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作者：Epstein, Larry G.
作者单位：Boston University
摘要：Living with risk can lead to anticipatory feelings such as anxiety or hopefulness. Such feelings can affect the choice between lotteries that will be played out in the future-choice may be motivated not only by the (static) risks involved but also by the desire to reduce anxiety or to promote savouring. This paper provides a model of preference in a three-period setting that is axiomatic and includes a role for anticipatory feelings. It is shown that the model of preference can accommodate int...
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作者：Baccara, Mariagiovanna; Bar-Isaac, Heski
作者单位：New York University
摘要：In criminal organizations, diffusing information widely throughout the organization might lead to greater internal efficiency (in particular, since these organizations are self-sustaining, through enhancing trust). However, this may come at the cost of leaving the organization more vulnerable to external threats such as law enforcement. We consider the implications of this trade-off and characterize the optimal information structure, rationalizing both hierarchical structures and organization ...
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作者：Martin, Philippe; Mayer, Thierry; Thoenig, Mathias
作者单位：heSam Universite; Universite Pantheon-Sorbonne; Paris School of Economics; University of Geneva; Paris School of Economics
摘要：This paper analyses theoretically and empirically the relationship between military conflicts and trade. We show that the conventional wisdom that trade promotes peace is only partially true even in a model where trade is economically beneficial, military conflicts reduce trade, and leaders are rational. When war can occur because of the presence of asymmetric information, the probability of escalation is lower for countries that trade more bilaterally because of the opportunity cost associate...
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作者：Arzaghi, Mohammad; Henderson, J. Vernon
作者单位：American University of Sharjah; Brown University
摘要：This paper studies the advertising agency industry in Manhattan to infer networking benefits among agencies in close spatial proximity. We use economic census data that allow us to distinguish locations at a fine level of geographic detail, so as to infer the strong effect on productivity of having more near advertising agency neighbours. Paying close attention to identification issues, we show, however, that there is extremely rapid spatial decay in the benefits of more near neighbours, even ...
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作者：Brunner, Antje; Krahnen, Jan Pieter
作者单位：Humboldt University of Berlin; Goethe University Frankfurt
摘要：Multiple banking is a common characteristic of the corporate lending, particularly of medium-sized and large firms. However, if the firms are facing distress, multiple lenders may have serious coordination problems, as has been argued in the theoretical literature. In this paper we analyse the problems of multiple banking in borrower distress empirically. We rely on a unique panel data set that includes detailed credit-file information on distressed lending relationships in Germany. In particu...
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作者：Barlevy, Gadi
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This paper shows how record-value theory, a branch of statistics that deals with the timing and magnitude of extreme values in sequences of random variables, can be used to recover features of the wage offer distribution in conventional search models. Using National Longitudinal Survey of Youth (NLSY) wage data, I show that the data are not compatible with specifications for the offer distribution characterized by extreme negative skewness. In addition, I show that my approach can be used to c...
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作者：Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain
摘要：This paper shows that standard international business cycle models can be reconciled with the empirical evidence on the lack of consumption risk sharing. First, we show analytically that with incomplete asset markets productivity disturbances can have large uninsurable effects on wealth, depending on the value of the trade elasticity and shock persistence. Second, we investigate these findings quantitatively in a model calibrated to the U.S. economy. With the low trade elasticity estimated via...
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作者：Acemoglu, Daron; Egorov, Georgy; Sonin, Konstantin
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; New Economic School
摘要：We study the formation of a ruling coalition in non-democratic societies where institutions do not enable political commitments. Each individual is endowed with a level of political power. The ruling coalition consists of a subset of the individuals in the society and decides the distribution of resources. A ruling coalition needs to contain enough powerful members to win against any alternative coalition that may challenge it, and it needs to be self-enforcing, in the sense that none of its s...
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作者：Blow, Laura; Browning, Martin; Crawford, Ian
作者单位：University of Oxford
摘要：Characteristics models have been found to be useful in many areas of economics. However, their empirical implementation tends to rely heavily on functional form assumptions. In this paper we develop a revealed preference approach to characteristics models. We derive the necessary and sufficient empirical conditions under which data on the market behaviour of heterogeneous, price-taking consumers are non-parametrically consistent with the consumer characteristics model. Where these conditions h...
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作者：Nocke, Volker; Yeaple, Stephen
作者单位：University of Oxford; University of Colorado System; University of Colorado Boulder; National Bureau of Economic Research
摘要：We develop an assignment theory to analyse the volume and composition of foreign direct investment (FDI). Firms conduct FDI by either engaging in greenfield investment or in cross-border acquisitions. Cross-border acquisitions involve firms trading heterogeneous corporate assets to exploit complementarities, while greenfield FDI involves setting up a new production division in the foreign country. In equilibrium, greenfield FDI and cross-border acquisitions coexist within the same industry, bu...
