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作者：Nöth, M; Weber, M
作者单位：University of Mannheim
摘要：In economic models, it is usually assumed that agents aggregate their private information with all available public information correctly and completely. In this experiment, we identify subjects' updating procedures and analyse the consequences for the aggregation process. Decisions can be based on private information with known quality and on the observed decisions of other participants. In this setting with random ordering, information cascades are observable and agents' overconfidence has a...
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作者：Åstebro, T
作者单位：University of Waterloo
摘要：Examining a sample of 1,091 inventions I investigate the magnitude and distribution of the pretax internal rate of return (IRR) to inventive activity. The average IRR on a portfolio investment in these inventions is 11.4%. This is higher than the risk-free rate but lower than the long-run return on high-risk securities and the long-run return on early-stage venture capital funds. The portfolio IRR is significantly higher, for some ex ante identifiable classes of inventions. The distribution of...
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作者：Lumsdaine, RL; Prasad, ES
作者单位：Deutsche Bank; National Bureau of Economic Research
摘要：In this paper, we develop an aggregation procedure using time-varying weights for constructing the common component of international economic fluctuations. The methodology for deriving time-varying weights is based on some stylised features of the data documented in the paper. The model allows for a unified treatment of cyclical and seasonal fluctuations and also accommodates the dynamic propagation of shocks across countries. We find evidence for a 'world business cycle' as well as evidence f...
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作者：Rauch, JE; Casella, A
作者单位：University of California System; University of California San Diego; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Columbia University
摘要：Incomplete information creates matching friction that interferes with the ability of prices to allocate scarce resources across countries but can be overcome by international information-sharing networks. When the difference between country factor-endowment ratios is large relative to network ties, efficient arbitrage breaks down, the price (wage) of each country's immobile resource becomes partially insulated from changes in foreign supply, and trade liberalisation causes less resource price ...
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作者：Michelacci, C
摘要：This paper proposes a model of endogenous growth where innovating requires both researchers, who produce inventions, and entrepreneurs who implement them. As research and entrepreneurship compete in the allocation of aggregate resources, the relation between growth and research effort is hump-shaped. When entrepreneurs appropriate too little rents from innovation, too few resources are allocated to entrepreneurship and returns to R&D are low because of this lack of entrepreneurial skills. When...
