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作者：Chowdhury, Shyamal; Sutter, Matthias; Zimmermann, Klaus F.
作者单位：University of Sydney; University of Cologne; Max Planck Society; University of Innsbruck; Maastricht University
摘要：Our large-scale experiment with 542 families from rural Bangladesh finds substantial intergenerational persistence of economic preferences. Both mothers' and fathers' risk, time, and social preferences are significantly (and largely to the same degree) positively correlated with their children's economic preferences, even when controlling for personality traits and socioeconomic background. We discuss possible transmission channels and are the first to classify all families into one of two clu...
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作者：Andersen, Jorgen Juel; Johannesen, Niels; Rijkers, Bob
作者单位：BI Norwegian Business School; University of Copenhagen; The World Bank
摘要：Do elites capture foreign aid? This paper documents that aid disbursements to highly aid-dependent countries coincide with sharp increases in bank deposits in offshore financial centers known for bank secrecy and private wealth management but not in other financial centers. The estimates are not confounded by contemporaneous shocks-such as civil conflicts, natural disasters, and financial crises-and are robust to instrumenting using predetermined aid commitments. The implied leakage rate is ar...
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作者：Genicot, Garance
作者单位：Georgetown University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：Individuals typically differ in their identities-the behaviors they deem ideal for themselves and for the members of their network-and in their tolerance for behaviors that deviate from their ideals. This paper studies compromise-that is, departures from one's ideal point, to be accepted by others. I show that an individual's compromise in equilibrium is bounded by the difference between her tolerance level and the lowest tolerance level in society. Relatively intolerant individuals, who serve...
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作者：Jones, Charles I.
作者单位：Stanford University; National Bureau of Economic Research
摘要：This paper considers top income taxation when (i) new ideas drive economic growth, (ii) the reward for successful innovation is a top income, and (iii) innovation cannot be perfectly targeted by a research subsidy-think about the business methods of Walmart, the creation of Uber, or the idea of Amazon. These conditions lead to a new force affecting the optimal top tax rate: by slowing the creation of new ideas that drive aggregate GDP, top income taxation reduces everyone's income, not just in...
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作者：Plagborg-Moller, Mikkel; Wolf, Christian K.
作者单位：Princeton University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Macroeconomists increasingly use external sources of exogenous variation for causal inference. However, unless such external instruments (proxies) capture the underlying shock without measurement error, existing methods are silent on the importance of that shock for macroeconomic fluctuations. We show that, in a general moving-average model with external instruments, variance decompositions for the instrumented shock are interval-identified, with informative bounds. Various additional restrict...
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作者：Kawai, Kei; Onishi, Ken; Uetake, Kosuke
作者单位：University of California System; University of California Berkeley; Federal Reserve System - USA; Federal Reserve System Board of Governors; Yale University
摘要：We study how signaling affects equilibrium outcomes and welfare in an online credit market, using detailed data on loan characteristics and borrower repayment. We build and estimate an equilibrium model in which a borrower may signal her default risk through the reserve interest rate. Comparing markets with and without signaling relative to the benchmark with no asymmetric information, we find that adverse selection destroys as much as 34% of total surplus, up to 78% of which can be restored w...
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作者：Ravid, Doron; Roesler, Anne-Katrin; Szentes, Balazs
作者单位：University of Chicago; University of Toronto; University of London; London School Economics & Political Science
摘要：This paper analyzes a bilateral trade model in which the buyer's valuation for the object is uncertain and she can privately purchase any signal about her valuation. The seller makes a take-it-or-leave-it offer to the buyer. The cost of a signal is smooth and increasing in informativeness. We characterize the set of equilibria when learning is free and show that they are strongly Pareto ranked. Our main result is that when learning is costly but the cost of information goes to zero, equilibria...
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作者：Broccardo, Eleonora; Hart, Oliver; Zingales, Luigi
作者单位：University of Trento; Harvard University; University of Chicago
摘要：We study the relative effectiveness of exit (divestment and boycott) and voice (engagement) strategies in a world where companies generate externalities and some agents care about the social impact of their decisions. We show that if the majority of investors are even slightly socially responsible, voice achieves the socially optimal outcome. In contrast, exit does not unless everybody is significantly socially responsible. If the majority of investors are purely selfish, exit is a more effect...
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作者：Bhattacharya, Vivek; Ordin, Andrey; Roberts, James W.
作者单位：Northwestern University; University of Texas System; University of Texas Austin; Duke University; National Bureau of Economic Research
摘要：Auctions are often used to sell assets whose future cash flows require the winner to make postauction investments. When winners' payments are contingent on these cash flows, auction design can influence both bidding and incentives to exert effort after the auction. We propose a model of contingent payment auctions that links auction design to postauction economic activity. In the context of oil leases in the Permian Basin, we show that moral hazard affects the relative revenue ranking of diffe...
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作者：Lechene, Valerie; Pendakur, Krishna; Wolf, Alex
作者单位：University of London; University College London; Simon Fraser University
摘要：We provide a method to estimate resource shares-the fraction of total household expenditure allocated to each household member-using linear (e.g., ordinary least squares) estimation of Engel curves. The method is a linear reframing of the 2013 nonlinear model of Dunbar, Lewbel, and Pendakur, extended to allow single-parent and other complex households, scale economies in assignable goods, and complementarities between nonassignable goods and supplemented with a linear identification test. We a...
