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作者：Ho, Kate; Pakes, Ariel
作者单位：Columbia University; Harvard University
摘要：We estimate an insurer-specific preference function which rationalizes hospital referrals for privately insured births in California. The function is additively separable in: a hospital price paid by the insurer, the distance traveled, and plan-and severity-specific hospital fixed effects (capturing hospital quality). We use an inequality estimator that allows for errors in price and detailed - hospital-severity interactions and obtain markedly different results than those from a logit. The es...
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作者：Ossa, Ralph
作者单位：University of Chicago
摘要：How large are optimal tariffs? What tariffs would prevail in a worldwide trade war? How costly would a breakdown of international trade policy cooperation be? And what is the scope for future multilateral trade negotiations? I address these and other questions using a unified framework which nests traditional, new trade, and political economy motives for protection. I find that optimal tariffs average 62 percent, world trade war tariffs average 63 percent, the government welfare losses from a ...
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作者：Figlio, David; Guryan, Jonathan; Karbownik, Krzysztof; Roth, Jeffrey
作者单位：Northwestern University; National Bureau of Economic Research; Uppsala University
摘要：We make use of a new data resource-merged birth and school records for all children born in Florida from 1992 to 2002-to study the relationship between birth weight and cognitive development. Using singletons as well as twin and sibling fixed effects models, we find that the effects of early health on cognitive development are essentially constant through the school career; that these effects are similar across a wide range of family backgrounds; and that they are invariant to measures of scho...
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作者：Jackson, Matthew O.; Yariv, Leeat
作者单位：Stanford University; The Santa Fe Institute; Canadian Institute for Advanced Research (CIFAR); California Institute of Technology
摘要：We study collective decisions by time-discounting individuals choosing a common consumption stream. We show that with any heterogeneity in time preferences, utilitarian aggregation necessitates a present bias. In lab experiments three quarters of social planners exhibited present biases, and less than two percent were time consistent. Roughly a third of subjects acted as if they were pure utilitarians, and the rest chose as if they also had varying degrees of distributional concerns.
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作者：Chari, V. V.; Shourideh, Ali; Zetlin-Jones, Ariel
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Pennsylvania; Carnegie Mellon University
摘要：The volume of new issuances in secondary loan markets fluctuates over time and falls when collateral values fall. We develop a model with adverse selection and reputation that is consistent with such fluctuations. Adverse selection ensures that the volume of trade falls when collateral values fall. Without reputation, the equilibrium has separation, adverse selection is quickly resolved, and trade volume is independent of collateral value. With reputation, the equilibrium has pooling and adver...
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作者：Machina, Mark J.
作者单位：University of California System; University of California San Diego
摘要：Ambiguous choice problems which involve three or more outcome values can reveal aspects of ambiguity and ambiguity aversion which cannot be displayed in the classic two-outcome Ellsberg urn problems, and hence are not always captured by models designed to accommodate them. These aspects include Allais-type preferences over purely subjective acts, attitudes toward different sources involving different amounts of ambiguity, and attitudes toward ambiguity at different outcome levels. This paper p...
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作者：Huang, Ling; Smith, Martin D.
作者单位：University of Connecticut; Duke University; Duke University
摘要：We conduct the first empirical investigation of common-pool resource users' dynamic and strategic behavior at the micro level using -real-world data. Fishermen's strategies in a fully dynamic game account for latent resource dynamics and other players' actions, revealing the profit structure of the fishery. We compare the fishermen's actual and socially optimal exploitation paths under a time-specific vessel allocation policy and find a sizable dynamic externality. Individual fishermen respond...
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作者：Born, Benjamin; Pfeifer, Johannes
作者单位：University of Mannheim
摘要：We show that the risk-shock business cycle model of Fernandez-Villaverde et al. (2011) must be recalibrated because it underpredicts the targeted business cycle moments by a factor of three once a time aggregation error is corrected. Recalibrating the corrected model for the benchmark case of Argentina, the peak response and the contribution of interest rate risk shocks to business cycle volatility increase. However, the recalibrated model does worse in capturing the business cycle properties ...
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作者：Agarwal, Sumit; Qian, Wenlan
作者单位：National University of Singapore
摘要：This paper uses a unique panel dataset of consumer financial transactions to study how consumers respond to an exogenous unanticipated income shock. Consumption rose significantly after the fiscal policy announcement: during the ten subsequent months, for each $ 1 received, consumers on average spent $ 0.80. We find a strong announcement effect-19 percent of the response occurs during the first two-month announcement period via credit cards. Subsequently, consumers switched to debit cards afte...
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作者：Adams, Abi; Cherchye, Laurens; De Rock, Bram; Verriest, Ewout
作者单位：University of Oxford; KU Leuven; Universite Libre de Bruxelles; New York University
摘要：We develop a revealed preference methodology that allows us to explore whether time inconsistencies in household choice are the product of individual preference nonstationarities or the result of individual heterogeneity and renegotiation within the household. An empirical application to household-level microdata highlights that an explicit recognition of the collective nature of household choice enables the observed behavior to be rationalized by a theory that assumes preference stationarity ...
