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        <title><![CDATA[Indexed Sovereign Debt: An Applied Framework]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/indexed-sovereign-debt-an-applied-framework/2712143]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[A number of countries have issued sovereign debt bonds indexed to real variables in recent years. In a dynamic stochastic equilibrium framework with incomplete markets, this paper studies the main...]]></description>
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        <pubDate>Tue, 15 Mar 2011 09:11:15 -0700</pubDate>
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        <title><![CDATA[Information Acquisition And Refunds For Returns]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/information-acquisition-and-refunds-for-returns/2712135]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[A product exhibits personal fit uncertainty when its consumers have idiosyncratic and uncertain values for it. Often a consumer can learn her long-run value quickly by obtaining the good for a...]]></description>
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        <pubDate>Tue, 15 Mar 2011 09:09:13 -0700</pubDate>
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        <title><![CDATA[Indexed Sovereign Debt: A Survey And A Framework Of Analysis]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/indexed-sovereign-debt-a-survey-and-a-framework-of-analysis/2712131]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[A small number of countries have issued real indexed sovereign debt in recent year. This type of contracts could improve risk sharing between debtor countries and international creditors and...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/indexed-sovereign-debt-a-survey-and-a-framework-of-analysis/2712131]]></guid>
        <pubDate>Tue, 15 Mar 2011 09:08:11 -0700</pubDate>
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        <title><![CDATA[Liquidity And Competition In Unregulated Markets]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/liquidity-and-competition-in-unregulated-markets/2712099]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[Despite reputedly widespread market manipulation and insider trading, the authors find surprisingly high liquidity and low transactions costs for actively traded securities on the NYSE between...]]></description>
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        <pubDate>Tue, 15 Mar 2011 09:00:00 -0700</pubDate>
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            <item>
        <title><![CDATA[The Impact Of Potential Labor Supply On Licensing Exam Difficulty In The US Market For Lawyers]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/the-impact-of-potential-labor-supply-on-licensing-exam-difficulty-in-the-us-market-for-lawyers/2712083]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[Entry into licensed professions requires meeting competency requirements, typically assessed through licensing examinations. In the market for lawyers, there are large differences in the...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/the-impact-of-potential-labor-supply-on-licensing-exam-difficulty-in-the-us-market-for-lawyers/2712083]]></guid>
        <pubDate>Tue, 15 Mar 2011 08:55:54 -0700</pubDate>
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            <item>
        <title><![CDATA[An Empirical Assessment Of Assortative Matching In The Labor Market]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/an-empirical-assessment-of-assortative-matching-in-the-labor-market/2712031]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[In labor markets with worker and firm heterogeneity, the matching between firms and workers may be assortative, meaning that the most productive workers and firms team up. The authors investigate...]]></description>
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        <pubDate>Tue, 15 Mar 2011 08:42:36 -0700</pubDate>
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        <title><![CDATA[Liquidity And The Allocation Of Credit: Business Cycle, Government Debt And Financial Arrangements]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/liquidity-and-the-allocation-of-credit-business-cycle-government-debt-and-financial-arrangements/2711947]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[The author analyzes the equilibrium level of liquidity and its relevance for the allocation of credit, when the notion of liquidity is related to private information. The general equilibrium...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/liquidity-and-the-allocation-of-credit-business-cycle-government-debt-and-financial-arrangements/2711947]]></guid>
        <pubDate>Tue, 15 Mar 2011 08:20:57 -0700</pubDate>
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            <item>
        <title><![CDATA[Complexity And Bounded Rationality In Individual Decision Problems]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/complexity-and-bounded-rationality-in-individual-decision-problems/2711943]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[The author develops a model of endogenous bounded rationality due to search costs, arising implicitly from the decision problem's complexity. The decision maker is not required to know the entire...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/complexity-and-bounded-rationality-in-individual-decision-problems/2711943]]></guid>
        <pubDate>Tue, 15 Mar 2011 08:19:55 -0700</pubDate>
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            <item>
        <title><![CDATA[Sectoral Differentiation, Allocation Of Talent, And Financial Development]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/sectoral-differentiation-allocation-of-talent-and-financial-development/2711939]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[The author presents a theory of development in which heterogeneously talented entrepreneurs require credit to start new projects and open new sectors. As the variety of sectors expands during...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/sectoral-differentiation-allocation-of-talent-and-financial-development/2711939]]></guid>
        <pubDate>Tue, 15 Mar 2011 08:18:54 -0700</pubDate>
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        <title><![CDATA[Dynamic Managerial Compensation: A Mechanism Design Approach]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/dynamic-managerial-compensation-a-mechanism-design-approach/2711935]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[The authors characterize the optimal incentive scheme for a manager who faces costly effort decisions and whose ability to generate profits for the firm varies stochastically over time. The...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/dynamic-managerial-compensation-a-mechanism-design-approach/2711935]]></guid>
        <pubDate>Tue, 15 Mar 2011 08:17:52 -0700</pubDate>
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        <title><![CDATA[Mean-variance Inefficiency Of CRRA And CARA Utility Functions For Portfolio Selection In Defined Contribution Pension Schemes]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/mean-variance-inefficiency-of-crra-and-cara-utility-functions-for-portfolio-selection-in-defined-contribution-pension-schemes/2711927]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[The authors consider the portfolio selection problem in the accumulation phase of a defined contribution pension scheme in continuous time, and compare the mean-variance and the expected utility...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/mean-variance-inefficiency-of-crra-and-cara-utility-functions-for-portfolio-selection-in-defined-contribution-pension-schemes/2711927]]></guid>
        <pubDate>Tue, 15 Mar 2011 08:15:49 -0700</pubDate>
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        <title><![CDATA[Optimal Income Taxation And Hidden Borrowing And Lending: The First-order Approach In Two Periods]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/optimal-income-taxation-and-hidden-borrowing-and-lending-the-first-order-approach-in-two-periods/2711891]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[The authors provide sufficient conditions for the validity of the first-order approach for two period dynamic moral hazard problems, where the agent can save and borrow secretly. They show that in...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/optimal-income-taxation-and-hidden-borrowing-and-lending-the-first-order-approach-in-two-periods/2711891]]></guid>
        <pubDate>Tue, 15 Mar 2011 08:06:36 -0700</pubDate>
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            <item>
        <title><![CDATA[Communication And Learning]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/communication-and-learning/2711871]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[The authors study strategic information transmission in an organization consisting of an infinite sequence of individual decision makers. Each decision maker chooses an action and receives an...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/communication-and-learning/2711871]]></guid>
        <pubDate>Tue, 15 Mar 2011 08:01:29 -0700</pubDate>
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            <item>
        <title><![CDATA[Risk Sharing In Private Information Models With Asset Accumulation: Explaining The Excess Smoothness Of Consumption]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/risk-sharing-in-private-information-models-with-asset-accumulation-explaining-the-excess-smoothness-of-consumption/2711867]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[The authors study testable implications for the dynamics of consumption and income of models in which first best allocations are not achieved because of a moral hazard problem with hidden saving....]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/risk-sharing-in-private-information-models-with-asset-accumulation-explaining-the-excess-smoothness-of-consumption/2711867]]></guid>
        <pubDate>Tue, 15 Mar 2011 08:00:22 -0700</pubDate>
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        <title><![CDATA[Admissible Strategies In Semimartingale Portfolio Selection]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/admissible-strategies-in-semimartingale-portfolio-selection/2711855]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[The choice of admissible trading strategies in mathematical modeling of financial markets is a delicate issue, going back to Harrison and Kreps [HK79]. In the context of optimal portfolio...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/admissible-strategies-in-semimartingale-portfolio-selection/2711855]]></guid>
        <pubDate>Tue, 15 Mar 2011 07:57:17 -0700</pubDate>
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        <title><![CDATA[Collateral, Financial Arrangements And Pareto Optimality]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/collateral-financial-arrangements-and-pareto-optimality/2711843]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[The existence of collateral requirements to guarantee repayment on issued securities reduces in general the efficiency of competitive equilibria. The general equilibrium analysis is presented in a...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/collateral-financial-arrangements-and-pareto-optimality/2711843]]></guid>
        <pubDate>Tue, 15 Mar 2011 07:54:13 -0700</pubDate>
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        <title><![CDATA[International Capital Flows And Credit Market Imperfections: A Tale Of Two Frictions]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/international-capital-flows-and-credit-market-imperfections-a-tale-of-two-frictions/2711837]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[The financial crisis of 2007-08 has underscored the importance of adverse selection in financial markets. This friction has been mostly neglected by macroeconomic models of financial frictions,...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/international-capital-flows-and-credit-market-imperfections-a-tale-of-two-frictions/2711837]]></guid>
        <pubDate>Tue, 15 Mar 2011 07:53:08 -0700</pubDate>
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            <item>
        <title><![CDATA[Using A Microeconometric Model Of Household Labour Supply To Design Optimal Income Taxes]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/using-a-microeconometric-model-of-household-labour-supply-to-design-optimal-income-taxes/2711789]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[The purpose of this paper is to present an exercise where the authors identify optimal income tax rules according to various social welfare criteria, keeping fixed the total net tax revenue....]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/using-a-microeconometric-model-of-household-labour-supply-to-design-optimal-income-taxes/2711789]]></guid>
        <pubDate>Tue, 15 Mar 2011 07:40:47 -0700</pubDate>
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        <title><![CDATA[Intercorporate Guarantees, Leverage And Taxes]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/intercorporate-guarantees-leverage-and-taxes/2711749]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[This paper characterizes optimal intercorporate guarantees, under the classical trade-off between bankruptcy costs and taxation. Conditional guarantees, allowing the guarantor - or Holding company...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/intercorporate-guarantees-leverage-and-taxes/2711749]]></guid>
        <pubDate>Tue, 15 Mar 2011 07:30:24 -0700</pubDate>
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        <title><![CDATA[Dynamic Mechanism Design: Incentive Compatibility, Profit Maximization And Information Disclosure]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/dynamic-mechanism-design-incentive-compatibility-profit-maximization-and-information-disclosure/2711733]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[This paper examines the problem of how to design incentive-compatible mechanisms in environments in which the agents' private information evolves stochastically over time and in which decisions...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/dynamic-mechanism-design-incentive-compatibility-profit-maximization-and-information-disclosure/2711733]]></guid>
        <pubDate>Tue, 15 Mar 2011 07:26:11 -0700</pubDate>
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        <title><![CDATA[Ownership Links, Leverage And Credit Risk]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/ownership-links-leverage-and-credit-risk/2711723]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[This paper explores the relationship between optimal leverage and ownership links. It develops a structural model of a parent and a subsidiary, which issues debt in its own name under a guarantee...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/ownership-links-leverage-and-credit-risk/2711723]]></guid>
        <pubDate>Tue, 15 Mar 2011 07:23:03 -0700</pubDate>
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        <title><![CDATA[Adverse Selection And Entrepreneurship In A Model Of Development]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/adverse-selection-and-entrepreneurship-in-a-model-of-development/2711715]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[This paper presents a theory in which risk-averse heterogeneously talented entrepreneurs are the key agents driving the process of development and modernisation. Entrepreneurial skills are private...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/adverse-selection-and-entrepreneurship-in-a-model-of-development/2711715]]></guid>
        <pubDate>Tue, 15 Mar 2011 07:20:59 -0700</pubDate>
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        <title><![CDATA[Flexible Contracts]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/flexible-contracts/2711677]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[This paper studies the costs and benefits of delegating decisions to superiorly informed agents relative to the use of rigid, non discretionary contracts. Delegation grants some flexibility in the...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/flexible-contracts/2711677]]></guid>
        <pubDate>Tue, 15 Mar 2011 07:09:36 -0700</pubDate>
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        <title><![CDATA[Efficient Risk Sharing In The Presence Of A Public Good]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/efficient-risk-sharing-in-the-presence-of-a-public-good/2711673]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[This paper studies the provision of a public good between two agents under lack of commitment and applies it to the problem of children's consumption in separated couples, where children are...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/efficient-risk-sharing-in-the-presence-of-a-public-good/2711673]]></guid>
        <pubDate>Tue, 15 Mar 2011 07:08:34 -0700</pubDate>
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        <title><![CDATA[The Evolution Of Entrepreneurial Spirit And The Process Of Development]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/the-evolution-of-entrepreneurial-spirit-and-the-process-of-development/2711669]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[This paper suggests that the evolution of entrepreneurial spirit played a significant role in the process of economic development and the dynamics of inequality within and across societies. This...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/the-evolution-of-entrepreneurial-spirit-and-the-process-of-development/2711669]]></guid>
        <pubDate>Tue, 15 Mar 2011 07:07:33 -0700</pubDate>
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        <title><![CDATA[The Relative Utility Hypothesis With And Without Self-reported Reference Wages]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/the-relative-utility-hypothesis-with-and-without-self-reported-reference-wages/2711665]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[This paper uses survey data of 90,000 union employees working in 62 publicly traded companies in Japan between 1990 and 2004 to study the effect of both own and self-reported reference wages on...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/the-relative-utility-hypothesis-with-and-without-self-reported-reference-wages/2711665]]></guid>
        <pubDate>Tue, 15 Mar 2011 07:06:31 -0700</pubDate>
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        <title><![CDATA[A Generalized Normal Mean Variance Mixture For Return Processes In Finance]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/a-generalized-normal-mean-variance-mixture-for-return-processes-in-finance/2711651]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[Time-changed Brownian motions are extensively applied as mathematical models for asset returns in Finance. Time change is interpreted as a switch to trade-related business time, different from...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/a-generalized-normal-mean-variance-mixture-for-return-processes-in-finance/2711651]]></guid>
        <pubDate>Tue, 15 Mar 2011 07:03:27 -0700</pubDate>
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        <title><![CDATA[Risk Measures: Rationality And Diversification]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/risk-measures-rationality-and-diversification/2711635]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[When there is uncertainty about interest rates (typically due to either illiquidity or defaultability of zero coupon bonds) the cash-additivity assumption on risk measures becomes problematic....]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/risk-measures-rationality-and-diversification/2711635]]></guid>
        <pubDate>Tue, 15 Mar 2011 06:58:20 -0700</pubDate>
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        <title><![CDATA[When NGOs Go Global: Competition On International Markets For Development Donations]]></title>
        <link><![CDATA[http://www.techrepublic.com/whitepapers/when-ngos-go-global-competition-on-international-markets-for-development-donations/2711629]]></link>
        <s:doctype><![CDATA[White Papers]]></s:doctype>
        <description><![CDATA[Why many large Non-Governmental Organizations (NGOs) are becoming multinational entities? What are the welfare implications of this integration of markets for development donations? To answer...]]></description>
        <guid><![CDATA[http://www.techrepublic.com/whitepapers/when-ngos-go-global-competition-on-international-markets-for-development-donations/2711629]]></guid>
        <pubDate>Tue, 15 Mar 2011 06:56:14 -0700</pubDate>
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