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Permanent URI for this collectionhttps://hdl.handle.net/20.500.14288/3
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Publication Metadata only The role of information in auctions(Elsevier Inc., 2024) Ekmekci, Mehmet; Department of Economics; Atakan, Alp Enver; Department of Economics; College of Administrative Sciences and EconomicsThis review discusses the seminal contributions of Engelbrecht-Wiggans et al. (1983) Milgrom and Weber (1982a) to the literature that studies the role of information in auctions. We describe the results in these papers and present several extensions. Much of the earlier literature on auctions takes the information environment as exogenous. The extensions that we present will demonstrate how the insights of Engelbrecht-Wiggans et al. (1983) and Milgrom and Weber (1982a) apply to the more recent literature on flexible information acquisition in auctions where the information structure is endogenously determined in equilibrium.Publication Metadata only Asymmetric response to monetary policy surprises at the long-end of the yield curve(Louisiana State University Press, 2012) Department of Economics; Department of Economics; Demiralp, Selva; Yılmaz, Kamil; Faculty Member; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; College of Administrative Sciences and Economics; 42533; 6111This paper investigates the responsiveness of asset markets to monetary policy path revisions. Using federal funds futures contracts to extract near-term path revisions, we find that the responsiveness of longer term Treasury securities to path revisions is significantly asymmetric, the magnitude of which increases during tightenings and decreases during easings. These findings blend nicely with the earlier literature that documents asymmetric effects of monetary policy on output. (C) 2012 Elsevier Inc. All rights reserved.Publication Metadata only Ordinal efficiency and dominated sets of assignments(Academic Press Inc Elsevier Science, 2003) Abdülkadiroğlu, Atila; Department of Economics; Sönmez, Tayfun; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; N/AUsing lotteries is a common tool for allocating indivisible goods. Since obtaining preferences over lotteries is often difficult, real-life mechanisms usually rely on ordinal preferences over deterministic outcomes. Bogomolnaia and Moulin (J. Econom. Theory 19 (2002) 623) show that the outcome of an ex post efficient mechanism may be stochastically dominated They define a random assignment to be ordinally efficient if and only if it is not stochastically dominated. In this paper we investigate the relation between ex post efficiency and ordinal efficiency. We introduce a new notion of domination defined over sets of assignments and show that a lottery induces an ordinally efficient random assignment if and only if each subset of the full support of the lottery is undominated.Publication Metadata only Parametric characterizations of risk aversion and prudence(Springer, 2000) Nielsen, LT.; Department of Economics; Lajeri-Chaherli, Fatma; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; N/AOur first main result says that whether one decision maker is more risk averse than another can be determined from their attitudes toward a given two-parameter family of risks. When all risks belong to this family, risk aversion can be compared even when initial wealth is random. Our second main result solves a long-standing problem in mean-variance analysis: what is the interpretation of the concavity of utility as a function of mean and variance? We show that in the case of normal distributions, this utility function is concave if and only if the agent has decreasing prudence.Publication Metadata only International students and labour marketoutcomes of US-born workers(Wiley, 2020) Department of Economics; Demirci, Murat; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 272082Do international students graduating from US colleges and universities affect labour market outcomes of similarly educated native-born workers? I address this question by exploiting a change in US visa policy that results in increases in the labour supply of master's-level international students to the US labour market in science, technology, engineering and mathematics (STEM) fields. Estimates show that increases in their labour supply via temporary work permits in a certain field reduce employment of recently graduated native-born holders of a master's degree but increase earnings of experienced native-born holders of a master's degree in the same field. These findings support the hypothesis of substitution between skills of similarly educated immigrants and native-born individuals in the same age group and complementarity between skills of those in different age groups. Resume etudiants internationaux et debouches sur le marche du travail pour les citoyens nes aux etats-Unis. A diplome egal, les etudiants internationaux sortant des universites et colleges americains ont-ils un impact sur les debouches des travailleurs nes dans le pays sur le marche de l'emploi? Je pose cette question en exploitant les changements en matiere de politique de visas aux etats-Unis ayant eu pour consequence une augmentation du nombre d'etudiants qui detient une maitrise sur le marche du travail americain, notamment dans les secteurs des sciences, des technologies, de l'ingenierie et des mathematiques (STIM). Dans certains secteurs, les evaluations montrent que l'augmentation de la main d'oeuvre decoulant de l'octroi de permis de travail temporaires a engendre une reduction du nombre d'emplois devolus aux detenteurs d'une maitrise fraichement diplomes et nes dans le pays, tout en permettant aux plus competents d'entre eux d'augmenter leurs revenus. Ces constatations soutiennent l'hypothese d'une substitution entre les competences des immigrants et celles des natifs a diplome egal pour un meme groupe d'age, et d'une complementarite differents groupes d'age.Publication Metadata only Monetary rewards in employee referral programs(Wiley, 2022) Department of Economics; Ekinci, Emre; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 309364This paper examines the conditions under which employee referrals serve as a screening function when there is a conflict of interest between the firm and the current employees concerning referral recruitment. In particular, I consider two potential mechanisms that lead to a conflict of interest: the employee's social connection with the applicant and her promotion prospects. Specifically, I posit that the employee will have an incentive to refer low-ability applicants if she has a strong social connection with them or if she faces the possibility of competing against her own referral to earn a promotion at the firm. Taking these potential sources for conflicting interests, I investigate the extent to which the firm can make use of financial incentives (fixed fees and bonuses) to align incentives of the employee with those of the firm.Publication Metadata only An exploration in school formation: income vs. ability(2012) Alkan, Ahmet; Anbarcı, Nejat; Department of Economics; Sarpça, Sinan; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 52406We study stable school formation among four students that differ in ability and income. In the presence of ability complementarities and school costs to be shared, we identify the conditions under which a stable allocation is efficient, inefficient, nonexistent, and tell who become peers.Publication Metadata only Cheating and incentives in a performance context: evidence from a field experiment on children(Elsevier, 2020) Alan, Şule; Department of Economics; N/A; Ertaç, Seda; Gümren, Mert; Faculty Member; Researcher; Department of Economics; College of Administrative Sciences and Economics; Graduate School of Sciences and Engineering; 107102; N/AWe study cheating behavior in a large sample of elementary school children in the context of a creative performance task, in the presence and absence of performance incentives. Our data come from a sample of 720 elementary school children with an average age of 8, and contain rich information on a large set of correlates, such as risk and time preferences, IQ, gender and family characteristics. We document that children with higher IQ and higher socioeconomic status have a higher likelihood of cheating. We find that the presence of incentives for better performance does not increase cheating behavior. We also document an interesting interaction between altruism and incentives: altruistic students cheat significantly less in the presence of incentives. (C) 2019 Elsevier B.V. All rights reserved.Publication Metadata only The state of property development in Turkey: facts and comparisons(Cambridge University Press (CUP), 2016) Demiralp, Seda; Gümüş, İnci; Department of Economics; Demiralp, Selva; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 42533In this article, we investigate economic and political developments in Turkey's construction sector over the last decade and consider their implications. We find that during the first term of the government of the Justice and Development Party (Adalet ve Kalkinma Partisi, AKP), thanks to administrative and economic incentives, both private and public construction rose considerably. Despite the construction sector's contribution to growth, there is also evidence of a transfer from the industrial sector toward the construction sector, which led to significant decline in the trend growth of the industrial sector in the era prior to 2006. Such evidence disappears in the post-crisis period, when the growth of private construction slows. However, overcentralization, clientelism, an absence of transparency, and limitations on citizen participation in urban planning remain as problems that need to be addressed through urban reform.Publication Metadata only Testing for co-integration and nonlinear adjustment in a smooth transition error correction model(Wiley, 2011) N/A; Department of Economics; Kılıç, Rehim; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; N/AThis article introduces a testing procedure for cointegration and nonlinear adjustment in a smooth transition vector error correction model. To overcome the unidentified parameters problem under the null of no-cointegration, the Wald statistic is optimized over the unidentified parameter space. The asymptotic distribution of the test statistic is shown to be non-standard but nuisance parameter-free and hence critical values are obtained by simulations, Simulations show that the proposed test outperforms the alternatives in small sample sizes both in terms of size and power. Application to the exchange rate-monetary fundamentals relationship show that the proposed test works considerably well. This article also finds that nonlinear adjustment dynamics are symmetric for some currencies and therefore the speed of adjustment depends on the size of the deviations and is asymmetric for others, hence, the adjustment dynamics depend not only on the size but also on the sign of the deviations.