-
作者：Mommaerts, Corina
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
摘要：This paper examines whether informal care by family members influences the demand for long-term care insurance. Motivated by evidence that the availability of informal caregivers correlates with lower insurance demand and that informal care substitutes for formal care, I estimate a dynamic model of long-term care decisions between an elderly parent and her adult child. The availability of informal care lowers demand for insurance by 7 percentage points and suppresses Medicaid spending. A polic...
-
作者：Anderson, Axel; Rosen, Jeremy; Rust, John; Wong, Kin-Ping
作者单位：Georgetown University
摘要：Do the world's best tennis pros play Nash equilibrium mixed strategies? We answer this question using data on serve-direction choices (to the receiver's left, right, or body) from the Match Charting Project. Using a new approach, we test and reject a key implication of a mixed-strategy Nash equilibrium: that the probability of winning the service game is identical for all possible serve strategies. We calculate best-response serve strategies by dynamic programming (DP) and show that for most e...
-
作者：Cui, Wei; Wright, Randall; Zhu, Yu
作者单位：University of London; University College London; University of Groningen; Zhejiang University; University of Wisconsin System; University of Wisconsin Madison; Renmin University of China
摘要：This paper studies economies where firms acquire capital in primary markets and then, after idiosyncratic productivity shocks, retrade it in secondary markets that incorporate bilateral trade with search, bargaining, and liquidity frictions. We distinguish between full or partial sales (one firm gets all or some of the other's capital) and document several long- and short-run empirical patterns between these variables and the cost of liquidity, as measured by inflation. Quantitatively, the mod...
-
作者：Arcidiacono, Peter; Aucejo, Esteban; Maurel, Arnaud; Ransom, Tyler
作者单位：Duke University; IZA Institute Labor Economics; National Bureau of Economic Research; Arizona State University; Arizona State University-Tempe; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; University of Oklahoma System; University of Oklahoma - Norman
摘要：We examine how informational frictions impact schooling and work outcomes by estimating a dynamic structural model where individuals face uncertainty about their academic ability and productivity, which determine their schooling utility and wages. We account for different college types, majors, occupational search frictions, and work hours. Individuals learn from grades and wages, which may affect their choices. Removing informational frictions would increase graduation by 4.4 percentage point...
-
作者：Hirano, Tomohiro; Toda, Alexis Akira
作者单位：University of London; Royal Holloway University London; Emory University
摘要：Asset price bubbles are situations where asset prices exceed the fundamental values defined by the present value of dividends. This paper presents a conceptually new perspective: the necessity of bubbles. We establish the bubble necessity theorem in a plausible general class of economic models: with faster long-run economic growth (G) than dividend growth (Gd) and counterfactual long-run autarky interest rate (R) below dividend growth, all equilibria are bubbly with nonnegligible bubble sizes ...
-
作者：Galdon-Sanchez, Jose Enrique; Gil, Ricard; Uriz-Uharte, Guillermo
作者单位：Universidad Publica de Navarra; University of Navarra; IESE Business School
摘要：We empirically investigate how the performance of small and medium-sized enterprises (SMEs) changes when gaining access to market information. To do so, we evaluate the impact of an information program diffused by a bank among its SME customers. Adopting firms gained access to reports with rich information about their own clientele and that of nearby establishments. While we find that adoption is associated with a 4.5% revenue increase, our instrumental variable results indicate that adoption ...
