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Programme Booklet Programme 6th Lindau Meeting on Economic Sciences 23 – 26 August 2017 MEETING APP TABLE OF CONTENTS WANT TO STAY UP TO DATE? Download the Lindau Nobel Laureate Meetings App. Available in Android and iTunes app stores. (“Lindau Nobel Laureate Meetings”) Scientific Programme page 8 About the Meetings page 34 • Up-to-date programme info & details • Session abstracts Supporters page 38 • Ask questions during panel discussions • Participate in polls and surveys Maps page 46 • Interactive maps • Connect to other participants Good to Know page 54 • Social media integration Download the app (Lindau Nobel Laureate Meetings) in Android, iTunes or Windows Phone app stores. Within the app, use the passphrase “marketpower” to download the guide for the 6th Lindau Meeting on Economic Sciences. 2 3 WELCOME WELCOME The 6th Lindau Meeting on Economic Sciences takes place during a climate With every meeting, we aim to further increase the opportunities of dia- of intense debate in society and science. Radical ideologies and re-emerging logue between laureates and young economists. This year, we are expand- separatist or nationalist sentiments add to a growing sense of insecurity ing formats of exchange into afternoon seminars: Selected economists will and isolation. Recent political decisions and their consequences are signs of have the opportunity to present their work to a group of laureates. Com- a global volatility. Further uncertainty is created by the trend of post-factual munication during the week will be improved by a meeting app that allows statements and science denial in public discourse. James J. Heckman gives up-to-date programme information. a possible response to this dilemma in a video on the future of economics: The Lindau Science Trail, a public exhibition project integrating science into “Empirical economics that’s grounded in solid data is a vaccine against this the Lindau city space, is a new addition to our outreach efforts as part of our post-truth world.” “Mission Education”. Citizens and tourists alike can learn about Nobel Prize- In 1951, the post-war vision of the founders Franz Karl Hein, Gustav Wilhelm awarded discoveries in prominent locations, with 18 pylons distributed Parade and Count Lennart Bernadotte was to reconnect German scientists across Lindau and three pylons on Mainau Island. All Nobel Prize disciplines to the international scientific community, to overcome the borders between are covered; two pylons address economics related topics. A corresponding nations and minds and to work towards a future of peace and scientific pro- augmented reality app enhances the learning experience. Later this year, a gress. In 2004, the Lindau Meetings on Economic Sciences entrenched the pier at the Inselhalle will be constructed to honour the more than 450 Nobel tradition of Nobel Economists adding their perspective to the international Laureates who have enabled as well as enriched past and present Lindau discourse in Lindau. Meetings since 1951. For the young economists, the Lindau Meeting is a once-in-a-lifetime ex- Through dialogue and discovery, science can offer solutions to the problems perience that hopefully has a lifelong impact. Over the last 67 years, about of today. In the spirit of Alfred Nobel, science can champion the wellbeing of 32,000 young scientists took part in the meetings. Our online mediatheque humanity. This, too, is part of the unique spirit of Lindau. makes the programme of the meetings accessible for the broader public. We wish you a most rewarding time at the Lindau Meeting! Every year, the extraordinary “Lindau spirit” creates lasting personal con- nections and professional networks. Our alumni initiative aims to identify existing connections and to retie loose ends. Launched in the summer of 2017, the new online community Lindau Alumni Network offers a space to Council for the Lindau Nobel Laureate Meetings connect, discover and collaborate with fellow Lindau Alumni. Foundation Lindau Nobel Laureate Meetings 4 5 ABSTRACTS PARTICIPATING LAUREATES ROBERT J. AUMANN PETER A. DIAMOND LARS PETER HANSEN OLIVER HART JAMES J. HECKMAN BENGT R. HOLMSTRÖM FINN E. KYDLAND ERIC S. MASKIN DANIEL L. MCFADDEN SIR JAMES A. MIRRLEES ROGER B. MYERSON SIR CHRISTOPHER A. PISSARIDES EDWARD C. PRESCOTT KAILASH SATYARTHI BRIAN P. SCHMIDT MYRON S. SCHOLES CHRISTOPHER A. SIMS VERNON L. SMITH JEAN TIROLE 6 7 PROGRAMME OVERVIEW Tuesday, 22 August Wednesday, 23 August Thursday, 24 August Friday, 25 August Saturday, 26 August 07.00 Partner Event Partner Event 07.00 Science Breakfast Science Breakfast Hosted by Hosted by 08.00 Mars, Incorporated McKinsey & Company Inc. 08.00 Boat Trip to Mainau Island 09.00 Lecture Hansen Lecture Heckman 09.00 Opening Lecture Holmström Lecture Smith 10.00 Coffee Break Coffee Break 10.00 Welcome Break Lecture Kydland Lecture Scholes 11.00 Lecture McFadden Lecture Prescott Lecture Hart Closing Panel Discussion 11.00 What Could and Should We Do Lecture Diamond Coffee Break Coffee Break About Inequality? 12.00 Lecture Aumann Lecture Sims Lecture Tirole Heckman | McFadden 12.00 Pissarides | Hai Lecture Pissarides Lecture Maskin Moderator: Persson 13.00 13.00 Registration Lunch Break Lunch Break Lunch Break 14.00 10 - 20 hrs Science Picnic on the 14.00 Aboretum Lawn 15.00 Lecture Mirrlees Panel Discussions Panel Discussion 15.00 Contracts, Incentives New Conditions for Monetary Lecture Myerson and Organisations and Fiscal Policy? Farewell Ceremony Hart | Holmström | Tirole | Auster 16.00 Diamond | Prescott | Sims | Quincy 16.00 Break Moderator: Schmidt Moderator: Hellwig Seminars Break Break 17.00 Applied Macro- Micro- Seminars Seminars 17.00 Micro- economics economics economics Applied Macro- Micro- Applied Macro- Applied Boat Trip Micro- economics economics Micro- economics Micro- to Lindau 18.00 Social Function economics economics economics 18.00 Transfer Break Break 19.00 Social Function Social Function Social Function 19.00 Dinner various locations Dinner catering tent 20.00 20.00 Get-Together Bavarian Evening Hosted by Upon invitation of the 21.00 Council & Foundation Free State of Bavaria 21.00 Lindau Nobel Laureate Meetings 22.00 22.00 8 9 TUESDAY, 22 AUGUST WEDNESDAY, 23 AUGUST 10.00 Meeting Registration 08.45 Seats for the Opening Ceremony need to be taken by 8.45 hrs at Registration from 10.00 – 20.00 hrs continuously the latest. Strictly no access after 8.45 hrs. Stadttheater 09.00 Opening 18.00 – 21.30 Dinner Opening Social Function Welcome Please see your personal agenda for details. Ceremony Various Locations Stadttheater Countess Bettina Bernadotte President of the Council for the Lindau Nobel Laureate Meetings Greetings from Stockholm Torsten Persson Secretary, Economic Sciences Prize Committee at the Royal Swedish Academy of Sciences (Sweden) Keynote Mario Draghi President of the European Central Bank, Germany Access: all participants 10.00 Welcome Break 11.00 Daniel L. McFadden Lecture Foundations of Welfare Economics Stadttheater 11.30 Peter A. Diamond Lecture Good Pension Design Stadttheater 12.00 Robert J. Aumann Lecture Mechanism Design Design: Why Consciousness Stadttheater Evolved. 12.30 Lunch Break Catering Tent Access: laureates, young economists LOOKING FOR ABSTRACTS? 15.00 Session abstracts Sir James A. Mirrlees Lecture Bounded Rationality and Economic Policy are available at Stadttheater mediatheque.lindau-nobel.org 15.30 Roger B. Myerson and in the LNLM app. Lecture Local Agency Costs of Political Centralisation Stadttheater 10 11 WEDNESDAY, 23 AUGUST WEDNESDAY, 23 AUGUST Please note that the following seminars take place in parallel in three different locations. 16.30 Macroeconomics Changing between the locations is not recommendable as the sessions may not start Seminar Elena Aleksandrova and end on schedule and the distance between locations makes changing impracticable. Forum am See New Bulgarian University, Bulgaria Access: laureates; young economists on a first come, first served basis How the Transition to a Market Economy Resulted Chair: Torsten Persson in 13 Lost Years for the Bulgarian Economy: Is 16.30 Microeconomics Participating laureates: Catching-up Possible in Fully Liberalised Markets? Seminar Sarah Auster Lars Peter Hansen Gene Paul Gerard Ambrocio Hotel Bayerischer Hof Bocconi University, Italy Finn E. Kydland Bank of Finland, Finland Optimal Delegation, Unawareness, and Financial Sir Christopher A. Pissarides Chair: Klaus M. Schmidt Should Bank Capital Requirements Be Less Risk- Intermediation Edward C. Prescott Sensitive Because of Credit Constraints? Christopher A. Sims Participating laureates: Florian Heine Marcus Giamattei Robert J. Aumann Tilburg University, Netherlands University of Passau, Germany Eric S. Maskin Let’s (Not) Escalate This! Intergroup Leadership in a Who Wins Out? A Competition Between Cold Turkey Sir James A. Mirrlees Team Contest and Limited Reasoning in a Laboratory Experiment Roger B. Myerson Magdalena Helfrich Vernon L. Smith Zou Jingxian University of Bayreuth, Germany Jean Tirole Peking University, China Salience in Retailing: Vertical Restraints on Internet Sales Exchange Rate Regime, Undervaluation and Export- Jiangtao Li Led Growth National University of Singapore, Singapore Benjami Larin Strategically Simple Mechanisms Leipzig University, Germany Xiao Liu The Macroeconomics of Housing and the Dynamics Tsinghua University, China of Wealth Inequality Group Identity and Cooperation in Infinitely Mario Meier Repeated Games University of Mannheim, Germany Ismael Martínez Martínez Employer Screening, Unemployment
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