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Asset Pricing with Stochastic Differential Utility
This paper presents asset pricing theory with representative-agent utility given by a stochastic differential formulation of recursive utility. Asset returns are characterized from general first order conditions of the Hamilton-Bellman-Jacobi…
Birth Order, Family Size, and Achievement
Do birth order and the size of one’s childhood family influence environment, thereby potentially affecting future achievement? This article investigates the hypothesis that they do, presenting two major empirical findings. First, neither birth…
Campaign Contributions and Party-Candidate Competition in Services and Policies
I. Introduction Political parties, their candidates, and their contributors are involved in a complex relationship in which policy positions are taken by parties, candidates compete for votes and for campaign contributions, interest groups and…
Capital Income Taxation and International Portfolio Choice
Distortionary proportional capital income taxation is shown to cause both static effects via portfolio re-allocation and dynamic effects via changes in the value of a claim to future transfers as well as via perceived changes in the future…
Conceptualizing, Measuring, and Managing Customer-based Brand Equity
A conceptual model of brand equity from the perspective of the individual consumer is presented. Customer-based brand equity is defined as the differential effect that knowledge about the brand has on consumer response to marketing activity for…
Consumer Expectations and Loss-Leader Pricing In Retail Stores
In this paper we analyze the price and advertising strategies for firms competing for the demand of an assortment of goods in an environment with imperfect information. We obtain advertising and loss-leader pricing as an equilibrium outcome.…
Continuous-Time Security Pricing: A Utility Gradient Approach
This paper develops an infinite horizon, continuous-time, single-agent security pricing model. No restrictions are placed on the underlying information filtration (other than the “usual conditions”) and the agent is assumed to have a monotone…
Converting from Independent to Employee Sales Forces: The Role of Perceived Switching Costs
Manufacturers selling into the U.S. market often use independent sales agencies (manufacturers’ representatives) to serve some or all of their customers. We model a manufacturer’s intention to replace its independent sales agents by…
Corporate Financial Hedging with Proprietary Information
If a firm has information pertinent to its own dividend stream that is not made available to its shareholders, it may be in the interests of the firm and its shareholders to adopt a financial hedging policy. This is in contrast with the…
Development and Testing of a Model of Consideration Set Composition
The authors develop a model of consideration set composition. The approach taken is to compare the marginal expected benefits of including an additional brand in the consideration set with its associated cons of consideration. From an expression…
Dividing a Cake By Majority: The Simplest Equilibria
In a stochastic game of dividing a cake by majority, the simplest equilibria are the Baron-Ferejohn (1989) ones. The formal definition of simplicity and the computational methods of the equilibria make use of an automaton measure of complexity…
Electoral Cycles and International Policy Coordination
This paper analyzes the interaction between domestic politics and international policy coordination as a two-level repeated prisoners’ dilemma. At the domestic level, political competition generates an electoral cycle in monetary growth rates and…
Emotional Contrast Strategies as Means of Social Influence: Lessons from Bill Collectors and Interrogators
Entry, Exit and Firm Dynamics in Long Run Equilibrium
Abstract not available.
Exit, Selection and the Value of Firms
This paper studies a competitive dynamic model with firm level uncertainty and derives implications for the distribution of firm values and Tobin’s q. Allowing for entry and exit, the model determines endogenously the degree of selection. A…
From Discrete to Continuous Time Finance: Weak Convergence of the Financial Gain Process
Conditions, suitable for applications in finance, are given for the weak convergence (or convergence in probability) of stochastic integrals. For example, consider a sequence Sn of security price processes converging in distribution to S and a…
From Integration to Differentiation to Fragmentation to Feminism
In 1978 I was a new Assistant Professor and Alan Wilkins was a Ph.D. student who wanted one more reader for his dissertation committee. I protested, “But I don’t know anything about organizational culture or qualitative methods. I’m a…
Gender Gaps: Who Needs to Be Explained?
The hypothesis that explanations for differences between prototypical and nonprototypical members of categories would focus more on attributes of the latter than on those of the former was examined. Explanations for alleged gender differences in…
Government Formation and Endogenous Parties
This paper provides a formal theory of government for a political system characterized by a proportional representation electoral system, a parliamentary government that exercises collective responsibility, and a government formation process.…
Information Aggregation Through Costly Political Action
This paper examines a situation where information is dispersed among the members of a society. The information is pertinent to the individuals’ voting decisions in a two candidate election that is decided by majority rule. While the incumbent is…