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Schelling (1956) first clarified how power to reduce one’s freedom of choice might benefit a bargaining party. A commitment to reject proposals, when successful, may force concessions from opponents …
Discussion paper
This paper studies the effects of overreaction to recent news for macroeconomic outcomes in the context of a quantitative model of sovereign debt and default. Overreaction is formalized in terms of …
Discussion paper
Lobbyists are nowadays increasingly involved in promoting businesses through societal investment, producing what has been paraphrased as “corporate beauty contests” due to the uncertain winning …
Discussion paper