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作者：Blume, Lawrence E.; Durlauf, Steven N.
作者单位：The Santa Fe Institute; University of Wisconsin System; University of Wisconsin Madison
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作者：Behrman, Jere R.; Parker, Susan W.; Todd, Petra E.; Wolpin, Kenneth I.
作者单位：University of Pennsylvania; Rice University
摘要：This paper evaluates the impact of three different performance incentive schemes using data from a social experiment that randomized 88 Mexican high schools with over 40,000 students into three treatment groups and a control group. Treatment 1 provides individual incentives for performance on curriculum-based mathematics tests to students only, treatment 2 to teachers only, and treatment 3 gives both individual and group incentives to students, teachers, and school administrators. Program impa...
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作者：Casas-Arce, Pablo; Saiz, Albert
作者单位：Arizona State University; Arizona State University-Tempe; Massachusetts Institute of Technology (MIT)
摘要：We use Spain's Equality Law to test for the existence of agency problems between party leaders and their constituents. The law mandates a 40 percent female quota on electoral lists in towns with populations above 5,000. Using pre- and postquota data by party and municipality, we implement a triple-difference design. We find that female quotas resulted in slightly better electoral results for the parties that were most affected by the quota. Our evidence shows that party leaders were not maximi...
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作者：Eisenhauer, Philipp; Heckman, James J.; Vytlacil, Edward
作者单位：University of Chicago; New York University
摘要：The literature on treatment effects focuses on gross benefits from program participation. We extend this literature by developing conditions under which it is possible to identify parameters measuring the cost and net surplus from program participation. Using the generalized Roy model, we nonparametrically identify the cost, benefit, and net surplus of selection into treatment without requiring the analyst to have direct information on costs. We apply our methodology to estimate the gross bene...
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作者：Ljungqvist, Lars; Uhlig, Harald
作者单位：Stockholm School of Economics; New York University; University of Chicago
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作者：Herranz, Neus; Krasa, Stefan; Villamil, Anne P.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Iowa
摘要：How do entrepreneurs vary firm size, capital structure, and default to manage risk? We show that more risk-averse entrepreneurs run smaller, more highly leveraged firms and default less, because running a smaller firm with higher debt reduces personal funds at risk in the firm. Optimal default depends on ex ante debt, consumption forgone from firm liquidation, and owner capacity to inject funds. We show that entrepreneurs sacrifice current consumption in the hope of future success that never m...
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作者：Hosseini, Roozbeh
作者单位：Arizona State University; Arizona State University-Tempe
摘要：I study the role of social security in providing insurance when there is adverse selection in the annuity market. I calculate welfare gain from mandatory annuitization in the social security system relative to a laissez-faire benchmark, using a model in which individuals have private information about their mortality. I estimate large heterogeneity in mortality using the Health and Retirement Study. Despite that, I find small welfare gain from mandatory annuitization. Social security has a lar...
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作者：Apesteguia, Jose; Ballester, Miguel A.
作者单位：ICREA; Pompeu Fabra University; Autonomous University of Barcelona
摘要：Evidence showing that individual behavior often deviates from the classical principle of preference maximization has raised at least two important questions: (1) How serious are the deviations? (2) What is the best way to analyze choice behavior in order to extract information for the purpose of welfare analysis? This paper addresses these questions by proposing a new way to identify the preference relation that is closest, in terms of welfare loss, to the revealed choice.
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作者：Toda, Alexis Akira; Walsh, Kieran
作者单位：University of California System; University of California San Diego; University of Virginia
摘要：We provide evidence suggesting that the cross-sectional distributions of US consumption and its growth rate obey the power law in both the upper and lower tails, with exponents approximately equal to four. Consequently, high-order moments are unlikely to exist, and the generalized method of moments estimation of Euler equations that employs cross-sectional moments may be inconsistent. Through bootstrap studies, we find that the power law appears to generate spurious non-rejection of heterogene...
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作者：Frydman, Carola; Hilt, Eric; Zhou, Lily Y.
作者单位：Boston University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We study the effects of a contraction in financial intermediation on nonfinancial firms. The Panic of 1907 originated in the shadow banks of the time, New York's trust companies. The runs were caused by a shock unrelated to the trust companies' nonfinancial corporate clients. In the years following the panic, corporations affiliated with the worst-affected trusts made fewer capital investments, paid lower dividends, and suffered lower profitability and higher borrowing costs relative to firms ...
