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作者：Hall, Robert E.
作者单位：Stanford University; Stanford University; National Bureau of Economic Research
摘要：In a market-clearing economy, declines in demand from one sector do not cause large declines in aggregate output because other sectors expand. The key price mediating the response is the interest rate. A decline in the rate stimulates all categories of spending. But in a low-inflation economy, the room for a decline in the rate is small, because of the notorious lower limit of zero on the nominal interest rate. In the Great Depression, substantial deflation caused the real interest rate to rea...
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作者：Plott, Charles R.; Zeiler, Kathryn
作者单位：California Institute of Technology; Georgetown University
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作者：Guimaraes, Bernardo; Sheedy, Kevin D.
作者单位：University of London; London School Economics & Political Science
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作者：Abeler, Johannes; Falk, Armin; Goette, Lorenz; Huffman, David
作者单位：University of Nottingham; University of Bonn; University of Lausanne; Swarthmore College
摘要：A key open question for theories of reference-dependent preferences is: what determines the reference point? One candidate is expectations: what people expect could affect how they feel about what actually occurs. In a real-effort experiment, we manipulate the rational expectations of subjects and check whether this manipulation influences their effort provision. We find that effort provision is significantly different between treatments in the way predicted by models of expectation-based, ref...
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作者：Malmendier, Ulrike; Lee, Young Han
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：We employ a novel approach to identify overbidding in auctions. We compare online auction prices to fixed prices for the same item on the same webpage. In detailed data on auctions of a board game, 42 percent of auctions exceed the simultaneous fixed price. The result replicates in a broad cross-section of auctions (48 percent overbidding). A small fraction of overbidders, 17 percent of bidders, suffices to generate the large fraction of auctions with overbidding. We show that the observed beh...
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作者：Dohmen, Thomas; Falk, Armin
作者单位：Maastricht University; Maastricht University Medical Centre (MUMC); University of Bonn
摘要：This paper studies the impact of incentives on worker self-selection in a controlled laboratory experiment. Subjects face the choice between a fixed and a variable payment scheme. Depending on the treatment, the variable payment is a piece rate, a tournament, or a revenue-sharing scheme. We find that output is higher in the variable-payment schemes compared to the fixed-payment scheme. This difference is largely driven by productivity sorting. In addition, different incentive schemes systemati...
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作者：Huck, Steffen; Seltzer, Andrew J.; Wallace, Brian
作者单位：University of London; University College London; University of London; Royal Holloway University London
摘要：This paper provides the first experimental test of Edward Lazear's (1979) model of deferred compensation. We examine the relationship between firms' wage offers and workers' effort supply in a multiperiod environment. If firms can ex ante commit to a wage schedule with deferred compensation, workers should respond by supplying sufficient effort to avoid dismissal. We contrast this full-commitment case to controls with no commitment and computer-generated wages in order to examine the roles of ...
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作者：Salant, Yuval
作者单位：Northwestern University
摘要：I study how limited abilities to process information affect choice behavior. I model the decision-making process by an automaton, and measure the complexity of a specific choice rule by the minimal number of states an automaton implementing the rule uses to process information. I establish that any choice rule that is less complicated than utility maximization displays framing effects. I then prove that choice rules that result from an optimal trade-off between maximizing utility and minimizin...
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作者：Reutskaja, Elena; Nagel, Rosemarie; Camerer, Colin F.; Rangel, Antonio
作者单位：University of Navarra; IESE Business School; Pompeu Fabra University; ICREA; California Institute of Technology
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作者：von Gaudecker, Hans-Martin; van Soest, Arthur; Wengstrom, Erik
作者单位：University of Mannheim; Tilburg University; Lund University; University of Copenhagen
摘要：We analyze risk preferences using an experiment with real incentives in a representative sample of 1,422 Dutch respondents. Our econometric model incorporates four structural parameters that vary with observed and unobserved characteristics: utility curvature, loss aversion, preferences toward the timing of uncertainty resolution, and the propensity to choose randomly rather than on the basis of preferences. We find that all four parameters contribute to explaining choice behavior. The structu...
