiện toàn bộ
Price as a quality signal in a strategic competition context: The role of a disclosure law
Spanish Economic Review - Tập 5 - Trang 233-250 (2003) - 2003
This paper analyses a firm's incentive to use price as a signal of quality in a duopoly competition, even though she can credibly and costlessly disclose her true quality. When a firm sets a higher price to signal higher quality, it has strategic effects on the price chosen by her rival. This could result in higher equilibrium prices and profits. Hence, a mandatory disclosure law is useful to prev...... hiện toàn bộ
On the estimation of the effect of labour participation on fertility
Spanish Economic Review - Tập 11 - Trang 1-22 - 2008
In this paper we consider the estimation of the causal effect of female
labour market status (participation and employment) on fertility. We focus on the
sensitivity of the estimated effect to (i) the assumptions about the exogeneity of labour
market status; and (ii) the time interval between the measurement of fertility and
employment status. Using Spanish quarterly data, we estimate a switching ...... hiện toàn bộ
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