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Uncertainty with ordinal likelihood information
(2007)
Documento de trabajo / Lan gaiak,
This paper proposes a new framework of choice under uncertainty, where the only information available to the decision maker is about the the ordinal likelihood of the different outcomes each action generates. This contrasts ...
Size approval voting
(2007)
Documento de trabajo / Lan gaiak,
We propose a new class of voting rules, called Size Approval Voting. According to this rule, the effective weight of a vote from a given individual depends on how many other alternatives the very same individual votes for. ...
Wage setting actors, sticky wages, and optimal monetary policy
(2007)
Documento de trabajo / Lan gaiak,
Following Erceg et al. (2000), sticky wages are generally modelled assuming that households set wage contracts à la Calvo (1983). This paper compares that sticky-wage model with one where wage contracts are set by firms, ...
Monopolistic competition, sticky prices, and the minimal mark-up in steady state
(2007)
Documento de trabajo / Lan gaiak,
This note reports the rate of inflation that minimizes the mark-up of prices over marginal costs in the steady-state solution of a monopolistic competition model with either Taylor (1980) or Calvo (1983) pricing. The minimal ...