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作者：Gaynor, Martin; Propper, Carol; Seiler, Stephan
作者单位：Carnegie Mellon University; University of Bristol; National Bureau of Economic Research; Imperial College London; Centre for Economic Policy Research - UK; Stanford University
摘要：Choice in public services is controversial. We exploit a reform in the English National Health Service to assess the effect of removing constraints on patient choice. We estimate a demand model that explicitly captures the removal of the choice constraints imposed on patients. We find that, post-removal, patients became more responsive to clinical quality. This led to a modest reduction in mortality and a substantial increase in patient welfare. The elasticity of demand faced by hospitals incr...
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作者：Ales, Laurence; Sleet, Christopher
作者单位：Carnegie Mellon University
摘要：We use a firm-CEO assignment framework to model the market for CEO effective labor. In the model's equilibrium, more talented CEOs match with and supply more effort to larger firms. Taxation of CEO incomes affects the equilibrium pricing of CEO effective labor and, hence, spills over and affects firm profits. Absent the ability to tax profits or a direct concern for firm owners, a standard prescription for high marginal income taxes emerges. However, given such an ability or concern, the optim...
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作者：Koudijs, Peter; Voth, Hans-Joachim
作者单位：Stanford University; National Bureau of Economic Research; University of Zurich
摘要：What determines risk-bearing capacity and the amount of leverage in financial markets? Using unique archival data on collateralized lending, we show that personal experience can affect individual risk-taking and aggregate leverage. When an investor syndicate speculating in Amsterdam in 1772 went bankrupt, many lenders were exposed. In the end, none of them actually lost money. Nonetheless, only those at risk of losing money changed their behavior markedly; they lent with much higher haircuts. ...
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作者：Lehmann-Hasemeyer, Sibylle; Streb, Jochen
作者单位：University Hohenheim; University of Mannheim
摘要：Analyzing 474 cases of firms going public in the German capital between 1892 and 1913, we show that innovative firms could rely on the Berlin stock market as a source of financing. Our data also reveal that initial public offerings (IPO) of innovative firms were characterized by particularly low underpricing, comparatively high first trading prices, and no long-run underperformance. We interpret these empirical results as evidence for the surprising fact that in the period of the Second Indust...
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作者：Deshpande, Manasi
作者单位：University of Chicago
摘要：I estimate the effects of removing low-income youth with disabilities from Supplemental Security Income (SSI) on their earnings and income in adulthood. Using a regression discontinuity design based on a 1996 policy change in age 18 medical reviews, I find that youth who are removed from SSI at age 18 recover one-third of the lost SSI cash income in earnings. SSI youth who are removed and stay off SSI earn on average $4,400 annually, and they lose $76,000 in present discounted observed income ...
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作者：De Nardi, Mariacristina; French, Eric; Jones, John Bailey
作者单位：University of London; University College London; Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research; Centre for Economic Policy Research - UK; State University of New York (SUNY) System; University at Albany, SUNY
摘要：The old age provisions of the Medicaid program were designed to insure retirees against medical expenses. We estimate a structural model of savings and medical spending and use it to compute the distribution of lifetime Medicaid transfers and Medicaid valuations across currently single retirees. Compensating variation calculations indicate that current retirees value Medicaid insurance at more than its actuarial cost, but that most would value an expansion of the current Medicaid program at le...
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作者：Alonso, Ricardo; Camara, Odilon
作者单位：University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR); University of Southern California
摘要：In a symmetric information voting model, an individual (politician) can influence voters' choices by strategically designing a policy experiment (public signal). We characterize the politician's optimal experiment. With a nonunanimous voting rule, she exploits voters' heterogeneity by designing an experiment with realizations targeting different winning coalitions. Consequently, under a simple-majority rule, a majority of voters might be strictly worse off due to the politician's influence. We...
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作者：Arve, Malin; Martimort, David
作者单位：Norwegian School of Economics (NHH); Paris School of Economics
摘要：We characterize the optimal dynamic contract for a long-term basic service when an uncertain add-on is required later on. Introducing firm risk aversion has two impacts. Profits for the basic service can be backloaded to induce cheaper information revelation for this service: an Income Effect which reduces output distortions. The firm must also bear some risk to induce information revelation for the add-on. This Risk Effect reduces the level of the add-on but hardens information revelation for...
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作者：Garicano, Luis; Lelarge, Claire; Van Reenen, John
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; European Central Bank; Bank of France; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We show how size-contingent laws can be used to identify the equilibrium and welfare effects of labor regulation. Our framework incorporates such regulations into the Lucas (1978) model and applies it to France where many labor laws start to bind on firms with 50 or more employees. Using population data on firms between 1995 and 2007, we structurally estimate the key parameters of our model to construct counterfactual size, productivity, and welfare distributions. We find that the cost of thes...
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作者：Eaton, Jonathan; Kortum, Samuel; Neiman, Brent; Romalis, John
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research; Yale University; University of Chicago; University of Sydney
摘要：We develop a dynamic multicountry general equilibrium model to investigate forces acting on the global economy during the Great Recession and ensuing recovery. Our multisector framework accounts completely for countries' trade, investment, production, and GDPs in terms of different sets of shocks. Applying the model to 21 countries, we investigate the 29 percent drop in world trade in manufactures during the period 2008-2009. A shift in final spending away from tradable sectors, largely caused...
