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作者：Aguiar, Mark; Hurst, Erik
作者单位：Princeton University; University of Chicago
摘要：We revisit two well-known facts regarding life cycle expenditures: the hump-shaped profile of nondurable expenditures and the increase in cross-household consumption inequality. We document that the behavior of total nondurables masks surprising heterogeneity in the life cycle profile of individual consumption subcomponents. We provide evidence that the categories driving life cycle consumption either are inputs into market work or are amenable to home production. Using a quantitative model, w...
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作者：Dow, Gregory K.; Reed, Clyde G.
作者单位：Simon Fraser University
摘要：Hereditary economic inequality is unknown among mobile foragers, but hereditary class distinctions between elites and commoners exist in some sedentary foraging societies. With agriculture, such stratification tends to become more pronounced. We develop a model to explain the associations among productivity, population, property rights, and inequality. Using Malthusian dynamics, we show that regional productivity growth leads to enclosure of the best sites first, creating inequality between in...
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作者：Jovanovic, Boyan; Szentes, Balazs
作者单位：New York University; University of London; London School Economics & Political Science
摘要：We propose a theory of the market for venture capital that links the excess return to venture equity to the scarcity of venture capitalists (VCs). High returns make the VCs more selective and eager to terminate nonperforming ventures because they can move on to new ones. The scarcity of VCs enables them to internalize their social value, and the competitive equilibrium is socially optimal. Moreover, the bilaterally efficient contract is a simple equity contract. We estimate the model for the p...
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作者：Koriyama, Yukio; Laslier, Jean-Francois; Mace, Antonin; Treibich, Rafael
作者单位：Institut Polytechnique de Paris; Ecole Polytechnique; Centre National de la Recherche Scientifique (CNRS)
摘要：This paper provides a theoretical foundation that supports the degressive proportionality principle in apportionment problems, such as the allocation of seats in a federal parliament. The utility assigned by an individual to a constitutional rule is a function of the frequency with which each collective decision matches the individual's own will. The core of the argument is that, if the function is concave, then classical utilitarianism at the social level recommends decision rules that exhibi...
