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作者：Hendel, Igal; Nevo, Aviv
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：Storable products allow consumers to time their purchases to exploit price fluctuations. It has been documented that during promotions consumers buy more. The additional purchases are potentially intended not only for current use, but to be stockpiled for future consumption. This paper discusses the predictions of a consumer inventory model and reviews the available evidence. We then discuss the implications for demand estimation and present estimates of the economic magnitude of the dynamic e...
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作者：Brunnermeier, Markus K.
作者单位：Princeton University
摘要：This paper provides a theoretical rationale for three experimental results of Prospect Theory: risk preferences are over gains and losses, loss aversion, and diminishing sensitivity. We consider a (boundedly rational) decision maker who does not find her new optimal consumption bundle with certainty when she is faced with a new income level. This alters her indirect utility function and makes her more risk averse at her current reference income level and less risk averse for a range of incomes...
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作者：Goette, Lorenz; Fehr, Ernst; Huffman, David
作者单位：University of Zurich; IZA Institute Labor Economics
摘要：In many occupations, workers' labor supply choices are constrained by institutional rules regulating labor time and effort provision. This renders explicit tests of the neoclassical theory of labor supply difficult. Here we present evidence from studies examining labor supply responses in neoclassical environments in which workers are free to choose when and how much to work. Despite the favorable environment, the results cast doubt on the neoclassical model. They are, however, consistent with...
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作者：Rochet, Jean-Charles; Vives, Xavier
作者单位：Universite de Toulouse; Universite Federale Toulouse Midi-Pyrenees (ComUE); Universite de Toulouse; TBS Education; INSEAD Business School; Pompeu Fabra University; ICREA
摘要：The classical doctrine of the Lender of Last Resort (LOLR), elaborated by Bagehot (1873), asserts that the central bank should lend to illiquid but solvent banks under certain conditions. Several authors have argued that this view is now obsolete: in modern interbank markets, a solvent bank cannot be illiquid. This paper provides a possible theoretical foundation for rescuing Bagehot's view. Our theory does not rely on the multiplicity of equilibria that arises in classical models of bank runs...
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作者：Mas-Colell, Andreu
作者单位：Pompeu Fabra University
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作者：Lach, Saul; Schankerman, Mark
作者单位：Hebrew University of Jerusalem; National Bureau of Economic Research; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：Using data for 102 U.S. universities, we show that royalty-sharing arrangements (cash flow rights) vary substantially across universities and that they are largely unrelated to most observed university characteristics including faculty size, quality, research funding, technology mix of the faculty, and size of the technology licensing office. However, higher inventors' royalty shares are associated with higher licensing income at the university, controlling for other factors. The results sugge...
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作者：Cukierman, Alex; Goldstein, Itay; Spiegel, Yossi
作者单位：Tel Aviv University; Tilburg University; University of Pennsylvania
摘要：We develop a framework that makes it possible to study, for the first time, the strategic interaction between the ex ante choice of exchange-rate regime and the likelihood of ex post currency attacks. The optimal regime is determined by a policymaker who trades off the loss from nominal exchange-rate uncertainty against the cost of adopting a given regime. This cost increases, in turn, with the fraction of speculators who attack the local currency. Searching for the optimal regime within the c...
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作者：Acemoglu, Daron; Verdier, Thierry; Robinson, James A.
作者单位：Massachusetts Institute of Technology (MIT); University of California System; University of California Berkeley
摘要：Many developing countries have suffered under the personal rule of kleptocrats, who implement highly inefficient economic policies, expropriate the wealth of their citizens, and use the proceeds for their own glorification or consumption. We argue that the success of kleptocrats rests, in part, on their ability to use a divide-and-rule strategy, made possible by the weakness of institutions in these societies. Members of society need to cooperate in order to depose a kleptocrat, yet such coope...
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作者：Ausubel, Lawrence M.; Cramton, Peter
作者单位：University System of Maryland; University of Maryland College Park
摘要：We study the theory and practical implementation of auctioning many divisible goods. With multiple related goods, price discovery is important not only to reduce the winner's curse, but more importantly, to simplify the bidder's decision problem and to facilitate the revelation of preferences in the bids. Simultaneous clock auctions are especially desirable formats for auctioning many divisible goods. We examine the properties of these auctions and discuss important practical considerations in...
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作者：Persson, Torsten
作者单位：Stockholm University; National Bureau of Economic Research
摘要：The paper presents empirical findings regarding the economic policy consequences of constitutional arrangements, in three different dimensions. First, the data are consistent with several theoretical predictions about the consequences of electoral rules and forms of government for fiscal policy and rent extraction, even when non-random constitution selection is taken into account. Second, empirical tests of the predictions from a new comprehensive model of parliamentary democracy show that pro...
