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作者：Koh, Yumi
作者单位：Singapore Management University
摘要：Although legislatures typically use majority rule to allocate a budget in distributive legislation, unanimous consent over the broad allocation of benefits is pervasive. I develop a game-theoretic model where members strategically interact in a universal coalition to determine allocations, with noncooperative bargaining as a threat point for the breakdown of cooperation. To quantify the effects of political power on the agreed-upon allocation, I structurally estimate the model using the Bridge...
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作者：Eden, Benjamin
作者单位：Vanderbilt University
摘要：I use the Prescott (1975) hotels model to explain variations in price dispersion across items sold by supermarkets in Chicago. The effect of uncertainty about aggregate demand on price dispersion is highly significant and quantitatively important: My estimates suggest that more than 40% of the cross-sectional standard deviation of log prices is due to demand uncertainty. I also find that price dispersion measures are negatively correlated with the average price but are not negatively correlate...
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作者：Hendricks, Lutz; Leukhina, Oksana
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：This article studies the effect of graduating from college on lifetime earnings. We develop a quantitative model of college choice with uncertain graduation. Departing from much of the literature, we model in detail how students progress through college. This allows us to parameterize the model using transcript data. College transcripts reveal substantial and persistent heterogeneity in students' credit accumulation rates that are strongly related to graduation outcomes. From these data, the m...
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作者：Zhong, Songfa; Shalev, Idan; Koh, David; Ebstein, Richard P.; Chew, Soo Hong
作者单位：National University of Singapore; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：This study explores the relationship between competitiveness and stress. In Experiment 1, we observe a higher response of cortisolthe primary stress hormoneto the computation task coupled with tournament than to the computation task with piece rate. Moreover, more competitive subjects exhibit higher stress responses than their less competitive counterparts in the computation tasks under both tournament and piece rate. In Experiment 2, we find that exogenously induced stress does not significan...
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作者：Branas-Garza, Pablo; Galizzi, Matteo M.; Nieboer, Jeroen
作者单位：Middlesex University; University of London; London School Economics & Political Science
摘要：We systematically investigate the links between the digit ratio (2D:4D)a biomarker for prenatal testosterone exposureand two measures of individual risk taking: (i) risk preferences (RP) over lotteries with real monetary incentives and (ii) self-reported risk attitude (RA). We find that both the right-hand and the left-hand digit ratio are significantly associated with RP: Subjects with lower digit ratios tend to choose riskier lotteries. Neither digit ratio, however, is associated with self-r...
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作者：Greenwood, Jeremy; Weiss, David
作者单位：University of Pennsylvania; Tel Aviv University
摘要：James A. Schmitz documents, in a well-known case study (Journal of Political Economy 113 (2005), 582-625), a dramatic rise in productivity in the American and Canadian iron-ore industry following an increase in competition from Brazil. Prior to the increased competition, the industry was not competitive. Economic profits were divided between business and unions. Schmitz attributes the increase in productivity to a change in work practices in the industry, as old negotiated union work rules wer...
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作者：Chiu, Jonathan; Dong, Mei; Shao, Enchuan
作者单位：Bank of Canada; Victoria University Wellington; University of Melbourne; University of Saskatchewan
摘要：This article studies the welfare effects of credit arrangements and how these effects depend on the trading mechanism and inflation. In a competitive market, credit arrangements can be welfare reducing, because high consumption by credit users drives up the price level, reducing consumption by money users who are subject to a binding liquidity constraint. By adopting an optimal trading mechanism, however, these welfare implications can be overturned. Both price discrimination and nonlinear pri...
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作者：Piyapromdee, Suphanit
作者单位：University of London; University College London
摘要：This article extends a classic on-the-job search model of homogeneous workers and firms by introducing a shirking problem. Workers choose their effort levels and search on the job. Firms elicit effort through wages and monitoring; an inverse relationship between wages and monitoring rates is derived. Wages play a dual role by allocating labor supply and motivating employee effort. This gives rise to an equilibrium wage distribution that contrasts with existing literature. In particular, I show...
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作者：Frenkel, Sivan; Heller, Yuval; Teper, Roee
作者单位：Tel Aviv University; Bar Ilan University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We study the idea that seemingly unrelated behavioral biases can coevolve if they jointly compensate for the errors that any one of them would give rise to in isolation. We suggest that the endowment effect and the winner's curse could have jointly survived natural selection together. We develop a new family of hybrid-replicator dynamics. Under such dynamics, biases survive in the population for a long period of time even if they only partially compensate for each other and despite the fact th...
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作者：Guo, Naijia
作者单位：Chinese University of Hong Kong
摘要：This article evaluates the lifetime welfare and labor market consequences of experiencing a recession during youth, using a directed search equilibrium model with heterogeneous agents and aggregate shocks. In particular, the model allows for endogenous schooling decisions over the business cycles. The counterfactual analysis shows that experiencing the 1981-82 recession in youth causes a 1.6%-2.3% loss in lifetime welfare. Endogenizing the schooling decision avoids overestimation of welfare lo...
