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作者：van den Berg, Gerard J.; Lundborg, Petter; Vikstrom, Johan
作者单位：University of Bristol; Lund University
摘要：We study the short-run and long-run economic impact of one of the largest losses that an individual can face; the death of a child. We utilise unique registers on the entire Swedish population, combining information on the date and cause of death with parental outcomes. We exploit the longitudinal dimension of the data and deal with several selection issues. Losing a child has adverse effects on labour income, employment status, marital status and hospitalisation. The value of policy measures ...
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作者：Willems, Tim
作者单位：International Monetary Fund
摘要：This article presents a model of a rational seller who is actively learning the slope of his demand curve via his pricing strategy. Consequently, this seller optimally experiments with his price. Resulting price patterns show a tendency for discreteness (as observed in the data), which has proved to be a major challenge to most price setting models. The experimentation motive can also replicate the observation that prices are more volatile than costs, as well as the presence of many idiosyncra...
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作者：Muller, Laurent; Lacroix, Anne; Lusk, Jayson L.; Ruffieux, Bernard
作者单位：INRAE; Oklahoma State University System; Oklahoma State University - Stillwater; Communaute Universite Grenoble Alpes; Universite Grenoble Alpes (UGA); Communaute Universite Grenoble Alpes; Institut National Polytechnique de Grenoble
摘要：We conducted an experiment to study the fiscal impacts of unhealthy food taxes and healthy food subsidies on very low and medium income women in France. The policies tend to be regressive and favour higher income consumers. Unhealthy food taxes increase prices paid more for lower than higher income women. Healthy food subsidies reduce the prices paid more for higher than lower income women. The effects arise because the pre-policy diets of the higher income women tend to be healthier but also ...
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作者：Bhuller, Manudeep; Brinch, Christian N.; Konigs, Sebastian
作者单位：BI Norwegian Business School; University of Chicago; Statistics Norway; IZA Institute Labor Economics; Organisation for Economic Co-operation & Development (OECD)
摘要：This article tests the validity of the conditional Markov assumption in a dynamic discrete-choice model of welfare benefit receipt dynamics, using Norwegian administrative data. Exploiting its implied time aggregation properties, we find that the model is seriously mis-specified. Estimated state dependence varies strongly with the time unit of analysis, with the average treatment effect of past benefit receipt increasing with the level of aggregation. When permitting richer types of benefit dy...
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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：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...
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作者：Reuben, Ernesto; Wiswall, Matthew; Zafar, Basit
作者单位：Columbia University; IZA Institute Labor Economics; Arizona State University; Arizona State University-Tempe; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Using an experiment to measure overconfidence and preferences for competitiveness and risk, this article investigates whether these measures explain gender differences in college major choices and expected future earnings. We find that individuals who are overconfident and overly competitive expect to earn significantly more. In addition, gender differences in overconfidence and competitiveness explain 18% of the gender gap in earnings expectations. These experimental measures explain as much ...
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作者：Harrington, Joseph E., Jr.; Wei, Yanhao
作者单位：University of Pennsylvania; University of Southern California
摘要：Estimates of average cartel duration and the annual probability of cartel death are based on data for discovered cartels. It is recognised that these estimates could be biased because the population of discovered cartels may not be a representative sample of the latent population of cartels. This article constructs a birth-death-discovery process to investigate the source and direction of possible biases. Bayesian inference is used to provide bounds on the extent of the bias and deliver an imp...
