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作者：Bourgeon, Jean-Marc; Picard, Pierre
作者单位：INRAE; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：Insurers have the reputation of being bad payers who nitpick whenever an opportunity arises. However, this nitpicking activity has a positive impact on their auditing strategy since auditing may prove profitable when claims are not fraudulent. We show that reducing the indemnity payments of audited claims induces a lower fraud rate at equilibrium and that some degree of nitpicking is socially optimal when insurance fraud is a concern. Its remains optimal even if it induces adverse effects on p...
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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...
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作者：Chetty, Raj; Friedman, John N.; Rockoff, Jonah E.
作者单位：Harvard University; Harvard University; Columbia University
摘要：Are teachers' impacts on students' test scores (value-added) a good measure of their quality? One reason this question has sparked debate is disagreement about whether value-added (VA) measures provide unbiased estimates of teachers' causal impacts on student achievement. We test for bias in VA using previously unobserved parent characteristics and a quasi-experimental design based on changes in teaching staff. Using school district and tax records for more than one million children, we find t...
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作者：Chetty, Raj; Friedman, John N.; Rockoff, Jonah E.
作者单位：Harvard University; Harvard University; Columbia University
摘要：Are teachers' impacts on students' test scores (value-added) a good measure of their quality? This question has sparked debate partly because of a lack of evidence on whether high value-added (VA) teachers improve students' long-term outcomes. Using school district and tax records for more than one million children, we find that students assigned to high-VA teachers are more likely to attend college, earn higher salaries, and are less likely to have children as teenagers. Replacing a teacher w...
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作者：Benjamin, Daniel J.; Heffetz, Ori; Kimball, Miles S.; Szembrot, Nichole
作者单位：Cornell University; National Bureau of Economic Research; Cornell University; University of Michigan System; University of Michigan
摘要：This paper proposes foundations and a methodology for survey-based tracking of well-being. First, we develop a theory in which utility depends on fundamental aspects of well-being, measurable with surveys. Second, drawing from psychologists, philosophers, and economists, we compile a comprehensive list of such aspects. Third, we demonstrate our proposed method for estimating the aspects' relative marginal utilities-a necessary input for constructing an individual-level well-being index-by aski...
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作者：Manuelli, Rodolfo E.; Seshadri, Ananth
作者单位：Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Wisconsin System; University of Wisconsin Madison
摘要：We reevaluate the role of human capital in determining the wealth of nations. We use standard human capital theory to estimate stocks of human capital and allow the quality of human capital to vary across countries. Our model can explain differences in schooling and earnings profiles and, consequently, estimates of Mincerian rates of return across countries. We find that effective human capital per worker varies substantially across countries. Cross-country differences in Total Factor Producti...
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作者：Anderson, Michael L.
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Public transit accounts for 1 percent of US passenger miles traveled but attracts strong public support. Using a simple choice model, we predict that transit riders are likely to be individuals who commute along routes with severe roadway delays. These individuals' choices thus have high marginal impacts on congestion. We test this prediction with data from a strike in 2003 by Los Angeles transit workers. Estimating a regression discontinuity design, we find that average highway delay increase...
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作者：Battaglini, Marco; Nunnari, Salvatore; Palfrey, Thomas R.
作者单位：Princeton University; Columbia University; California Institute of Technology
摘要：We study the Markov equilibria of a model of free riding in which n infinitely lived agents choose between private consumption and irreversible contributions to a durable public good. We show that the set of equilibrium steady states converges to a unique point as depreciation converges to zero. For any level of depreciation, moreover, the highest steady state converges to the efficient level as agents become increasingly patient. These results are in contrast to the case with reversible inves...
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作者：Epstein, Larry G.; Farhi, Emmanuel; Strzalecki, Tomasz
作者单位：Boston University; Harvard University; National Bureau of Economic Research
摘要：Though risk aversion and the elasticity of intertemporal substitution have been the subjects of careful scrutiny, the long-run risks literature as well as the broader literature using recursive utility to address asset pricing puzzles has ignored the full implications of their parameter specifications. Recursive utility implies that the temporal resolution of risk matters and a quantitative assessment thereof should be part of the calibration process. This paper gives a sense of the magnitudes...
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作者：Fabra, Natalia; Reguant, Mar
作者单位：Universidad Carlos III de Madrid
摘要：We measure the pass-through of emissions costs to electricity prices. We perform both reduced-form and structural estimations based on optimal bidding in this market. Using rich micro-level data, we estimate the channels affecting pass-through in a flexible manner, with minimal functional form assumptions. Contrary to many studies in the general pass-through literature, we find that emissions costs are almost fully passed through to electricity prices. Since electricity is traded through high-...
