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作者：Barro, Robert J.
作者单位：Harvard University
摘要：The national-income accounts double-count investment, which enters once when it occurs and again in present value as rental income on added capital. The double counting implies that GDP and national income overstate sustainable consumption. An alternative measure, 'permanent income', equals consumption in the steady state but deviates from consumption outside of the steady state because expensing of gross investment applies to the long-run flow, not the current value. The permanent-income pers...
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作者：Breunig, Christoph; Huck, Steffen; Schmidt, Tobias; Weizsaecker, Georg
作者单位：Emory University; Humboldt University of Berlin
摘要：We study an investment experiment with a representative sample of German households. Respondents invest in a safe asset and a risky asset whose return is tied to the German stock market. Experimental investments correlate with beliefs about stock market returns and exhibit desirable external validity at least in one respect: they predict real-life stock market participation. But many households are unresponsive to an exogenous increase in the risky asset's return. The data analysis and a serie...
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作者：Choi, Michael; Rocheteau, Guillaume
作者单位：University of California System; University of California Irvine; Universite Paris-Pantheon-Assas
摘要：We develop a New Monetarist model in continuous time where agents trade continuously in competitive markets and infrequently in pairwise meetings. Agents can produce and consume both in flows over time intervals and in discrete quantities at points in time. We detail the methodology to solve individual optimisation problems and characterise the full set of perfect foresight equilibria. We illustrate the role of continuous time and the tractability of our approach with three applications relate...
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作者：Mujcic, Redzo; Frijters, Paul
作者单位：University of Warwick; University of London; London School Economics & Political Science
摘要：We use a natural field experiment to estimate the causal effect of race on discretionary favours in the marketplace. Test customers are randomly assigned to board public buses with no money to purchase a fare. leaving the bus driver to voluntarily decide whether to offer them a free ride. Based on 1,552 transactions, we uncover strong evidence of racial bias: bus drivers were twice as willing to let white testers ride free as black testers (72% vs. 36% of the time). Signals of wealth and patri...
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作者：Bergolo, Marcelo; Burdin, Gabriel; De Rosa, Mauricio; Giaccobasso, Matias; Leiter, Martin
作者单位：Universidad de la Republica, Uruguay; IZA Institute Labor Economics; University of Leeds; Paris School of Economics; University of California System; University of California Los Angeles
摘要：Based on detailed administrative tax records. we implement a bunching design to explore how individual taxpayers respond to personal income taxation in Uruguay. We estimate a very modest elasticity of taxable income at the first kink point (0.06) driven by a combination of gross labour income and deduction responses. Taxpayers use personal deductions more intensively close to the kink point and underreport income to the tax authority. Our results suggest that the efficiency costs of taxation a...
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作者：Desmet, Klaus; Wacziarg, Romain
作者单位：Southern Methodist University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of California System; University of California Los Angeles
摘要：We study the evolution of cultural divides both theoretically and empirically. We propose a model of cultural change where intergenerational transmission and forces of social influence determine the distribution of cultural traits in society. We conduct an empirical investigation of the evolution of cultural heterogeneity in the USA between 1972 and 2018, using the General Social Survey. In recent decades, cultural heterogeneity between individuals has risen. Cultural divides between identity ...
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作者：Coffey, Diane; Spears, Dean
作者单位：University of Texas System; University of Texas Austin
摘要：We document a novel fact about neonatal death, or death in the first month of life. Globally, neonatal mortality is disproportionately concentrated in India. We identify a large effect of birth order on neonatal mortality that is unique to India: later-born siblings have a steep survival advantage relative to the birth-order gradient in other developing countries. We show that India's high prevalence of maternal undernutrition and its correlation with age and childbearing can explain this patt...
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作者：Galeotti, Fabio; Maggian, Valeria; Villeval, Marie Claire
作者单位：Universita Ca Foscari Venezia
摘要：The impact of deterrence institutions beyond their immediate scope of application is unknown. Using a quasi-experiment with naturally occurring variation in inspections, we found evidence of spillover effects across contexts. We identified fraudsters and non-fraudsters on public transport who were or not exposed to ticket inspections. We measured the intrinsic honesty of the same persons in a new context where they could misappropriate money. Instead of having an educative effect across contex...
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作者：Martin, Ian W. R.; Pindyck, Robert S.
作者单位：University of London; London School Economics & Political Science
摘要：Most of the literature on the economics of catastrophes assumes that such events cause a reduction in the stream of consumption, as opposed to widespread fatalities. Here we show how to incorporate death in a model of catastrophe avoidance, and how a catastrophic loss of life can be expressed as a welfare-equivalent drop in consumption. We examine how potential fatalities affect the policy interdependence of catastrophic events and 'willingness to pay' (WTP) to avoid them. Using estimates of t...
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作者：Moraga-Gonzalez, Jose L.; Sandor, Zsolt; Wildenbeest, Matthijs R.
作者单位：Vrije Universiteit Amsterdam; University of Groningen; Sapientia Hungarian University of Transylvania; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We extend the literature on simultaneous search by allowing for differentiated products and search cost heterogeneity. We show conditions under which a symmetric price equilibrium exists. We provide a necessary and sufficient condition under which an increase in search costs may result in a lower, equal or higher equilibrium price. We extend this analysis to the case with more than two firms. The effects of prominence on equilibrium prices are also studied. The prominent firm charges a higher ...
