-
作者：Chien, YiLi; Cole, Harold; Lustig, Hanno
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Pennsylvania; University of California System; University of California Los Angeles
摘要：Our paper examines whether the failure of unsophisticated investors to rebalance their portfolios can help to explain the countercyclical volatility of aggregate risk compensation in financial markets. To answer this question, we set up a model in which a large mass of investors do not rebalance their portfolio shares in response to aggregate shocks, while a smaller mass of active investors do. We find that intermittent rebalancers more than double the effect of aggregate shocks on the time va...
-
作者：Ortoleva, Pietro
作者单位：California Institute of Technology
摘要：Bayes' rule has two well-known limitations: 1) it does not model the reaction to zero-probability events; 2) a sizable empirical evidence documents systematic violations of it. We characterize axiomatically an alternative updating rule, the Hypothesis Testing model. According to it, the agent follows Bayes' rule if she receives information to which she assigned a probability above a threshold. Otherwise, she looks at a prior over priors, updates it using Bayes' rule for second-order priors, an...
-
作者：De los Santos, Babur; Hortacsu, Ali; Wildenbeest, Matthijs R.
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Chicago
-
作者：Buera, Francisco J.; Kaboski, Joseph P.
作者单位：National Bureau of Economic Research; University of California System; University of California Los Angeles; University of Notre Dame; National Bureau of Economic Research
摘要：This paper analyzes the role of specialized high-skilled labor in the disproportionate growth of the service sector. Empirically, the importance of skill-intensive services has risen during a period of increasing relative wages and quantities of high-skilled labor. We develop a theory in which demand shifts toward more skill-intensive output as productivity rises, increasing the importance of market services relative to home production. Consistent with the data, the theory predicts a rising le...
-
作者：Einav, Liran; Finkelstein, Amy; Pascu, Iuliana; Cullen, Mark R.
作者单位：Stanford University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); Stanford University
摘要：We analyze the extent to which individuals' choices over five employer-provided insurance coverage decisions and one 401(k) investment decision exhibit systematic patterns, as would be implied by a general utility component of risk preferences. We provide evidence consistent with an important domain-general component that operates across all insurance choices. We find a considerably weaker relationship between one's insurance decisions and 401(k) asset allocation, although this relationship ap...
-
作者：Iizuka, Toshiaki
作者单位：University of Tokyo
摘要：I examine physician agency in health care services in the context of the choice between brand-name and generic pharmaceuticals. I examine micro-panel data from Japan, where physicians can legally make profits by prescribing and dispensing drugs. The results indicate that physicians often fail to internalize patient costs, explaining why cheaper generics are infrequently adopted. Doctors respond to markup differentials between the two versions, indicating another agency problem. However, generi...
-
作者：Albouy, David Y.
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research
-
作者：Williamson, Stephen D.
作者单位：Washington University (WUSTL)
摘要：A model of public and private liquidity integrates financial intermediation theory with a New Monetarist monetary framework. Non-passive fiscal policy and costs of operating a currency system imply that an optimal policy deviates from the Friedman rule. A liquidity trap can exist in equilibrium away from the Friedman rule, and there exists a permanent nonneutrality of money, driven by an illiquidity effect. Financial frictions can produce a financial-crisis phenomenon that can be mitigated by ...
-
作者：De Loecker, Jan; Warzynski, Frederic
作者单位：Princeton University; National Bureau of Economic Research; Aarhus University
摘要：In this paper, we develop a method to estimate markups using plant-level production data. Our approach relies on cost-minimizing producers and the existence of at least one variable input of production. The suggested empirical framework relies on the estimation of a production function and provides estimates of plant-level markups without specifying how firms compete in the product market. We rely on our method to explore the relationship between markups and export behavior. We find that marku...
-
作者：Benmelech, Efraim; Bergman, Nittai K.
作者单位：Northwestern University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
