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作者：Landvoigt, Tim; Piazzesi, Monika; Schneider, Martin
作者单位：University of Texas System; University of Texas Austin; Stanford University
摘要：This paper uses an assignment model to understand the cross section of house prices within a metro area. Movers' demand for housing is derived from a life-cycle problem with credit market frictions. Equilibrium house prices adjust to assign houses that differ by quality to movers who differ by age, income, and wealth. To quantify the model, we measure distributions of house prices, house qualities, and mover characteristics from micro-data on San Diego County during the 2000s boom. The main re...
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作者：Kuziemko, Ilyana; Norton, Michael I.; Saez, Emmanuel; Stantcheva, Stefanie
作者单位：Princeton University; Harvard University; University of California System; University of California Berkeley; Harvard University
摘要：We analyze randomized online survey experiments providing interactive, customized information on US income inequality, the link between top income tax rates and economic growth, and the estate tax. The treatment has large effects on views about inequality but only slightly moves tax and transfer policy preferences. An exception is the estate tax-informing respondents of the small share of decedents who pay it doubles support for it. The small effects for all other policies can be partially exp...
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作者：Levy, Gilat; Razin, Ronny
作者单位：University of London; London School Economics & Political Science
摘要：In this paper we analyze elections when voters underestimate the correlation between their information sources (correlation neglect). We find that this cognitive bias can improve political outcomes. We show that the extreme beliefs which result from correlation neglect induce some voters to base their vote on information rather than on political preferences. We characterize conditions on the distribution of preferences under which this induces higher vote shares for the optimal policies and be...
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作者：Meghir, Costas; Narita, Renata; Robin, Jean-Marc
作者单位：Yale University; National Bureau of Economic Research; Universidade de Sao Paulo; Institut d'Etudes Politiques Paris (Sciences Po); University of London; University College London
摘要：We develop an equilibrium wage-posting model with heterogeneous firms that decide to locate in the formal or the informal sector and workers who search randomly on and off the job. We estimate the model on Brazilian labor force survey data. In equilibrium, firms of equal productivity locate in different sectors, a fact observed in the data. Wages are characterized by compensating differentials. We show that tightening enforcement does not increase unemployment and increases wages, total output...
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作者：Nordhaus, William
作者单位：Yale University
摘要：Notwithstanding great progress in scientific and economic understanding of climate change, it has proven difficult to forge international agreements because of free-riding, as seen in the defunct Kyoto Protocol. This study examines the club as a model for international climate policy. Based on economic theory and empirical modeling, it finds that without sanctions against non-participants there are no stable coalitions other than those with minimal abatement. By contrast, a regime with small t...
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作者：Philippon, Thomas
作者单位：New York University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：A quantitative investigation of financial intermediation in the United States over the past 130 years yields the following results: (i) the finance industry's share of gross domestic product (GDP) is high in the 1920s, low in the 1960s, and high again after 1980; (ii) most of these variations can be explained by corresponding changes in the quantity of intermediated assets (equity, household and corporate debt, liquidity); (iii) intermediation has constant returns to scale and an annual cost o...
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作者：Hansen, Benjamin
作者单位：University of Oregon; National Bureau of Economic Research
摘要：I test the effect of harsher punishments and sanctions on driving under the influence (DUI). In this setting, punishments are determined by strict rules on blood alcohol content (BAC) and previous offenses. Regression discontinuity derived estimates suggest that having a BAC above the DUI threshold reduces recidivism by up to 2 percentage points (17 percent). Likewise having a BAC over the aggravated DUI threshold reduces recidivism by an additional percentage point (9 percent). The results su...
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作者：Decarolis, Francesco
作者单位：Boston University
摘要：This paper shows how in Medicare Part D insurers' gaming of the subsidy paid to low-income enrollees distorts premiums and raises the program cost. Using plan-level data from the first five years of the program, I find multiple instances of pricing strategy distortions for the largest insurers. Instrumental variable estimates indicate that the changes in a concentration index measuring the manipulability of the subsidy can explain a large share of the premium growth observed between 2006 and 2...
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作者：Rajan, Raghuram; Ramcharan, Rodney
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Does credit availability exacerbate asset price inflation? Are there long-run consequences? During the farm land price boom and bust before the Great Depression, we find that credit availability directly inflated land prices. Credit also amplified the relationship between positive fundamentals and land prices, leading to greater indebtedness. When fundamentals soured, areas with higher credit availability suffered a greater fall in land prices and had more bank failures. Land prices and credit...
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作者：Ebert, Sebastian; Strack, Philipp
作者单位：Tilburg University; University of California System; University of California Berkeley
摘要：We provide a result on prospect theory decision makers who are naive about the time inconsistency induced by probability weighting. If a market offers a sufficiently rich set of investment strategies, investors postpone their trading decisions indefinitely due to a strong preference for skewness. We conclude that probability weighting in combination with naivete leads to unrealistic predictions for a wide range of dynamic setups.
