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作者：Garleanu, Nicolae; Panageas, Stavros
作者单位：University of California System; University of California Berkeley; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Chicago
摘要：We study the implications of preference heterogeneity for asset pricing. We use recursive preferences in order to separate heterogeneity in risk aversion from heterogeneity in the intertemporal elasticity of substitution and an overlapping-generations framework to obtain a nondegenerate stationary equilibrium. We solve the model explicitly up to the solutions of ordinary differential equations and highlight the effects of overlapping generations and each dimension of preference heterogeneity o...
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作者：MaCurdy, Thomas
作者单位：Stanford University
摘要：This study investigates the antipoverty efficacy of minimum wage policies. Proponents of these policies contend that employment impacts are negligible and suggest that consumers pay for higher labor costs through imperceptible increases in goods prices. Adopting this empirical scenario, the analysis demonstrates that an increase in the national minimum wage produces a value-added tax effect on consumer prices that is more regressive than a typical state sales tax and allocates benefits as high...
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作者：Campbell, John Y.; Cochrane, John H.
作者单位：Harvard University; National Bureau of Economic Research; University of Chicago
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作者：Cunha, Flavio; Todd, Petra
作者单位：Rice University; University of Pennsylvania
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作者：Ely, Jeffrey; Frankel, Alexander; Kamenica, Emir
作者单位：Northwestern University; University of Chicago
摘要：We model demand for noninstrumental information, drawing on the idea that people derive entertainment utility from suspense and surprise. A period has more suspense if the variance of the next period's beliefs is greater. A period has more surprise if the current belief is further from the last period's belief. Under these definitions, we analyze the optimal way to reveal information over time so as to maximize expected suspense or surprise experienced by a Bayesian audience. We apply our resu...
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作者：Caliendo, Lorenzo; Monte, Ferdinando; Rossi-Hansberg, Esteban
作者单位：Yale University; Johns Hopkins University; Princeton University
摘要：We study the internal organization of French manufacturing firms. We divide the employees of each firm into layers using occupational categories. Layers are hierarchical in that the typical worker in a higher layer earns more, and the typical firm occupies less of them. The probability of adding/dropping a layer is positively/negatively correlated with value added. Reorganization, through changes in layers, is essential to understanding how firms grow. Firms that expand substantially add layer...
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作者：Carneiro, Pedro; Loken, Katrine V.; Salvanes, Kjell G.
作者单位：University of London; London School Economics & Political Science; University College London; University of Bergen; IZA Institute Labor Economics; Norwegian School of Economics (NHH)
摘要：We study a change in maternity leave entitlements in Norway. Mothers giving birth before July 1, 1977, were eligible for 12 weeks of unpaid leave, while those giving birth after that date were entitled to 4 months of paid leave and 12 months of unpaid leave. The increased time spent with the child led to a 2 percentage point decline in high school dropout rates and a 5 percent increase in wages at age 30. These effects were larger for the children of mothers who, in the absence of the reform, ...
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作者：Polachek, Solomon W.; Das, Tirthatanmoy; Thamma-Apiroam, Rewat
作者单位：State University of New York (SUNY) System; Binghamton University, SUNY; IZA Institute Labor Economics; State University System of Florida; University of Central Florida; Kasetsart University
摘要：We derive a tractable nonlinear earnings function that we estimate separately individual by individual using NLSY79 data. We obtain three ability measures, a rate of skill depreciation, a time discount rate, and a population-wide estimate of the human capital rental rate. We utilize these parameters to verify a number of heretofore untested theorems based on the life cycle model. We show how these human capital production function parameters relate to cognitive ability, personality traits, and...
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作者：Sprenger, Charles
作者单位：Stanford University
摘要：Recent models of reference-dependent preferences indicate that expectations may play a prominent role in the presence of behavioral anomalies. A subset of such expectations-based models predicts an endowment effect for risk: that risk attitudes differ when reference points change from certain to stochastic. In two purposefully simple risk preference experiments, eliminating often-discussed confounds, I demonstrate both between and within subjects such an endowment effect for risk. These result...
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作者：Acemoglu, Daron; Jensen, Martin Kaae
作者单位：Massachusetts Institute of Technology (MIT); University of Leicester
摘要：We consider infinite-horizon economies populated by a continuum of agents subject to idiosyncratic shocks. This framework contains models of saving and capital accumulation with incomplete markets in the spirit of works by Bewley, Aiyagari, and Huggett; models of entry, exit, and industry dynamics in the spirit of Hopenhayn's work; and dynamic models of occupational choice and search models as special cases. Robust and easy-to-apply comparative statics results are established with respect to e...
