BackBrowsing DFAEII by Title
Now showing items 6-25 of 149
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A Note on Risk Acceptance, Bankruptcy Avoidance and Riskiness Measures
Chamorro Elosua, Arritokieta; Usategui Díaz de Otalora, José María
(2013-09-30)
In this work we clarify the relationships between riskiness, risk acceptance and bankruptcy avoidance. We distinguish between the restriction on the current wealth required to make a gamble acceptable to the decision maker ... -
A Simple Model of Anticompetitive Vertical Integration
(2003-01)The result of neutrality of vertical integration for competition postulated by the Chicago School can be supported by a benchmark model with (1) an upstream monopolist, (2) homogeneous goods downstream and (3) observable ... -
A Supply Function Competition Model for the Spanish Wholesale Electricity Market
Ciarreta Antuñano, Aitor; Espinosa Alejos, María Paz (University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-10)
We model the Spanish wholesale market as a multiplant linear supply function competition model. According to the theory, the larger generators should have supply curves for each plant which are to the left of the supply ... -
Ad valorem housing subsidies may reduce house building
Usategui Díaz de Otalora, José María (University of the Basque Country, Department of Foundations of Economic Analysis II, 2008-03)
In this paper it is shown that an ad valorem housing subsidy set by a central regulator (or a raise in the ad valorem housing subsidy rate) may reduce the number of houses built in the market and increase the price paid ... -
Altruism and Social Integration
; ; Espinosa Alejos, María Paz; ; Kovarik, Jaromir ; (2009)
We report on a two-stage experiment in which i) we first elicit the social network within a section of undergraduate students and ii) we then measure their altruistic attitudes by means of a standard Dictator game. We ... -
Altruism in the (Social) Network
Brañas Garza, Pablo; Cobo Reyes, Ramón; Espinosa Alejos, María Paz; Jiménez, Natalia; Ponti, Giovanni (University of the Basque Country, Department of Foundations of Economic Analysis II, 2006-11)
This paper explores the role of social integration on altruistic behavior. To this aim, we develop a two-stage experimental protocol based on the classic Dictator Game. In the first stage, we ask a group of 77 undergraduate ... -
Altruism with Social Roots: An Emerging Literature
Brañas Garza, Pablo; Espinosa Alejos, María Paz (University of the Basque Country, Department of Foundations of Economic Analysis II, 2006-11)
This paper analyzes the emerging literature on the determinants of giving within a social network. We propose two main explanatory variables for previous experimental results on the friendship effect. The first is social ... -
An Alternative View of the US Price-Dividend Ratio Dynamics
; Regúlez Castillo, Marta; Vázquez Pérez, Jesús (2014-12)
As a necessary condition for the validity of the present value model, the price-dividend ratio must be stationary. However, significant market episodes seem to provide evidence of prices significantly drifting apart from ... -
An austerity-driven energy reform
Espinosa Alejos, María Paz (University of the Basque Country, Department of Foundations of Economic Analysis II, 2013-12)
In July 2013, the government approved a major overhaul of the Spanish electricity sector to correct existing imbalances that have led to an exponential increase of regulated electricity costs and a huge tariff deficit. The ... -
An empirical comparison of the performance of alternative option pricing models
Rubio Irigoyen, Gonzalo; Ferreira García, María Eva; Gago, Mónica; León, Angel (University of the Basque Country, Department of Foundations of Economic Analysis II, 2002)
This paper presents a comparison of alternative option pricing models based neither on jump-diffusion nor stochastic volatility data generating processes. We assume either a smooth volatility function of some previously ... -
An Estimated New-Keynesian Model with Unemployment as Excess Supply of Labor
Casares, Miguel; Moreno, Antonio; Vázquez Pérez, Jesús (University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)
Wage stickiness is incorporated to a New-Keynesian model with variable capital to drive endogenous unemployment uctuations de ned as the log di¤erence between aggregate labor supply and aggregate labor demand. We estimated ... -
Are Bar Associations Anticompetitive? An Empirical Analysis of Recommended Prices for Legal Services in Spain
Ciarreta Antuñano, Aitor; Espinosa Alejos, María Paz ; Zurimendi Isla, Aitor (University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)
The European Commission Report on Competition in Professional Services found that recommended prices by professional bodies have a significant negative effect on competition since they may facilitate the coordination of ... -
Asset pricing and systematic liquidity risk: an empirical investigation of the Spanish stock market
Rubio Irigoyen, Gonzalo; Martínez Sedano, Miguel Ángel; Nieto, Belén (University of the Basque Country, Department of Foundations of Economic Analysis II, 2002)
Systematic liquidity shocks should affect the optimal behavior of agents in financial markets. Indeed, fluctuations in various measures of liquidity are significantly correlated across common stocks. Accordingly, this ... -
Autorregresive conditional volatility, skewness and kurtosis
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2002)This paper proposes a GARCH-type model allowing for time-varying volatility, skewness and kurtosis. The model is estimated assuming a Gram-Charlier series expansion of the normal density function for the error term, which ... -
Business cycles in a small open economy: The case of Hong Kong
; Iza Padilla, María Amaya (University of the Basque Country, Department of Foundations of Economic Analysis II, 2011-12)
This paper analyzes the business cycle properties of the Hong Kong economy during the 1982-2004 period, which includes the financial crisis experienced in 1997-98. We show that output, output growth rate and real interest ... -
Can the change in the composition of the US GDP explain the Great Moderation? A test via oil price shocks
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)The paper investigates whether the growing GDP share of the services sector can contribute to explain the great moderation in the US. We identify and analyze three oil price shocks and use a SVAR analysis to measure their ... -
Career Planning in Spain: Do temporary contracts delay marriage and motherhood?
De la Rica Goiricelaya, Sara; Iza Padilla, María Amaya (University of the Basque Country, Department of Foundations of Economic Analysis II, 2003-04)
The aim of this paper is to find an empirical connection between the impressive increase in the use of temporary contracts in Spain and the observed increase in age at marriage and maternity. Using a pool of the six available ... -
Ceilings and Floors? Gender Wage Gaps by Education in Spain
De la Rica Goiricelaya, Sara; Dolado, Juan J.; Llorens, Vanessa (University of the Basque Country, Department of Foundations of Economic Analysis II, 2005)
This paper analyses the gender wage gaps by education throughout the wage distribution in Spain using individual data from the ECHP (1999). Quantile regressions are used to estimate the wage returns to the different ... -
Competitive Pressure and Job Interview Lying: A Game Theoretical Analysis
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)We consider a job contest in which candidates go through interviews (cheap talk) and are subject to reference checks. We show how competitive pressure - increasing the ratio of "good" to "bad" type candi- dates - can ... -
Computing abuse related damages in the case of new entry: An illustration for the Directory Enquiry Services market
Martínez Granado, María Teresa; (University of the Basque Country, Department of Foundations of Economic Analysis II, 2006-07)
A number of European countries, among which the UK and Spain, have opened up their Directory Enquiry Services (DQs, or 118AB) market to competition. We analyse the Spanish case, where both local and foreign firms challenged ...