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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：Che, Yeon-Koo; Kim, Jinwoo; Kojima, Fuhito; Ryan, Christopher Thomas
作者单位：Columbia University; Seoul National University (SNU); Seoul National University (SNU); University of Tokyo; University of Tokyo; University of British Columbia
摘要：We give two characterizations of Pareto optimality via near weighted utilitarian welfare maximization. One characterization sequentially maximizes utilitarian welfare functions using a finite sequence of nonnegative and eventually positive welfare weights. The other maximizes a utilitarian welfare function with a certain class of positive hyperreal weights. The social welfare ordering represented by these near weighted utilitarian welfare criteria is characterized by the standard axioms for we...
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作者：Shem-Tov, Yotam; Raphael, Steven; Skog, Alissa
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：This paper studies the effect of a restorative justice intervention targeted at 143 youth ages 13 to 17 facing felony charges of medium severity (e.g., burglary, assault). Eligible youths were randomly assigned to participate in the Make-it-Right (MIR) restorative justice program or a control group where they faced standard criminal prosecution. We estimate the effects of MIR on the likelihood that a youth will be rearrested in the four years following randomization. Assignment to MIR reduces ...
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作者：Herrnstadt, Evan; Kellogg, Ryan; Lewis, Eric
作者单位：Congressional Budget Office; University of Chicago; Texas A&M University System; Texas A&M University College Station; Bush School of Government & Public Service
摘要：Oil and gas leases between mineral owners and extraction firms typically specify a date by which the firm must either drill a well or lose the lease. These deadlines are known as primary terms. Using data from the Louisiana shale boom, we first show that well drilling is substantially bunched just before the primary term deadline. This bunching is not necessarily surplus-reducing: using an estimated model of firms' drilling and input choices, we show that primary terms can increase total surpl...
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作者：Gomez, Matthieu; Gouin-Bonenfant, Emilien
作者单位：Columbia University
摘要：We study the effect of interest rates on wealth inequality. While lower rates decrease the growth rate of rentiers, they also increase the growth rate of entrepreneurs by making it cheaper to raise capital. To understand which effect dominates, we derive a sufficient statistic for the effect of interest rates on the Pareto exponent of the wealth distribution: it depends on the lifetime equity and debt issuance rate of individuals in the right tail of the wealth distribution. We estimate this s...
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作者：Grant, Simon; Liu, Sh. L.; Yang, Jingni
作者单位：Australian National University; Peking University; University of Sydney
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作者：Haller, Andreas; Staubli, Stefan; Zweimueller, Josef
作者单位：Norwegian School of Economics (NHH); University of Calgary; National Bureau of Economic Research; University of Zurich; IZA Institute Labor Economics
摘要：This paper develops a sufficient statistics framework for analyzing the welfare effects of disability insurance (DI). We derive social-optimality conditions for the two main DI policy parameters: (i) eligibility rules and (ii) benefit levels. Applying this framework to two restrictive DI reforms in Austria, we find that tighter DI eligibility rules triggered higher fiscal cost savings and lower insurance losses. Hence, tighter DI eligibility rules dominate DI benefit reductions in scaling back...
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作者：Bloise, Gaetano; Le Van, Cuong; Vailakis, Yiannis
作者单位：University of Rome Tor Vergata; Paris School of Economics; IPAG Business School; University of Glasgow
摘要：We provide a unified approach to stochastic dynamic programming with recursive utility based on an elementary application of Tarski's fixed point theorem. We establish that the exclusive source of multiple values is the presence of multiple recursive utilities consistent with the given aggregator, each yielding a legitimate value of the recursive program. We also present sufficient conditions ensuring a unique value of the recursive program in some circumstances. Overall, acknowledging the una...
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作者：Huang, Wanying; Strack, Philipp; Tamuz, Omer
作者单位：California Institute of Technology; Yale University
摘要：We study how long-lived, rational agents learn in a social network. In every period, after observing the past actions of his neighbors, each agent receives a private signal, and chooses an action whose payoff depends only on the state. Since equilibrium actions depend on higher-order beliefs, it is difficult to characterize behavior. Nevertheless, we show that regardless of the size and shape of the network, the utility function, and the patience of the agents, the speed of learning in any equ...
