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作者：Ashraf, Nava; Field, Erica; Lee, Jean
作者单位：Harvard University; Duke University; New York University
摘要：We posit that household decision-making over fertility is characterized by moral hazard since most contraception can only be perfectly observed by the woman. Using an experiment in Zambia that varied whether women were given access to contraceptives alone or with their husbands, we find that women given access with their husbands were 19 percent less likely to seek family planning services, 25 percent less likely to use concealable contraception, and 27 percent more likely to give birth. Howev...
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作者：Choi, Syngjoo; Kariv, Shachar; Mueller, Wieland; Silverman, Dan
作者单位：University of London; University College London; University of California System; University of California Berkeley; University of Vienna; University of Vienna; Tilburg University; Tilburg University; Arizona State University; Arizona State University-Tempe; National Bureau of Economic Research
摘要：Revealed preference theory offers a criterion for decision-making quality: if decisions are high quality then there exists a utility function the choices maximize. We conduct a large-scale experiment to test for consistency with utility maximization. Consistency scores vary markedly within and across socioeconomic groups. In particular, consistency is strongly related to wealth: A standard deviation increase in consistency is associated with 15-19 percent more household wealth. This associatio...
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作者：Heller, Yuval
作者单位：University of Oxford
摘要：Demichelis and Weibull (2008) show that adding lexicographic lying costs to coordination games with cheap talk yields a sharp prediction: only the efficient outcome is evolutionarily stable. I show that this result is caused by the discontinuity of preferences rather than by small lying costs per se. Finally, I discuss why discontinuity may not be an appealing assumption in evolutionary models.
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作者：Cowen, Tyler; Tabarrok, Alex
作者单位：George Mason University
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作者：Kaboski, Joseph P.; Lipscomb, Molly; Midrigan, Virgiliu
作者单位：University of Notre Dame; National Bureau of Economic Research; University of Virginia; New York University; National Bureau of Economic Research
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作者：Lafortune, Jeanne; Lee, Soohyung
作者单位：Pontificia Universidad Catolica de Chile; University System of Maryland; University of Maryland College Park
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作者：Brunnermeier, Markus K.; Sannikov, Yuliy
作者单位：Princeton University
摘要：This article studies the full equilibrium dynamics of an economy with financial frictions. Due to highly nonlinear amplification effects, the economy is prone to instability and occasionally enters volatile crisis episodes. Endogenous risk, driven by asset illiquidity, persists in crisis even for very low levels of exogenous risk. This phenomenon, which we call the volatility paradox, resolves the Kocherlakota (2000) critique. Endogenous leverage determines the distance to crisis. Securitizati...
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作者：Frankel, Alexander
作者单位：University of Chicago
摘要：A principal delegates multiple decisions to an agent, who has private information relevant to each decision. The principal is uncertain about the agent's preferences. I solve for max-min optimal mechanisms those which maximize the principal's payoff against the worst case agent preference types. These mechanisms are characterized by a property I call aligned delegation: all agent types play identically, as if they shared the principal's preferences. Max-min optimal mechanisms may take the simp...
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作者：Sahin, Ayseguel; Song, Joseph; Topa, Giorgio; Violante, Giovanni L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Columbia University; New York University; National Bureau of Economic Research
摘要：We develop a framework where mismatch between vacancies and job seekers across sectors translates into higher unemployment by lowering the aggregate job-finding rate. We use this framework to measure the contribution of mismatch to the recent rise in US unemployment by exploiting two sources of cross-sectional data on vacancies, JOLTS and HWOL. Our calculations indicate that mismatch, across industries and three-digit occupations, explains at most one-third of the total observed increase in th...
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作者：Cheng, Ing-Haw; Raina, Sahil; Xiong, Wei
作者单位：Dartmouth College; University of Michigan System; University of Michigan; Princeton University; Princeton University
摘要：We analyze whether midlevel managers in securitized finance were aware of a large-scale housing bubble and a looming crisis in 2004-2006 using their personal home transaction data. We find that the average person in our sample neither timed the market nor were cautious in their home transactions, and did not exhibit awareness of problems in overall housing markets. Certain groups of securitization agents were particularly aggressive in increasing their exposure to housing during this period, s...
