BackBrowsing DFAEII by Title
Now showing items 66-85 of 149
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Market Power in the Spanish Electricity Auction
Ciarreta Antuñano, Aitor
; Espinosa Alejos, María Paz (University of the Basque Country, Department of Foundations of Economic Analysis II, 2005)
We use hourly bid data from the Spanish day-ahead electricity auction to obtain a lower bound measure of generators' market power. Our method is not based on cost estimates but rather on the different behavior of strategic ... -
Markov Switching Risk Premium and the term structure of interest rates. Empirical evidence from US post-war interest rates
Gutiérrez Huerta, María José; Vázquez Pérez, Jesús (University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-04)
This paper considers the basic present value model of interest rates under rational expectations with two additional features. First, following McCallum (1994), the model assumes a policy reaction function where changes ... -
Mergers in Durable Goods Industries
Sagasta Elorza, Amagoia; Saracho de la Torre, Ana Isabel (University of the Basque Country, Department of Foundations of Economic Analysis II, 2004)
This paper is concerned with the study of durability as an aspect of competition and market structure that contributes to determining the incentives for mergers. We find that relative to the incentives in industries that ... -
Merging to License: Internal vs. External Patentee
(2003-01)In this paper, we endogenize the decision of a research laboratory that owns a patented process innovation on whether to remain independent as an external patentee or to merge with a manufacturing firm, becoming an internal ... -
Methods for Measuring Aggregate Costs of Conflict
Gardeazabal, Javier (University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-09)
This paper reviews the methods for measuring the economic cost of conflict. Estimating the economic costs of conflict requires a counterfactual calculation, which makes this a very difficult task. Social researchers have ... -
Moral cleansing and moral licenses: experimental evidence
Brañas Garza, Pablo; Bucheli, Marisa; Espinosa Alejos, María Paz; García-Muñoz, Teresa (University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)
Research on moral cleansing and moral self-licensing has introduced dynamic considerations in the theory of moral behavior. Past bad actions trigger negative feelings that make people more likely to engage in future moral ... -
Moral Hazard and the Internal Organization of Joint Research
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2003-06)This paper analyzes the impact of agency problems on two entrepreneurs’ choice whether to carry out a stand-alone or a joint project. A joint project can be conducted by a single or both entrepreneurs’ research units, which ... -
More on Identification on Detailed Wage Decompositions
Gardeazabal, Javier; Ugidos Olazabal, Arantza (University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-04)
Wage decompositions are often used to decompose wage differentials of two demographic groups into differences in characteristics and differences in returns to those characteristics. The later part is used as an estimate ... -
New Keynesian Model Features that Can Reproduce Lead, Lag and Persistence Patterns
Cassou, Steven P.; Vázquez Pérez, Jesús (University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-04)
This paper uses a new method for describing dynamic comovement and persistence in economic time series which builds on the contemporaneous forecast error method developed in den Haan (2000). This data description method ... -
Non-Stationary Demand in a Durable Goods Monopoly
Usategui Díaz de Otalora, José María (University of the Basque Country, Department of Foundations of Economic Analysis II, 2006-01)
In a context where demand for the services of a durable good changes over time, and this change may be uncertain, the paper shows that social welfare may be higher when the monopolist seller can commit to any future price ... -
On the Benefits of Including Age-structure in Harvest Control Rules
(2014-08-27)This paper explores the benefits of including age-structure in the control rule (HCR) when decision makers regard their (age-structured) models as approximations. We find that introducing age structure into the HCR reduces ... -
On the Informational Role of Term Structure in the U.S. Monetary Policy Rule
Vázquez Pérez, Jesús; María-Dolores, Ramón; Londoño Yarce, Juan Miguel (University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-01)
This paper uses a structural approach based on the indirect inference principle to estimate a standard version of the new Keynesian monetary (NKM) model augmented with term structure using both revised and real-time data. ... -
On the strategic equivalence of multiple-choice test scoring rules
Espinosa Alejos, María Paz; Gardeazabal, Javier (University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-12)
A disadvantage of multiple-choice tests is that students have incentives to guess. To discourage guessing, it is common to use scoring rules that either penalize wrong answers or reward omissions. These scoring rules are ... -
Optimal Correction for Guessing in Multiple-Choice Tests
Espinosa Alejos, María Paz; Gardeazabal, Javier (University of the Basque Country, Department of Foundations of Economic Analysis II, 2007-12)
Building on Item Response Theory we introduce students’ optimal behavior in multiple-choice tests. Our simulations indicate that the optimal penalty is relatively high, because although correction for guessing discriminates ... -
Optimal fiscal policy in a multisector model with minimum expenditure requirements
; Gorostiaga Alonso, Miren Arantzazu (University of the Basque Country, Department of Foundations of Economic Analysis II, 2007-03)
This paper investigates optimal fiscal policy in a static multisector model. A Ramsey type planner chooses tax rates on each good type as well as spending levels on each good type subject to an exogenous total expenditure ... -
Optimal Fiscal Policy with Rationing in the Labor Market
Gorostiaga Alonso, Miren Arantzazu (University of the Basque Country, Department of Foundations of Economic Analysis II, 2002-07)
This paper characterizes the optimal fiscal policy when it is assumed that there exists a minimum wage below which no worker can be hired. The rigidity due to the minimum wage legislation can lead to equilibria in which ... -
Optimal Minimum Wage in a Competitive Economy: an Alternative Modelling Approach
Gorostiaga Alonso, Miren Arantzazu; Rubio-Ramírez, Juan F. (University of the Basque Country, Department of Foundations of Economic Analysis II, 2004)
This paper analyzes whether a minimum wage can be an optimal redistribution policy when distorting taxes and lump-sum transfers are also available in a competitive economy. We build a static general equilibrium model with ... -
Optimal Monetary Policy with Asymmetric Preferences for Output
Cassou, Steven P.; Scott, Patrick; Vázquez Pérez, Jesús (2012-11-15)
Using a model of an optimizing monetary authority which has preferences that weigh inflation and unemployment, Ruge-Murcia (2003, 2004) finds empirical evidence that the authority has asymmetric preferences for ... -
Optimal overall emissions taxation in durable goods oligopoly
Sagasta Elorza, Amagoia; Usategui Díaz de Otalora, José María (University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)
We analyze optimal second-best emission taxes in a durable good industry under imperfect competition. The analysis is performed for three different types of emissions and for situations where the good is rented, sold or ... -
Option-Implied Preferences Adjustments and Risk-Neutral Density Forecasts
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-06)The main objective of this paper is to analyse the value of information contained in prices of options on the IBEX 35 index at the Spanish Stock Exchange Market. The forward looking information is extracted using implied ...