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作者：Asparouhova, Elena; Bossaerts, Peter; Eguia, Jon; Zame, William
作者单位：Utah System of Higher Education; University of Utah; University of Melbourne; University of Bristol; Michigan State University; University of California System; University of California Los Angeles
摘要：We present a theory and experimental evidence on pricing and portfolio choices under asymmetric reasoning. We show that under asymmetric reasoning, prices do not reflect all (types of) reasoning. Some agents who observe prices that cannot be reconciled with their reasoning switch from perceiving the environment as risky to perceiving it as ambiguous. If they are ambiguity-averse, these agents become price-insensitive. Results from an experiment show that, consistent with the theory, (i) withou...
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作者：Corbae, Dean; Quintin, Erwan
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
摘要：How much of the foreclosure crisis can be explained by the large number of high-leverage mortgages originated during the housing boom? In our model, heterogeneous households select from mortgages with different down payments and choose whether to default given income and housing shocks. The use of low-down payment loans is initially limited by payment-to-income requirements but becomes unrestricted during the boom. The model approximates key housing and mortgage market facts before and after t...
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作者：Doyle, Joseph J., Jr.; Graves, John A.; Gruber, Jonathan; Kleiner, Samuel A.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Vanderbilt University; Cornell University
摘要：We consider whether hospitals that receive higher payments from Medicare improve patient outcomes, using exogenous variation in ambulance company assignment among patients who live near one another. Using Medicare data from 2002-10 on assignment across ambulance companies and New York State data from 2000-6 on assignment across area boundaries, we find that patients who are brought to higher-cost hospitals achieve better outcomes. Our estimates imply that a one standard deviation increase in M...
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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：Cronqvist, Henrik; Siegel, Stephan
作者单位：China Europe International Business School; University of Washington; University of Washington Seattle
摘要：Analyzing the savings behavior of a large sample of identical and fraternal twins, we find that genetic differences explain about 33 percent of the variation in savings propensities across individuals. Individuals are born with a persistent genetic predisposition to a specific savings behavior. Parenting contributes to the variation in savings rates among younger individuals, but its effect decays over time. The environment when growing up (e.g., parents' wealth) moderates genetic effects. Fin...
