Jacob Goeree, Charles A. Holt, Susan Laury, Incentives in Public Goods Experiments: Implications for the Environment, In: Recent Advances in Environmental Economics, Edwar Elgar Publisher, Cheltenham, p. 309 - 339, 2002. (Book Chapter)
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Jacob Goeree, Charles A. Holt, Learning in Economic Experiments, In: Encyclopedia of Cognitive Science, Nature Publishing Group, McMillan, London, p. 1060 - 1069, 2002. (Book Chapter)
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 Jacob Goeree, Charles A. Holt, Coordination Games, In: Encyclopedia of Cognitive Science, Nature Publishing Group, McMillan, London, p. 204 - 208, 2002. (Book Chapter)
Coordination games typically possess multiple Nash equilibria, some of which are preferred by one or more players. Coordination on desired equilibria can be facilitated by communication, repetition, and introspection. |
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Jacob Goeree, Retiring Rich, In: Essays in Honor of Claus Weddepohl, Springer-Verlag, Berlin, p. 197 - 207, 2002. (Book Chapter)
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Jacob Goeree, Charles A. Holt, Susan K. Laury, Private costs and public benefits: unraveling the effects of altruism and noisy behavior, Journal of Public Economics, Vol. 83 (2), 2002. (Journal Article)
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Jacob Goeree, Charles A. Holt, Thomas R. Palfrey, Quantal Response Equilibrium and Overbidding in Private-Value Auctions, Journal of Economic Theory, Vol. 104 (1), 2002. (Journal Article)
We give semiparametric identification and estimation results for econometric models with a regressor that is endogenous, bound censored and selected,called a Tobin regressor. First, we show that true parameter value is set identified and characterize the identification sets. Second, we propose novel estimation and inference methods for this true value. These estimation and inference methods are of independent interest and apply to any problem where the true parameter value is point identified conditional on some nuisance parameter values that are set-identified. By fixing the nuisance parameter value in some suitable region, we can proceed with regular point and interval estimation. Then, we take the union over nuisance parameter values of the point and interval estimates to form the final set estimates and confidence set estimates. The initial point or interval estimates can be frequentist or Bayesian. The final set estimates are set-consistent for the true parameter value, and confidence set estimates have frequentist validity in the sense of covering this value with at least a prespecified probability in large samples. We apply our identification, estimation, and inference procedures to study the effects of changes in housing wealth on household consumption. Our set estimates fall in plausible ranges, significantly above low OLS estimates and below high IV estimates that do not account for the Tobin regressor structure. |
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Jacob Goeree, Theo Offerman, Efficiency in Auctions with Private and Common Values: An Experimental Study, American Economic Review, Vol. 92 (3), 2002. (Journal Article)
Auctions are generally not efficient when the object’s expected value depends on
private and common value information. We report a series of first-price auction
experiments to measure the degree of inefficiency that occurs with financially
motivated bidders. While some subjects fall prey to the winner’s curse, they
weigh their private and common value information in roughly the same manner
as rational bidders, with observed efficiencies close to predicted levels. Increased
competition and reduced uncertainty about the common value positively
affect revenues and efficiency. The public release of information about the
common value also raises efficiency, although less than predicted. |
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Simon P. Anderson, Jacob Goeree, Charles A. Holt, The Logit Equilibrium: A Perspective on Intuitive Behavioral Anomalies, Southern Economic Journal, Vol. 69 (1), 2002. (Journal Article)
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C. Monica Capra, Jacob Goeree, Rosario Gomez, Charles A Holt, Learning and Noisy Equilibrium Behavior in an Experimental Study of Imperfect Price Competition, International Economic Review, Vol. 43 (3), 2002. (Journal Article)
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Andrea Schenker-Wicki, Patrick E Holzer, Wissenschaftliche und technologische Zusammenarbeit: Sektorielles Abkommen über die wissenschaftliche und technologische Zusammenarbeit, In: Bilaterale Verträge Schweiz - EG, Ein Handbuch, Schulthess Verlag, Zürich, p. ?, 2002. (Book Chapter)
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Andrea Schenker-Wicki, Evaluation und Akkreditierung im Schweizer Universitätswesen, In: Qualitätssicherung in der Hochschule: Theorie und Praxis, Bertelsmann, Bielefeld, p. 90 - 98, 2002. (Book Chapter)
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Andrea Schenker-Wicki, Evaluation, Leistungsmessung und Audit - aufeinander abgestimmt, In: Leistungen messen, Wirkungen evaluieren und was dann?, Bern, p. 33 - 46, 2002. (Book Chapter)
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Andrea Schenker-Wicki, Accreditation and quality assurance: The Swiss model, Higher Education Management and Policy, Vol. 14 (2), 2002. (Journal Article)
Accreditation and quality assurance at universities have gained new meaning in Switzerland - as in other European nations - through the concurrent increase in autonomy, new educational institutions offering international courses and the implementation of the Bologna Declaration. With respect to these developments the Swiss government together with the university cantons agreed to jointly establish an Accreditation and Quality Assurance Board which would be responsible not only for accreditation questions, but also for quality assurance and quality promotion at the universities.
The discussions surrounding the creation of an institution, which critically examines quality in the area of higher education, provoked a controversial debate in Switzerland. However, after several months of intensive discussions between universities and political bodies (government and administration) the different points of view eventually led to a model that today enjoys the broad support of all of the parties involved. This model has the following advantages: It focuses not only on accreditation i.e. fulfilling of minimum standards, but also on implementation of quality assurance mechanisms to guarantee sustainable quality development at universities and it provides accreditation for institutions as well as programs. |
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Ulrich Kaiser, Measuring knowledge spillovers in manufacturing and services: an empirical assessment of alternative approaches, Research Policy, Vol. 31 (1), 2002. (Journal Article)
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Ulrich Kaiser, R\&D with spillovers and endogenous absorptive capacity, Journal of Institutional and Theoretical Economics JITE, Vol. 158 (2), 2002. (Journal Article)
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Ulrich Kaiser, An empirical test of models explaining research expenditures and research cooperation: evidence for the German service sector, International Journal of Industrial Organization, Vol. 20 (6), 2002. (Journal Article)
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Alexandre Ziegler, State-Price Densities under Heterogeneous Beliefs, the Smile Effect, and Implied Risk Aversion, European Economic Review, Vol. 46 (8), 2002. (Journal Article)
It has been widely noted in the empirical literature that state-price densities implicit in financial asset prices are not log-normal. This paper shows that this phenomenon can be caused by heterogeneity in investors’ beliefs. It derives the state-price density under heterogeneous beliefs in closed form and demonstrates that heterogeneous beliefs can give rise to multimodal state-price densities. Consequences for the “smile effect” in implied option volatility and for measures of risk aversion inferred from empirical state-price densities are discussed.
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Markus Leippold, L Wu, Asset Pricing under the Quadratic Class, Journal of Financial and Quantitative Analysis, Vol. 37 (2), 2002. (Journal Article)
We identify and characterize a class of term structure models where bond yields are quadratic functions of the state vector. We label this class the quadratic class and aim to lay a solid theoretical foundation for its future empirical application. We consider asset pricing in general and derivative pricing in particular under the quadratic class. We provide two general transform methods in pricing a wide variety of fixed income derivatives in closed or semi-closed form. We further illustrate how the quadratic model and the transform methods can be applied to more general settings. |
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Stefan Mittnik, Marc Paolella, Svetlozar T Rachev, Stationarity of stable power-GARCH processes, Journal of Econometrics, Vol. 106 (1), 2002. (Journal Article)
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R W Butler, Marc Paolella, Calculating the density and distribution function for the singly and doubly noncentral F, Statistics and Computing, Vol. 12 (1), 2002. (Journal Article)
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