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作者：Bossert, Walter; D'Ambrosio, Conchita
作者单位：Universite de Montreal; University of Luxembourg; University of Milano-Bicocca
摘要：We provide an axiomatic treatment of the measurement of economic insecurity, assuming that individual insecurity depends on the current wealth level and its variations experienced in the past. The first component plays the role of a buffer stock to rely on in case of an adverse future event. The second component determines the confidence an individual has on her ability to overcome a loss in the future. Two classes of linear measures are characterized with sets of plausible and intuitive axiom...
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作者：Fernandez, Jose M.
作者单位：University of Louisville
摘要：This article presents a two-dimensional structural model of learning under ambiguity in the context of clinical trials. Clinical trials offer an ideal environment to study learning under ambiguity. The randomization process found in these studies leaves patients uncertain to their actual group assignment. Therefore, patients cannot immediately attribute changes in health to the experimental drug. The article proposes the use of learning instrumental variables to simultaneously update patients'...
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作者：Chao, Yong
作者单位：University of Louisville
摘要：The distinct element of a three-part tariff (3PT), compared with linear pricing (LP) or a two-part tariff, is its quantity target within which the marginal price is zero. This quantity target instrument enriches the firm's strategy set in dictating the competition to a specific level, even in the absence of a usual price discrimination motive. With general differentiated linear demands, the competitive effect of a 3PT in contrast to LP depends on the degree of substitutability between products...
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作者：Strachan, Rodney W.; van Dijk, Herman K.
作者单位：Australian National University; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Vrije Universiteit Amsterdam
摘要：The empirical support for features of a Dynamic Stochastic General Equilibrium model with two technology shocks is evaluated using Bayesian model averaging over vector autoregressions. The model features include equilibria, restrictions on long-run responses, a structural break of unknown date, and a range of lags and deterministic processes. We find support for a number of features implied by the economic model, and the evidence suggests a break in the entire model structure around 1984, afte...
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作者：Nicholas, Tom
作者单位：Harvard University
摘要：Japan's hybrid innovation system during the Meiji era provides a useful laboratory for examining the effectiveness of complementary incentives to patents. Patents were introduced in 1885, and by 1911 1.2 million mostly nonpecuniary prizes were awarded at 8,503 competitions. Prizes provided a strong boost to patents, especially in less developed prefectures, and they also induced large spillovers of technical knowledge in prefectures adjacent to those with prizes, relative to distant control pr...
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作者：Gomis-Porqueras, Pere; Kam, Timothy; Lee, Junsang
作者单位：Monash University; Australian National University; Sungkyunkwan University (SKKU)
摘要：We explore how the informational frictions underlying monetary exchange affect international exchange rate dynamics. Our perfectly flexible price model is capable of producing endogenously rigid international relative prices in response to technology and monetary shocks. The model is capable of accounting for the empirical regularities that the real and nominal exchange rates are more volatile than U.S. output, and that the two are positively and perfectly correlated. The model is also consist...
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作者：Albrecht, James; Postel-Vinay, Fabien; Vroman, Susan
作者单位：Georgetown University; IZA Institute Labor Economics; University of Bristol; Institut d'Etudes Politiques Paris (Sciences Po); Center for Economic & Policy Research (CEPR)
摘要：We demonstrate the existence of periodic nonstationary equilibria with self-generating cycles in a simple model of random search. Our results provide a theory of synchronized sales based on product market search by heterogeneous consumers. That is, our model explains how it can be optimal for all sellers to follow a repeated pattern of posting a high price for several periods and then posting a low price for one period.
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作者：Kinsler, Josh
作者单位：University of Rochester
摘要：Racial disparities in school discipline are believed to contribute to the persistent achievement gap between black and white students. In this article, I estimate the relationship between school discipline and achievement within a structural model, taking into account the spillover effects of disruptive behavior. I find that discipline has an overall positive influence on student performance and that the racial gap in discipline stemming from cross-school variation in discipline policies is co...
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作者：Kiyono, Kazuharu; Ishikawa, Jota
作者单位：Waseda University; Hitotsubashi University
摘要：This article studies environmental management policy when two fossil-fuel-consuming countries noncooperatively regulate greenhouse-gas emissions through emission taxes or quotas. The presence of carbon leakage caused by fuel-price changes affects the tax-quota equivalence. We explore each country's incentive to choose a policy instrument in a two-stage policy choice game and find subgame-perfect Nash equilibria. This sheds new light on the questions of which policy instrument is more stringent...
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作者：Pastine, Ivan; Pastine, Tuvana
作者单位：University College Dublin; Maynooth University
摘要：We analyze special interest influence on policy when political contributions are capped but the regulation contains soft-money loopholes. The politician chooses between two policy options. We define special interest influence as the probability the politician chooses the policy he would not have chosen in the absence of contributions. Any binding cap reduces special interest influence but the effect may be nonmonotonic. A ban on contributions can result in greater special interest influence th...
