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作者：Brailovskaya, Valentina; Dupas, Pascaline; Robinson, Jonathan
作者单位：Princeton University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of California System; University of California Santa Cruz
摘要：Digital credit has expanded rapidly in Africa, with opaque loan terms amidst low consumer financial literacy. Rich data from Malawi shows substantial demand for a digital loan with a base interest rate of 10% over 15 days, yet most borrowers are not aware of loan terms, repay late and incur substantial late fees. Regression discontinuity analyses show no evidence that access to small digital loans harms consumers' perceived well-being. A short, randomised, phone-based financial literacy interv...
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作者：Giannola, Michele
作者单位：University of Naples Federico II; University of Naples Federico II; University of London; London School Economics & Political Science
摘要：Intra-household inequality explains 40% of child human capital variation in the developing world. I study how parents' investment contributes to this inequality. To mitigate the identification problem posed by observational data, I design a survey experiment with parents in India that allows me to identify beliefs about the human capital production function, preferences for inequality in outcomes and the role of resources. I find that investments are driven by efficiency considerations: as par...
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作者：Atanasov, Pavel; Dana, Jason D.; Teeselink, Bouke Klein
作者单位：IE University; Yale University; University of London; King's College London
摘要：Gender discrimination is present across various fields, but identifying the underlying mechanism is challenging. We demonstrate own-gender favouritism in a field setting that allows for clean identification of tastes versus beliefs: the One Bid game on the TV show The Price Is Right. Players must guess an item's value without exceeding it, leaving the last bidder with a dominant 'cutoff' strategy of overbidding another player by ${\$}$1. We show that last bidders are significantly more likely ...
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作者：Corgnet, Brice; Cornand, Camille; Hanaki, Nobuyuki
作者单位：Centre National de la Recherche Scientifique (CNRS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2; University of Osaka; emlyon business school; Centre National de la Recherche Scientifique (CNRS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2
摘要：We design a novel experiment to assess investors' behavioural and physiological reactions to negative tail events. Investors who observed, without suffering from, tail events decreased their bids, whereas investors suffering tail losses increased them. However, the increase in bids after tail losses was not observed for those who exhibited no emotional arousal. This suggests that emotions are key in explaining prospect theory prediction of risk seeking in the loss domain.
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作者：Williams, Cole
作者单位：University of Vienna
摘要：People are often more influenced by opinions similar to their own and even seek information from those with whom they expect to most agree-behaviours often attributed to irrational biases. In this paper, I argue that these behaviours can be understood within the context of rational social learning by accounting for the presence of unobserved heterogeneity in preferences or priors. Individuals display local learning by placing greater weight on opinions that are closer to their own. When indivi...
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作者：Cavounidis, Costas; Lang, Kevin; Weinstein, Russell
作者单位：University of Warwick; University of Warwick; Boston University; National Bureau of Economic Research; IZA Institute Labor Economics; University of Illinois System; University of Illinois Urbana-Champaign
摘要：African Americans face shorter employment durations than similar Whites. We hypothesise that employers discriminate in acquiring or acting on ability-relevant information. In our model, monitoring Black, but not White, workers is self-sustaining. New Black hires were more likely fired by previous employers after monitoring. This reduces firms' beliefs about ability, incentivising discriminatory monitoring. We confirm our predictions that layoffs are initially higher for Black than non-Black wo...
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作者：Leib, Margarita; Koebis, Nils; Rilke, Rainer Michael; Hagens, Marloes; Irlenbusch, Bernd
作者单位：Tilburg University; Max Planck Society; WHU - Otto Beisheim School of Management; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of Cologne
摘要：Artificial intelligence increasingly becomes an indispensable advisor. New ethical concerns arise if artificial intelligence persuades people to behave dishonestly. In an experiment, we study how artificial intelligence advice (generated by a natural language processing algorithm) affects (dis)honesty, compare it to equivalent human advice and test whether transparency about the advice source matters. We find that dishonesty-promoting advice increases dishonesty, whereas honesty-promoting advi...
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作者：van der Kwaak, Christiaan
作者单位：University of Groningen; University of Groningen
摘要：I investigate the macroeconomic impact of central bank funding becoming a more attractive funding source to financial intermediaries in times of crisis. I show that the requirement to pledge collateral has a contractionary effect on private credit, everything else equal, and thereby reduces the expansionary effect that such lending otherwise has. I use an estimated New Keynesian model with financial frictions to show that the collateral effect explains the limited growth of Italian banks' priv...
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作者：Condorelli, Daniele; Padilla, Jorge
作者单位：University of Warwick
摘要：We present a theory of monopoly protection by means of entry in adjacent markets that have a common customer base (i.e., envelopment). A firm dominant in its market enters a data-rich secondary market and engages in predatory pricing and privacy-policy tying. We define the latter as conditioning service provision to the subscription of a privacy policy that allows bundling of user data across all sources. Acquiring data from the secondary market confers an advantage in the data-intensive prima...
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作者：D'Amico, Stefania; Seida, Tim
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Northwestern University
摘要：To analyse the evolution of the effects of quantitative easing and tightening across consecutive announcements, we focus on their unexpected component. Treasury yield sensitivities to quantitative tightening supply surprises are on average larger than sensitivities to quantitative easing surprises, implying that supply effects did not diminish during periods of market calm amid economic expansion. Yield sensitivities to later quantitative easing and tightening surprises do not fall monotonical...
