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作者：Garcia, Jorge Luis; Heckman, James J.; Leaf, Duncan Ermini; Prados, Maria Jose
作者单位：Clemson University; University of Chicago; University of Southern California
摘要：This paper quantifies and aggregates the multiple lifetime benefits of an influential high-quality early-childhood program with outcomes measured through midlife. Guided by economic theory, we supplement experimental data with nonexperimental data to forecast the life-cycle benefits and costs of the program. Our point estimate of the internal rate of return is 13.7%, with an associated benefit/cost ratio of 7.3. We account for model estimation and forecasting error and present estimates from e...
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作者：Frederiksen, Anders; Kahn, Lisa B.; Lange, Fabian
作者单位：Aarhus University; University of Rochester; McGill University
摘要：We study how heterogeneity in performance evaluations across supervisors affects employee and supervisor careers and firm outcomes using data on the performance system of a Scandinavian service sector firm. Supervisors vary widely in how they rate subordinates of similar quality. In our model, this ratings heterogeneity can arise because supervisors can differ in their ability to manage subordinates or in their leniency when rating subordinates. Furthermore, firms might or might not be informe...
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作者：Bandiera, Oriana; Hansen, Stephen; Prat, Andrea; Sadun, Raffaella
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作者：Ray, Debraj; Vohra, Rajiv
作者单位：New York University; University of Warwick; Brown University
摘要：A strategic situation with payoff-based externalities is one in which a player's payoff depends on her own action and others' payoffs. We place restrictions on the resulting interdependent utility system that generate a standard normal form, referred to as a game of love and hate. Our central theorem states that every equilibrium of a game of love and hate is Pareto optimal. While externalities are restricted to flow only through payoffs, there are no other constraints: they could be positive ...
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作者：Lee, Kenneth; Miguel, Edward; Wolfram, Catherine
作者单位：University of Chicago; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：We present results from an experiment that randomized the expansion of electric grid infrastructure in rural Kenya. Electricity distribution is a canonical example of a natural monopoly. Experimental variation in the number of connections, combined with administrative cost data, reveals considerable scale economies, as hypothesized. Randomized price offers indicate that demand for connections falls sharply with price. Among newly connected households, average electricity consumption is very lo...
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作者：Angeletos, George-Marios; La'O, Jennifer
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Columbia University
摘要：We study optimal policy in a business-cycle setting in which firms hold dispersed private information about, or are rationally inattentive to, the state of the economy. The informational friction is the source of both nominal and real rigidity. Because of the latter, the optimal monetary policy does not target price stability. Instead, it targets a negative relation between the nominal price level and real economic activity. Such leaning against the wind helps maximize production efficiency. A...
