CRETE Second CONFERENCE ON RESEARCH ON ECONOMIC THEORY AND ECONOMETRICS. Mediterranean Agronomic Institute of Chania. July 7-10, 2003 PROGRAM

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1 CRETE 2003 Second CONFERENCE ON RESEARCH ON ECONOMIC THEORY AND ECONOMETRICS Mediterranean Agronomic Institute of Chania July 7-10, 2003 PROGRAM The group of organizers wish to express their gratitude to the Bank of Greece, to Alpha Bank, and to the National Bank of Greece and for their financial support to this conference. Costas Azariadis, Yannis Ioannides, Apostolis Philippopoulos, Heracles Polemarchakis and Nikos Vettas

2 SUNDAY, July 6 7:45-9:00pm Informal get-together At the MAICh students lounge (bar) MONDAY, July 7 9:00 11:15 Macroeconomics Chair: Costas Azariadis George-Marios Angeletos (MIT) Idiosyncratic Investment (or Entrepreneurial) Risk in a Neoclassical Growth Economy Discussant: Harris Dellas (University of Bern) Harris Dellas (University of Bern) Inflation Targeting [with Fabrice Collard (CNRS- GREMAQ)] Discussant: Apostolis Philippopoulos (Athens Univ. of Economics and Business) Marika Karanassou (Queen Mary, University of London) A Reappraisal of the Inflation-Unemployment Tradeoff [with Hector Sala (Universitat Autonoma de Barcelona), Dennis Snower (Birbeck College, University of London)] Discussant: Peghe Braila (University of Milan-Bicocca) 11:15 11:45 Coffee 11:45 1:15 Microeconomics I Chair: Emmanuel Drandakis Emmanuel Petrakis (University of Crete) Endogenous Contracts under Bargaining in Competing Vertical Chains [with Chrysovalantou Milliou (EIU-Florence) and Nikos Vettas (Athens University of Economics and Business) Discussant: Lampros Pehlivanos (Athens University of Economics and Business) Christos Giannikos (Baruch College) On the Consequences of State Dependent Preferences for the Pricing of Financial Assets [with Jean-Pierre Danthine (University de Lausanne, FAME and CEPR), John Donaldson (Columbia University), and Hany Guirguis (Manhattan College)] Discussant: George-Marios Angeletos (MIT) 1:15-2:30 Lunch 2:30 4:00 Finance Chair: Anna Hardman Yannis Bilias (University of Cyprus) The Distribution of Gains from the Access to Stocks [with Michael Haliassos (University of Cyprus)] Discussant: Menelaos Karanasos (University of York) 2

3 Menelaos Karanasos (University of York) The Volume-Volatility Relationship and the Opening of the Korean Stock Market to Foreign Investors after the Financial Turmoil in 1997 [with J. Kim (University of York)] Discussant: Iordanis Petsas (University of Scranton) TUESDAY, July 8 9:00 10:30 Microeconomics II Chair: Yiannis Katsoulakos Lampros Pehlivanos (Athens University of Economics and Business) Auctioning with a Split Mind: Privatization under Political Constraints [with Maria Angeles de Frutos (Universidad Carlos III de Madrid)] Discussant: Nikos Vettas (Athens University of Economics and Business) George Bitros (Athens University of Economics and Business) A Rehabilitation of Economic Replacement Theory [with Elias Flytzanis (Athens University of Economics and Business)] Discussant: Yiannis Katsoulakos (Athens University of Economics and Business) 10:30 11:00 Coffee 11:00 1:15 Econometric Theory session in memory of Michael Magdalinos Chair: Ekaterini Kyriazidou Aris Spanos (Virginia Tech) Where do Statistical Models Come From? The Problem of Specification Uncertainty in Empirical Modeling [with Anya McGuirk (Virginia Tech)] Discussant: Yiannis Ioannidis (Tufts University) Thanasis Stengos (University of Guelph) Non-parametric Specification Testing of Nonnested Econometric Models [Qi Li (University of Texas A&M)] Discussant: Ekaterini Kyriazidou (UCLA) Elias Tzavalis (Queen Mary & Westfield College, University of London) Option Pricing Under Discrete Shifts in Stock Returns [with Kyriakos Chourdakis (Queen Mary & Westfield College, University of London)] Discussant: Yiannis Billias (University of Cyprus) 1:15 2:30 Lunch 2:30 3:45 The contribution of Michael Magdalinos to Econometrics Chair: Yiannis Ioannidis Aris Spanos (Virginia Tech) Elias Tzavalis (Queen Mary & Westfield College, University of London) 8:30 Conference Dinner: Θαλασσινό Αγέρι 3

4 WEDNESDAY, July 9 9:00 10:30 Debt and Prices Chair: Elias Tzavalis Costas Azariadis (UCLA) Endogenous Debt Constraints in Lifecycle Economies [with Luisa Lambertini (UCLA)] Discussant: Michael Haliassos (University of Cyprus) Marios Zachariadis (Louisiana State University) The Impact of International Borders on Price Dispersion [with Mario Crucini (Vanderbilt University) and Chris Telmer (Carnegie Mellon University)] Discussant: Kostas Axarloglou (Democritian University of Thrace) 10:30 11:00 Coffee 11:00 12:15 Applied Microeconomics Lecture Chair: Aris Spanos Yannis Ioannides (Tufts University) The Evolution of City Size Distributions [(with Xavier Gabaix, MIT)] 12:15-1:45 Political Economy Chair: George Bitros Christos Kotsogiannis (University of Exeter) Political Uncertainty and Policy Innovation [with Robert Schwager (ZEW Mannheim)] Discussant: Minas Vlassis (University of Ioannina) Miltos Makris (University of Exeter) Capital Market Integration and Tax Competition: The Political Economy Perspective [with Ben Lockwood (University of Warwick)] Discussant: Antony Pavlopoulos (National Telecommunications Authority) 1:45-3:00 Lunch 3:00-5:15 Selected presentations Chair: Apostolis Philippopoulos Iordanis Petsas (University of Scranton) Sustained Comparative Advantage in a Model of Schumpeterian Growth without Scale Effects Anthony Pavlopoulos (National Telecommunications and Post Commission) Demand and Growth Peghe Braila (University of Milan-Bicocca) Some Results on a CAMP with Home- Production Charalambos Christou (AUEB, Econ - doctoral candidate) Informative advertising and product differentiation (with Nikos Vettas, AUEB) Leonidas Rombolis (AUEB, Finance doctoral candidate) Nonparametric Estimation of 4

5 State-Price Densities Using Characteristics Functions and Option Prices (with Elias Tzavalis, Queen Mary, University of London) Krina Griva (AUEB, Econ - doctoral candidate) Two-part tariff pricing with homogeneous goods (with Nikos Vettas, AUEB) Yannis Vailakis (Universite Catholique de Louven doctoral candidate) Recursive Utility and Optimal Growth with Bounded or Unbounded Returns (with Cuong Le Van, Universite de Paris I) Elisavet Lykoyianni (Leuven doctoral candidate) Optimal Mode of Foreign Market Entry: The Effect of R&D Expenditures and Innovation Spillovers Panayiotis Fotis (AUEB, Econ - doctoral candidate) The effect of mergers on acquirer s stock value: an empirical investigation for Greece, :15-5:45 Poster session THURSDAY, July 10 9:00 10:30 Labor Chair: Emmanuel Petrakis Ekaterini Kyriazidou (UCLA) Married Women Intertemporal Labor Force Participation in Germany: A Panel Data Analysis [with Enrica Croda (UCLA)] Discussant: Thanasis Stengos (University of Guelph) Thomas Moutos (Athens University of Economics and Business) Technological Change, Work-sharing and Inequality Discussant: Vangelis Vassilatos (Athens Univ. of Economics and Business) 10:30 11:00 Coffee 11:00 11:30 General Discussion planning for next year 11:30 1:00 Environment / Resource Economics Chair: Konstantine Gatsios Anastasios Xepapadeas (University of Crete) Instabilities and Robust Control in Fishery Management [with Catarina Roseta-Palma (ISCTE)] Discussant: Eleftherios Zaharias (University of Ioannina) Panos Hatzipanayotou (Athens University of Economics and Business) Optimal Tax Policies with Private-Public Clean-Up, Cross-Border Pollution and Capital Mobility [with Costas Hadjiyiannis (University of Cyprus) and Michael Michael (University of Cyprus)] Discussant: Konstantine Gatsios (Athens University of Economics and Business) 1:15 3:00 Lunch 5

6 SUMMER SCHOOL IN ECONOMIC AND ECONOMETRIC THEORY Chania, Crete, 7-10 July 2003 List of Participants Name Affiliation Marios Angeletos MIT Costas Azariadis UCLA Kostas Axarloglou Demokritian Univ. of Thrace Vaghelis Vassilatos AUEB Nikos Vettas Univ. of Athens Minas Vlassis Univ. of Ioannina Peghe Braila University of Milan Konstantine Gatsios AUEB Christos Giannikos Barouch College Emmanuel Drandakis AUEB Anna Handman Tufts and MIT Marios Zachariadis Louisiana State Univ. Eleftherios Zacharias Univ. of Ioannina Yannis Ioannides Tufts University Menelaos Karanasos Univ. of York Marika Karanassou Queen Mary University of London Yannis Katsoulakos AUEB Christos Kotsogiannis Exeter Ekaterini Kyriazidou UCLA Miltos Makris Univ. of Exeter, UK Thomas Moutos AUEB George Bitros AUEB Yannis Bilias University of Cyprus Harris Dellas Univ of Bern Anastasios Xepapadeas University of Crete Antony Pavlopoulos National Telec. And Post Commission Emmanuel Petrakis University of Crete Iordanis Petsas University of Scranton Lambros Pechlivanos AUEB Ioannis Polyrakis ΝΤUA Aris Spanos VPI Athanasios Stengos University of Guelph Elias Tzavalis Queen Mary, Univ. of London Apostolos Philippopoulos AUEB Michael Haliassos University of Cyprus 6

7 Panos Hatzipanayotou AUEB PhD candidates: Name Affiliation Adam Antonis AUEB DIEES Angelopoulos Costas AUEB DIEES Giwrgos Athanasiou Athens Doctoral Program Stelios Arvanitis AUEB DIEES Christou Charalampos Athens Doctoral Program Dimakakos Aris Athens Doctoral Program Fotis Panagiotis Athens Doctoral Program Galanis Spyros Rochester Griva Krina Athens Doctoral Program Kammas Pantelis AUEB- DIEES Karantounias Anastasios NYU Karfakis Panayotis Athens Doctoral Program Kosma Dora AUEB- DIEES Kotseva Rossitza Athens Doctoral Program Likoyanni Elisavet Leuven kuleuven.ac.be Magdalinos Tassos York Mantzou Katerina Athens Doctoral Program Mavridis Dimitris Cyprus Milliou Valanta EUI-Florence / CarlosIII milliou@iue.it Kostas Peppas Athens Doctoral Program Paschali Marianna Athens Doctoral Program paschali@econ.uoa.gr Rombolis Leonidas AUEB Finance rompolis@in.gr Tsakiris Nikos AUEB- DIEES niktsakiris@hotmail.com Vailakis Yiannis Univ. Cathol. De Louvain vailakis@ires.ucl.ac.be Name Affiliation Emmanouilidou Despoina AUEB demmanouilidou@yahoo.com Stathopoulou Maria AUEB stathma@hotmail.com Psilou Maria AUEB mariachios1@yahoo.com Valantoni Kyriaki AUEB sandyvilantoni@yahoo.com Koutsodimou Maria AUEB mariak@aueb.gr Maragaki Sofia AUEB sofiamaragaki@hotmail.com Lazoglou Thodoris AUEB lazo77@in.gr Tsetsos Panajotis AUEB aris78@in.gr Drogitis Gerasimos AUEB drogitis@aueb.gr 7

8 SPONSORS: BANK OF GREECE NATIONAL BANK OF GREECE and ALPHA BANK Revised: July 3,