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作者：Mazumdar, J
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作者：Brandt, L; Hosios, AJ
摘要：A hedonic analysis of principal-agent employment contracts is developed in which workers and employers exchange labor services and contractual payment patterns. Within this framework, tests of alternative hypotheses are formulated and applied to contract data from a unique household-level survey of economic activity in rural China in 1935. The results indicate that credit market constraints motivated workers' and employers' contract choices, that shirking by workers rather than by employers wa...
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作者：Goldberg, PK
摘要：This paper documents the variation in dealer discounts for new cars using transactions price data from the Consumer Expenditure Survey. Consumer-specific characteristics fail to explain dealer discounts, whereas model, market-specific, and purchase transaction variables (e.g., first-time purchase, trade-in, and financing through dealer) do explain them. The results contradict earlier findings of race and gender discrimination based on a controlled experiment. This contradiction is reconciled b...
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作者：Frey, BS; OberholzerGee, F; Eichenberger, R
摘要：Local opposition to many projects makes it increasingly difficult to find sites for socially desirable facilities. As has been widely documented, compensation for local disamenities does not increase the level of support. An empirical analysis of the Swiss search for a nuclear waste repository even reveals decreased acceptance due to the rejection of bribes and the crowding-out of public spirit. However, a ''compensation cycle'' may be exploited to finally win the support of host communities. ...
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作者：Arifovic, J
摘要：This paper studies the behavior of the exchange rate in the Kareken-Wallace overlapping generations economy with two currencies in which decision rules are updated using the genetic algorithm. The analysis shows that a stationary monetary equilibrium of the Kareken-Wallace model is not stable under the genetic algorithm dynamics. The fluctuations in the genetic algorithm exchange rate are driven by fluctuations in the portfolio fractions, which change over time in response to the inequality be...
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作者：Simpson, RD; Sedjo, RA; Reid, JW
摘要：''Biodiversity prospecting'' has been touted as a mechanism for both discovering new pharmaceutical products and saving endangered ecosystems. It is unclear what values may arise from such activities, however. Evidence from transactions is incomplete and existing theoretical models are flawed. We calculate an upper bound on the value of the ''marginal species.'' Even under favorable assumptions this bound is modest. Slightly modified assumptions lead to drastically lower estimates. We extend o...
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作者：Cochrane, JH
作者单位：National Bureau of Economic Research
摘要：I examine a factor pricing model for stock returns, The factors are returns on physical investment, infer red from investment data via a production function. I examine the model's ability to explain variation in expected returns across assets and over time. The model is not rejected. It performs about as well as the CAPM and the Chen, Roll, and Ross factor model, and it performs substantially better than a simple consumption-based model. I also provide an easy technique for estimating and test...
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作者：Lothian, JR; Taylor, MP
作者单位：University of Liverpool; Centre for Economic Policy Research - UK
摘要：Using annual data spanning two centuries for dollar-sterling and franc-sterling real exchange rates, we find strong evidence of mean-reverting real exchange rate behavior. Using simple, stationary, autoregressive models estimated on prefloat data, we easily outperform nonstationary real exchange rate models in dynamic forecasting exercises over the recent float. Such stationary univariate equations explain 60-80 percent of the in-sample variation in real exchange rates, although the degree of ...
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作者：Campbell, JY
摘要：This paper uses an equilibrium multifactor model to interpret the cross-sectional pattern of postwar U.S. stock and bond returns. Priced factors include the return on a stock index, revisions in forecasts of future stock returns (to capture intertemporal hedging effects), and revisions in forecasts of future labor income growth (proxies for the return on human capital). Aggregate stock market risk is the main factor determining excess returns; but in the presence of human capital or stock mark...
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作者：Pratt, JW; Zeckhauser, RJ
摘要：Willingness to pay (WTP), most economists believe, is an appropriate benefits metric for government expenditure and regulatory policies that reduce risks to human life. It depends, however, on the distribution of risk and wealth. Currently, society's expenditures overemphasize concentrated risks, say after-the-fact treatment as opposed to prevention. A ''dead-anyway'' effect complements excess attention to intense interests in explaining this. Our normative criterion for spending on risk reduc...
