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作者：Mastrobuoni, Giovanni; Rivers, David A.
作者单位：Collegio Carlo Alberto; Western University (University of Western Ontario)
摘要：We use rich microdata on bank robberies to estimate individual-level disutilities of imprisonment. The identification rests on the money versus apprehension trade-off that robbers face inside the bank when deciding whether to leave or collect money for an additional minute. The distribution of the disutility of prison is not degenerate, generating heterogeneity in behaviour. Our results show that unobserved heterogeneity in robber ability is important for explaining outcomes in terms of haul a...
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作者：Benhabib, Jess; Spiegel, Mark M.
作者单位：New York University; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We examine whether sentiment influences aggregate demand by studying the relationship between the Michigan Survey expectations concerning national output growth and future economic activity at the state level. We instrument for local sentiments with political outcomes, positing that agents in states with a higher share of congressmen from the political party of the sitting President will be more optimistic. This instrument is strong in the first stage, and our results confirm a positive relati...
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作者：Devereux, Michael; Johannesen, Niels; Vella, John
作者单位：University of Oxford; University of Oxford; University of Copenhagen; University of Oxford; University of Oxford
摘要：Following the 2007-2008 financial crisis, a large number of countries introduced levies on bank borrowing intended to reduce risk in the financial sector. This article studies the behavioural responses to bank levies and finds that banks exposed to levies increased their reliance on equity funding, but at the same time increased the risk of their assets; banks shifted risk from the liability side of their balance sheets to the asset side, which mitigated the impact of government intervention. ...
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作者：Ding, Tingting; Schotter, Andrew
作者单位：New York University; Shanghai University of Finance & Economics
摘要：While the mechanisms that economists design are typically static, one-shot games, in the real world, mechanisms are used repeatedly by generations of agents who engage in them for a short period of time and then pass on advice to their successors. Hence, behaviour evolves via social learning and may diverge dramatically from that envisioned by the designer. We demonstrate that this is true of school matching mechanisms-even those for which truth-telling is a dominant strategy. Our results indi...
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作者：Flabbi, Luca; Macis, Mario; Moro, Andrea; Schivardi, Fabiano
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Johns Hopkins University; National Bureau of Economic Research; Vanderbilt University; Universita Ca Foscari Venezia; Luiss Guido Carli University; Center for Economic & Policy Research (CEPR)
摘要：We investigate the effects of female executives on gender-specific wage distributions and firm performance. Female leadership has a positive impact at the top of the female wage distribution and a negative impact at the bottom. The impact of female leadership on firm performance increases with the share of female workers. We account for the endogeneity induced by non-random executives' gender by including firm fixed-effects, by generating controls from a two-way fixed-effects regression and by...
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作者：Argenziano, Rossella; Gilboa, Itzhak
作者单位：University of Essex; Universite Paris Saclay; Hautes Etudes Commerciales (HEC) Paris; Tel Aviv University
摘要：We provide a microfoundation for a weighted utilitarian social welfare function that reflects common moral intuitions about interpersonal comparisons of utilities. If utility is only ordinal in the usual microeconomic sense, interpersonal comparisons are meaningless. Nonetheless, economics often adopt utilitarian welfare functions, assuming that comparable utility functions can be calibrated, using information beyond consumer choice data. We show that consumer choice data alone are sufficient....
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作者：Klemp, Marc; Weisdorf, Jacob
作者单位：University of Copenhagen; Brown University; Harvard University; Center for Economic & Policy Research (CEPR); University of Southern Denmark
摘要：Exploiting a genealogy of English individuals living in the 16th to the 19th centuries, this study shows that lower parental reproductive capacity positively affected the socio-economic achievements of offspring. Using the time interval between the date of marriage and the first birth as a measure of reproductive capacity, we find that parental fecundity positively affected the number of siblings and that children of parents with lower fecundity were more likely to become literate and employed...
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作者：Hu, Audrey; Matthews, Steven A.; Zou, Liang
作者单位：City University of Hong Kong; University of Pennsylvania; University of Amsterdam
摘要：A standard result in auction theory is that a seller's profit-maximising reserve price is no less than his own value for the good. In practice, however, reserve prices often appear to be less than sellers' values. This article revisits the theory of optimal reserves in the context of second-price auctions. The main result is that an optimal reserve is less than the seller's value if the bidders are sufficiently risk averse and if their values are sufficiently interdependent. The resulting outc...
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作者：Albagli, Pinjas; Rau, Tomas
作者单位：Pontificia Universidad Catolica de Chile; Pontificia Universidad Catolica de Chile
摘要：This article studies a change in paid maternity leave entitlements in Chile. We exploit a reform that increased paid leave from 12 to 24 weeks for mothers of children born on 25 July 2011 or later. We estimate the effects of reform exposure on different children and maternal outcomes finding significant and positive effects on children's cognitive abilities, especially for those with less educated mothers. There is an increase in the probability of breastfeeding at least six months and breastf...
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作者：Palfrey, Thomas R.; Pogorelskiy, Kirill
作者单位：California Institute of Technology; University of Warwick
摘要：How does communication among voters affect turnout? In a laboratory experiment, subjects, divided into two competing parties, choose between costly voting and abstaining. Pre-play communication treatments, relative to the no communication control, are public communication (subjects exchange public messages through computers) and party communication (messages are public within one's own party). Communication benefits the majority party by increasing its turnout margin, hence its winning probabi...
