Documento de Trabajo

Corporate Diversification: Good for Some Bad for Others

In this paper a model based on conflicts of interest between shareholders, the CEO and divisional managers is developed to explain why corporate diversification is good for some firms and bad for others.It is shown that when the decision to diversify is endogenous, whether diversification destroys value depends on the severity of con‡icts of interests

Evaluación de la Regulación de las Telecomunicaciones en Chile (Evaluation of Telecommunications Regulations in Chile)

Desde su privatización, las empresas de telecomunicaciones han aumentado la cobertura de los servicios, así como su eficiencia interna. Luego de la desregulación de los servicios de larga distancia, las tarifas cayeron fuertemente y algo similar ocurrió con telefonía móvil, después de que el número de operadores aumentara de dos a cuatro. Sin embargo, la

Compensation Methods in a Competitive Labor Market: the Role of Asymmetric Information

In this paper we develop an asymmetric information model that provides a rationale for the existence of pay-for-performance contracts in the absence of incentive for effort and explainswhen and in which occupations pay-for-performance is more likely to be observed. In our model competition among firms for the best workers forces firm to link pay to

Transmisión y la “ley corta” I: una nota sobre riesgo y la tasa de descuento (Transmission Prices and the “Express” Law on electricity generation: a note on risk and the discount rate)

Esta nota estudia los determinantes de la tasa de descuento apropiada para fijar peajes de transmisión. Para ello se desarrolla un modelo simple que permite descomponerla en una suma de la tasa libre de riesgo y el premio por riesgo.Los principios generales son dos: (a) la tasa de descuento debiera ser variable y anclarse en

Comparing the Net Benefits of Incentice Based and Command and Control Regulations in a Developing Context: the Case of Santiago, Chile

There are numerous studies that establish the magnitude of the static efficiency gains made possible through the use of a cost effective ambient permit system (APS) compared to command and control (CAC) or other suboptimal instruments such as an emission permit system (EPS). However the cost effectiveness of APS rests both on the efficiency gains

Firm Sponsored General Training in a Frictionless Labor Market

In this paper I show that, contrary to Becker`s (1962) Human Capital theory and consistent with the evidence, in a frictionless labor market model firms pay for general training, while the worker recives the full return on general training, and the worker and the firm share the returns on specific investments to underinvesttment in spacific

Factors that Determine the Efficiency Ranking of Second-Best Instruments for Environmental Regulation

Cost-effective policies allow minimizing the compliance costs associated to reaching a desired environmental quality target. However cost reductions associated to the use of these policies are not always significant. In this paper a conceptual model is developed to analyze explicitly the interaction among the factors that determine the compliance costs under two market based policies

Beneficios y Costos de la Globalización: Perspectiva de un País Pequeño (Chile) (Benefits and costs of globalization: perspectives from a small country (Chile))

La globalización implica para todos los países, especialmente los latinoamericanos, grandes oportunidades; pero al mismo tiempo, los desafíos no son menores. Efectivamente, existen costos de ajuste en la incorporación de un país a la economía mundial, pero, los beneficios superan notoriamente a los costos. El foco de las políticas de un país que se integra

El cobre y la estrategia fiscal óptima para Chile (Copper and the optimal state strategy for Chile)

Este trabajo analiza la estrategia fiscal óptima para Chile, determinando el gasto total y fiscal de la economía, así como de la carga tributaria considerando (i) el problema de distribución intergeneracional de los recursos asociados al cobre; (ii) que los ingresos del cobre son volátiles, transitorios y afectan al resto de la economía; y (iii)

Transportation in Developing Countries: Greenhouse Gas Scenarios for Chile

Chile is a lightly populated country of 15 million that has undergone large economic transformations. Over the past 25 years, the economy has evolved from a slow-growing state-directed economy into a fast growing, market-oriented economy. Its South American neighbors are imitating this transformation. The changes have been especially great in the transport sector, with the

Prediciendo el precio del cobre: ¿Más allá del camino aleatorio? (Predicting copper prices: Beyond random walk?)

En este trabajo se compara la capacidad predictiva de mediano plazo (1 a 5 años) de una variada gama de modelos de series cronológicas para el precio del cobre. El criterio de comparación es el error cuadrático medio de predicciones fuera de muestra. Entre los modelos considerados destacan medias móviles, procesos ARIMA, precios futuros, modelos

A Decade Lost and Found: Mexico and Chile in the 1980s

Chile and Mexico experienced severe economic crises in the early 1980s. This paper analyzes four possible explanations for why Chile recovered much faster than did Mexico. Comparing data from the two countries allows us to rule out a monetarist explanation, an explanation based on falls in real wages and real exchange rates, and a debt