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作者：Robinson, James A.
作者单位：University of Chicago; University of Nigeria; University of Nigeria
摘要：My research suggests that world inequality is explained by the incidence of extractive and inclusive institutions. But why do some countries have extractive institutions? I distinguish between two main reasons; first, power relations; second, the normative order. Normative orders provide justifications and legitimacy for institutions which may not generate prosperity, but may achieve other goals. These distinctions are critical because they create very different challenges in trying to make in...
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作者：Maccheroni, Fabio; Marinacci, Massimo; Wang, Ruodu; Wu, Qinyu
作者单位：Bocconi University; University of Waterloo
摘要：We provide a new foundation of risk aversion by showing that this attitude is fully captured by the propensity to seize insurance opportunities. In our main results, we first characterize Arrow-Pratt (1963-1964) risk aversion in terms of propensity to full insurance and the stronger notion of risk aversion of Rothschild and Stiglitz (1970) in terms of propensity to partial insurance. We then extend the analysis to comparative risk aversion by showing that the classical notion of Yaari (1969) c...
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作者：Ali, S. Nageeb; Shorrer, Ran I.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Applicants to schools, colleges, and jobs hedge by applying to a broad range of options, including reaches, matches, and safeties. We develop a simultaneous-search framework that rationalizes this practice. In this framework, the admissions process is correlated across schools so that if an applicant is rejected by one school, she is more likely to be rejected by more selective schools. We find that an applicant then optimally targets both safeties and reaches. We characterize how the optimal ...
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作者：Alvarez, Fernando; Borovickova, Katarina; Shimer, Robert
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We develop a linear GMM estimator of the discrete-time mixed proportional hazard (MPH) model of duration with an arbitrary distribution of unobserved heterogeneity. We allow for competing risks, observable characteristics, and censoring. We prove our estimator is consistent and apply it to the duration of price spells. We find substantial unobserved heterogeneity with economically meaningful implications for the response of output to a monetary policy shock in a model with time-dependent prici...
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作者：Acemoglu, Daron
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper reviews the main motivations and arguments of my work on comparative development, colonialism, and institutional change, which was often carried out jointly with James Robinson and Simon Johnson. I then provide a simple framework to organize these ideas and connect them with my research on innovation and technology. The framework is centered around a utility-technology possibilities frontier, which delineates the possible distributions of resources in a society both for given techno...
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作者：Boudreau, Laura; Macchiavello, Rocco; Minni, Virginia; Tanaka, Mari
作者单位：National Bureau of Economic Research; Columbia University; Center for Economic & Policy Research (CEPR); University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR); University of Chicago; IZA Institute Labor Economics; Hitotsubashi University; University of Tokyo
摘要：Social movements are catalysts for crucial institutional changes. To succeed, they must coordinate members' views (consensus building) and actions (mobilization). We study union leaders within Myanmar's burgeoning labor movement. Union leaders are positively selected on both ability and personality traits that enable them to influence others, yet they earn lower wages. In group discussions about workers'views on an upcoming national minimum wage negotiation, randomly embedded leaders build con...
