-
作者：Falk, Armin; Becker, Anke; Dohmen, Thomas; Enke, Benjamin; Huffman, David; Sunde, Uwe
作者单位：University of Bonn; Harvard University; Harvard University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; National Bureau of Economic Research; University of Munich
摘要：This article studies the global variation in economic preferences. For this purpose, we present the Global Preference Survey (GPS), an experimentally validated survey data set of time preference, risk preference, positive and negative reciprocity, altruism, and trust from 80,000 people in 76 countries. The data reveal substantial heterogeneity in preferences across countries, but even larger within-country heterogeneity. Across individuals, preferences vary with age, gender, and cognitive abil...
-
作者：Gomes, Renato; Tirole, Jean
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Centre National de la Recherche Scientifique (CNRS); Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：Firms often sell a basic good as well as ancillary ones. Hold-up concerns have led to ancillary good regulations, such as transparency and price caps. The hold-up narrative, however, runs counter to evidence in many retail settings where ancillary good prices are set below cost (e.g., free shipping or limited card surcharging in countries where the no-surcharge rule was lifted). We argue that the key to unifying these conflicting narratives is that the seller may absorb partly or fully the anc...
-
作者：Mertens, Karel; Olea, Jose Luis Montiel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; Columbia University; Center for Economic & Policy Research (CEPR)
摘要：Using new narrative measures of exogenous variation in marginal tax rates associated with postwar tax reforms in the United States, this study estimates short-run tax elasticities of reported income of around 1.2 based on time series from 1946 to 2012. Estimated elasticities are larger in the top 1% of the income distribution but are also positive and statistically significant for other income groups. Previous time series studies of tax returns data have found little evidence for income respon...
-
作者：Cantoni, Davide; Dittmar, Jeremiah; Yuchtman, Noam
作者单位：University of Munich; Leibniz Association; Ifo Institut; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：Using novel microdata, we document an important, unintended consequence of the Protestant Reformation: a reallocation of resources from religious to secular purposes. To understand this process, we propose a conceptual framework in which the introduction of religious competition shifts political markets where religious authorities provide legitimacy to rulers in exchange for control over resources. Consistent with our framework, religious competition changed the balance of power between secula...
-
作者：Shi, Shouyong; Delacroix, Alain
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Quebec; University of Quebec Montreal
摘要：To answer the question in the title, this article characterizes the socially efficient organization of the market with search frictions. The efficient organization depends on the relative elasticity in the supply between the two sides of the market, the costs of participating in the market and organizing trade, and the (a) symmetry in matching. We also show that the social optimum can be implemented by a realistic market equilibrium where the organizers set up trading sites to direct the other...
-
作者：Dickstein, Michael J.; Morales, Eduardo
作者单位：New York University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Princeton University; National Bureau of Economic Research; Leibniz Association; Ifo Institut
摘要：Much of the variation in international trade volume is driven by firms' extensive margin decisions of whether to participate in export markets. We evaluate how the information potential exporters possess influences their decisions. We estimate a model of export participation in which firms weigh the fixed costs of exporting against the forecasted profits from serving a foreign market. We adopt a moment inequality approach, placing weak assumptions on firms' expectations. The framework allows u...
-
作者：Kueng, Lorenz
作者单位：Northwestern University; National Bureau of Economic Research
摘要：Using new transaction data, I find considerable deviations from consumption smoothing in response to large, regular, predetermined, and salient payments from the Alaska Permanent Fund. On average, the marginal propensity to consume (MPC) is 25% for nondurables and services within one quarter of the payments. The MPC is heterogeneous, monotonically increasing with income, and the average is largely driven by high-income households with substantial amounts of liquid assets, who have MPCs above 5...
-
作者：Spenkuch, Jorg L.; Toniatti, David
作者单位：Northwestern University
摘要：We study the persuasive effects of political advertising. Our empirical strategy exploits FCC regulations that result in plausibly exogenous variation in the number of impressions across the borders of neighboring counties. Applying this approach to detailed data on television advertisement broadcasts and viewership patterns during the 2004-12 presidential campaigns, our results indicate that total political advertising has almost no impact on aggregate turnout. By contrast, we find a positive...
-
作者：Arnold, David; Dobbie, Will; Yang, Crystal S.
作者单位：Princeton University; National Bureau of Economic Research; Harvard University
摘要：This article develops a new test for identifying racial bias in the context of bail decisions-a high-stakes setting with large disparities between white and black defendants. We motivate our analysis using Becker's model of racial bias, which predicts that rates of pretrial misconduct will be identical for marginal white and marginal black defendants if bail judges are racially unbiased. In contrast, marginal white defendants will have higher rates of misconduct than marginal black defendants ...
-
作者：Nakamura, Emi; Steinsson, Jon; Sun, Patrick; Villar, Daniel
作者单位：University of California System; University of California Berkeley; University of California System; University of California Berkeley; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：A key policy question is: how high an inflation rate should central banks target? This depends crucially on the costs of inflation. An important concern is that high inflation will lead to inefficient price dispersion. Workhorse New Keynesian models imply that this cost of inflation is very large. An increase in steady-state inflation from 0% to 10% yields a welfare loss that is an order of magnitude greater than the welfare loss from business cycle fluctuations in output in these models. We a...
