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作者：Xiong, Wei; Yu, Jialin
作者单位：Princeton University; Princeton University; Columbia University
摘要：In 2005-2008, over a dozen put warrants traded in China went so deep out of the money that they were almost certain to expire worthless. Nonetheless, each warrant was traded more than three times each day at substantially inflated prices. This bubble is unique in that the underlying stock prices make warrant fundamentals publicly observable and that warrants have predetermined finite maturities. This sample allows us to examine a set of bubble theories. In particular, our analysis highlights t...
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作者：Currie, Janet
作者单位：Columbia University; National Bureau of Economic Research
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作者：Falch, Torberg
作者单位：Norwegian University of Science & Technology (NTNU)
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作者：Toomet, Ott
作者单位：University of Tartu
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作者：Campbell, John Y.; Giglio, Stefano; Pathak, Parag
作者单位：Harvard University; National Bureau of Economic Research; University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Boston; Massachusetts Institute of Technology (MIT)
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作者：Stavins, Robert N.
作者单位：Harvard University; National Bureau of Economic Research
摘要：The problem of the commons is more important to our lives and thus more central to economics than a century ago when Katharine Coman led off the first issue of the American Economic Review. As the US and other economies have grown, the carrying capacity of the planet-in regard to natural resources and environmental-quality-has become a greater concern, particularly for common-property and open-access resources. The focus of this article is on some important, unsettled problems of the commons. ...
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作者：Curcuru, Stephanie E.; Thomas, Charles P.; Warnock, Francis E.; Wongswan, Jon
作者单位：Federal Reserve System - USA; University of Virginia; National Bureau of Economic Research; Thammasat University
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作者：Carneiro, Pedro; Lee, Sokbae
作者单位：University of London; University College London; University of London; London School Economics & Political Science; Seoul National University (SNU)
摘要：This paper presents new evidence that increases in college enrollment lead to a decline in the average quality of college graduates between 1960 and 2000, resulting in a decrease of 6 percentage points in the college premium. A standard demand and supply framework can qualitatively account for the trend in the college and age premia over this period, but substantial quantitative adjustments are needed to account for changes in quality. (JEL I23, J24, J31)
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作者：List, John A.
作者单位：University of Chicago; National Bureau of Economic Research
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作者：Abdellaoui, Mohammed; Baillon, Aurelien; Placido, Laetitia; Wakker, Peter P.
作者单位：Hautes Etudes Commerciales (HEC) Paris; Centre National de la Recherche Scientifique (CNRS); Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：We often deal with uncertain events for which no probabilities are known. Several normative models have been proposed. Descriptive studies have usually been qualitative, or they estimated ambiguity aversion through one single number. This paper introduces the source method, a tractable method for quantitatively analyzing uncertainty empirically. The theoretical key is the distinction between different sources of uncertainty, within which subjective (choice-based) probabilities can still be def...
