Objective
The objective of the project is to analyze firm's behavior in an uncertain environment considering two major choices: production plans and labor contracts. The economy under consideration is characterised by incompleteness of asset markets, which means that firms cannot be insured against all kinds of future uncertainty because some financial assets are missing from the market. In particular, the project will deal with three interrelated themes:
1. The efficiency of competitive equilibrium investment decisions from a welfare point of view and from the point of view of the firm's shareholders. In both cases, equilibrium allocations are generically inefficient however there is room for Pareto improving policies. 2. The incorporation of agents strategic behavior in the stock market by assigning control rights to shares. Portfolios aiming at the control of a firm may be seen as an alternative and supplementary viewpoint - apart from the purely financial one - for explaining price formulations. This issue is closely related to firm's investment decisions in the absence of unanimity among shareholders.
3. The introduction of labor inputs in models with technological uncertainty. In this setup, the existence and the properties of equilibria defined simultaneously for the stock market, the markets for labor contracts, and the decentralised decisions of firms and households are studied. Macroeconomnic extensions of such models and policy implications can also be derived.
Fields of science (EuroSciVoc)
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Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
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Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Coordinator
1348 LOUVAIN-LA-NEUVE
Belgium
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.