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作者：Allen, Robert C.
作者单位：New York University; New York University Abu Dhabi; University of Oxford
摘要：A new basis for an international poverty measurement is proposed based on linear programming for specifying the least cost diet and explicit budgeting for nonfood spending. This approach is superior to the World Bank's $1-a-day line because it is (i) clearly related to survival and well being; (ii) comparable across time and space since the same nutritional requirements are used everywhere while nonfood spending is tailored to climate; (iii) adjusts consumption patterns to local prices; (iv) p...
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作者：Cho, In-Koo; Kasa, Kenneth
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Hanyang University; Federal Reserve System - USA; Simon Fraser University
摘要：A decision maker doubts the stationarity of his environment. In response, he uses two models, one with time-varying parameters, and another with constant parameters. Forecasts are then based on a Bayesian model averaging strategy, which mixes forecasts from the two models. In reality, structural parameters are constant, but the (unknown) true model features expectational feedback, which the reduced-form models neglect. This feedback permits fears of parameter instability to become self-confirm...
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作者：Lemoine, Derek; Rudik, Ivan
作者单位：University of Arizona; National Bureau of Economic Research; Iowa State University; Iowa State University
摘要：Common views hold that the efficient way to limit warming to a chosen level is to price carbon emissions at a rate that increases exponentially. We show that this Hotelling tax on carbon emissions is actually inefficient. The least-cost policy path takes advantage of the climate system's inertia to delay reducing emissions and allow greater cumulative emissions. The efficient carbon tax follows an inverse-U-shaped path and grows more slowly than the Hotelling tax. Economic models that assume e...
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作者：Garicano, Luis; Rayo, Luis
作者单位：IE University; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Utah System of Higher Education; University of Utah
摘要：We study how relational contracts mitigate Becker's classic problem of providing general human capital when training contracts are incomplete. The firm's profit-maximizing agreement is a multiperiod apprenticeship in which the novice is trained gradually over time and eventually receives all knowledge. The firm adopts a 1/e rule, whereby at the beginning of the relationship the novice is trained, for free, just enough to produce a fraction 1/e of the efficient output. After that, the novice ea...
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作者：Bedre-Defolie, Ozlem; Biglaiser, Gary
作者单位：European School of Management & Technology; University of North Carolina; University of North Carolina Chapel Hill
摘要：Considering markets with nonpivotal buyers, we analyze the anti-competitive effects of breakup fees used by an incumbent facing a more efficient entrant in the future. Buyers differ in their intrinsic switching costs. Breakup fees are profitably used to foreclose entry, regardless of the entrant's efficiency advantage or level of switching costs. Banning breakup fees is beneficial to consumers. The ban enhances the total welfare unless the entrant's efficiency is close to the incumbent's. Inef...
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作者：Strausz, Roland
作者单位：Humboldt University of Berlin
摘要：Crowdfunding provides innovation in enabling entrepreneurs to contract with consumers before investment. Under aggregate demand uncertainty, this improves screening for valuable projects. Entrepreneurial moral hazard and private cost information threatens this benefit. Crowdfunding's after-markets enable consumers to actively implement deferred payments and thereby manage moral hazard. Popular crowdfunding platforms offer schemes that allow consumers to do so through conditional pledging behav...
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作者：Handel, Benjamin; Kolstad, Jonathan
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of California System; University of California Berkeley
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作者：Besley, Timothy; Folke, Olle; Persson, Torsten; Rickne, Johanna
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; Uppsala University; Stockholm University; Research Institute of Industrial Economics (IFN)
摘要：We develop a model where party leaders choose the competence of politicians on the ballot to trade off electoral success against their own survival. The predicted correlation between the competence of party leaders and followers is strongly supported in Swedish data. We use a novel approach, based on register data for the earnings of the whole population, to measure the competence of all politicians in 7 parties, 290 municipalities, and 10 elections (for the period 1982-2014). We ask how compe...
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作者：Pongou, Roland; Defo, Barthelemy Kuate; Dimbuene, Zacharie Tsala
作者单位：University of Ottawa; Universite de Montreal; Statistics Canada
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作者：Lise, Jeremy; Robin, Jean-Marc
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of London; University College London
摘要：We develop an equilibrium model of on-the-job search with ex ante heterogeneous workers and firms, aggregate uncertainty, and vacancy creation. The model produces rich dynamics in which the distributions of unemployed workers, vacancies, and worker-firm matches evolve stochastically over time. We prove that the surplus function, which fully characterizes the match value and the mobility decision of workers, does not depend on these distributions. This result means the model is tractable and ca...
