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作者：Skiadas, Costis
作者单位：Northwestern University
摘要：Assuming Brownian/Poisson uncertainty, a certainty equivalent ((CE)) based on the smooth second-order expected utility of Klibanoff, Marinacci, and Mukerji is shown to be approximately equal to an expected-utility CE. As a consequence, the corresponding continuous-time recursive utility form is the same as for Kreps-Porteus utility. The analogous conclusions are drawn for a smooth divergence CE, based on a formulation of Maccheroni, Marinacci, and Rustichini, but only under Brownian uncertaint...
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作者：Lagos, Ricardo
作者单位：New York University
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作者：David, Alexander; Veronesi, Pietro
作者单位：University of Calgary; University of Chicago; National Bureau of Economic Research
摘要：Stock and Treasury bond comovement, volatilities, and their relations to their price valuations and fundamentals change stochastically over time, in both magnitude and direction. These stochastic changes are explained by a general equilibrium model in which agents learn about composite economic and inflation regimes. We estimate our model using both fundamentals and asset prices and find that inflation news signal either positive or negative future real economic growth depending on the times, ...
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作者：Fryer, Roland G., Jr.; Loury, Glenn C.
作者单位：Harvard University; Brown University
摘要：This paper explores the economics of diversity-enhancing policies. A model is proposed in which heterogeneous agents, distinguished by skill level and social identity, purchase productive opportunities in a competitive market. We analyze policies designed to raise the status of a disadvantaged identity group. When agent identity is contractible, efficient policy grants preferred access to slots but offers no direct assistance for acquiring skills. When identity is not contractible, efficient p...
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作者：Levitt, Steven D.; List, John A.; Syverson, Chad
作者单位：University of Chicago; National Bureau of Economic Research
摘要：We investigate learning by doing using detailed data from a major auto producer''s assembly plant. We focus on the acquisition, aggregation, transmission, and embodiment of the knowledge stock built through learning. We find that most knowledge was not retained by plant workers despite their importance as a learning conduit. This is consistent with the plant''s systems for productivity measurement and improvement. We further explore how learning at the hundreds of processes along the productio...
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作者：Wallace, Neil
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
