-
作者：Von Thadden, Ernst-Ludwig; Zhao, Xiaojian
作者单位：University of Mannheim; Hong Kong University of Science & Technology
摘要：The paper introduces the problem of unawareness into principal-agent theory and discusses optimal incentive contracts when the agent may be unaware of her action space. Depending on the agent's default behaviour, it can be optimal for the principal to propose an incomplete contract (that keeps the agent unaware) or a complete contract. The key trade-off is that of enlarging the agent's choice set versus adding costly incentive constraints. If agents differ in their unawareness, optimal contrac...
-
作者：Calabrese, Stephen M.; Epple, Dennis N.; Romano, Richard E.
作者单位：Qatar Foundation (QF); Carnegie Mellon University in Qatar; Carnegie Mellon University; National Bureau of Economic Research; State University System of Florida; University of Florida
摘要：We examine the welfare effects of provision of local public goods in an empirically relevant setting using a multi-community model with mobile and heterogeneous households and with flexible housing supplies. We characterize the first-best allocation and show efficiency can be implemented with decentralization using head taxes. We calibrate the model and compare welfare in property-tax equilibria, both decentralized and centralized, to the efficient allocation. Inefficiencies with decentralizat...
-
作者：Lester, Benjamin; Postlewaite, Andrew; Wright, Randall
作者单位：Western University (University of Western Ontario); University of Pennsylvania; University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：What determines which assets are used in transactions? We develop a framework where the extent to which assets are recognizable determines the extent to which they are acceptable in exchange-i.e. it determines their liquidity. Recognizability and liquidity are endogenized by allowing agents to invest in information. We analyse the effects of monetary policy. There can be multiple equilibria, with different transaction patterns, and these patterns are not invariant to policy. We show that small...
-
作者：Madarasz, Kristof
作者单位：University of London; London School Economics & Political Science
摘要：People exaggerate the extent to which their information is shared with others. This paper introduces the concept of such information projection and provides a simple but widely applicable model. The key application describes a novel agency conflict in a frictionless learning environment. When monitoring with ex post information, biased evaluators exaggerate how much experts could have known ex ante and underestimate experts on average. Experts, to defend their reputations, are too eager to bas...
-
作者：Gelber, Alexander M.; Mitchell, Joshua W.
作者单位：University of Pennsylvania; National Bureau of Economic Research; Urban Institute
摘要：The classic model of Becker (1965, A Theory of the Allocation of Time, Economic Journal, 125, 493-517) suggests that labour supply decisions should be analysed within the broader context of time allocation and market good consumption choices, but most empirical work on policy has focused exclusively on measuring impacts on market work. This paper examines how income taxes affect time allocation during the entire day and how these time allocation decisions interact with expenditure patterns. Us...
-
作者：Imbens, Guido; Kalyanaraman, Karthik
作者单位：Harvard University; University of London; University College London
摘要：We investigate the choice of the bandwidth for the regression discontinuity estimator. We focus on estimation by local linear regression, which was shown to have attractive properties (Porter, J. 2003, Estimation in the Regression Discontinuity Model (unpublished, Department of Economics, University of Wisconsin, Madison)). We derive the asymptotically optimal bandwidth under squared error loss. This optimal bandwidth depends on unknown functionals of the distribution of the data and we propos...
-
作者：Michelacci, Claudio; Pijoan-Mas, Josep
摘要：Starting in the 1970's, wage inequality and the number of hours worked by employed U.S. prime-age male workers have both increased. We argue that these two facts are related. We use a labour market model with on-the-job search where by working longer hours individuals acquire greater skills. Since job candidates are ranked by productivity, greater skills not only increase worker's productivity in the current job but also help the worker to obtain better jobs. When job offers become more disper...
-
作者：Graham, Bryan S.; De Xavier Pinto, Cristine Campos; Egel, Daniel
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Getulio Vargas Foundation; RAND Corporation
摘要：We propose a new inverse probability weighting (IPW) estimator for moment condition models with missing data. Our estimator is easy to implement and compares favourably with existing IPW estimators, including augmented IPW estimators, in terms of efficiency, robustness, and higher-order bias. We illustrate our method with a study of the relationship between early Black-White differences in cognitive achievement and subsequent differences in adult earnings. In our data set, the early childhood ...
-
作者：Guner, Nezih; Kaygusuz, Remzi; Ventura, Gustavo
作者单位：ICREA; Autonomous University of Barcelona; Barcelona School of Economics; Sabanci University; Arizona State University; Arizona State University-Tempe
摘要：We evaluate reforms to the U.S. tax system in a life cycle set-up with heterogeneous married and single households and with an operative extensive margin in labour supply. We restrict our model with observations on gender and skill premia, labour-force participation of married females across skill groups, children, and the structure of marital sorting. We concentrate on two revenue-neutral tax reforms: a proportional income tax and a reform in which married individuals file taxes separately (s...
