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作者：Engstrom, Per; Hagglund, Pathric; Johansson, Per
作者单位：Uppsala University; Uppsala University
摘要：We estimate the effects of early assessments of an individual's need for vocational rehabilitation in the Swedish sickness insurance system using a field experiment. One of the interventions increases the flow to disability benefits by 20%. The effect is larger for unemployed individuals, who also are covered by the sickness insurance scheme. This result is in line with a theoretical model with moral hazard and asymmetric information in which individuals with low work incentives communicate wo...
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作者：Asparouhova, Elena; Bossaerts, Peter
作者单位：Utah System of Higher Education; University of Utah; University of Melbourne
摘要：In dark markets, order submissions are bilateral, and transaction prices are known only to the trading counterparties. Here, we study to what extent the information aggregation theory proposed by Duffie and collaborators predicts outcomes in a laboratory version of such markets. We find that prices aggregate the available information but not in the strict sense of the theory, where prices converge exponentially fast to average private signals. Prices instead fluctuate within bands around this ...
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作者：Forni, Mario; Gambetti, Luca; Lippi, Marco; Sala, Luca
作者单位：Autonomous University of Barcelona; Barcelona School of Economics; Bocconi University; Bocconi University
摘要：We introduce imperfect information in stock prices determination. Agents, whose expectations are not assumed to be rational, receive a noisy signal about the structural shock driving future dividend variations. Equilibrium stock prices are decomposed into a fundamental component and a transitory noise bubble' which can be responsible for boom and bust episodes unrelated to economic fundamentals. We propose a non-standard VAR procedure to estimate the effects of noise shocks as well as bubble e...
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作者：Peijnenburg, Kim; Nijman, Theo; Werker, Bas J. M.
作者单位：Bocconi University
摘要：We find that health cost risk lowers optimal annuity demand at retirement. If medical expenses can be sizeable early in retirement, full annuitisation at retirement is no longer optimal because agents do not have enough time to build a liquid wealth buffer. Furthermore, large deviations from optimal annuitisation levels lead to small utility differences. Our results suggest that health cost risk can explain a large proportion of empirically observed annuity choices. Finally, allowing additiona...
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作者：Shrestha, Slesh A.
作者单位：National University of Singapore
摘要：The development impacts of emigration are largely determined by the education of those who stay behind. Departure of workers leads to a direct loss of human capital but opportunities for emigration also raise expected returns to education. I examine these effects by considering the introduction of education as a selection criterion to recruit Nepalese men in the British Army. This change raised educational investments by 1.15years and increased the average education of men living in Nepal even...
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作者：Cheng, Terence C.; Powdthavee, Nattavudh; Oswald, Andrew J.
作者单位：University of Melbourne; University of London; London School Economics & Political Science; University of Warwick
摘要：There is a large amount of cross-sectional evidence for a midlife low in the life cycle of human happiness and well-being ( a 'U shape'). Yet no genuinely longitudinal inquiry has uncovered evidence for a U-shaped pattern. Thus, some researchers believe the U is a statistical artefact. We re-examine this fundamental cross-disciplinary question. We suggest a new test. Drawing on four data sets, and only within-person changes in well-being, we document powerful support for a U shape in longitudi...
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作者：Shachat, Jason; Zhang, Zhenxuan
作者单位：Durham University; People's Bank of China
摘要：We report on an experiment investigating whether the Hayek hypothesis ( Smith, 1982) extends to the long-run setting. We consider two environments; one with a production technology having a U-shaped long-run average cost curve and a single competitive equilibrium, and another with a constant long-run average cost curve. We present alternative efficient production plans as a menu of fixed and marginal cost pairs. In both environments, we observe convergence to long-run competitive equilibrium p...
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作者：Andersen, Thomas Barnebeck; Bentzen, Jeanet; Dalgaard, Carl-Johan; Sharp, Paul
作者单位：University of Southern Denmark; University of Copenhagen
摘要：We hypothesise that cultural appreciation of hard work and thrift, the Protestant ethic according to Max Weber, had a pre-Reformation origin: the Catholic Order of Cistercians. In support, we document an impact from the Order on growth within the epicentre of the Industrial Revolution; English counties that were more exposed to Cistercian monasteries experienced faster productivity growth from the 13th century onwards. Consistent with a cultural influence, this impact is also found after the m...
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作者：Niemann, Stefan; Pichler, Paul
作者单位：University of Essex; Oesterreichische Nationalbank (OeNB); University of Vienna
摘要：We study Markov-perfect optimal fiscal policy in an economy with financial frictions and sovereign default in the form endogenously determined haircuts on outstanding debt. Government bonds facilitate tax smoothing but also provide collateral and liquidity services that mitigate financial frictions. A debt Laffer curve exists, which induces the government to issue bonds to a point where marginal debt has negative welfare effects. Debt positions in the order of magnitude of annual output remain...
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作者：Baillon, Aurelien
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Under expected utility, prudence is equivalent to a positive third derivative of utility and plays a crucial role in precautionary saving behaviour. Eeckhoudt and Schlesinger (2006) proposed behavioural definitions of prudence and of higher order risk preferences. The present article proposes a similar definition for prudence with respect to ambiguity, i.e. situations in which objective probabilities are not available. Implications for several ambiguity models are derived. Ambiguity prudence i...
