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作者：Allen, Jason; Hortacsu, Ali; Kastl, Jakub
作者单位：Bank of Canada; University of Chicago; National Bureau of Economic Research; Princeton University
摘要：Using detailed information from the Canadian interbank payments system and liquidity-providing facilities, we find that despite sustained increases in market-rate spreads, the increase in banks' willingness to pay for liquidity during the 2008-2009 financial crisis was short-lived. Our study suggests that high-frequency distress indicators based on demand for liquidity offered by central banks can be complementary, and perhaps even superior, to market-based indicators, especially during times ...
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作者：Cox, Caleb A.; Stoddard, Brock
作者单位：Virginia Commonwealth University; University of North Carolina; Appalachian State University
摘要：We experimentally examine private information and communication in a public goods environment with uncertain returns. We consider a common-value public goods game in which the return to contribution is either high or low. Before contributing, three players observe private signals correlated with the return and send cheap talk messages to one another. There are social gains from truthfulness, but a private incentive to exaggerate. We compare treatments with and without cheap talk, finding that ...
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作者：Freeman, David J.
作者单位：Simon Fraser University
摘要：This paper proposes a novel way of distinguishing whether a person is naive or sophisticated about her own dynamic inconsistency using only her task-completion behavior. It shows that adding an unused extra opportunity to complete a task can lead a naive (but not a sophisticated) person to complete it later and can lead a sophisticated (but not a naive) person to complete the task earlier. These results provide a framework for revealing preference and sophistication types from behavior in a ge...
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作者：Fleurbaey, Marc; Zuber, Stephane
作者单位：Paris School of Economics; Universite PSL; Ecole Normale Superieure (ENS); Paris School of Economics
摘要：Utilitarianism plays a central role in economics, but there is a gap between theory, where utilitarianism is dominant, and applications, where monetary criteria are often used. For applications, a key difficulty is to define how utilities should be measured and compared. Drawing on Harsanyi's (1955) approach, we introduce a new normalization of utilities ensuring that: (i) a transfer from a rich population to a poor population is welfare enhancing, and (ii) populations with more risk-averse pe...
