Browsing by Author "Aanesen, Margrethe"
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Aanesen, Margrethe (Working paper; Arbeidsnotat, Oct-2008)[+][-]
Abstract: Models of sequential bargaining under asymmetric information often exhibit equilibria which are characterised by the fact that agreement is reached only with a delay and that the final (period) solution is ex ante inefficient. The latter means that agreement is not reached though it is efficient (aggregate pay off exceeds aggregate costs). In this paper we analyse how intervention by a third agent in a sequential bargaining process, modelled as a durable goods monopoly, affects the (high path) equilibrium outcome. The effects of intervention crucially depend on how intervention is formulated. When the intervening agent and the seller decides the price and the subsidy (the intervening agent’s contribution) is decided in a Stackelberg game with the intervening agent as the leader the negotiations are always speeded up and equilibrium inefficiency reduced. When the seller acts as a Stackelberg leader the negotiations are only conditionally speeded up and the equilibrium inefficiency only conditionally reduced. For the same values on the reservation prices and discount factor intervention is more likely to take place when the seller acts as a Stackelberg leader. Also, both the seller’s price and the subsidy are higher when the seller acts as a Stackelberg leader compared to if the intervening agent acts as a Stackelberg leader. URI: http://hdl.handle.net/10037/1809 File(s) in this item: 1
article.pdf (260.2Kb) -
Aanesen, Margrethe (Journal article; Tidsskriftartikkel; Peer reviewed, 2012)[+][-]
Abstract: In some bargaining situations, agreement has implications for agents beyond the parties involved, and if so, delays in reaching an agreement or failing to reach an agreement, when this would be profitable, may imply significant welfare losses. The question raised in this paper is whether the intervention of a government, who has a positive valuation of agreement and therefore offers a subsidy, will reduce such delays and inabilities to reach agreement? Based on a perfect Bayesian equilibrium in a sequential bargaining game with intervention, we show that in equilibrium intervention always reduces the ex ante equilibrium inefficiency and conditionally reduces expected delays in trade. However, for intervention in the form of a subsidy to take place, the aggregate of the seller’s reservation price and the externalities must be (almost) as high as the buyer’s upper valuation limit. URI: http://hdl.handle.net/10037/4225 File(s) in this item: 1
article.pdf (181.9Kb) -
Aanesen, Margrethe (Working paper; Arbeidsnotat, Dec-2003)[+][-]
Abstract: Imperfect markets, asymmetric information and transboundary pollution are all characteristics that in most cases lead to inefficient “market” outcomes, and which thus are arguments for (public) intervention in the market. On the other hand, these characteristics also imply strategic behaviour by the economic agents, and then the effects of public intervention may be different from the traditional results of e.g. subsidies. The point of departure for this paper is the trading of an environmental project in a market with the above mentioned characteristics and where the pollution is transboundary. The trade is promoted by (foreign) authorities in that they offer a grant is trade takes place. We show that the effects of the grant strongly depend on the interests of the authorities, and that the subsidisation does not necessarily make the trading outcome more efficient. URI: http://hdl.handle.net/10037/916 File(s) in this item: 1
article.pdf (186.8Kb) -
Armstrong, Claire W.; Kahui, Viktoria; Aanesen, Margrethe (Working paper; Arbeidsnotat, Oct-2008)[+][-]
Abstract: I sommer har konflikten om havområdene utenfor Lofoten-Vesterålen toppet seg, med sterke utspill fra fiskerhold om seismikkskyting på fiskefelt. Økende bruk av havet til ulike aktiviteter, det være seg fiske eller petroleumsvirksomhet, oppdrett, transport eller turisme, gjør at en bredere forståelse av hvilke verdier havet tilbyr er et viktig innspill i politiske avgjørelser. I dette arbeidet presenteres og kvantifiseres økonomiske verdier generert i territorialfarvannet utenfor Nordland fylke ved bruk av Total Economic Value (TEV) oppsettet. Studien viser at verdier vi vanligvis forbinder med havet, slik som fiske og turisme, kun utgjør en begrenset andel av de totale verdiene som havmiljøet tilbyr. Description: Dette er en omarbeidet versjon av utredningen Økonomisk verdsetting av havmiljø – Anvendelse på havområdene i Lofoten-Vesterålen gjort på oppdrag for Miljøverndepartementet i 2007-2008. URI: http://hdl.handle.net/10037/1810 File(s) in this item: 1
article.pdf (158.6Kb)
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