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Events

Events Gallery

2017

IEA Roundtable on the Economics of Religion (Cambridge 10-11 July 2017) Event

IEA Roundtable on the Economics of Religion (Cambridge 10-11 July)

Panel data workshop (23-24 May 2017) Event

Panel data workshop (23-24 May)

Labour Markets, Human Capital and Public Policy (9 May 2017) Event

Labour Markets, Human Capital and Public Policy (9 May)

Mini Conference: Political Economics (4 May) Large

Mini Conference: Political Economics (4 May)

Workshop on Networks (21 April 2017) Event

Workshop on Networks (21 April)

Cambridge IBSEN Workshop - Large scale Experiments Event

Cambridge IBSEN Workshop: Large scale Experiments (21st March)

2016

Labour Market Dynamics and the Macroeconomy - Mini Conference (5th Oct) Event

Labour Market Dynamics and the Macroeconomy - Mini Conference (5th Oct)

Stochastic Dominance Theory and Applications Masterclass (14 Sept) Event

Stochastic Dominance Theory and Applications Masterclass (14 Sept)

Debt Sustainability and Lending Institutions (2-3 Sept) EventDebt Sustainability and Lending Institutions (2-3 Sept) Event 2

Debt Sustainability and Lending Institutions (2-3 Sept)

Firms in Macroeconomics (31 Aug - 1 Sept) Event

Firms in Macroeconomics (31 Aug - 1 Sept)

Macro/Trade Mini Conference (31 May) Event

Macro/Trade Mini Conference (31 May)

The UK and the EU Event (26 May) Event 3The UK and the EU Event (26 May) Event 2

The UK and the EU Event (26 May)

Microstructure of Foreign Exchange Markets (19-21 May) Event

Microstructure of Foreign Exchange Markets (19-21 May)

Mini Conference on Heterogeneous Agents in Macro (10 May) Event

Mini Conference on Heterogeneous Agents in Macro (10 May)

Growth Mini Workshop (3 May) Event

Growth Mini Workshop (3 May)

CEPR Annual IMF Programme Meeting Event

CEPR Annual International Macroeconomics and Finance (IMF) Programme Meeting (21-22 April)

Macroeconomics of Financial Frictions Mini Conference (19 April) Event

Macroeconomics of Financial Frictions Mini Conference (19 April)

2015

New Directions in Quantile Regression Conference (10-11th Dec 2015) Event

New Directions in Quantile Regression (Dec 10-11)

Big Data Big Methods (Sept 29-30) Event

Big Data Big Methods (Sept 29-30)

Search and Matching Conference (Sept 10-11) Event

Search and Matching Conference (Sept 10-11)

Persistent Output Gaps: Causes and Policy Remedies Workshop (Sept 3-4) Event

Persistent Output Gaps: Causes and Policy Remedies Workshop (Sept 3-4)

Third European Meeting on Networks (June 18-19) Large

Third European Meeting on Networks (June 18-19)

Econometrics of Networks Workshop (June 17) Event

Econometrics of Networks Workshop (June 17)

Big Data Conference (June 11-12) Event

Big Data Conference (June 11-12)

17th Babbage Lecture - Secular stagnation, rational bubbles, and fiscal policy (May 14) Event17th Babbage Lecture - Secular stagnation, rational bubbles, and fiscal policy (May 14) Event2

17th Babbage Lecture - Faculty of Economics (May 14):
Secular stagnation, rational bubbles, and fiscal policy

Financial Crises: Lessons from History (May 7) Event 2 Financial Crises: Lessons from History (May 7) Event 1

Financial Crises: Lessons from History (May 7)

Workshop on tail event driven risk modelling (May 5-6) Event

Workshop on tail event driven risk modelling (May 5-6)

Past Events

Institute Events Archive

Past Events - Read More…

Workshop on Forecasting in Financial Markets - March 6, 2014

When Mar 06, 2014
from 01:00 PM to 06:00 PM
Where Trinity College, Winstanley Lecture Theatre
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Workshop on Forecasting in Financial Markets

Speakers:

Peter Reinhard Hansen,
Andrew Patton,
George Kapetanios,
Hui Jun Zhang,
Mark Salmon

Workshop Programme

No registration required, free of charge.

Networks Working Group: Anja Prummer

When Oct 10, 2013
from 03:00 PM to 05:00 PM
Where Marshall Room
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Presenter: Anja Prummer,  

Paper: Currarrini, Jackson, Pin (2009) An Economic Model of Friendship: Homophily, Minorities and Segregation, Econometrica

Networks Working Group: Anand Shrivastava

When Oct 17, 2013
from 03:00 PM to 05:00 PM
Where Marshall Room
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Presenter: Anand Shrivastava

Paper: Shrivastava, Civil conflict with rising wages and increasing state capacity

Abstract: This paper presents a model demonstrating the mechanisms through which rising wages and increasing state capacity could lead to conflict. Conflict is modeled as a game between the state, the local population and ideologically motivated rebels for the control of a natural resource that is valued by both the state and the local population. The analysis shows that at low wage levels, an increase in wage could lead to conflict, and that the effect of state capacity on conflict is non-monotonic. The implication regarding wage is tested on district level data on conflict and agricultural wage from six Indian states that are affected by the Maoist insurgency. The implementation of an employment guarantee programme is used as an instrument for wage after removing district specific heterogeneity. The results support the model's implication and are robust to different specifications.

Networks Working Group: Anja Prummer

When Oct 24, 2013
from 03:00 PM to 05:00 PM
Where Marshall Room
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Presenter: Anja Prummer

Paper: Prummer, Siedlarek, Opinion Leaders in Influence Networks-An Application to the Integration of Immigrants


Abstract: 

We offer a novel explanation for differences in the integration outcomes of immigrant communities through a model which emphasizes the role of group leaders. Group leaders in our models are individuals or organisations that exert social influence in the community, an example being religious organisations. We present a model of integration with distinct channels for social influence and skill acquisition. Skill acquisition leads to higher income, but reduces identification with the immigrant group. A lower group identity in turn makes skill acquisition less costly. Group leaders benefit both from their group maintaining a distinct identity as well as achieving economic success. In the long run, full integration is achieved only with flexible leaders, which themselves adapt over time. In the presence of rigid leaders that do not adopt, integration can remain incomplete, with long-run integration levels higher for individuals of higher ability. We show that there are incentives for leaders to position themselves as rigid and prevent the integration of their community despite this limiting the economic success of their group members. Additionally, we demonstrate how connections among group members can amplify or reduce the influence of group leaders.

Networks Working Group: Diego Cerdeiro

When Oct 31, 2013
from 03:00 PM to 05:00 PM
Where Marshall Room
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Presenter: Diego Cerdeiro

Paper: Cerdeiro, Dziubinski, Goyal, Individual Security and Network Design

Abstract:
Individuals derive benefits from their connections, but these may, at the same time, transmit external threats. Individuals therefore invest in security to protect themselves. What are the network architectures that maximize collective welfare?
We propose a model to explore the tension between connectivity and exposure to the threat of an intelligent adversary when security choices are decentralized.
Our first finding is that faced with an intelligent adversary who seeks to minimize network value, both over-investment and under-investment in security are possible. Social welfare may be maximized in sparse connected networks when under-investment pressures are present, and fragmented networks when over-investment pressures prevail.
Our second finding is that faced with a random attack, the over-investment problem is no longer present but under-investment is a challenge. This under-investment is best addressed by creating dense connected networks that increase exposure of individuals.

Networks Working Group: David Minarsch

When Nov 14, 2013
from 03:00 PM to 05:00 PM
Where Marshall Room
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Presenter: David Minarsch

Papers: 

Corominas-Bosch (2004), Bargaining in a network of buyers and sellers, JET

Polanski (2007), Bilateral bargaining in networks, JET 


Networks Working Group: Edoardo Gallo

When Nov 28, 2013
from 03:00 PM to 05:00 PM
Where Marshall Room
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Presenter: Edoardo Gallo

Paper: Chen, Gallo, Nash and the degree heuristic in network games: An online experiment 

Abstract :
We investigate experimentally a game of strategic complements on a network: the game has a unique Nash equilibrium where the player's effort depends on its Bonacich centrality. The experiment tests the prediction on 4 networks where subjects can choose any integer effort in the [0; 100] range, and the equilibrium is interior to this range for every node in all networks. In two networks with 15 and 21 nodes, subjects' play converges to the Nash equilibrium on almost every node. We provide evidence that subjects play according to a degree heuristic: their effort is increasing in the degree of the node they are assigned to. This heuristic is mostly effective at converging to Nash, and it explains the observed systematic deviations from Nash. In two simpler networks of 9 nodes, the circle and the wheel, subjects are able to coordinate on an interior collaborative norm that gives higher payoffs than Nash. Methodologically, the paper shows the capabilities of UbiquityLab: a novel platform to perform online experiments that involve live interactions among a large number of participants

Networks Working Group: Julien Gagnon

When Dec 05, 2013
from 03:00 PM to 05:00 PM
Where Marshall Room
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Presenter: Julien Gagnon

Papers: 
Akerlof, Kranton (2000), Identity and Economics, QJE
Benabou, Tirole (2011) Identity, morals, and taboos: Beliefs as assets, QJE 

Masterclasses - Paul Embrechts and Eric Ghysels (30 April - 2 May)

When Apr 30, 2014 09:00 AM to
May 02, 2014 06:00 PM
Where Upper Hall, Jesus College, Cambridge
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Cambridge-INET Masterclasses - 30th April to 2nd May

 

Book this Event Online

Programme:

Prof. Paul Embrechts
Home Page

Paul Embrechts

Masterclass Slides

Prof. Eric Ghysels
Home Page

Eric Ghysels

 


Masterclass poster


 Masterclass poster

 

 

 

Networks Working Group: David Minarsch

When Jan 16, 2014
from 01:00 PM to 02:00 PM
Where Marshall Room
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Presenter: David Minarsch
 
Paper: A Theory of Buyer-Seller Networks, (2001)
by Rachel Kranton and Deborah Minehart

Networks Working Group: Vessela Daskalova

When Jan 23, 2014
from 01:00 PM to 02:00 PM
Where Marshall Room
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Presenter: Vessela Daskalova, 

Paper: Daskalova, Vriend: Categorization and Coordination

Abstract:
This paper considers economic rationales for categorizing coarsely. Assuming that people make predictions about unobservable attributes in new situations they encounter on the basis of categories, we study the basic properties of alternative ways of categorizing in different environments. We show that coarse categorization may be optimal for making predictions in stochastic environments in which an individual has a limited number of past experiences. Furthermore, we find that the attempt to coordinate with others may be an additional rationale to categorize coarsely. In a complementary dynamic model we also analyse the adaptive behaviour of agents who have to learn to categorize in a dynamic setting.

Workshop - Skewness, Heavy Tails, Market Crashes, and Dynamics (28 - 29 April)

When Apr 28, 2014 09:00 AM to
Apr 29, 2014 05:00 PM
Where Winstanley Lecture Theatre, Trinity College, University of Cambridge
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Cambridge-INET Institute

and

SoFiE (Society for Financial Econometrics)

 

Confirmed Speakers:

Paul Embrechts (ETH - Zurich), Eric Ghysels (UNC- Chapel Hill), Andrew Harvey (University of Cambridge) and Peter Christoffersen (Toronto).

 

Program Co-Chairs:

O. Linton and E. Renault

 

Program Committee:

Wolfgang Härdle, Andrew Harvey, Jonathan Hill, Rustam Ibragimov, S. Koopman, P. Mykland, A. McNeil, Mark Salmon, Stefan Mittnik, Svetlozar Rachev, Allan Timmermann, Zhijie Xiao

 

Poster:



For details and registration see the event Home Page >>

Networks Working Group: Anja Prummer

When Jan 30, 2014
from 01:00 PM to 02:00 PM
Where Marshall Room
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Presenter: Anja Prummer
 
Abstract:
This paper presents an economic analysis of the intergenerational transmission of ethnic and religious traits through family socialization and marital segregation decisions. Frequency of intragroup marriage (homogamy), as well as socialization rates of religious and ethnic groups, depend on the group's share of the population: minority groups search more intensely for homogamous mates, and spend more resources to socialize their offspring. This pattern generally induces a dynamics of the distribution of ethnic and religious traits which converges to a culturally heterogeneous stationary population. Existing empirical evidence bearing directly and indirectly on the implications of the model is discussed.

Networks Working Group: Vasco Carvalho

When Feb 13, 2014
from 01:00 PM to 02:00 PM
Where Marshall Room
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Presenter: Vasco Carvalho


Paper: Supply Chain Disruptions: Evidence from Great East Japan Earthquake,  (WORK IN PROGRESS), Vasco Carvalho, Makoto Nirei and Yukiko Umeno Saito

 

Abstract:

This paper quantifies the spillover effect of exogenous shocks, such as earthquakes, to other firms through supply chain networks. Combining micro data on a large-scale inter-firm transaction network and geographic information on firm location, we examine the firm level impact of supply chain disruptions occurring in the aftermath of the Great East Japan Earthquake in 2011. When we focus on exiting firms in affected areas as the originating firms of spillovers, sales growth of linked firms outside the area exhibits negative and significant effects for both upstream and downstream firms. Furthermore, the significantly negative effects on downstream firms are shown not only for directly linked firms but also indirectly connected firms with degrees of separation 2, 3, 4, and 5.

Public Talk: Duncan Watts

When Mar 11, 2014
from 05:30 PM to 06:30 PM
Where McCrum Lecture Theatre, Corpus Christi College
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Public Talk: Duncan Watts 

Title: The Myth of Common Sense: Why Everything That Seems Obvious Isn't

Poster:


Registration:

If you wish to register for this event please click on link as follows

http://sites.google.com/site/camineteventregister/events/duncanwatts

Networks Working Group: Bryony Reich

When Feb 27, 2014
from 01:00 PM to 02:00 PM
Where Marshall Room
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Presenter: Bryony Reich

Paper: Nation Building (joint with Alberto Alesina)

Abstract: Nations stay together when citizens share enough values and preferences and can communicate with each other. Homogeneity amongst people can be built with education, teaching a common language to facilitate communication, infrastructure for easier travel, but also by brute force such as prohibiting local cultures. Democracies and non-democracies have different incentives when it comes to choosing how much and by what means to homogenize the population. We study and we compare both regimes in a model where the size of countries and the degree of active homogenization is endogenous. We also offer some historical discussions of cases which illustrate our theoretical results.

Job Talks (January and February)

When Feb 25, 2014
from 03:00 PM to 04:00 PM
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Friday, 31st January

Location - Meade Room

13:00 - 13:45 Laura Zimmermann (University of Michigan)

"Why Guarantee Employment? Evidence from a Large Indian Public-Works Program"

14:00 - 14:45 Veronique Gille (University of Paris 1 Panthéon Sorbonne)

"How to get a job in the public sector? The role of local politics and caste networks in affirmative action programs in India"

15:00 - 15:45 Jihyun Kim (University of Chicago)

"Mean Reversion and Unit Root in Diffusions"

16:00 - 16:45 Ilwoo Hwang (University of Pennsylvania)

"Dynamic Trading with Increasing Asymmetric Information"

 

Tuesday, 4th February

Location - Marshall Room

10:00 - 10:45 Julia Wirtz (University of Warwick)

"Feedback and Learning in Tournaments"

11:00 - 11:45 Juan Block (Washington University in St. Louis)

"Timing and Codes of Conduct"

12:00 - 12:45 Piotr Evdokimov (University of Minnesota: Twin Cities)

"Cooperative Institutions"

14:00 - 14:45 Abhimanyu Khan (Maastricht University) - CANCELLED 

"Coordination under global random interaction and local imitation" 


Friday, 7th February

Location - Keynes room

13:00 - 13:45 Christopher Rauh (Universitat Autònoma de Barcelona)

"The Political Economy of Early and College Education - Can Voting Bend the Great Gatsby Curve?"

15:00 - 15:45 Peter Malec (Humboldt-Universität zu Berlin)

"Capturing the Zero: A New Class of Zero-Augmented Distributions and Multiplicative Error Processes"

16:00 - 16:45 Julien Penasse (ESSEC Business School, Université de Cergy-Pontoise)

"International return predictability and the term structure of risk"

17:00 - 17:45 Daniel Bjorkegren (Harvard University)

"The Adoption of Network Goods; Evidence from the Spread of Mobile Phones in Rwanda."


Monday, 10th February

Location - Keynes room

11:00 - 11:45 Abhimanyu Khan (Maastricht University)

"Coordination under global random interaction and local imitation"

 

Tuesday, 11th February

Location - Meade Room

11:00 - 11:45 David Jinkins (Pennsylvania State University)

"Peer Learning, Labour Mobility, and Knowledge Diffusion"

13:30 - 14:15 Choong Nam (University of Warwick)

“The role of product diversification in skill-biased technological change”

14:30 - 15:15 Miguel Morin (Columbia University)

"Technology adoption and the evolution of the labor market"

15:30 - 16:15 Francois Geerolf (Toulouse School of Economics)

"A Theory of Power Law Distributions for the Returns to Capital and of the Credit Spread Puzzle" - CANCELLED


Wednesday, 12th February

Location - Meade Room

11:30 - 12:15 David Frazier (University of North Carolina)

"Maximization By Parts in Semiparametric Models"

 

Tuesday,  25th February

Location - Meade Room

3:00 - 3:45 Scott Swisher (The University of Wisconsin-Madison)

"Reassessing Railroads and Growth: Accounting for Transport Network Endogeneity?"

Masterclass - Wolfgang Härdle (28 - 29 May)

When May 28, 2014 09:30 AM to
May 29, 2014 06:00 PM
Where Winstanley Lecture Theatre, Trinity College, Cambridge
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Cambridge-INET Masterclass 28th - 29th May

Book this Event Online

 

Prof. Wolfgang Härdle
Home Page

Masterclass poster

Class Title: Copulae and time varying non Gaussian Dependency Structures
Time-varying and non-Gaussian dependencies for multivariate time-series are in demand for many economic models.  Current models available suffer from the misfortune of dimensionality or restrictive assumptions on the parameters and the distribution.  New promising classes of models are copulae that allow for non-exchangeable and non Gaussian dependency structures with a small number of parameters.  For Hierarchical Archimedean Copulae (HAC) a novel adaptive estimation technique based on Local Likelihood Approximation (LPA) for the parameters and of the structure of HAC in a time varying context is presented.  Typical applications are in the financial field but also more recently in the spatial analysis of climate parameters.  An analysis of time varying dependency structure of stock indices and exchange rates reveals periods with constant and turmoil dependencies.  The economic significance of the suggested modelling is evaluated using Value-at-Risk of a portfolio and the correction of the implied correlation smile of, for example, CDO’s. 

Prof. Wolfgang Härdle  is the Ladislaus von Bortkiewicz Chair of Statistics in Humboldt Universität zu Berlin. Distinguished Guest Professor at Xiamen University and international advisor to Beijing University.

 

Programme:

http://goo.gl/zgBCjs

Map venue:

http://goo.gl/5ehp9D

Masterclass - Marc Hallin (17 - 19 February)

When Feb 17, 2014 11:00 AM to
Feb 19, 2014 01:00 PM
Where Keynes and Meade Room
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Cambridge-INET Masterclass - 17th - 19th February

Prof. Marc Hallin
Home Page

Masterclass poster

Location: Keynes room (17th & 18th), Meade room (19th), 11.00 am - 1.00 pm 

 

Doyne Farmer Seminar Talk

When Feb 19, 2014
from 01:00 PM to 02:00 PM
Where Meade Room
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Speaker: Doyne Farmer, (Home Page)



Paper: "When Will Players Coordinate on the Nash Equilibrium of a Game"
(Joint work with Tobias Galla and James Sanders)

Abstract:

In game theory it is common to assume that outcomes are described by Nash equilibria.  But under what circumstances are players able to coordinate on a Nash equilibrium?  What if there are an enormous number of Nash equilibria to choose from?  Is it possible to know in advance when players will easily converge to a unique equilibrium?  And what are the alternatives when they do not converge?
We address these questions for the case of randomly generated games, with players using several different learning rules, including reinforcement learning and level k learning.  We find that there are striking regularities in the resulting behavior.  For games with many possible moves (which are nice because they are analytically tractable), we find that the behavior can be predicted in advance by only two parameters.  One of these is the correlation between the playoffs of the players, which characterizes the extent to which the game is zero sum, and the other is the timescale for learning.  When the game is zero sum and the timescale for learning is short, the strategies converge to a unique equilibrium, but when the opposite is true, they live on a chaotic attractor that can be of high dimension, so that the behavior is substantially random.  With more players the chaotic region increases.  Under level k learning the chaotic region decreases, but does so very slowly as the level of learning gets deeper.  This work suggests that in many circumstances the standard assumption that economic behavior can be characterized by a unique equilibrium, or even a small number of equilibria, may be wrong.

Theory Workshop: David Levine

When Mar 12, 2014
from 01:00 PM to 02:00 PM
Where Meade Room
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Theory Workshop: David Levine

 

Title: Recency, Learning and Convergence to Nash Equilibrium

Poster:

Mark Rosenzweig (Yale University)

When May 16, 2014 09:00 AM to
May 26, 2014 06:00 PM
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Professor of Economics

Prof. Rosenzweig's Yale University Profile

Host: Prof Kaivan Munshi

Understanding Financial Markets: Research, Practice and Policy (30 April)

When Apr 30, 2014
from 06:30 PM to 08:00 PM
Where British Academy, London
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Understanding Financial Markets:
Research, Practice and Policy

Speakers:

Professor Maureen O'Hara (Cornell)
Elroy Dimson (Judge Business School)

 

Poster:

Please sign up for this event

 Event Venue:

Aggregate Demand, the Labor Market and Macroeconomic Policy Conference (4 - 5 Sept)

When Sep 04, 2014 09:00 AM to
Sep 05, 2014 06:00 PM
Where Corpus Christi College, Cambridge, UK
Contact Name
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CONFERENCE ON 

“Aggregate Demand, the Labor Market and Macroeconomic Policy”

Cambridge (UK), 4 -­ 5 September 2014

Map of Corpus Christi College

Sponsored by:
CAMBRIDGE-­INET, UNIVERSITY OF CAMBRIDGE,
AND CENTRE FOR MACROECONOMICS

 

Please see programme here 

Slides and Papers:

"Fiscal Policy in an Unemployment Crisis" by Pontus Rendahl (Cambridge University) [paper] [slides]

"Precautionary Savings and Aggregate Demand" by Edouard Challe (Ecole Polytechnique), Julien Matheron (Banque de France), Xavier Ragot (Paris School of Economics) and Juan F. Rubio-Ramirez (Duke University) [slides]

"Uncertainty Traps" by Pablo Fajgelbaum (UCLA), Edouard Schaal (NYU) and Mathieu Taschereau-Dumouchel (Wharton) [paper] [slides]

"The Limited Role of Aggregate Demand Policy in Restoring Output to Its Pre-Crisis Path” by Robert Hall (Stanford University) [paper] [slides]

“Aggregate Demand, Idle Time, and Unemployment” by Pascal Michaillat (London School of Economics) and Emmanuel Saez (Berkeley) [paper] [slides]

“Wealth and Volatility” by Jonathan Heathcote (Federal Reserve Bank of Minneapolis) and Fabrizio Perri (Federal Reserve Bank of Minneapolis) [slides]

Summer School in Social Economics (16 - 20 June)

When Jun 16, 2014 09:00 AM to
Jun 20, 2014 06:00 PM
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Cambridge-INET and HCEO
Summer School in Social Economics

June 16-20, 2014

Application now closed.

For details please see the Summer School Home Page

or contact Marion Reusch, Cambridge-INET Administrator, .

Networks Working Group: Diego Cerdeiro (24th April)

When Apr 24, 2014
from 01:00 PM to 02:00 PM
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Speaker: Diego Cerdeiro

Title: How to Fight the Common Cold: An economic model of endemic diseases

Abstract:
People adopt diverse measures to protect from contagion during interactions. How does the protection technology affect the conditions for an infection to become endemic, and inefficiencies in protection? I propose a taxonomy of protection technologies and embed these in a model where agents strategically choose how much to protect depending on the frequency of their interactions. The first finding is that if the expiration of protection is unrelated to the infectious status, then the conditions for an infection to become endemic are independent of the cost and effectiveness of protection. The second finding relates inefficiencies in protection to population density. This relation is non-monotonic if protection is interaction-specific (e.g. protection against the common cold) or expires upon infection (e.g. protection against computer virus), and decreasing if protection can be used in multiple interactions and expires exogenously (e.g. protection through vaccination).

Networks Working Group: Nizar Allouch (1st May)

When May 01, 2014
from 01:00 PM to 02:00 PM
Where Marshall Room
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Speaker: Nizar Allouch

Title: The cost of segregation in social networks

Abstract:

This paper investigates the private provision of public goods in segregated societies. While most research agrees that segregation undermines public provision, the findings are mixed for private provision: social interactions, being strong within groups and limited across groups, may either increase or impede voluntary contributions. Moreover, although efficiency concerns generally provide a rationale for government intervention, surprisingly, little light is shed in the literature on the potential effectiveness of such intervention in a segregated society. This paper first develops an index based on social interactions, which, roughly speaking, measures the welfare impact of income redistribution in an arbitrary society. It then shows that the proposed index vanishes when applied to large segregated societies, which suggests an "asymptotic neutrality" of redistributive policies.

Networks Working Group: Alex Harris (8th May)

When May 08, 2014
from 01:00 PM to 02:00 PM
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Speaker: Alex Harris

Title: Evolution of preference types when agents influence type revelation

Abstract:

In the indirect evolutionary framework, non-materialist preferences can evolve if players are able to observe each other's preference types, as this can allow non-materialists to coordinate on efficient outcomes that are not Nash equilibria in fitness. This paper studies the evolution of preferences for mutual cooperation when material payoffs form a Prisoner's Dilemma and every player can pay to "research" her opponent, i.e. to increase her chances of learning her opponent's type. Depending on parameter values, this capacity for research can either increase or decrease the numbers of people with non-materialist preferences compared to the baseline of no influence over type revelation. An extension to the model allows us to interpet researching an opponent's type in terms of screening by social distance: cooperation will tend to happen more often between those “closer together” socially.

Networks Working Group: Julien Gagnon (22nd May)

When May 22, 2014
from 01:00 PM to 02:00 PM
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Speaker: Julien Gagnon

Title: With God We Trust: Religion, Trust and Cooperation in Large-Scale Societies

Abstract:

The first aim of this paper is to revisit the puzzle of cooperation in large-scale societies. It proposes a game theoretic model showing how endogenous emotion-based punishment can sustain full cooperation when interactions are not repeated, provided that players' endogenous trust is high enough. The model is extended to allow for players' heterogeneity, in which case multiple stable equilibria of cooperation can coexist. The second aim of this paper is to explain how certain institutions may support trust and cooperation in large societies. It builds on the example of a religious group and shows that costly religious requirements may foster trust within a community, which in turn bolsters cooperation. When players are heterogeneous, the model shows that religion may also serve as signalling device to exclude defectors. Religion is thus shown to have a twofold role of trust coordination and signalling. This paper thus extends the signalling theory of religion. Finally, the model enables clear and tractable predictions about the levels of religious affiliation and participation within a society. Evidence of the model's implications is discussed.

Networks Working Group: David Minarsch (29th May)

When May 29, 2014
from 01:00 PM to 02:00 PM
Where Meade Room, Faculty of Economics
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Speaker: David Minarsch

Paper: Trading Networks with Price-Setting Agents by Blume, Easley, Kleinberg, Tardos.

Abstract:
In a wide range of markets, individual buyers and sellers often trade through intermediaries, who determine prices via strategic considerations. Typically, not all buyers and sellers have access to the same intermediaries, and they trade at correspondingly different prices that reflect their relative amounts of power in the market.
We model this phenomenon using a game in which buyers, sellers, and traders engage in trade on a graph that represents the access each buyer and seller has to the traders. In this model, traders set prices strategically, and then buyers and sellers react to the prices they are offered. We show that the resulting game always has a subgame perfect Nash equilibrium, and that all equilibria lead to an efficient (i.e. socially optimal) allocation of goods. We extend these results to a more general type of matching market, such as one finds in the matching of job applicants and employers. Finally, we consider how the profits obtained by the traders depend on the underlying graph — roughly, a trader can command a positive profit if and only if it has an “essential” connection in the network structure, thus providing a graph-theoretic basis for quantifying the amount of competition among traders.
Our work differs from recent studies of how price is affected by network structure through our modeling of price-setting as a strategic activity carried out by a subset of agents in the system, rather than studying prices set via competitive equilibrium or by a truthful mechanism.

Networks Working Group: Vessela Daskalova (5th June)

When Jun 05, 2014
from 01:00 PM to 02:00 PM
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Speaker: Vessela Daskalova

Title: Learning Categorizations of Strategy Spaces

Authors: Vessela Daskalova, Nicolaas J. Vriend

Abstract: We consider categorization of the strategy space in games, in which some attributes of the game can serve as a basis for distinguishing the available strategies. There may be many different ways to partition the strategy space in a given game and some of these ways may be nested in one another. We present a model in which agents learn how to perceive the strategic situation they are facing. As a case study we fit the model to data from a laboratory experiment in which participants play a coordination game. Our analysis of the model dynamics gives insights into the costs and benefits of using alternative categorizations of strategies. It also helps us understand which views of the strategy space help to solve the equilibrium selection problem and how agents may learn them through reinforcement.

Workshop in Microeconomics - April 29, 2014

When Apr 29, 2014
from 09:00 AM to 06:00 PM
Where Gillespie Centre, Clare College.
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Workshop in Microeconomics - April 29, 2014

Speakers:

Matthew O. Jackson (Stanford)
Anja Prummer (Cambridge)
Francesco Nava (LSE)
Sanjeev Goyal (Cambridge)
David Easley (Cornell)
Edoardo Gallo (Cambridge)
Vessela Daskalova (Cambridge)

Provisional Programme:   

    

                                       pic: Gillespie Centre, Clare College

 How to get to Clare College

The Annual Meeting of the European Public Choice Society (April 3-6 2014)

When Apr 03, 2014 09:00 AM to
Apr 06, 2014 01:30 PM
Where Robinson College, University of Cambridge
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Cambridge-INET is proud to be sponsors of The Annual Meeting of the European Public Choice Society will take place from Thursday April 3 to Sunday April 6 2014 in Cambridge, England.

The European Public Choice Society promotes scientific research on the economics and politics of public and non-market decision-making, political economy and the economics of institutions. The annual meeting brings together about 250 researchers with a shared interest in Public Choice.

See the EPCS 2014 website for the event details:


Arthur Robson Talk (Monday 19th May)

When May 19, 2014
from 04:00 PM to 05:30 PM
Where Meade Room
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Arthur Robson will give a talk on Monday, 19th May, 4.00-5.30 pm, Meade Room

The talk will be based on the paper "Biology and the Arguments of Utility" (joint with Luis Rayo)

Arthur Robson Talk (Wednesday 21st May)

When May 21, 2014
from 04:00 PM to 05:30 PM
Where Keynes Room
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Wednesday, 21st May, 4.00 -5.30 pm in the Keynes Room.

The talk will be based on the paper "A Biological Theory of Public Discounting" (joint with Balazs Szentes, forthcoming in the American Economic Review)

Matthew Jackson Seminar (Wednesday 30th April)

When Apr 30, 2014
from 04:00 PM to 05:00 PM
Where Keynes Room
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Matthew Jackson will give the Faculty of Economics, Microeconomics Seminar, on Wednesday 30th April, at 4.00 in the Keynes Room.

Title: Gossip and Identifying Central Individuals in a Social Network

David Easley Seminar (Tuesday 6th May)

When May 06, 2014
from 04:00 PM to 05:00 PM
Where Keynes Room
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David Easley will give the Faculty of Economics, Microeconomics Seminar, on Tuesday 6th May, at 4.00 in the Keynes Room

Title: The Case for Incomplete Markets

Jean-Michael Zakoian Seminar (Wednesday 4th June)

When Jun 04, 2014
from 05:00 PM to 06:00 PM
Where Meade Room
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Jean-Michael Zakoian will give the Faculty of Economics, Econometrics Seminar, on Wednesday 4th June, at 5.00 in the Meade Room.

Title: "Estimating multivariate GARCH and Stochastic Correlation models equation by equation"

Empirical Micro Group Workshop: Prof. Mark Rosenzweig

When May 22, 2014
from 02:30 PM to 04:00 PM
Where Keynes Room
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Prof Rosenzweig will give the Empirical Micro Group Workshop talk on 22nd May between 2.30 - 4.00 pm, in the Keynes Room (Faculty of Economics).

Title:  "Risk,Insurance and Wages in General Equilibrium" (co-authored with Mushfiq Mubarak)

Theory Workshop: Dr Kourosh Saeb-Parsy (20th May)

When May 20, 2014
from 05:00 PM to 06:30 PM
Where Meade Room
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Dr Saeb-Parsy will give the Theory Workshop talk on 20th May between 5.00 - 6.30 pm, in the Meade Room (Faculty of Economics).

Title: Difficult Decisions in Transplantation: Risks, Results and Responsibility

Michael Jansson Talk (7th May)

When May 07, 2014
from 04:00 PM to 05:00 PM
Where Meade Room
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Michael Jansson will give the Faculty of Economics, Econometrics Seminar, on Wednesday 7th May, at 4.00 in the Meade Room.

Title: Bootstrapping Kernel-Based Semiparametric Estimators

Joel Sobel Seminar (28th May 2014)

When May 28, 2014
from 04:00 PM to 05:00 PM
Where Keynes Room
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Joel Sobel will give the Faculty of Economics, Microeconomics Seminar, on Wednesday 28th May, at 4.00 in the Keynes Room

Title: Iterative Weak Dominance in Interval Dominance Supermodular Games

Theory Workshop: Alessandro Pavan

When Jun 19, 2014
from 05:00 PM to 06:15 PM
Where Meade Room, Faculty of Economics
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Workshop on Microstructure Theory and Application (March 12-14)

When Mar 12, 2015 09:00 AM to
Mar 14, 2015 06:00 PM
Where Winstanley Lecture Theatre, Trinity College
Contact Name
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Workshop on Microstructure Theory and Application

This workshop aims to bring together cutting edge theoretical and empirical research in market microstructure together to address issues of contemporary importance.

Speakers

Yacine Ait-Sahalia (Princeton University)

Robert Almgren (New York University)

James Angel (Georgetown University) link to paper

Bruno Biais (IDEI)

Thierry Foucault (HEC, Paris) link to paper

Douglas Gale (Imperial College Business School)

Joel Hasbrouck (New York University) link to paper

Terry Hendershott (University of California at Berkeley)

Andrei Kirilenko (MIT)

Albert S. Kyle (University of Maryland) link to paper

Albert J. Menkveld (VU Univeristy Amsterdam)

Marco Pagano (Centre for Studies in Economics and Finance (CSEF)) link to paper

Andreas Park (University of Toronto and Copenhagen Business School)

Gideon Saar (Cornell University) link to paper

Dimitri Vayanos (LSE) link to paper

Xavier Vives (IESE Business School)

 

Programme (click image below)

Draft Programme Workshop on Microstructure Theory and Application, 12-14 March 2015 

 More details can be found on the Conference website

Conference on Nonparametric and Semiparametric Methods

When Feb 14, 2014 09:00 AM to
Feb 15, 2014 06:00 PM
Where Winstanley Lecture Theatre, Trinity College
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Invited speakers:
Debopam Bhattacharya
Andrew Chesher
Christian Hafner
Marc Hallin
Javier Hidalgo
Efang Kong
Dennis Kristensen
Ying-Ying Lee
Degui Li
Zudi Lu
Jens Nielsen
Juan Manuel Rodriguez-Poo
Alessio Sancetta
Sorawoot Srisuma
Weining Wang
James Wolter
Daniel Wilhelm
Paolo Zaffaroni

Website: http://sites.google.com/site/cambridgeecon2014feb/

Xavier Vives Seminar

When Oct 30, 2013
from 04:00 PM to 05:00 PM
Where Keynes Room
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Professor Xavier Vives will give the Faculty of Economics, Microeconomics Seminar, entitled "Endogenous Public Information and Welfare in Market Games". The seminar will take place on Wednesday 30th October at 4.00pm and be held in the Keynes room.

Link to Paper

Wouter Den Haan (LSE) Macro Seminar

When Oct 09, 2014
from 04:00 PM to 05:30 PM
Where Keynes Room
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Jaume Ventura (Barcelona GSE) Macro Seminar

When Oct 21, 2014
from 04:00 PM to 05:30 PM
Where Keynes Room
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Title: "Globalization and Political Structure"

Authors: Gino Gancia, Giacomo Ponzetto and Jaume Ventura

Affiliations: CREI, UPF and Barcelona GSE (same for all authors)

Abstract: Globalization is rapidly changing economic borders and yet political borders change only slowly. In this paper we study the nature and consequences of this growing mismatch. We show that globalization requires a political structure that redistributes power away from the centralized jurisdictions or states and towards a new set of overlapping jurisdictions that are both larger and smaller than existing states. Our theory suggests that globalization provides a simple yet powerful explanation for the rise of large nation-states followed by the creation of international unions together with a process of political fragmentation within states



Jeremy Greenwood (University of Pennsylvania) Macro Seminar

When Nov 04, 2014
from 04:00 PM to 05:30 PM
Where Meade Room
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Title: Why Doesn’t Technology Flow from Rich to Poor Countries?

Jeff Campbell (Federal Reserve Bank of Chicago) Macro Seminar

When Nov 18, 2014
from 04:00 PM to 05:30 PM
Where Meade Room
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Networks Working Group: Nikolas Tsakas and Anja Prummer

When Jul 23, 2014
from 01:00 PM to 02:00 PM
Where Keynes Room
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Speaker: Nikolas Tsakas

Title: Diffusion by Imitation: The Importance of Targeting Agents

Abstract: We study the optimal targeting strategy of a planner who seeks to maximize the diffusion of an action in a circular network where agents imitate successful past behavior of their neighbors. We find that the optimal targeting strategy depends on two parameters: (i) the likelihood of the action being more successful than its alternative and (ii) the planner’s patience. More specifically, when the planner’s preferred action has higher probability of being more successful than its alternative, then the optimal strategy for an infinitely patient planner is to concentrate all the targeted agents in one connected group; whereas when this probability is lower it is optimal to spread them uniformly around the network. Interestingly, for a very impatient planner, the optimal targeting strategy is exactly the opposite. Our results highlight the importance of knowing a society’s exact network structure for the efficient design of targeting strategies, especially in settings where the agents are positionally similar.

Speaker: Anja Prummer

Title: Institutions and the Preservation of Cultural Traits (joint with Jan-Peter Siedlarek)

Abstract: We offer a novel explanation for why some immigrant groups and minorities have persistent, distinctive cultural traits- the presence of a rigid institution. Such an institution is necessary for communities to not fully assimilate to the mainstream society. We distinguish between different types of institutions, such as churches, foreign-language media or ethnic business associations and ask what level of cultural distinction these institutions prefer. Any type of institution can have incentives to be extreme - choosing maximal cultural distinction from the mainstream society. An increase in discrimination can lead institutions to be more or less culturally distinct, reducing or increasing assimilation.

 

Third European Meeting on Networks (June 18-19)

When Jun 18, 2015 09:00 AM to
Jun 19, 2015 05:00 PM
Where Study Centre 9, Moller centre, Cambridge
Contact Name
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Third European Meeting on Networks

The Meeting aims to offer a forum for the presentation and dissemination of frontier research on Networks. 

Confirmed Speakers:

Andrew Bernard (Dartmouth)
Yann Bramoulle (Marseille)
Vasco Carvalho (Cambridge)
Maryam Farboodi (Princeton)
Alessandro Gavazza (LSE)
Bryan Graham (Berkeley)
Andrea Galeotti (Essex)
Ben Golub (Harvard)
Sanjeev Goyal (Cambridge)
Matthew Jackson (Stanford)
Jakub Kastl (Princeton)
Adam Szeidl (Budapest)

Organizers:

Vasco Carvalho (Cambridge),

Andrea Galeotti (Essex),

Sanjeev Goyal (Cambridge),

Adam Szeidl (Budapest)

Venue: Moller Centre, Cambridge

 

Programme:

Download Programme Folder

 

Registration:

Registration is now closed.

Poster:

 

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Charles Engel (University of Wisconsin) Macroeconomics Seminar

When Sep 30, 2014
from 04:00 PM to 05:30 PM
Where Keynes Room
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Professor Charles Engel will give the Faculty Macroeconomics Seminar at 4.00pm, in the Keynes room.

Title talk: Real Exchange Rates and Sectoral Productivity in the Eurozone

Professor Hyun-Song Shin (Bank for International Settlements) Talk

Please note room change to Meade room
When Oct 06, 2014
from 04:00 PM to 05:30 PM
Where Meade Room
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Speaker: Professor Hyun-Song Shin

Web page:

http://www.bis.org/about/biohss.htm

Title: “Breaking the Triple Coincidence in International Finance”

Paper: pdf download

Date/time: Monday, 6th October, 4 – 5.30pm

Location: Meade Room, Faculty of Economics

Joel Mokyr (Northwestern University) Talk

When Sep 23, 2014
from 02:00 PM to 03:30 PM
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Speaker: Professor Joel Mokyr (Northwestern University)

Date/time: Tuesday, 23rd September, 2pm

Location: Meade Room (preceded by lunch in common room at 12.45pm)

Title: "A Culture of Growth"
Drawing on his latest book, Prof. Mokyr will analyze the 1500-1700 market for ideas and how it gave rise to the Industrial Revolution and the Modern Economy.

Registration (required): http://goo.gl/jVCSrD

Networks Working Group - Vasco Carvalho (Economics, Cambridge)

When Oct 10, 2014
from 01:00 PM to 03:30 PM
Where Keynes Room
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Networks Working Group - Ali Jadbabaie (Electrical Engineering, Pennsylvania and Cambridge-INET Visitor)

When Oct 17, 2014
from 01:00 PM to 02:00 PM
Where Keynes Room
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Speaker: Ali Jadbabaie

Title: Dynamic Pricing in social networks: The Word of Mouth effect

with Amir Ajorlou (Penn, MIT) and Ali Kakhbod  (MIT)

 

Abstract: We study the problem of optimal dynamic pricing for a monopolist selling a product to consumers in a social network. The only means of spread of information about the product is via Word of Mouth communication; consumers' knowledge of the product is only through friends who have already made a purchase. By analyzing the structure of the underlying endogenous process, we show that the optimal dynamic pricing policy for durable products drops the price to zero infinitely often, giving away the immediate profit in full to expand the informed network in order to exploit it in future. We provide evidence for this behavior from smartphone applications, where price histories indicate frequent free-offerings for many apps. Moreover, we show that despite infinitely often drops of the price to zero, the optimal price trajectory does not get trapped near zero. When externalities are present, we show that a strong enough network externality can push the price drops to a nonzero level, but similar price fluctuations to this new price floor still remain. When the product is nondurable, we show that the fluctuations disappear after a finite time.

 

Paper: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2495509

Networks Working Group - Coen Teulings (Economics, Cambridge)

When Oct 24, 2014
from 01:00 PM to 02:00 PM
Where Keynes Room
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Speaker: Coen Teulings

Title: Welfare Benefits of Agglomeration and Worker Heterogeneity

Abstract:
The direct impact of local public goods on welfare is relatively easy to measure from land rents. However, the indirect effects on home and job location, on land use, and on agglomeration benefits are hard to pin down. We develop a spatial general equilibrium model for the valuation of these effects. The model is estimated using data on transport infrastructure, commuting behavior, wages, land use and land rents for 3000 ZIP-codes in the Netherlands and for three levels of education. Welfare benefits are shown to differ sharply by workers' educational attainment.

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Networks Working Group - Matt Elliott (Economics, CALTECH and Cambridge-INET Visitor)

When Oct 31, 2014
from 01:00 PM to 02:00 PM
Where Keynes Room
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Speaker: Matt Elliott

Title: Decentralized Bargaining: Efficiency and the Core (joint with Francesco Nava)

Abstract:
This paper studies market clearing in matching markets. The model is non-cooperative, fully decentralized, and in Markov strategies. Workers and firms bargain with each other to determine who will be matched to whom and at what terms of trade. Once a worker-firm pair reach agreement they exit the market. Inefficiencies, mismatch and delay, arise from the strategic response to the potential evolution of the market. The main result identifies a necessary and sufficient condition for equilibrium efficiency and shows that inefficiencies
are pervasive. Mismatch is a necessary by-product of the market context affecting any bargaining outcome.

Paper: http://www.its.caltech.edu/~melliott/papers/decentralized_bargaining.pdf

Networks Working Group - Kaivan Munshi (Economics, Cambridge)

When Nov 07, 2014
from 01:00 PM to 02:00 PM
Where Keynes Room
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Speaker: Kaivan Munshi

Title: "Networks and Misallocation: Insurance, Migration, and the Rural-Urban Wage Gap"

Authors: Kaivan Munshi and Mark Rosenzweig,

Abstract:
We provide an explanation for large spatial wage disparities and low male migration in India that is based on the trade-off between consumption-smoothing, provided by caste-based rural insurance networks, and the income gains from migration. Our theory generates two key predictions, which we verify empirically: (i) relatively wealthy households within the caste who benefit less from the redistributive (surplus-maximizing) network will be more likely to have migrant members, and (ii) households facing greater rural income-risk (who benefit more from the insurance network) are less likely to have migrant members. Structural estimates of the model show that even small improvements in formal insurance decrease the spatial misallocation of labor by substantially increasing migration.

Paper: download pdf

Networks Working Group - Pier-André Bouchard St-Amant (Post-doctoral Fellow, INET New York and Cambridge-INET Visitor)

When Nov 14, 2014
from 01:00 PM to 02:00 PM
Where Keynes Room
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Speaker: Pier-André Bouchard St-Amant

Paper Title: "Interbanking Networks: Controlled Cascade Failures Through Taxation"

Slides: Interbanking Networks, Eciency and Taxation

Networks Working Group - Julien Gagnon (Doctoral student, Economics, Cambridge)

When Nov 21, 2014
from 01:00 PM to 02:00 PM
Where Keynes Room
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Speaker: Julien Gagnon

Title: The Great Transformation Social Structure, Markets and Inequality

Authors: Julien Gagnon, Sanjeev Goyal

Abstract: 

The empirical evidence on the interaction between traditional societies and modern markets is very mixed. In some cases, socially advantaged members take up market activity while in others marginalized groups embrace markets. Sometimes markets aggravate existing inequalities, but the converse pattern is also well documented. In this paper, we show that the key to understanding these differences is whether the communal and the market goods are (strategic) complements or substitutes. Social connectedness facilitates adoption of market good if the traditional activity are complements; the converse is true in case of substitutes. Inequality in a social structure is typically reinforced by the market in case the two goods are complements; the converse holds true if they are substitutes.

Networks Working Group - Bartosz Redlicki (Doctoral student, Economics, Cambridge)

When Nov 28, 2014
from 01:00 PM to 02:00 PM
Where Keynes Room
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Speaker: Bartosz Redlicki

Title: Information Diffusion by Cheap Talk and Optimal Targeting

Abstract:
We study strategic information transmission in a population consisting of two types of consumers: enthusiasts and skeptics of a new product. A single producer targets one consumer, who learns the quality of the product. Information about the quality is then diffused in a chain of communication by cheap talk. Communication is strategic because the product has an externality property: each consumer’s payoff is affected by other consumers’ decisions of whether to adopt the product. We show that truthful diffusion is possible if and only if the strength of externality is at a moderate level. In the truthful equilibrium, it is always optimal for the producer to target an enthusiast. However, in the unique neologism-proof babbling equilibrium, a skeptic is the optimal target for some parameter values. Applications of the model include marketing and political lobbying.

Networks Working Group - Prof. Sanjeev Goyal (Chair of the Faculty of Economics)

When Dec 05, 2014
from 01:00 PM to 02:00 PM
Where Keynes Room
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Speaker: Prof. Sanjeev Goyal

Title: Networks in Economics: A Perspective on the Literature

Abstract: tbc

Theory Workshop - Ali Jadbabaie (University of Pennsylvania)

When Oct 09, 2014
from 01:00 PM to 02:00 PM
Where Marshall Room
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Speaker: Ali Jadbabaie

Title: Learning to Coordinate in Social Networks

With Pooya Molavi (MIT), Ceyhun Eksin and Alejandro Ribeiro (Penn)

Abstract: 

We study a  game in which a group of players attempt to coordinate on a desired, but only partially known, outcome. The desired outcome is represented by an unknown state of the world. Agents’ stage payoffs are represented by a super modular utility function that captures the kind of trade-off exemplified by the Keynesian beauty contest: each agent’s stage payoff is decreasing in the distance between her action and the unknown state; it is also decreasing in the distance between her action and the average action taken by other agents. The agents thus have the incentive to correctly estimate the state while trying to coordinate with and learn from others. We show that short-lived Bayesian agents who  play this game once and observe the actions of their neighboring roles over a network (that satisfies some weak connectivity condition) eventually succeed in coordinating on a single action.  The agents also asymptotically receive similar payoffs in spite of differences in the quality of their information. When the tilities are quadratic, we show that the resulting equilibrium is unique, and agents also reach consensus in their  estimates. Finally, we show that if the agents’ private observations are not functions of the history of the game, then the private observations are optimally aggregated in the limit. Therefore, agents asymptotically coordinate on choosing the best estimate of the state given the aggregate information available throughout the network.

Paper

Theory Workshop - Claudia Herresthal (Oxford)

When Oct 30, 2014
from 12:45 PM to 02:00 PM
Where Keynes Room
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Speaker: Claudia Herresthal

Title: "Mobility, learning and School Choice" 

Homepage: University of Oxford

PDF document icon paper_BDE-09-11revised — PDF document, 507 KB (519279 bytes)

Jonathan Eaton (Brown University) Seminar

When Oct 23, 2014
from 03:30 PM to 05:30 PM
Where Meade Room
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Faculty of Economics Empirical Micro Workshop

Speaker: Professor Jonathan Eaton (Brown University)

Date/time: Thursday, 23rd October, 3.30 - 5.30pm

Location: Meade Room

Paper: Firm-to-Firm Trade: Imports, Exports, and the Labor Market

Slides: Firm-to-Firm Trade

Symposium on Contagion (April 23-24)

This symposium brings together researchers working on different aspects of contagion from different perspectives, in order to explore common features and foster cross-pollination. Speakers will present work drawn from economics and finance, biology, computer science, network science and public health.
When Apr 23, 2015 09:00 AM to
Apr 24, 2015 06:00 PM
Where Clare College
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Confirmed speakers

Vasco Carvalho (University of Cambridge)
Frederick Chen (Wake Forest University)
Gabielle Demange (Paris School of Economics)
Eli Fenichel (Yale University) paper
Sanjeev Goyal (University of Cambridge) paper
Tibor Heumann (Yale University) paper
Anup Malani (University of Chicago)
Gustavo Manzo (UC Berkeley) paper
Bryony Reich (UCL)
Omer Tamuz (CALTECH, MIT and Microsoft Research)
Flavio Toxvaerd (University of Cambridge)

Programme

Registration closed now.

(Due to limited places we will confirm registration by end of March.) 

Co-funded by Cambridge-INET and CERF.

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Empirical Microstructure Workshop (28th November)

This workshop confronts recent empirical findings in market microstructure with methodological developments in high-frequency econometrics to shed new light on important aspects of contemporary financial markets.
When Nov 28, 2014
from 09:00 AM to 06:00 PM
Where Winstanley Lecture Theatre, Trinity College
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Confirmed speakers:

  • James Brugler (University of Cambridge)
  • Carole Comerton-Forde (University of Melbourne)
  • Nikolaus Hautsch (University of Vienna)
  • Ryoko Ito (University of Cambridge)
  • Ian Marsh (City University London)
  • Roel Oomen (Deutsche Bank, University of Amsterdam)
  • Jean-Pierre Zigrand (London School of Economics)
Registration required: http://goo.gl/zdkOj0

 

Kieran Walsh (Yale University) Macro Seminar

When Nov 11, 2014
from 04:00 PM to 05:30 PM
Where Meade Room
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Speaker: Kieran Walsh will give the Faculty Macroeconomic Seminar at 4.00pm, in the Meade room.

Title talk: 'Asset Pricing and the One Percent (joint with Alexis Akira Toda)'

Macro Reading Group (1st October) Giancarlo Corsetti

When Oct 01, 2014
from 01:00 PM to 02:30 PM
Where Marshall Room
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Macro Reading Group

Speaker: Giancarlo Corsetti

Title: International Competitiveness and Monetary Policy

Antonio Merlo (Rice University) Empirical Micro Seminar

When Nov 27, 2014
from 03:30 PM to 05:30 PM
Where Meade Room
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Prof. Antonio Merlo will give the Faculty Empirical Micro Seminar.

Title: The Home Selling Problem: Theory and Evidence

Seminar Jose Scheinkman (Edwin W. Rickert Professor of Economics at Columbia University)

When Oct 09, 2014
from 05:00 PM to 06:00 PM
Where Judge Business School - Room W4.03.
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Title: "Misspecified Recovery"


Asset prices contain information about the probability distribution of future states and the stochastic discounting of these states. Without additional assumptions, probabilities and stochastic discounting cannot be separately identified. Ross (2013) introduced a set of assumptions that restrict the dynamics of the stochastic discount factor in a way that allows for the recovery of the underlying probabilities. We use decomposition results for stochastic discount factors from Hansen and Scheinkman (2009} to explain when this procedure leads to misspecified recovery. We also argue that the empirical evidence on asset prices indicates that the recovered measure would differ substantially from the actual probability distribution and that interpreting this measure as the true probability distribution may severely bias our inference about risk premia, investors’ aversion to risk, and the welfare cost of economic fluctuations.

More information about this event…

Macro Reading Group (8th October) Charles Gottlieb

When Oct 08, 2014
from 01:00 PM to 02:30 PM
Where Marshall Room
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Macro Reading Group

Charles Gottlieb

Title: Communal Land And Agricultural Productivity

Macro Reading Group (22nd October) Vasco Carvalho

When Oct 22, 2014
from 01:00 PM to 02:30 PM
Where Keynes Room
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Macro Reading Group

Vasco Carvalho

Title: Supply Chain Disruptions: Evidence from the Great East Japan Earthquake

Macro Reading Group (29th October) Charles Brendon

When Oct 29, 2014
from 01:00 PM to 02:30 PM
Where Keynes Room
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Macro Reading Group

Charles Brendon

Title: Time-consistent institutional design

Macro Reading Group (5th November) Elisa Faraglia

When Nov 05, 2014
from 01:00 PM to 02:00 PM
Where Marshall Room
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Macro Reading Group

Elisa Faraglia

Title: Government Debt Management: the Long and the Short of it

Macro Reading Group (12th November) Christopher Rauh

When Nov 12, 2014
from 01:00 PM to 02:30 PM
Where Marshall Room
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Macro Reading Group

Christopher Rauh

Title: Early childhood education, maternal labor supply, and cross-country differences in intergenerational mobility

Macro Reading Group (19th November) Miguel Barroso Morin

When Nov 19, 2014
from 01:00 PM to 02:30 PM
Where Marshall Room
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Speaker: Miguel Barroso Morin

Paper: The labor market consequences of electricity adoption: concrete evidence from the Great Depression

Ali Jadbabaie (University of Pennsylvania) Micro Seminar

When Oct 15, 2014
from 04:00 PM to 05:30 PM
Where Keynes Room
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Ali Jadbabaie will give the Faculty Micro Seminar, at 4.00pm - 5.30pm, in the Keynes room.

Title: Information heterogeneity and social learning
with Pooya Molavi (MIT)  and Alireza TahbazSalehi (Columbia)

Abstract: We examine how the structure of a social network and the quality of information available to different agents determine the speed of social learning. To this end, we study a variant of the naive learning model of DeGroot according to which agents linearly combine their personal experiences with the views of their neighbors. We show that the rate of learning has a simple analytical characterization in terms of the relative entropy of agents’ signal structures and their eigenvector centralities. Our characterization establishes that the way information is dispersed throughout the social network has non-trivial implications for the rate of learning. In particular, we show that when the informativeness of different agents’ signal structures are com- parable in the sense of Blackwell, then a positive assortative matching of signal qualities and eigenvector centralities maximizes the rate of learning. On the other hand, if information structures are such that each individual possesses some information crucial for learning, then the rate of learning is higher when agents with the best signals are located at the periphery of the network. Finally, we show that the extent of asymmetry in the structure of the social network plays a key role in the long-run dynamics of the beliefs and  present a general  class of learning models for which similar results hold.

Roger Myerson (University of Chicago) Micro seminar (May 6)

When May 06, 2015
from 04:00 PM to 05:30 PM
Where Keynes Room
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Prof. Myerson will give the Faculty Micro Seminar. 

Title Talk: "Sequential Equilibrium Distributions in Multi-Stage Games with Infinite Sets of Types and Actions" (joint with Philip J. Reny)

Bhaskar Dutta (University of Warwick) Micro seminar

When May 13, 2015
from 04:00 PM to 05:30 PM
Where Keynes Room
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Prof. Dutta will give the Faculty Microeconomics Seminar.

Title: 'Rumours'

Matt Elliott (Caltech) Micro Seminar

When Nov 12, 2014
from 04:00 PM to 05:30 PM
Where Keynes Room
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Matt Elliott will deliver the Faculty Microeconomics Seminar.

Talk title: 'Social Investments, Informal Risk Sharing, and Inequality (with Attila Ambrus and Arun Chandrasekhar)'

Nick Vriend (Queen Mary University of London) Micro Seminar

When Nov 05, 2014
from 04:00 PM to 05:30 PM
Where Keynes Room
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Prof. Vriend will deliver the Faculty Microeconomics Seminar.

Paper Title: Social Identity and Punishment in a Minimum Effort Game, with Vessela Daskalova (University of Cambridge) and Michalis Drouvelis (University of Birmingham).

Theory Workshop - Flavio Toxvaerd (Cambridge)

When Nov 06, 2014
from 01:00 PM to 02:00 PM
Where Keynes Room
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Speaker: Flavio Toxvaerd (Cambridge),

Paper: “On the Dynamics of Beliefs and Risky Sexual Behavior”

Theory Workshop - Charles Roddie (Cambridge)

When Nov 13, 2014
from 12:45 PM to 02:00 PM
Where Keynes Room
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Speaker: Charles Roddie (Cambridge)

Paper: Demographic competition and inequality aversion

Theory Workshop - Fernando Vega-Redondo (Università Bocconi)

When Nov 27, 2014
from 01:00 PM to 02:00 PM
Where Keynes Room
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Speaker: Fernando Vega-Redondo (Università Bocconi)

Paper: 'Production Networks and General (market) Equilibrium'

Andy Haldane (Bank of England) Public Talk

When Nov 26, 2014
from 05:00 PM to 06:00 PM
Where Riley Auditorium, Clare College
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Talk title: "Managing Global Finance as a System"

Please email to register for this event.