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作者：Lindqvist, Erik; Ostling, Robert; Cesarini, David
作者单位：Stockholm University; Research Institute of Industrial Economics (IFN); Stockholm School of Economics; Research Institute of Industrial Economics (IFN); New York University; National Bureau of Economic Research
摘要：We surveyed a large sample of Swedish lottery players about their psychological well-being 522 years after a major lottery event and analysed the data following pre-registered procedures. Relative to matched controls, large-prize winners experience sustained increases in overall life satisfaction that persist for over a decade and show no evidence of dissipating over time. The estimated treatment effects on happiness and mental health are significantly smaller. Follow-up analyses of domain-spe...
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作者：Rees-Jones, Alex; Taubinsky, Dmitry
作者单位：Cornell University; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：What mental models do individuals use to approximate their tax schedule? Using incentivized forecasts of the U.S. Federal income tax schedule, we estimate the prevalence of the schmeduling heuristics for constructing mental representations of nonlinear incentive schemes. We find evidence of widespread reliance on the ironing heuristic, which linearizes the tax schedule using one's average tax rate. In our preferred specification, 43% of the population irons. We find no evidence of reliance on ...
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作者：Helm, Ines
作者单位：Stockholm University
摘要：Using a broad set of national industry trade shocks, I employ a novel approach to estimate agglomeration effects by exploiting within industry variation in indirect exposure to the other local industries' (national) trade shocks across local labour markets. This variation stems from differences in local industry composition and allows to test for the existence of heterogeneous agglomeration effects across industries. I find considerable employment spillovers from other tradable industries' tra...
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作者：Hugonnier, Julien; Lester, Benjamin; Weill, Pierre-Olivier
作者单位：Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Swiss Finance Institute (SFI); Center for Economic & Policy Research (CEPR); Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：We extend Duffie et al.'s (2005) search-theoretic model of over-the-counter (OTC) asset markets, allowing for a decentralized inter-dealer market with arbitrary heterogeneity in dealers' valuations (or, equivalently, inventory costs). We develop a solution technique that makes the model fully tractable and allows us to derive, in closed form, theoretical formulas for key statistics analysed in empirical studies of the intermediation process in OTC markets. A calibration to the market for munic...
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作者：Andolfatto, David; Berentsen, Aleksander; Martin, Fernando M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Basel
摘要：The fact that money, banking, and financial markets interact in important ways seems self-evident. The theoretical nature of this interaction, however, has not been fully explored. To this end, we integrate the Diamond (1997, Journal of Political Economy 105, 928-956) model of banking and financial markets with the Lagos and Wright (2005, Journal of Political Economy 113, 463-484) dynamic model of monetary exchange-a union that bears a framework in which fractional reserve banks emerge in equi...
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作者：Acemoglu, Daron; De Feo, Giuseppe; De Luca, Giacomo Davide
作者单位：Massachusetts Institute of Technology (MIT); University of Leicester; University of York - UK; KU Leuven
摘要：We document that the spread of the Mafia in Sicily at the end of the 19th century was in part caused by the rise of socialist Peasant Fasci organizations. In an environment with weak state presence, this socialist threat triggered landowners, estate managers, and local politicians to turn to the Mafia to resist and combat peasant demands. We show that the location of the Peasant Fasci is significantly affected by a severe drought in 1893, and using information on rainfall, we estimate the impa...
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作者：Bertrand, Marianne; Burgess, Robin; Chawla, Arunish; Xu, Guo
作者单位：University of London; London School Economics & Political Science; University of California System; University of California Berkeley
摘要：Bureaucracies are configured differently to private sector and political organizations. Across a wide range of civil services entry is competitive, promotion is constrained by seniority, jobs are for life, and retirement occurs at a fixed age. This implies that older entering officers, who are less likely to attain the glittering prize of reaching the top of the bureaucracy before they retire, may be less motivated to exert effort. Using a nationwide stakeholder survey and rich administrative ...
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作者：Grosfeld, Irena; Sakalli, Seyhun Orcan; Zhuravskaya, Ekaterina
作者单位：Paris School of Economics; University of Lausanne; Paris School of Economics
摘要：Using detailed panel data from the Pale of Settlement area between 1800 and 1927, we document that anti-Jewish pogroms-mob violence against the Jewish minority-broke out when economic shocks coincided with political turmoil. When this happened, pogroms primarily occurred in places where Jews dominated middleman occupations, i.e., moneylending and grain trading. This evidence is inconsistent with the scapegoating hypothesis, according to which Jews were blamed for all misfortunes of the majorit...
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作者：Bouton, Laurent; Lizzeri, Alessandro; Persico, Nicola
作者单位：Georgetown University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; New York University; Northwestern University
摘要：This article presents a dynamic political-economic model of total government obligations. Its focus is on the interplay between debt and entitlements. In our model, both are tools by which temporarily powerful groups can extract resources from groups that will be powerful in the future: debt transfers resources across periods; entitlements directly target the future allocation of resources. We prove the following results. First, the presence of endogenous entitlements dampens the incentives of...
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作者：Cage, Julia; Herve, Nicolas; Viaud, Marie-Luce
作者单位：Centre for Economic Policy Research - UK
摘要：News production requires investment, and competitors' ability to appropriate a story may reduce a media's incentives to provide original content. Yet, there is little legal protection of intellectual property rights in online news production, which raises the issue of the extent of copying online and the incentives to provide original content. In this article, we build a unique dataset combining all the online content produced by French news media during the year 2013 with new micro audience d...
