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作者：Verdier, T; Zenou, Y
作者单位：University of Southampton
摘要：This article provides a unified explanation for why blacks commit more crime, are located in poorer neighborhoods, and receive lower wages than whites. If everybody believes that blacks are more criminal than whites-even if there is no basis for this-then blacks are offered lower wages and, as a result, locate further away from jobs. Distant residence increases even more the black-white wage gap because of more tiredness and higher commuting costs. Blacks have thus a lower opportunity cost of ...
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作者：Imrohoroglu, A; Merlo, A; Rupert, P
作者单位：University of Pennsylvania; University of Southern California; Western University (University of Western Ontario); Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：In this article we analyze recent trends in aggregate property crime rates in the United States. We propose a dynamic equilibrium model that guides our quantitative investigation of the major determinants of observed patterns of crime. Our main findings can be summarized as follows: First, the model is capable of reproducing the drop in crime between 1980 and 1996. Second, the most important factors that account for the observed decline in property crime are the higher apprehension probability...
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作者：Peters, HE; Ünür, AS; Clark, J; Schulze, WD
作者单位：Cornell University; University of Canterbury
摘要：We examine the provision of family public goods using experimental economics methods. With sufficient altruism and shared resource arrangements, families can provide the efficient level of family public goods. Becker's Rotten Kid Theorem asserts that transfers from altruistic parents will induce children to maximize family income even if children are not altruistic toward other family members. Consistent with altruism, parents and children contributed more to a public good when in groups with ...
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作者：McGrattan, ER; Prescott, EC
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; Arizona State University; Arizona State University-Tempe
摘要：Many stock market analysts think that in 1929, at the time of the crash, stocks were overvalued. Irving Fisher argued just before the crash that fundamentals were strong and the stock market was undervalued. In this article, we use growth theory to estimate the fundamental value of corporate equity and compare it to actual stock valuations. Our estimate is based on values of productive corporate capital, both tangible and intangible, and tax rates on corporate income and distributions. The evi...
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作者：Hernández-Murillo, R; Knowles, J
作者单位：University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：State-wide reports on police traffic stops and searches summarize very large populations, making them potentially powerful tools for identifying racial bias, particularly when statistics on search outcomes are included. But when the reported statistics conflate searches involving different levels of police discretion, standard tests for racial bias are not applicable. This article develops a model of police search decisions that allows for non discretionary searches and derives tests for racia...
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作者：Besfamille, M
作者单位：Universidad Torcuato Di Tella
摘要：A hierarchical model of collusion in local public works is presented. A local authority plans to undertake a project, delegating its construction to a construction firm. Both of them know the project's cost. However, the federal government decides whether to subsidize the project without knowing its cost. Therefore, the local authority and the constructor may agree to misreport their private information, in order to benefit from the allocation of federal grants. We show that different collusiv...
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作者：Temzelides, T; Yu, JL
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Princeton University
摘要：We introduce lack-of-recall of past transactions as an alternative assumption to anonymity in a model where trade is centralized. In environments where there is an intertemporal lack-of-double-coincidence of wants problem and lack-of-commitment, lack-of-recall can give rise to monetary equilibria that dominate nonmonetary outcomes in terms of welfare.
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作者：Eichberger, J; Kelsey, D
作者单位：Ruprecht Karls University Heidelberg; University of Exeter; University of Birmingham
摘要：If players' beliefs are strictly nonadditive, the Dempster-Shafer updating rule can be used to define beliefs off the equilibrium path. We define an equilibrium concept in sequential two-person games where players update their beliefs with the Dempster-Shafer updating rule. We show that in the limit as uncertainty tends to zero, our equilibrium approximates Bayesian Nash equilibrium. We argue that our equilibrium can be used to define a refinement of Bayesian Nash equilibrium by imposing conte...
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作者：Shi, S; Temzelides, T
作者单位：University of Toronto; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We analyze bureaucracy and corruption in a market with decentralized exchange and lemons. Exchange is modeled as a sequence of bilateral, random matches. Agents have private information about the quality of goods they produce and can supplement trade with socially inefficient bribes. Bureaucracy is modeled as a group of agents who enjoy centralized production and consumption. Transaction patterns between the bureaucracy and the private sector are fully endogenous. Centralized production and co...
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作者：Barelli, P; Pessôa, SD
作者单位：University of Rochester
摘要：We show that Bailey's rule holds true in Cole and Stockman's (1992) model of endogenous specialization.
