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作者：Tong, Jian
作者单位：University of Southampton
摘要：This article explains contemporaneous exit and entry in a new industry with a diffusion process across submarkets. It allows a re-interpretation of the shakeout process in some industries in a novel way. The industry is a collection of initially inactive independent submarkets; the timing of their activation is determined by an exogenous aggregate diffusion process. New submarket opening attracts new entry. However, the post-entry endogenous sunk investment requirement induced by innovations a...
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作者：Bhaskar, V.
作者单位：University of London; University College London
摘要：In cricket, the right to make an important strategic decision ( bat first or field first) is assigned via a coin toss. I use these 'randomised trials' to examine the consistency of choices made by teams with strictly opposed preferences and the effects of these choices upon the outcomes in the game. I find significant evidence of inconsistency, with teams often agreeing on who is to bat first. Estimated treatment effects show that choices are often poorly made and reduce the probability of the...
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作者：Cornand, C.; Heinemann, F.
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作者：Friebel, Guido; Giannetti, Mariassunta
作者单位：Goethe University Frankfurt; Stockholm School of Economics
摘要：We show that access to finance may affect firms through the labour market. Talented workers want to realise their ideas but also seek insurance against income risk. Large firms default less often than small firms but they investigate more thoroughly and reject more good ideas. With easier access to consumer credit, talented workers become less averse to the income risk of working in small firms. Thus, small firms gain an advantage on the labour market, their profit volatility increases and lar...
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作者：Lancaster, Tony
作者单位：Brown University
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作者：Hopfensitz, Astrid; Reuben, Ernesto
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Northwestern University
摘要：This article experimentally explores how the enforcement of cooperative behaviour in a social dilemma is facilitated through institutional as well as emotional mechanisms. Recent studies emphasise the importance of anger and its role in motivating individuals to punish free riders. However, we find that anger also triggers retaliatory behaviour by the punished individuals. This makes the enforcement of a cooperative norm more costly. We show that in addition to anger, 'social' emotions like gu...
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作者：Crockett, Sean; Smith, Vernon L.; Wilson, Bart J.
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Chapman University System; Chapman University
摘要：In this article we study the performance of an economy that can support specialisation if the participants develop and follow some system of exchange. We define a closed economy in which the participants must discover the ability to exchange, implement it, and ascertain what they are comparatively advantaged in producing. Many of our participants demonstrate the ability to find comparative advantage, capture gains from trade and effectively choose production that is consistent with the choices...
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作者：Cogley, Timothy; Sargent, Thomas J.
作者单位：University of California System; University of California Davis; New York University
摘要：We study prices and allocations in a complete-markets, pure-exchange economy in which there are two types of agents with different priors over infinite sequences of the aggregate endowment. Aggregate consumption growth evolves exogenously according to a two-state Markov process. The economy has two types of agents, one that learns about transition probabilities and another that knows them. We examine allocations, the market price of risk and the rate at which asset prices converge to values th...
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作者：Fehr, Ernst; Brown, Martin; Zehnder, Christian
作者单位：University of Zurich; University of Lausanne
摘要：We study the impact of reputational incentives in markets characterised by moral hazard problems. Social preferences have been shown to enhance contract enforcement in these markets, while at the same time generating considerable wage and price rigidity. Reputation powerfully amplifies the positive effects of social preferences on contract enforcement by increasing contract efficiency substantially. This effect is, however, associated with a considerable bilateralisation of market interactions...
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作者：Gregg, Paul; Harkness, Susan; Smith, Sarah
作者单位：University of Bristol; University of Bath
摘要：A series of reforms to help low income families with children were introduced in the UK in 1999, including in-work tax credits and welfare-to-work programmes. Lone parents were a key target for these reforms - they comprised 22% of all families by 1998 but 55% of families with children in poverty. Previous studies have shown that the reforms raised employment among lone parents. This article extends the analysis of the effect of the reforms to consider employment dynamics, including hours adju...
