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作者：Forbes, Kristin; Hjortsoe, Ida; Nenova, Tsvetelina
作者单位：Massachusetts Institute of Technology (MIT); Bank of England; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Large current account deficits, and the corresponding reliance on capital flows from abroad, can increase a country's vulnerability to periods of heightened risk. We develop a framework to evaluate such vulnerabilities and clarify which characteristics of a country's international investment portfolio determine whether a current account deficit is ?menacing' or ?mitigating'. Financial factors, namely international investment income and valuation changes on international investments, are critic...
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作者：Li, Zhihua; Loomes, Graham; Pogrebna, Ganna
作者单位：University of Warwick
摘要：Much uncertainty in life relates to the behaviour of others in interactive environments. This article tests some implications of subjective expected utility theory (Savage, 1954) in an experimental strategic setting where there is uncertainty about the actions of other players. In this environment, a large majority of our participants violate subjective expected utility theory. However, they do not exhibit the sorts of consistent attitude to ambiguity' found in individual decision experiments....
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作者：Wu, Yanhui
作者单位：University of Southern California
摘要：This article develops a theory of sorting that links ability, pay-performance sensitivity and pay levels. Firms employ managers to improve productivity. Because of limited liability, firms use incentive contracts to elicit managerial effort; the type of optimal contract depends on a manager's ability. In equilibrium, individuals are sorted based on ability into production workers, business owners, managers paid an ability-invariant bonus, and managers whose pay varies with ability and firm siz...
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作者：Bao, Te; Hommes, Cars; Makarewicz, Tomasz
作者单位：Nanyang Technological University; University of Groningen; University of Amsterdam; Tinbergen Institute
摘要：This experiment compares the price dynamics and bubble formation in an asset market with a price adjustment rule in three treatments where subjects: (1) submit a price forecast only; (2) choose quantity to buy/sell and (3) perform both tasks. We find deviation of the market price from the fundamental price in all treatments, but to a larger degree in treatments (2) and (3). Mispricing is therefore a robust finding in markets with positive expectation feedback. Some very large, recurring bubble...
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作者：Burgess, Simon; Propper, Carol; Ratto, Marisa; Tominey, Emma
作者单位：University of Bristol; Centre for Economic Policy Research - UK; Imperial College London; Universite PSL; Universite Paris-Dauphine; Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); Institut de Recherche pour le Developpement (IRD); Laboratoire dEconomie de Dauphine LEDa; University of York - UK
摘要：We study the impact of team-based performance pay in a major UK government agency, the public employment service. The scheme covered quantity and quality targets, measured with varying degrees of precision. We use unique data from the agency's performance management system and personnel records, linked to local labour market data. We show that on average the scheme had no significant effect but had a substantial positive effect in small teams, fitting an explanation combining free riding and p...
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作者：Kwon, Soonwoo; Lee, Jihong; Lee, Sokbae
作者单位：University of London; University College London; London School Economics & Political Science; Yale University; Seoul National University (SNU)
摘要：We analyse cross-country trends in several aspects of technological progress during 1980-2011 by examining the US patent citations data. Our estimation results on patent quality and citation lags relative to the US reveal the following. The emerging Asian economies of Korea, Taiwan and China have achieved substantial catch-up. In the case of Korea and Taiwan, progress has been made in both patent quality and citation lags. China has achieved improvement in patent quality but not in citation la...
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作者：Biswas, Siddhartha; Chakraborty, Indraneel; Hai, Rong
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Miami
摘要：We investigate how the reduction of income inequality through tax policy affects economic growth. Taxation at different points of the income distribution has heterogeneous impacts on households' incentives to work, invest, and consume. Using US state-level data and micro-level household tax returns over the last three decades, we find that reducing income inequality between low and median income households improves economic growth. However, reducing income inequality through taxation between m...
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作者：Salmon, Timothy C.; Weber, Roberto A.
作者单位：Southern Methodist University; University of Zurich
摘要：Efficiently growing a group often requires integrating individuals from lower performing entities. We explore the effectiveness of policies intended to facilitate such integration, using an experiment that models production as a coordination game. We create an efficient group and an inefficient one. We then allow individuals to move into the efficient group under different mechanisms. We investigate the use of an entry quota, an entry quiz and combinations of the two in order to try to underst...
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作者：Webbink, Dinand; van Erp, Judith; van Gastel, Froukje
作者单位：Utrecht University
摘要：In this study we investigate the effect of showing suspects of crime in a TV programme on the probability of apprehension. We exploit exogenous variation in the number of viewers of the crime programme induced by Champions League games broadcast on competing channels. The estimates show that an increase in the number of viewers of the TV programme increases the probability of solving crime, especially for criminal cases with many potential observers or cases for which it is easier to recognise...
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作者：Crossley, Thomas F.; de Bresser, Jochem; Delaney, Liam; Winter, Joachim
作者单位：University of Essex; University of London; London School Economics & Political Science; University of Groningen; University of Stirling; University of Munich
摘要：We document an effect of survey participation on household saving. Identification comes from random assignment to modules within a population-representative Internet panel. The saving measure is based on linked administrative wealth data. Households that responded to a detailed questionnaire on needs in retirement reduced their non-housing saving rate by 3.5 percentage points, on a base of 1.5%. The survey may have acted as a salience shock, possibly with respect to reduced housing costs in re...
