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作者：Iyigun, MF; Owen, AL
作者单位：University of Colorado System; University of Colorado Boulder; Hamilton College
摘要：We examine the relationship between income inequality and variability in aggregate consumption growth. In high-income countries, greater income inequality appears to be associated with more volatility in consumption growth, whereas in lower-income countries, higher levels of income inequality tend to be associated with less volatility. We present evidence that variability in real GDP growth is also related to income inequality in the same way. Our results suggest that the level of financial de...
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作者：Clemens, MA; Williamson, JG
作者单位：Harvard University; National Bureau of Economic Research
摘要：Why do rich countries receive the lion's share of international investment flows? Although this wealth bias is strong today, it was even stronger during the first global capital market boom before 1913. Very little of British capital exports went to Poor countries, whether colonies or not. This paper constructs panel data for 34 countries that as a group received 92% of British capital. It Concludes that international capital market. failure had only second-order effects on the geographical di...
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作者：Gneezy, U; Haruvy, E; Yafe, H
作者单位：University of Chicago; Technion Israel Institute of Technology; University of Texas System; University of Texas Dallas
摘要：When agents are ascribed selfish motives, economic theory points to grave inefficiencies resulting from externalities. We study a restaurant setting in which groups of diners are faced with different ways of paying the bill. The two main manipulations are splitting the bill between the diners and having each pay individually. We find that subjects consume more when the cost is split, resulting in a substantial loss of efficiency. Diners prefer the individual pay to the inefficient split-bill m...
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作者：Etro, E
作者单位：National Bureau of Economic Research
摘要：A new rationale for the persistence of monopolies is based on a precommitment of the incumbent monopolist to invest in R&D. In a patent race, as long as entry is free, the Arrow effect disappears: the incumbent has more incentives to invest than any outsider. Paradoxically, a market with some persistence of monopoly is competitive, while one With continuous leapfrogging must hide some barriers to entry. When the size of innovations is endogenous, leaders invest in more radical innovations. If ...
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作者：Crafts, N
作者单位：University of London; London School Economics & Political Science
摘要：The contribution of steam to British economic growth in the nineteenth century is estimated using growth accounting methods similar to those recently employed to examine the role of ICT. The results indicate that steam contributed little to growth before 1830 and had its peak impact about a hundred years after Watt's famous invention. Only with the advent of high-pressure steam after 1850 did the technology realise its potential. Compared with ICT, steam's impact on the annual rate of growth w...
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作者：Suen, W
作者单位：University of Hong Kong
摘要：To overcome strong prior beliefs, strong evidence to the contrary is needed. If a person is predisposed to choosing a certain action, the advice from an advisor who sets a low threshold for recommending the alternative action is not Of much rise. The preference for like-minded advisors who supply coarse information implies that the advice a person receives is likely to reinforce his existing priors. This effect can lead to polarisation of opinion and the emergence of self-serving beliefs. The ...
