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作者：Epper, Thomas; Fehr-Duda, Helga
作者单位：University of St Gallen; University of Zurich; University of Zurich
摘要：In a recent experimental study of intertemporal risky decision making, Andreoni and Sprenger (2012) find that subjects exhibit a preference for intertemporal diversification, which is inconsistent with discounted expected utility theory. It was claimed that their results are also at odds with models involving probability weighting, such as rank-dependent utility and cumulative prospect theory. Here we demonstrate, however, that rank-dependent probability weighting explains intertemporal divers...
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作者：Gertler, Mark; Kiyotaki, Nobuhiro
作者单位：New York University; Princeton University
摘要：We develop an infinite horizon macroeconomic model of banking that allows for liquidity mismatch and bank runs. Whether a bank run equilibrium exists depends on bank balance sheets and an endogenous liquidation price for bank assets. While in normal times a bank run equilibrium may not exist, the possibility can arise in recessions. A run leads to a significant contraction in intermediation and aggregate economic activity. Anticipations of a run have harmful effects on the economy even if the ...
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作者：Budish, Eric; Roin, Benjamin N.; Williams, Heidi
作者单位：University of Chicago; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We investigate whether private research investments are distorted away from long-term projects. Our theoretical model highlights two potential sources of this distortion: short-termism and the fixed patent term. Our empirical context is cancer research, where clinical trials-and hence, project durations-are shorter for late-stage cancer treatments relative to early-stage treatments or cancer prevention. Using newly constructed data, we document several sources of evidence that together show pr...
