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作者：Jayaraman, Rajshri; Ray, Debraj; de Vericourt, Francis
作者单位：European School of Management & Technology; New York University; University of Warwick
摘要：We study a contract change for tea pluckers on an Indian plantation, with a higher government-stipulated baseline wage. Incentive piece rates were lowered or kept unchanged. Yet, in the following month, output increased by 20 to 80 percent. This response contradicts the standard model and several variants, is only partly explicable by greater supervision, and appears to be behavioral. But in subsequent months, the increase is comprehensively reversed. Though not an unequivocal indictment of be...
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作者：Blundell, Richard; Pistaferri, Luigi; Saporta-Eksten, Itay
作者单位：University of London; University College London; University of London; London School Economics & Political Science; Stanford University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Tel Aviv University
摘要：We examine the link between wage and consumption inequality using a life-cycle model incorporating consumption and family labor supply decisions. We derive analytical expressions for the dynamics of consumption, hours, and earnings of two earners in the presence of correlated wage shocks, nonseparability, progressive taxation, and asset accumulation. The model is estimated using panel data for hours, earnings, assets, and consumption. We focus on family labor supply as an insurance mechanism a...
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作者：Cappelen, Alexander W.; Konow, James; Sorensen, Erik O.; Tungodden, Bertil
作者单位：Norwegian School of Economics (NHH); University of Kiel; Loyola Marymount University
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作者：Carvalho, Leandro S.; Meier, Stephan; Wang, Stephanie W.
作者单位：University of Southern California; Columbia University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We study the effect of financial resources on decision-making. Low-income US households are randomly assigned to receive an online survey before or after payday. The survey collects measures of cognitive function and administers risk and intertemporal choice tasks. The study design generates variation in cash, checking and savings balances, and expenditures. Before-payday participants behave as if they are more present-biased when making intertemporal choices about monetary rewards but not whe...
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作者：Awaya, Yu; Krishna, Vijay
作者单位：University of Rochester; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study the role of communication within a cartel. Our analysis is carried out in Stigler's (1964) model of repeated oligopoly with secret price cuts. Firms observe neither the prices nor the sales of their rivals. For a fixed discount factor, we identify conditions under which there are equilibria with cheap talk that result in near-perfect collusion, whereas all equilibria without such communication are bounded away from this outcome. In our model, communication improves monitoring and lead...
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作者：Engel, Charles
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：The uncovered interest parity puzzle concerns the empirical regularity that high interest rate countries tend to have high expected returns on short term deposits. A separate puzzle is that high real interest rate countries tend to have currencies that are stronger than can be accounted for by the path of expected real interest differentials under uncovered interest parity. These two findings have apparently contradictory implications for the relationship of the foreign-exchange risk premium a...
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作者：Golosov, Mikhail; Troshkin, Maxim; Tsyvinski, Aleh
作者单位：Princeton University; Cornell University; Yale University
摘要：We study optimal redistribution and insurance in a life-cycle economy with private idiosyncratic shocks. We characterize Pareto optima, show the forces determining optimal labor distortions, and derive closed form expressions for their limiting behavior. The labor distortions for high-productivity shocks are determined by the labor elasticity and the higher moments of the shock process; the labor distortions for low-productivity shocks are determined by the autocorrelation of the shock process...
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作者：Muehlenbachs, Lucija; Spiller, Elisheba; Timmins, Christopher
作者单位：University of Calgary; Environmental Defense Fund; Duke University
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作者：Bonatti, Alessandro; Rantakari, Heikki
作者单位：Massachusetts Institute of Technology (MIT); University of Rochester
摘要：An organization must select among competing projects that differ in their payoff consequences for its members. Each agent chooses a project and exerts effort affecting its completion time. When one or more projects are complete, the agents select which one to adopt. The selection rule for multiple projects that maximizes ex post welfare leads to inefficiently high polarization; rules that favor later proposals improve upon ex post optimal selections. The optimal degree of favoritism increases ...
