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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：Drazen, Allan; Limao, Nuno
作者单位：University System of Maryland; University of Maryland College Park; Center for Economic & Policy Research (CEPR)
摘要：When two policies are available to achieve the same goal why is the relatively inefficient one often observed? We address this question in the context of policies used to redistribute income towards special interest groups (SIGs) where in the first stage the constraints on policy instruments are chosen and in the second the government bargains with SIGs over the level of the available policies. Restrictions on the use of efficient policies and the use of inefficient ones reduce the surplus ove...
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作者：Erosa, Andres; Cabrillana, Ana Hidalgo
作者单位：University of Toronto; Universidad Carlos III de Madrid
摘要：We develop a theory of capital-market imperfections to study how the ability to enforce contracts affects resource allocation across entrepreneurs of different productivities, and across industries with different needs for external financing. The theory implies that countries with a poor ability to enforce contracts are characterized by the use of inefficient technologies, low aggregate TFP, large differences in labor productivity across industries, and large employment shares in industries wi...
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作者：Blau, David M.; Gilleskie, Donna B.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：Using data from the Health and Retirement Survey, we estimate preference and expectations parameters of a structural model of the employment and medical care decisions of older men in order to evaluate the role of health insurance. The budget constraint incorporates detailed cost-sharing characteristics of private health insurance and Medicare as well as rules and requirements associated with Social Security and private pensions. Simulations imply that changes in health insurance, including ac...
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作者：Roff, Jennifer
作者单位：City University of New York (CUNY) System; Queens College NY (CUNY)
摘要：This article models the child support and welfare decisions of never-married parents on welfare as a Stackelberg game. The mother chooses whether to exit welfare, report paternity, and to obtain a formal child support order. If a child support order is obtained, the father chooses whether to comply with the order. Simulation results from the structural parameters indicate that increasing the child support disregard increases paternal compliance slightly and affects maternal paternity reporting...
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作者：Besfamille, Martin; Lockwood, Ben
作者单位：University of Warwick; Universidad Torcuato Di Tella
摘要：This article analyses hard and soft budget constraints in a federation, where there is a moral hazard problem between the central and the regional governments. Regional governments can avoid a bailout from the center by exerting costly effort. In this setting, a hard budget constraint is not always optimal because it can provide excessive incentives for high effort, and thus discourage investment that is socially efficient. Thus, a hard budget constraint can imply the opposite kind of ineffici...
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作者：Kumar, Alok
作者单位：University of Victoria
摘要：The article studies the effects of inflation on real wage dispersion in a search-monetary framework. The economy is characterized by frictions in both the goods and the labor markets. In the goods market, buyers and sellers bargain over prices, whereas in the labor market firms post wage offers. In equilibrium, a lower inflation rate increases the dispersion of real wages. This result is consistent with both the observed trends in wage dispersion and the inflation rate witnessed in the 1980s a...
