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作者：Harrison, Glenn W.; Humphrey, Steven J.; Verschoor, Arjan
作者单位：University System of Georgia; Georgia State University; University Osnabruck; University of East Anglia
摘要：We review experimental evidence collected from risky choice experiments using poor subjects in Ethiopia, India and Uganda. Using these data we estimate that just over 50% of our sample behaves in accordance with expected utility theory and that the rest subjectively weight probability according to prospect theory. Our results show that inferences about risk aversion are robust to whichever model we adopt when we estimate each model separately. However, when we allow both models to explain port...
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作者：Bloemen, Hans G.
作者单位：Vrije Universiteit Amsterdam
摘要：I present a structural empirical model of collective household labour supply that includes the non-participation decision. I specify a simultaneous model for hours, participation and wages of husband and wife. I discuss the problems of identification and statistical coherency that arise in the application of the collective household labour supply model. The model includes random effects and it is estimated using a panel data set of Dutch couples. The estimates allow me to check the underlying ...
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作者：Nakov, Anton; Pescatori, Andrea
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：We assess the extent to which the greater US macroeconomic stability since the mid-1980s can be accounted for by changes in oil shocks and the oil elasticity of gross output. We estimate a DSGE model and perform counterfactual simulations. We nest two popular explanations for the Great Moderation: smaller (non-oil\link real shocks and better monetary policy. We find that oil played an important role in the stabilisation. Around half of the reduced volatility of inflation is explained by better...
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作者：Alos-Ferrer, Carlos; Kirchsteiger, Georg; Walzl, Markus
作者单位：University of Konstanz; Universite Libre de Bruxelles; Otto Friedrich University Bamberg
摘要：We study competition among market designers who create new trading platforms, when boundedly rational traders learn to select among them. We ask whether 'Walrasian' platforms, leading to market-clearing trading outcomes, will dominate the market in the long run. If several market designers compete, we find that traders learn to select non-market clearing platforms with prices systematically above the market-clearing level, provided at least one such platform is introduced by a market designer....
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作者：Ticchi, Davide; Vindigni, Andrea
作者单位：University of Urbino; Princeton University
摘要：We present a theory of the choice of alternative democratic constitutions, a majoritarian or a consensual one, in an unequal society. We show that a consensual system turns out to be preferred by society when ex ante income inequality is relatively low, while a majoritarian system is chosen when income inequality is relatively high. We also find that consensual democracies should be expected to be ruled more often by centre-left coalitions while the right should have an advantage in majoritari...
