Dynamic Pricing of New Experience Goods (2008)
Dirk Bergemann, Juuso Välimäki, Cowles Foundation, Paper No, Dirk Bergemann, Juuso Välimäki
We develop a dynamic model of experience goods pricing with independent private valuations. We show that the optimal paths of sales and prices can be described in terms of a simple dichotomy. In a...
versus the Housing Market ∗ (2008)
Karl E. Case, John M. Quigley, Robert J. Shiller, Cowles Foundation, Paper No, Robert J. Shiller, ...
Copyright c○2005 by the authors. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic,...
November 1990 THE EFFECT OF ECONOMIC EVENTS ON VOTES FOR PRESIDENT: 1988 UPDATE by (2008)
Ray C. Fair, Cowles Foundation
The equation that I have developed explaining votes for president predicted the 1988 election very well, and, as will be seen, updating the equation through the 1988 election has very little effect...
SAMUELSON’S DICTUM AND THE STOCK MARKET (2008)
Jeeman Jung, Robert J. Shiller, Cowles Foundation, Paper No, Jeeman Jung, Robert J. Shiller
Samuelson has offered the dictum that the stock market is ‘‘micro efficient’ ’ but ‘‘macro inefficient.’ ’ That is, the efficient markets hypothesis works much better for individual...
Nonparametric Identi…cation of Multinomial Choice Demand Models with Heterogeneous Consumers (2008)
Steven T. Berry, Cowles Foundation, Philip A. Haile
We consider identi…cation of nonparametric random utility models of multinomial choice using observation of consumer choices. Our model of preferences nests random coe ¢ cients discrete choice...
Dirk Bergemann, Karl H. Schlag, Cowles Foundation, Paper No
complete information and the realized profit under incomplete information. The regret of the seller can be positive for two reasons: (i) the buyer has a low valuation relative to the price and hence...
versus Behavioral Finance Abstract (2006)
Robert J. Shiller, Cowles Foundation, Paper No, Robert J. Shiller
The behavioral finance revolution in academic finance in the last several decades is best described as a return to a more eclectic approach to financial modeling. The earlier neoclassical finance...
www.elsevier.com/locate/geb Ex post implementation ✩ (2006)
Dirk Bergemann, Stephen Morris, Cowles Foundation, Paper No, Dirk Bergemann A, Stephen Morris B
We analyze the problem of fully implementing a social choice set in ex post equilibrium. We identify an ex post monotonicity condition that is necessary and—in economic environments—sufficient...
Preliminary Comments Welcome (2005)
Dirk Bergemann, Juuso Välimäki, Cowles Foundation, Discussion Paper No, Dirk Bergemann, Juuso Valimaki
We survey the recent literature on the role of information for mechanism design. We specif-ically consider the role of endogeneity of and robustness to private information in mechanism design. We...
Challenges of Trending Time Series Econometrics ∗ (2004)
We discuss some challenges presented by trending data in time series econometrics. To the empirical economist there is little guidance from theory about the source of trend behavior and even less...
MD INTERVIEW AN INTERVIEW WITH (2003)
Robert J. Shiller, John Y. Campbell, Cowles Foundation, Paper No, Robert J. Shiller, Interviewed John, ...
A recent article in The Economist magazine divided economists into “poets ” and “plumbers, ” the former articulating radical new visions of the field and the latter patiently installing the...
FAIRNESS, RECIPROCITY, AND WAGE RIGIDITY By (2002)
Truman Bewley, Truman Bewley, Cowles Foundation
1 Most empirical tests of the many competing theories of wage rigidity use publicly available data on pay rates and employment that reveal little about the institutions and motivations that explain...
Point selections and weak ε-nets for convex hulls (1992)
Noga Alon, Imre Bárány, Cowles Foundation
Abstract. One of our results: Let X be a finite set on the plane, 0 < ε < 1. Then there exists a set F (a weak ε-net) of size at most 7/ε 2 such that every convex set containing at least...