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作者：Choi, JP; Thum, M
作者单位：Technische Universitat Dresden; Michigan State University
摘要：This article develops a simple framework for analyzing the links between corruption and the unofficial economy and their implications for the official economy. In a model of self-selection with heterogeneous entrepreneurs, we show that the entrepreneurs' option to flee to the underground economy constrains a corrupt official's ability to introduce distortions to the economy for private gains. The unofficial economy thus mitigates government-induced distortions and, as a result, leads to enhanc...
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作者：De Fraja, G
作者单位：University of Leicester; University of Rome Tor Vergata; Centre for Economic Policy Research - UK
摘要：This article shows that reverse discrimination policies can find a justification purely on efficiency grounds. We study the optimal provision of education when households belong to different groups, differing in the distribution of the potential to benefit from education among individuals, which is private information. The main result is that high-potential individuals from groups with relatively few high-potential individuals should receive more education than otherwise identical individuals ...
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作者：Wälde, K
作者单位：Technische Universitat Dresden
摘要：Current explanations for why a growing economy necessarily goes through periods of high and low growth predict countercyclical R&D investment. As this is very controversial from an empirical perspective, a stochastic Poisson model of endogenous growth cycles is presented where the determinants of the cyclical behavior of R&D investment are analytically studied. Providing an explicit expression for the expected length of a cycle shows that high-frequency fluctuations can indeed be understood by...
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作者：Lentz, R; Mortensen, DT
作者单位：Northwestern University; Boston University
摘要：Productivity dispersion across firms is large and persistent, and worker reallocation among firms is an important source of productivity growth. An equilibrium model of growth and firm evolution designed to clarify the role of worker reallocation in the growth process is studied. We show that it explains the correlations between size measures and labor productivity found in Danish firm data. Conditions under which the reallocation of workers from less to more productive firms contributes to ag...
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作者：Fong, YF; Szentes, B
作者单位：University of Chicago; Northwestern University
摘要：We study an economy in which there is always double coincidence of wants, agents have perfect information about qualities of goods, and there are no transaction costs. The hold-up problem arises because efforts invested in improving quality prior to search may not be compensated in the market. Situations in which barter fails to motivate quality improvement are identified. With money, however, the extra effort in quality improvement will be compensated when high-quality good producers trade wi...
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作者：Grant, S; Karni, E
作者单位：Johns Hopkins University; Rice University
摘要：This article contains an analysis of a simple principal-agent problem illustrating possible problems that may arise when the prinicpal ascribes to the agent subjective probabilities and utilities that are implied by the subjective expected utility model but do not represent the agent's beliefs and valuations. In particular, it is possible that an incentive contract designed by the principal induces the agent to choose an action that is not in the principal's best interest.
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作者：Desdoigts, A; Moizeau, F
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Universite Bourgogne Europe
摘要：This article studies how distributional tensions can act in many different ways depending on the social affinity between the different economic classes and their prospect of upward or downward mobility. We consider that socioeconomic group membership through its implied social interactions and peer effects is an important determinant of an individual's outcome. Agents, while voting on a social contract, take into account the consequences of their choice over their ex post belonging to a partic...
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作者：Wang, SS; Zhu, T
作者单位：Hong Kong University of Science & Technology
摘要：This article develops a two-period double moral hazard model with incomplete contracting to explore the implication of a possible adverse effect of unilateral control on the optimal revenue sharing and control allocation in a joint venture. We identify conditions under which joint ownership and control become optimal when unilateral control gives the controlling party opportunities to inefficiently extract private benefits at the expense of the joint revenue. Moreover, this adverse consequence...
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作者：Davis, MA; Heathcote, J
作者单位：Georgetown University; Federal Reserve System - USA
摘要：In the United States, the percentage standard deviation of residential investment is more than twice that of nonresidential investment. In addition, GDP, consumption, and both types of investment co-move positively. We reproduce these facts in a calibrated multisector growth model where construction, manufacturing, and services are combined, in different proportions, to produce consumption, business investment, and residential Structures. New housing requires land in addition to new structures...
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作者：Krueger, D; Donohue, JT
作者单位：Goethe University Frankfurt; University of Pennsylvania; National Bureau of Economic Research
摘要：This article studies the effects of child labor legislation on human capital accumulation and the distribution of wealth and welfare. We calibrate our model to U.S. data circa 1880 and find that the consequences of restricting child labor or providing tax-financed education depend on the main source of individual household income. Households with significant financial assets unambiguously lose from government intervention, whereas high-wage workers benefit most from a child labor ban, and low-...
