Efficiency in Decentralised Markets with Aggregate Uncertainty

2019 ◽  
Vol 130 (626) ◽  
pp. 446-461
Author(s):  
Braz Camargo ◽  
Dino Gerardi ◽  
Lucas Maestri
Keyword(s):  
Equal Mass ◽  
Aggregate State ◽  
Common Value ◽  
Aggregate Uncertainty ◽  
Asset Values ◽  
Over Time

Abstract We study efficiency in non-stationary decentralised markets with common-value uncertainty and correlated asset values. There is an equal mass of buyers and sellers and payoffs from trade depend on an aggregate state, which only the sellers know. Buyers and sellers are randomly and anonymously matched in pairs over time, and buyers make the offers. We show that all equilibria become efficient as trading frictions vanish.

scholarly journals How reliable are projections of future flood damage?

2011 ◽  
Vol 11 (12) ◽  
pp. 3293-3306 ◽  
Author(s):  
P. Bubeck ◽  
H. de Moel ◽  
L. M. Bouwer ◽  
J. C. J. H. Aerts
Keyword(s):  
Land Use ◽  
Flood Damage ◽  
Flood Risk Management ◽  
Future Research ◽  
River Rhine ◽  
Damage Functions ◽  
Damage Modelling ◽  
Asset Values ◽  
Over Time ◽  
Modelling Approaches

Abstract. Flood damage modelling is an important component in flood risk management, and several studies have investigated the possible range of flood damage in the coming decades. Generally, flood damage assessments are still characterized by considerable uncertainties in stage-damage functions and methodological differences in estimating exposed asset values. The high variance that is commonly associated with absolute flood damage assessments is the reason for the present study that investigates the reliability of estimates of relative changes in the development of potential flood damage. While studies that estimate (relative) changes in flood damage over time usually address uncertainties resulting from different projections (e.g. land-use characteristics), the influence of different flood damage modelling approaches on estimates of relative changes in the development of flood damage is largely unknown. In this paper, we evaluate the reliability of estimates of relative changes in flood damage along the river Rhine between 1990 and 2030 in terms of different flood-damage modelling approaches. The results show that relative estimates of flood damage developments differ by a factor of 1.4. These variations, which result from the application of different modelling approaches, are considerably smaller than differences between the approaches in terms of absolute damage estimates (by a factor of 3.5 to 3.8), or than differences resulting from land-use projections (by a factor of 3). The differences that exist when estimating relative changes principally depend on the differences in damage functions. In order to improve the reliability of relative estimates of changes in the development of potential flood damage, future research should focus on reducing the uncertainties related to damage functions.

scholarly journals Anomalies: Closed-End Mutual Funds

1990 ◽  
Vol 4 (4) ◽  
pp. 153-164 ◽  
Author(s):  
Charles M. C Lee ◽  
Andrei Shleifer ◽  
Richard H Thaler
Keyword(s):  
Financial Markets ◽  
Mutual Funds ◽  
Asset Value ◽  
Net Asset Value ◽  
Asset Values ◽  
Closed End Funds ◽  
Fundamental Values ◽  
Over Time

The pricing of closed-end funds presents several puzzles. The following are the four sets of facts that any theory of closed-end fund pricing must address. 1) New funds appear on the market at a premium and move rapidly to a discount. 2) Closed-end funds usually trade at substantial discounts relative to their net asset values. 3) Discounts (and premia) are subject to wide variation, both over time and across funds. 4) When closed-end funds are terminated, either through merger, liquidation, or conversion to an open-end fund, prices converge to reported net asset value. These four puzzles raise basic questions about the operation of financial markets. How can prices diverge from fundamental values? Why don't the forces of arbitrage drive prices back in line? These are the questions we will try to address in this column.

The Times They Are A-Changing: Experimenting with Dynamic Adverse Selection

2021 ◽  
Vol 13 (4) ◽  
pp. 1-22
Author(s):  
Felipe A. Araujo ◽  
Stephanie W. Wang ◽  
Alistair J. Wilson
Keyword(s):  
Adverse Selection ◽  
Large Majority ◽  
Time Varying ◽  
Dynamic Matching ◽  
Common Value ◽  
Dynamic Setting ◽  
Best Response ◽  
The Times ◽  
Best Responses ◽  
Over Time

We examine a common value dynamic matching environment where adverse selection accrues slowly over time. Theoretical best responses are therefore time varying, and the prior experimental literature suggests that sequential environments might lead to greater understanding of adverse selection in this dynamic setting. However, while a sophisticated minority in our experiment do condition on time and are close to a best response, the majority use a stationary response, even after extended experience. In an environment with persistent uncertainty, our results indicate that sequentiality is insufficient for the large majority of participants to recognize the effects of adverse selection. (JEL C78, C92, D82, D91)

scholarly journals The Macrodynamics of Sorting between Workers and Firms

2017 ◽  
Vol 107 (4) ◽  
pp. 1104-1135 ◽  
Author(s):  
Jeremy Lise ◽  
Jean-Marc Robin
Keyword(s):  
Labor Market ◽  
Job Search ◽  
Equilibrium Model ◽  
Market Data ◽  
Aggregate Uncertainty ◽  
Ex Ante ◽  
The Unemployed ◽  
Over Time

We develop an equilibrium model of on-the-job search with ex ante heterogeneous workers and firms, aggregate uncertainty, and vacancy creation. The model produces rich dynamics in which the distributions of unemployed workers, vacancies, and worker-firm matches evolve stochastically over time. We prove that the surplus function, which fully characterizes the match value and the mobility decision of workers, does not depend on these distributions. This result means the model is tractable and can be estimated. We illustrate the quantitative implications of the model by fitting to US aggregate labor market data from 1951–2012. The model has rich implications for the cyclical dynamics of the distribution of skills of the unemployed, the distribution of types of vacancies posted, and sorting between heterogeneous workers and firms. (JEL E24, E32, J24, J63, J64)

Social transmission bias and the cultural evolution of folk-economic beliefs

2018 ◽  
Vol 41 ◽  
Author(s):  
David Hirshleifer ◽  
Siew Hong Teoh
Keyword(s):  
Cultural Evolution ◽  
Social Transmission ◽  
Cognitive Approach ◽  
Economic Problems ◽  
Economic Attitudes ◽  
The Social ◽  
Economic Beliefs ◽  
Over Time

AbstractEvolved dispositions influence, but do not determine, how people think about economic problems. The evolutionary cognitive approach offers important insights but underweights the social transmission of ideas as a level of explanation. The need for asocialexplanation for the evolution of economic attitudes is evidenced, for example, by immense variations in folk-economic beliefs over time and across individuals.

Articulatory Generalization in Two Word-Medial, Ambisyllabic Contexts

1988 ◽  
Vol 19 (3) ◽  
pp. 251-258 ◽  
Author(s):  
Virginia I. Wolfe ◽  
Suzanne D. Blocker ◽  
Norma J. Prater
Keyword(s):  
Common View ◽  
Perceptual Salience ◽  
The Common ◽  
Unitary Concept ◽  
Over Time

Articulatory generalization of velar cognates /k/, /g/ in two phonologically disordered children was studied over time as a function of sequential word-morpheme position training. Although patterns of contextual acquisition differed, correct responses to the word-medial, inflected context (e.g., "picking," "hugging") occurred earlier and exceeded those to the word-medial, noninflected context (e.g., "bacon," "wagon"). This finding indicates that the common view of the word-medial position as a unitary concept is an oversimplification. Possible explanations for superior generalization to the word-medial, inflected position are discussed in terms of coarticulation, perceptual salience, and the representational integrity of the word.

Treatment Fidelity Procedures for an Aphasia Intervention Within a Randomized Controlled Trial: Design, Feasibility, and Results

2020 ◽  
Vol 29 (1S) ◽  
pp. 412-424
Author(s):  
Elissa L. Conlon ◽  
Emily J. Braun ◽  
Edna M. Babbitt ◽  
Leora R. Cherney
Keyword(s):  
Randomized Controlled Trial ◽  
Controlled Trial ◽  
Treatment Protocol ◽  
Treatment Fidelity ◽  
Protocol Adherence ◽  
Study Condition ◽  
Randomized Controlled ◽  
Aphasia Therapy ◽  
Percent Accuracy ◽  
Over Time

Purpose This study reports on the treatment fidelity procedures implemented during a 5-year randomized controlled trial comparing intensive and distributed comprehensive aphasia therapy. Specifically, the results of 1 treatment, verb network strengthening treatment (VNeST), are examined. Method Eight participants were recruited for each of 7 consecutive cohorts for a total of 56 participants. Participants completed 60 hr of aphasia therapy, including 15 hr of VNeST. Two experienced speech-language pathologists delivered the treatment. To promote treatment fidelity, the study team developed a detailed manual of procedures and fidelity checklists, completed role plays to standardize treatment administration, and video-recorded all treatment sessions for review. To assess protocol adherence during treatment delivery, trained research assistants not involved in the treatment reviewed video recordings of a subset of randomly selected VNeST treatment sessions and completed the fidelity checklists. This process was completed for 32 participants representing 2 early cohorts and 2 later cohorts, which allowed for measurement of protocol adherence over time. Percent accuracy of protocol adherence was calculated across clinicians, cohorts, and study condition (intensive vs. distributed therapy). Results The fidelity procedures were sufficient to promote and verify a high level of adherence to the treatment protocol across clinicians, cohorts, and study condition. Conclusion Treatment fidelity strategies and monitoring are feasible when incorporated into the study design. Treatment fidelity monitoring should be completed at regular intervals during the course of a study to ensure that high levels of protocol adherence are maintained over time and across conditions.

Percutaneous Tracheostomy: A Multidisciplinary Approach

2008 ◽  
Vol 18 (2) ◽  
pp. 87-98 ◽  
Author(s):  
Vinciya Pandian ◽  
Thai Tran Nguyen ◽  
Marek Mirski ◽  
Nasir Islam Bhatti
Keyword(s):  
Health Care ◽  
Quality Assurance ◽  
Data Collection ◽  
Health Care Professionals ◽  
Multidisciplinary Approach ◽  
Percutaneous Tracheostomy ◽  
Johns Hopkins Hospital ◽  
Prospective Data ◽  
Comprehensive Service ◽  
Over Time

Abstract The techniques of performing a tracheostomy has transformed over time. Percutaneous tracheostomy is gaining popularity over open tracheostomy given its advantages and as a result the number of bedside tracheostomies has increased necessitating the need for a Percutaneous Tracheostomy Program. The Percutaneous Tracheostomy Program at the Johns Hopkins Hospital is a comprehensive service that provides care to patients before, during, and after a tracheostomy with a multidisciplinary approach aimed at decreasing complications. Education is provided to patients, families, and health-care professionals who are involved in the management of a tracheostomy. Ongoing prospective data collection serves as a tool for Quality Assurance.

High-Risk Youth Behaviors Decreasing Over Time

2008 ◽  
Vol 42 (7) ◽  
pp. 26-27
Author(s):  
MARY ELLEN SCHNEIDER
Keyword(s):  
High Risk ◽  
High Risk Youth ◽  
Over Time ◽  
Youth Behaviors
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