-
作者：Beine, Michel; Docquier, Frederic; Rapoport, Hillel
作者单位：University of Luxembourg; Universite Libre de Bruxelles; Universite Catholique Louvain; Bar Ilan University; Universite de Lille
摘要：Using new data on emigration rates by education level, we examine the impact of brain drain migration on human capital formation in developing countries. We find evidence of a positive effect of skilled migration prospects on gross human capital formation in a cross-section of 127 countries. For each country of the sample we then estimate the net effect of the brain drain using counterfactual simulations. Countries combining relatively low levels of human capital and low emigration rates are s...
-
作者：Lee, Jihong
作者单位：University of London; Birkbeck University London; Yonsei University
摘要：This article considers a buyer-seller contracting model in which the seller possesses private information about all relevant aspects of the state of nature, including how much each action is worth to the buyer. I argue that, given asymmetric information, the buyer may not entirely dismiss an unforeseen contingency claim by the seller. Then, if the buyer lacks the foresight/awareness to 'expect the unexpected', the model admits an equilibrium in which a seemingly complete contract is written an...
-
作者：Temin, Peter; Voth, Hans-Joachim
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：This article studies the effects of interest rate restrictions on loan allocation. The British government tightened the usury laws in 1714, reducing the maximum permissible interest rate from 6% to 5%. A sample of individual loan transactions reveals that average loan size and minimum loan size increased strongly, while access to credit worsened for those with little 'social capital'. Collateralised credits, which had accounted for a declining share of total lending, returned to their former r...
-
作者：Levy, Haim
作者单位：Hebrew University of Jerusalem
摘要：Expected Utility Theory, Rank Dependent Expected Utility and Cumulative Prospect Theory imply no First Degree Stochastic Dominance (FSD) violations. Prospect Theory and Configural Weight models either allow for FSD violation or even predict this phenomenon. I find experimentally that FSD violations are not significant, and hence conclude that they are due to bounded rationality rather than to a systematic and predictable effect. Moreover, the more transparent the FSD, the less violations are o...
-
作者：Klonner, Stefan
作者单位：Cornell University
摘要：This article studies how altruism improves allocations in a private information environment where strategic behaviour reduces economic welfare. A theoretical analysis establishes that, in an environment characterised by uncertainty and private information, outcomes of auctions in Rotating Savings and Credit Associations (Roscas) are more efficient when bidders' preferences are altruistic rather than selfish. A semi-parametric structural estimation technique for Rosca auctions is presented. A p...
-
作者：Sefton, James; van de Ven, Justin; Weale, Martin
作者单位：Imperial College London
摘要：Means testing plays an important role in the UK state pension system. We use a dynamic programming model to consider the effects of a recent policy reform that reduced the marginal tax rates on private income of means tested retirement benefits from 100% to 40%. Our analysis suggests that the policy reform will encourage the poorest third of all households to both save more and delay retirement, and have the opposite effects on richer households. The policy reform provides a reasonable comprom...
-
作者：Castello-Climent, Amparo; Domenech, Rafael
作者单位：University of Valencia
摘要：This article presents a model in which inequality affects per capita income when individuals decide to invest in education taking into account their life expectancy, which depends to a large extent on the human capital of their parents. Our results show the existence of multiple steady states depending on the initial distribution of education. The low steady state is a poverty trap in which children raised in poor families have low life expectancy and work as non-educated workers. The empirica...
-
作者：Rablen, Matthew D.
摘要：Relative utility has become an important concept in several disjoint areas of economics. I present a cardinal model of income utility based on the supposition that agents care about their rank in the income distribution and that utility is subject to adaptation over time. Utility levels correspond to the Leyden Individual Welfare Function while utility differences yield a version of the prospect theory value function, thereby providing a new and shared derivation of each. I offer an explanatio...
-
作者：Hao, Lingxin; Hotz, V. Joseph; Jin, Ginger Z.
作者单位：Duke University; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park; Johns Hopkins University
摘要：This article examines parental reputation formation in intra-familial interactions. In a repeated two-stage game, children decide whether to drop out of high school or daughters decide whether to have births as teens and parents then decide whether to provide support to their children beyond age 18. Drawing on Milgrom and Roberts (1982) and Kreps and Wilson (1982), we show that, under certain conditions, parents have the incentive to penalise older children for their adolescent risk-taking beh...
-
作者：Harrison, Glenn W.; List, John A.
作者单位：State University System of Florida; University of Central Florida; National Bureau of Economic Research; University of Chicago
摘要：We examine the relevance of experimental findings from laboratory settings that abstract from the field context of the task that theory purports to explain. Using common value auction theory as our guide, we identify naturally occurring settings in which one can test the theory. Experienced agents bidding in familiar roles do not fall prey to the winner's curse. Yet, experienced agents fall prey to the winner's curse when bidding in an unfamiliar role. We conclude that the theory predicts fiel...
