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作者：Hong, Fuhai; Hossain, Tanjim; List, John A.; Tanaka, Migiwa
作者单位：Lingnan University; Nanyang Technological University; University of Toronto; University of Chicago; Charles River Associates
摘要：Using a natural field experiment, we quantify the impact of one-dimensional performance-based incentives on incentivized (quantity) and nonincentivized (quality) dimensions of output for factory workers with a flat-rate or a piece-rate base salary. In particular, we observe output quality by hiring quality inspectors unbeknownst to the workers. We find that workers trade off quality for quantity, but the effect is statistically significant only for workers under a flat-rate base salary. This v...
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作者：da Costa, Carlos E.; Santos, Marcelo R.
作者单位：Getulio Vargas Foundation; Insper
摘要：We assess the gains attained by the introduction of age-dependent labor income taxes in an overlapping generations economy where individuals live a meaningful life cycle and endogenously accumulate human capital. The model is sufficiently rich to isolate the role of general equilibrium effects, credit market imperfections, and different forms of human capital accumulation. The large welfare gains we obtain cannot be attained without age dependence, nor can they be attained with age-dependent t...
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作者：Andersen, Steffen; Harrison, Glenn W.; Lau, Morten I.; Rutstrom, E. Elisabet
作者单位：Copenhagen Business School; University System of Georgia; Georgia State University; University of Cape Town; Durham University; Orebro University; Stockholm School of Economics
摘要：Convenient assumptions about qualitative properties of the intertemporal utility function have generated counterintuitive implications for the relationship between atemporal risk aversion and the intertemporal elasticity of substitution. If the intertemporal utility function is additively separable, then the latter two concepts are the inverse of each other. We review a theoretical specification with a long lineage in the literature on multi-attribute utility and use this theoretical structure...
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作者：Braido, Luis H. B.; Filipe Martins-da-Rocha, V.
作者单位：Getulio Vargas Foundation; Getulio Vargas Foundation; Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS)
摘要：We analyze competitive economies with risky investments. Unlike the classic Arrow-Debreu framing, firms and agents cannot contract upon the exogenous states underlying production risks. They can trade equities and any security written on the endogenous aggregate output. This financial structure is rich enough to promote efficient risk sharing among consumers. However, markets are incomplete from the production perspective, and the absence of prices for each primitive state of nature raises the...
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作者：Sniekers, Florian
作者单位：Utrecht University
摘要：This article explains the cyclical behavior of the fluctuations in unemployment and vacancies by demand externalities. Adding such externalities to an otherwise standard search and matching model reduces the need for exogenous shocks in explaining these fluctuations. Under plausible parameter values, the equilibrium dynamics include a stable limit cycle that resembles the empirically observed counterclockwise cycles around the Beveridge curve. Calibrated to the duration of the business cycle, ...
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作者：Bochet, Olivier; Siegenthaler, Simon
作者单位：New York University; New York University Abu Dhabi; University of Texas System; University of Texas Dallas
摘要：A central result in the literature on bargaining with asymmetric information is that the uninformed party (buyer) can screen the informed party (seller) over time. Screening eliminates trade failures that are otherwise common in the presence of adverse selection, but the downside of the bargaining institution is the cost associated with repeated offers and time frictions. This article reports an experimental test of these predictions. We find that rates of trade are substantially higher in the...
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作者：Mumtaz, Haroon; Pinter, Gabor; Theodoridis, Konstantinos
作者单位：University of London; Queen Mary University London; Bank of England
摘要：In the aftermath of the recent financial crisis, a variety of structural vector autoregression (VAR) models have been proposed to identify credit supply shocks. Using a Monte Carlo experiment, we show that the performance of these models can vary substantially, with some identification schemes producing particularly misleading results. When applied to U.S. data, the estimates from the best performing VAR models indicate, on average, that credit supply shocks that raise spreads by 10 basis poin...
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作者：Bloch, Francis; Demange, Gabrielle; Kranton, Rachel
作者单位：Paris School of Economics; Paris School of Economics; Duke University
摘要：This article studies the transmission of rumors in social networks. We consider a model with biased and unbiased agents. Biased agents want to enforce a specific decision and unbiased agents to match the true state. One agent learns the true state and sends a message to her neighbors, who decide whether or not to transmit it further. We characterize the perfect Bayesian equilibria of the game, show that the social network can act as a filter, and that biased agents may have an incentive to lim...
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作者：de la Croix, David; Delavallade, Clara
作者单位：Universite Catholique Louvain; Center for Economic & Policy Research (CEPR); The World Bank
摘要：We investigate the extent to which the pronatalism of religions impedes growth via the fertility/education channel. Using Southeast Asian censuses, we show empirically that being Catholic, Buddhist, or Muslim significantly raises fertility, especially for couples with intermediate to high education levels. With these estimates, we identify the parameters of a structural model. Catholicism is strongly pro-child (increasing total spending on children), followed by Buddhism, whereas Islam is more...
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作者：Harless, Patrick; Manjunath, Vikram
作者单位：University of Glasgow; University of Ottawa
摘要：Individuals form preferences through search, interviews, discussion, and investigation. In a stylized object allocation model, we characterize the equilibrium learning strategies induced by different allocation rules and trace their welfare consequences. Our analysis reveals that top trading cycles rules dominate serial priority rules under inequality-averse measures of social welfare.
