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作者：Cerreia-Vioglio, Simone; Dillenberger, David; Ortoleva, Pietro
作者单位：Bocconi University; University of Pennsylvania; Princeton University
摘要：We introduce Cautious Utility, a new model based on the idea that individuals are unsure of trade-offs between goods and apply caution. The model yields an endowment effect, even when gains and losses are treated symmetrically. Moreover, it implies either loss aversion or loss neutrality for risk, but in a way unrelated to the endowment effect, and it captures the certainty effect, providing a novel unified explanation of all three phenomena. Cautious Utility can help organize empirical eviden...
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作者：Almas, Ingvild; Attanasio, Orazio; Jervis, Pamela
作者单位：Stockholm University; Norwegian School of Economics (NHH); Yale University; Norwegian School of Economics (NHH); National Bureau of Economic Research; Universidad de Chile; University of London; London School Economics & Political Science
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作者：Dilme, Francesc
作者单位：University of Bonn
摘要：This paper introduces and analyzes sequentially stable outcomes in extensive-form games. An outcome omega is sequentially stable if, for any epsilon > 0 and any small enough perturbation of the players' behavior, there is an epsilon-perturbation of the players' payoffs and a corresponding equilibrium with outcome close to omega. Sequentially stable outcomes exist for all finite games and are outcomes of sequential equilibria. They are closely related to stable sets of equilibria and satisfy ve...
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作者：Herkenhoff, Kyle; Lise, Jeremy; Menzio, Guido; Phillips, Gordon M.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; New York University; Dartmouth College
摘要：To what extent is a worker's human capital growth affected by the quality of his coworkers? To answer this question, we develop and estimate a model in which the productivity and the human capital growth of an individual depend on the average human capital of his coworkers. The measured production function is supermodular: The marginal product of a more knowledgeable individual is increasing in the human capital of his coworkers. The measured human capital accumulation function is convex: An i...
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作者：Jiang, Zhengyang; Lustig, Hanno; Van Nieuwerburgh, Stijn; Xiaolan, Mindy Z.
作者单位：Northwestern University; National Bureau of Economic Research; National Bureau of Economic Research; Stanford University; Columbia University; Center for Economic & Policy Research (CEPR); University of Texas System; University of Texas Austin
摘要：The government budget constraint ties the market value of government debt to the expected present discounted value of fiscal surpluses. We find evidence that U.S. Treasury investors fail to impose this no-arbitrage restriction in the United States. Both cyclical and long-run dynamics of tax revenues and government spending make the surplus claim risky. In a realistic asset pricing model, this risk in surpluses creates a large gap between the market value of debt and its fundamental value, the ...
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作者：Dziewulski, Pawel; Quah, John K. -H.
作者单位：University of Sussex; National University of Singapore
摘要：We formulate an order over constraint sets A subset of Rl, called the parallelogram order, which guarantees that argmin{p & sdot; x:x is an element of A} increases in the product order as A increases in the parallelogram order, for any vector p is an element of Rl. Using this result, we characterize the utility/production functions that lead to normal demand as well as the closely related class of production functions with marginal costs that increase with factor prices. By generalizing the co...
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作者：Brooks, Benjamin; Du, Songzi
作者单位：University of Chicago; University of California System; University of California San Diego
摘要：We study the design of optimal mechanisms when the designer is uncertain both about the form of information held by the agents and also about which equilibrium will be played. The guarantee of a mechanism is its worst performance across all information structures and equilibria. The potential of an information structure is its best performance across all mechanisms and equilibria. We formulate a pair of linear programs, one of which is a lower bound on the maximum guarantee across all mechanis...
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作者：Mahler, Lukas; Yum, Minchul
作者单位：KU Leuven; Virginia Commonwealth University
摘要：We document significant gaps in wealth across health status over the life cycle in Germany-a country with a universal healthcare system and negligible out-of-pocket medical expenses. To investigate the underlying sources of these wealth-health gaps, we build a heterogeneous-agent life-cycle model in which health and wealth evolve endogenously. In the model, agents exert efforts to lead a healthy lifestyle, which helps maintain good health status in the future. Effort choices, or lifestyle beha...
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作者：Boucher, Vincent; Rendall, Michelle; Ushchev, Philip; Zenou, Yves
作者单位：Laval University; Monash University; Centre for Economic Policy Research - UK; Universite Libre de Bruxelles; Monash University; IZA Institute Labor Economics
摘要：There is substantial empirical evidence showing that peer effects matter in many activities. The workhorse model in empirical work on peer effects is the linear-in-means (LIM) model, whereby it is assumed that agents are linearly affected by the mean action of their peers. We develop a new general model of peer effects that relaxes the linear assumption of the best-reply functions and the mean peer behavior and that encompasses the spillover, conformist model, and LIM model as special cases. T...
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作者：Holden, Tom D.
作者单位：Deutsche Bundesbank
摘要：Central banks wish to avoid self-fulfilling fluctuations. Interest rate rules with a unit response to real rates achieve this under the weakest possible assumptions about the behavior of households and firms. They are robust to household heterogeneity, hand-to-mouth consumers, non-rational household or firm expectations, active fiscal policy, and to any form of intertemporal or nominal-real links. They are easy to employ in practice, using inflation-protected bonds to infer real rates. With a ...
