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作者：Cohen-Goldner, Sarit; Eckstein, Zvi
作者单位：Tel Aviv University; Bank of Israel; Bar Ilan University
摘要：This article analyzes the labor mobility and human capital accumulation of male immigrants from the former Soviet Union to Israel. We estimate a dynamic choice model for employment and training in blue- and white-collar occupations, where the labor market randomly offered opportunities are affected by past choices. The estimated model accurately reproduces the patterns in the data. The estimated direct earning return to local training, local experience, and knowledge of Hebrew are very high, w...
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作者：Delavande, Adeline
作者单位：Universidade Nova de Lisboa; RAND Corporation
摘要：When choosing a contraception method, women base their decisions on their subjective expectations about the realizations of method-related outcomes. Examples of outcomes include getting pregnant and contracting a sexually transmitted disease (STD). I combine innovative data on probabilistic expectations with observed contraceptive choices to estimate a random utility model of birth control choice. The availability of expectations data is essential to identify preferences from beliefs. Effectiv...
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作者：Arcidiacono, Peter; Cooley, Jane; Hussey, Andrew
作者单位：Duke University; University of Wisconsin System; University of Wisconsin Madison; University of Memphis
摘要：Because MBA programs require work experience before admittance, prior wages can be exploited to disentangle the return to the degree from unobserved productivity We find that controlling for individual fixed effects generally reduces the estimated returns to an MBA, particularly for those in top programs. However, for full-time MBA students attending schools outside of the top-25 the estimated returns are higher when we control for individual fixed effects. We show that there is some evidence ...
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作者：Hairault, Jean-Olivier; Langot, Francois; Sopraseuth, Thepthida
作者单位：Universite Paris Saclay; Paris School of Economics; heSam Universite; Universite Pantheon-Sorbonne; University of Maine System; University of Maine Orono
摘要：It is argued that the tax on continued activity should be removed by implementing actuarially fair schemes. However, these schemes cannot fund the expected Social Security (SS) deficit. This article proposes to give individuals a fraction of the actuarially fair incentives in the case of postponed retirement. SS faces a trade-off between giving enough incentives to make individuals delay retirement and giving little increase in pensions in order to help finance its expected deficit. This trade...
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作者：Frankel, David M.
作者单位：Iowa State University
摘要：A theory is developed that explains how stocks can crash. without fundamental news and why crashes are more common than frenzies. A crash occurs via the interaction of rational and naive investors. Naive traders believe that prices follow a random walk with serially correlated volatility. Their expectations of future volatility are formed adaptively. When the market crashes, naive traders sell stock in response to the apparent increase in volatility. Since rational traders are risk averse as w...
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作者：Diecidue, Enrico; van de Ven, Jeroen
作者单位：INSEAD Business School; University of Amsterdam
摘要：Aspiration levels are a relevant aspect of decision making. We develop a model that includes the overall probabilities of success and failure relative to the aspiration level into an expected utility representation. This turns out to be equivalent to expected utility with a discontinuous utility function. We give a behavioral foundation to the proposed model and provide conditions to determine the relative weights of the overall probabilities of success and failure. An aspiration level reinfor...
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作者：Epple, Dennis; Romano, Richard
作者单位：State University System of Florida; University of Florida; Carnegie Mellon University; National Bureau of Economic Research
摘要：Epple and Romano (1998) show equilibrium provision of education by public and private schools has the latter skim off the wealthiest and most-able students, and universal vouchers lead to further cream skimming. Here we study voucher design that injects private-school competition and increases technical efficiencies without cream skimming. Conditioning vouchers on student ability without restriction on participating schools' policies fails to affect significantly cream skimming. However, by ad...
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作者：Conesa, Juan C.; Garriga, Carlos
作者单位：Autonomous University of Barcelona; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：The quantitative literature has documented that a privatization of the social security system generates large long-run welfare gains at the cost of welfare losses for transition generations. In this article, we maximize over the entire policy space, following the optimal fiscal policy approach. The resulting allocation, by construction, lies on the constrained Pareto frontier. We find that the optimal design of reforms exhibits sizeable welfare gains arising from a reduction in labor supply di...
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作者：Andersen, Steffen; Harrison, Glenn W.; Lau, Morten I.; Rutstroem, E. Elisabet
作者单位：State University System of Florida; University of Central Florida; Copenhagen Business School; Durham University
摘要：We use field experiments to examine the temporal stability of risk preferences. Over a 17-month period, we elicited risk preferences from subjects chosen to be representative of the adult Danish population. During this period we revisited many of these subjects and repeated a risk aversion elicitation task. We find some variation in risk attitudes over time, but we do not detect a general tendency for risk attitudes to increase or decrease over a 17-month span. The results also suggest that ri...
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作者：Foster, James E.; Szekely, Miguel
作者单位：Vanderbilt University
摘要：We propose the use of an alternative methodology to track low incomes based on Atkinson's equally distributed equivalent income functions or general means and present a new characterization to justify their application. To evaluate the effects of growth on lower incomes, growth rates are compared for two income standards: the ordinary mean and a low-income-sensitive general mean. The question is: How closely related are these two variables? After estimating the growth elasticity, we find that ...
