-
作者：Mahoney, Neale
作者单位：University of Chicago; National Bureau of Economic Research
摘要：This paper examines the implicit health insurance that households receive from the ability to declare bankruptcy. Exploiting multiple sources of variation in asset exemption law, I show that uninsured households with a greater financial cost of bankruptcy make higher out-of-pocket medical payments, conditional on the amount of care received. In turn, I find that households with greater wealth at risk are more likely to hold health insurance. The implicit insurance from bankruptcy distorts the ...
-
作者：Currie, Janet; Davis, Lucas; Greenstone, Michael; Walker, Reed
作者单位：Princeton University; University of California System; University of California Berkeley; University of Chicago
摘要：Regulatory oversight of toxic emissions from industrial plants and understanding about these emissions' impacts are in their infancy. Applying a research design based on the openings and closings of 1,600 industrial plants to rich data on housing markets and infant health, we find that: toxic air emissions affect air quality only within 1 mile of the plant; plant openings lead to 11 percent declines in housing values within 0.5 mile or a loss of about $4.25 million for these households; and a ...
-
作者：Eckel, Catherine C.; Fullbrunn, Sascha C.
作者单位：Texas A&M University System; Texas A&M University College Station; Radboud University Nijmegen
摘要：Do women and men behave differently in financial asset markets? Our results from an asset market experiment show a marked gender difference in producing speculative price bubbles. Mixed markets show intermediate values, and a meta-analysis of 35 markets from different studies confirms the inverse relationship between the magnitude of price bubbles and the frequency of female traders in the market. Women's price forecasts also are significantly lower, even in the first period. Implications for ...
-
作者：Acemoglu, Daron; Ozdaglar, Asuman; Tahbaz-Salehi, Alireza
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Columbia University
摘要：This paper argues that the extent of financial contagion exhibits a form of phase transition: as long as the magnitude of negative shocks affecting financial institutions are sufficiently small, a more densely connected financial network (corresponding to a more diversified pattern of interbank liabilities) enhances financial stability. However, beyond a certain point, dense interconnections serve as a mechanism for the propagation of shocks, leading to a more fragile financial system. Our res...
-
作者：Cohn, Alain; Engelmann, Jan; Fehr, Ernst; Marechal, Michel Andre
作者单位：University of Zurich
摘要：Countercyclical risk aversion can explain major puzzles such as the high volatility of asset prices. Evidence for its existence is, however, scarce because of the host of factors that simultaneously change during financial cycles. We circumvent these problems by priming financial professionals with either a boom or a bust scenario. Subjects primed with a financial bust were substantially more fearful and risk averse than those primed with a boom, suggesting that fear may play an important role...
-
作者：Battigalli, Pierpaolo; Cerreia-Vioglio, Simone; Maccheroni, Fabio; Marinacci, Massimo
作者单位：Bocconi University; Bocconi University
摘要：We analyze a notion of self-confirming equilibrium with non-neutral ambiguity attitudes that generalizes the traditional concept. We show that the set of equilibria expands as ambiguity aversion increases. The intuition is quite simple: by playing the same strategy in a stationary environment, an agent learns the implied distribution of payoffs, but alternative strategies yield payoffs with unknown distributions; increased aversion to ambiguity makes such strategies less appealing. In sum, a k...
-
作者：Michelacci, Claudio; Ruffo, Hernan
作者单位：Universidad Torcuato Di Tella
摘要：We argue that US welfare would rise if unemployment insurance were increased for younger and decreased for older workers. This is because the young tend to lack the means to smooth consumption during unemployment and want jobs to accumulate high-return human capital. So unemployment insurance is most valuable to them, while moral hazard is mild. By calibrating a life cycle model with unemployment risk and endogenous search effort, we find that allowing unemployment replacement rates to decline...
-
作者：Ortoleva, Pietro; Snowberg, Erik
作者单位：Columbia University; California Institute of Technology
摘要：This paper studies, theoretically and empirically, the role of overconfidence in political behavior. Our model of overconfidence in beliefs predicts that overconfidence leads to ideological extremeness, increased voter turnout, and stronger partisan identification. The model also makes nuanced predictions about the patterns of ideology in society. These predictions are tested using unique data that measure the overconfidence and standard political characteristics of a nationwide sample of over...
-
作者：Carroll, Gabriel
作者单位：Stanford University
摘要：We consider a moral hazard problem where the principal is uncertain as to what the agent can and cannot do: she knows some actions available to the agent, but other, unknown actions may also exist. The principal demands robustness, evaluating possible contracts by their worst-case performance, over unknown actions the agent might potentially take. The model assumes risk-neutrality and limited liability, and no other functional form assumptions. Very generally, the optimal contract is linear. T...
-
作者：Kosfeld, Michael; Rustagi, Devesh
作者单位：Goethe University Frankfurt
摘要：We conduct a social dilemma experiment in which real-world leaders can punish group members as a third party. Despite facing an identical environment, leaders are found to take remarkably different punishment approaches. The different leader types revealed experimentally explain the relative success of groups in managing their forest commons. Leaders who emphasize equality and efficiency see positive forest outcomes. Antisocial leaders, who punish indiscriminately, see relatively negative fore...
