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作者：Frydman, Cary; Jin, Lawrence J.
作者单位：University of Southern California; California Institute of Technology
摘要：We experimentally test a theory of risky choice in which the perception of a lottery payoff is noisy due to information processing constraints in the brain. We model perception using the principle of efficient coding, which implies that perception is most accurate for those payoffs that occur most frequently. Across two preregistered laboratory experiments, we manipulate the distribution from which payoffs in the choice set are drawn. In our first experiment, we find that risk taking is more s...
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作者：Kermani, Amir; Ma, Yueran
作者单位：University of California System; University of California Berkeley; University of Chicago
摘要：We develop a new data set to study asset specificity among nonfinancial firms. Our data cover the liquidation values of each category of assets on firms' balance sheets and provides information across major industries. First, we find that nonfinancial firms have high asset specificity. For example, the liquidation value of fixed assets is 35% of the net book value in the average industry. Second, we analyze the determinants of asset specificity and document that assets' physical attributes (e....
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作者：Biasi, Barbara; Sarsons, Heather
作者单位：Yale University; National Bureau of Economic Research; University of Chicago
摘要：Does flexible pay increase the gender wage gap? To answer this question, we analyze the wages of public school teachers in Wisconsin, where a 2011 reform allowed school districts to set teachers' pay more flexibly and engage in individual negotiations. Using quasi-exogenous variation in the timing of the introduction of flexible pay, driven by the expiration of preexisting collective-bargaining agreements, we show that flexible pay lowered the salaries of women compared with men with the same ...
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作者：Bleemer, Zachary
作者单位：University of California System; University of California Berkeley
摘要：Proposition 209 banned race-based affirmative action at California public universities in 1998. Using a difference-in-differences research design and a newly constructed longitudinal database linking all 1994-2002 University of California applicants to their educational experiences and wages, I show that ending affirmative action caused underrepresented minority (URM) freshman applicants to cascade into lower-quality colleges. The mismatch hypothesis implies that this cascade would provide net...
