1 We consider truthful implementation of the socially efficient allocation in an independent private-value environment in which agents receive private information over time. We propose a suitable generalization of the pivot mechanism, based on the marginal contribution of each agent. In the dynamic pivot mechanism, the ex post incentive and ex post participation constraints are satisfied for al...

We consider truthful implementation of the socially efficient allocation in an independent private-value environment in which agents receive private information over time. We propose a suitable generalization of the pivot mechanism, based on the marginal contribution of each agent. In the dynamic pivot mechanism, the ex post incentive and ex post participation constraints are satisfied for all ...

use su We analyze participation in international environmental agreements in a dynamic game in which countries pollute and invest in green technologies. If complete contracts are feasible, participants eliminate the holdupproblem associatedwith their investments; however,most countries prefer to free ride rather than participate. If investments are noncontractible, countries face aholdupproblem...

This paper examines the impact of self-reported work limitations on the labour force participation of the Australian working age population. Five consecutive waves of the Household, Income and Labour Dynamics in Australia (HILDA) Survey are used to investigate this relationship. A two-equation dynamic panel data model demonstrates that persistence and unobserved heterogeneity play an important ...

This study investigates economic and strategic inducements of R&D cooperation. We focus on industry and company factors that affect a firm’s rate of participation in R&D consortia. These factors are analyzed in a dynamic context using a sample of 312 Japanese firms in 74 industries between 1969 and 1992. We find a firm in an industry with weak competition and appropriability conditions has a hi...

This paper incorporates limited asset markets participation in dynamic general equilibrium and develops a simple analytical framework for monetary policy analysis. Aggregate dynamics and stability properties of an otherwise standard business cycle model depend nonlinearly on the degree of asset market participation. While ‘moderate’ participation rates strengthen the role of monetary policy, lo...

The purpose of this article is to introduce, analyze and compare two performance participation methods based on a portfolio consisting of two risky assets: Option-Based Performance Participation (OBPP) and Constant Proportion Performance Participation (CPPP). By generalizing the provided guarantee to a participation in the performance of a second risky underlying, the new strategies allow to co...

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