Cécile – starsza siostra Effi Briest

Lending Effi ciency Shocks

This paper develops a theory in which shocks to the effi ciency of information acquisition by financial intermediation translate into business cycle fluctuations via capital reallocation. In our theory, under costly verification, the bank chooses to only monitor the returns of those entrepreneurs with insuffi cient net worth. This distorts the existing capital allocation among entrepreneurs of ...

Effi cient High - Dimensional , Edge - Aware Filtering

Surplus Division and Effi cient Matching

We study a two-sided matching model with a finite number of agents and with transferable utility: agents on both sides of the market are privately informed about multi-dimensional attributes that determine the match value of each pair. Utility functions are assumed to be quasi-linear, and monetary transfers among agents are feasible. We ask the following question: what divisions of surplus amon...

Effi cient Entry in Competing Auctions ∗

In this paper, we demonstrate the effi ciency of seller entry in a model of competing auctions in which we allow for both buyer and seller heterogeneity. This generalizes existing effi ciency results in the competitive search literature by simultaneously allowing for nonrival (many-on-one) meetings and private information. ∗We thank Andrzej Skrzypacz, our editor, and Jeremy Bulow for their help...

Effi cient Estimation using the Characteristic Function∗

The method of moments proposed by Carrasco and Florens (2000) permits to fully exploit the information contained in the characteristic function and yields an estimator which is asymptotically as effi cient as the maximum likelihood estimator. However, this estimation procedure depends on a regularization or tuning parameter α that needs to be selected. The aim of the present paper is to provide...