We consider firms where a worker’s effort level is contractible, but individual output is not. We attempt to determine equilibrium degree of worker discretion in choice of task (specialization) when workers have private ...

The Hidden Markov Model (HMM) has been widely used in regime classification and turning point detection for econometric series after the decisive paper by Hamilton (1989). The present paper will show that when using HMM ...

How to incorporate hard-to-value assets into the wealth tax? We analyze the effect of an optimal wealth tax on risk-taking behavior and welfare when investors do not only have the standard portfolio choice with a ...

We examine the question of how the ranking between different distributions with respect to a one-parameter family of weight functions depend on the parameter. We argue that in this context sign regularity of the family of ...

The views on the welfare effects of tax competition differ widely. Some see the fiscal externalities as the cause for underprovision of public goods, while others see tax competition as means to reduce government inefficiencies. ...

Buying items that are unhealthy or are of a private nature may carry a stigma and cause embarrassment. I analyze whether the anonymity provided by self-service checkouts changes customers' shopping patterns in grocery ...

This paper attempts to empirically test the effect that wind power production in Denmark has on volatility of the nord-pool wholesale electricity prices. The main result is that wind power tends to significantly reduce ...

Motivated by the problems of the conventional model in rationalizing izing market data, we derive the equilibrium interest rate and risk premiums using recursive utility in continuous time. In a representative- agent ...

Offshore Support Vessels (OSVs) deal with time-sensitive logistics and sophisticated marine operations for high-value offshore oil and gas installations. We investigate whether this creates preferences that effectively ...