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作者：Kubler, Felix; Selden, Larry; Wei, Xiao
作者单位：University of Zurich; Swiss Finance Institute (SFI); Columbia University; University of Pennsylvania; Fudan University
摘要：Assuming the classic contingent claim setting, a number of financial asset demand tests of Expected Utility have been developed and implemented in experimental settings. However, the domain of preferences of these asset demand tests differ from the mixture space of distributions assumed in the traditional binary lottery laboratory tests of von Neumann-Morgenstern Expected Utility preferences. We derive new sets of axioms for preferences over contingent claims to be representable by an Expected...
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作者：Clingingsmith, David
作者单位：University System of Ohio; Case Western Reserve University
摘要：Scholars have conjectured that the return to speaking a language increases with the number of speakers. Long-run economic and political integration would accentuate this advantage, increasing the population share of the largest languages. I show that, to the contrary, language size and growth are uncorrelated except for very small languages (< 35,000 speakers). I develop a model of local language coordination over a network. The steady-state distribution of language sizes follows a power law a...
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作者：Karp, Larry
作者单位：University of California System; University of California Berkeley
摘要：Because carbon emissions create externalities across countries and generations, climate policy requires international cooperation and intergenerational altruism. A differential game using overlapping generations with intergenerational altruism shows how altruism and cooperation interact, and provides estimates of their relative importance in determining equilibrium steady-state carbon levels. A small increase in cooperation has a larger equilibrium effect than a small increase in altruism, beg...
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作者：Mailath, George J.; Postlewaite, Andrew; Samuelson, Larry
作者单位：University of Pennsylvania; Australian National University; Yale University
摘要：We analyse a model in which agents make investments and match into pairs to create a surplus. The agents can reallocate their pretransfer ownership claims on the surplus. Mailath etal. () showed that when investments are unobservable, equilibrium investments are generally inefficient. We work here with a more structured and tractable model to analyse investment inefficiencies. We provide conditions under which investment is inefficiently high or low and when changes in the pretransfer ownershi...
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作者：Wang, Pengfei; Wen, Yi; Xu, Zhiwei
作者单位：Hong Kong University of Science & Technology; Federal Reserve System - USA; Tsinghua University; Shanghai Jiao Tong University
摘要：This article shows how underdeveloped financial markets in emerging economies can explain the pattern of two-way capital flows between emerging economies ( such as China) and the developed world ( such as the United States). Our calibrated model reproduces China's rising financial capital outflows and FDI inflows as well as its massive trade imbalances in recent decades. Our model also predicts that global trade imbalances may be sustainable even in the long run and the conventional wisdom tha...
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作者：Fetzer, Thiemo; Marden, Samuel
作者单位：University of Warwick; University of Sussex
摘要：Weak property rights are strongly associated with underdevelopment, low state capacity and civil conflict. In economic models of conflict, outbreaks of violence require a prize that is both valuable and contestable. This article exploits spatial and temporal variation in the availability of land with title that is contestable by private actors to explore the relationship between (in)secure property rights and civil conflict in the Brazilian Amazon. The results suggest that resolving this conte...
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作者：Mauring, Eeva
作者单位：University of Vienna
摘要：I study stationary cut-off-strategy equilibria of a dynamic market model where buyers sample sellers sequentially from an unknown distribution. Buyers learn about the distribution from the sampled sellers and a trade signal'. The trade signal reveals whether a randomly chosen seller traded yesterday. Observing a trade (as opposed to no trade) is good news about the distribution. Buyers who observe a trade use a higher cut-off than buyers who observe no trade, despite buyers' learning from samp...
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作者：Piccolo, Salvatore; Immordino, Giovanni
作者单位：Catholic University of the Sacred Heart; University of Naples Federico II
摘要：When 'low-rank' criminals are offered to cooperate with justice in exchange of judicial leniency, their information generates ex post rents that may actually favour their bosses and increase the crime profitability. Hence, an optimal leniency policy must trade off the positive impact of helpful disclosure of insider information and the positive externality that these rents exert on the organisation's returns from crime. Due to this tension, the amnesty that minimises the probability of crime i...
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作者：Rossi, Martin A.
摘要：I investigate the relationship between tenure length in the House and posterior political success. I exploit a natural experiment in the Argentine Congress - where terms length were assigned randomly after the return to democracy - that provides a source of exogenous variation to initial political power. I find that having a longer tenure in the House increases both the probability of moving to higher political positions and the probability of having a relative in future congresses. I also fin...
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作者：Corno, Lucia
作者单位：University of London; Queen Mary University London
摘要：This article investigates the influence of friends on crime, using data I collected among the homeless. To estimate the causal effects of friends and of the share of criminal friends on crime, I rely on two instruments. The first is the share of rainy days during one's first year as homeless: rainfall fosters homeless concentration in sheltered places and increases the probability of interactions. The second is the share of inmates released during one's first year as homeless, which affects th...
