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作者：Koszegi, Botond; Rabin, Matthew
作者单位：University of California System; University of California Berkeley
摘要：We develop a rational dynamic model in which people are loss averse over changes in beliefs about present and future consumption. Because changes in wealth are news about future consumption, preferences over money are reference-dependent. If news resonates more when about imminent consumption than when about future consumption, a decision maker might (to generate pleasant surprises) overconsume early relative to the optimal committed, increase immediate consumption following surprise wealth in...
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作者：Charness, Gary; Villeval, Marie-Claire
作者单位：University of California System; University of California Santa Barbara; Centre National de la Recherche Scientifique (CNRS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2
摘要：There is economic pressure to postpone the retirement age, but employers are still reluctant to employ older workers. We investigate the comparative behavior of juniors and seniors in experiments conducted both onsite with the employees of two large firms and in a conventional laboratory environment with students and retirees. We show that seniors are no more risk averse than juniors and are typically more cooperative; both juniors and working seniors respond strongly to competition. The impli...
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作者：Cai, Hongbin; Chen, Yuyu; Fang, Hanming
作者单位：Peking University; Duke University; National Bureau of Economic Research
摘要：We report results from a randomized natural field experiment conducted in a restaurant dining setting to distinguish the observational learning effect from the saliency effect. We find that, when customers are given ranking information of the five most popular dishes, the demand for those dishes increases by 13 to 20 percent. We do not find a significant saliency effect. We also find modest evidence that the observational learning effects are stronger among infrequent customers, and that dinin...
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作者：Krugman, Paul
作者单位：Princeton University
摘要：Thirty years have passed since a small group of theorists began applying concepts and tools from industrial organization to the analysis of international trade. The new models of trade that emerged from that work didn't supplant traditional trade theory so much as supplement it, creating an integrated view that made sense of aspects of world trade that had previously posed major puzzles. The new trade theory-an unfortunate phrase, now quite often referred to as the old new trade theory-also he...
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作者：Mackowiak, Bartosz; Wiederholt, Mirko
作者单位：European Central Bank; Northwestern University
摘要：This paper presents a model in which price setting firms decide what to pay attention to, subject to a constraint on information flow. When idiosyncratic conditions are more variable or more important than aggregate conditions, 'firms pay more attention to idiosyncratic conditions than to aggregate conditions. When we calibrate the model to match the large average absolute size of price changes observed in micro data, prices react fast and by large amounts to idiosyncratic shocks, but only slo...
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作者：Jaimovich, Nir; Siu, Henry E.
作者单位：Stanford University; National Bureau of Economic Research; University of British Columbia
摘要：We investigate the consequences of demographic change for business cycle analysis. We find that changes in the age composition of the labor force account for a significant fraction of the variation in cyclical volatility observed in the G7 Since World War II, these countries have experienced dramatic demographic changes, although details regarding timing and nature differ across countries. We exploit this variation to show that the workforce age composition has a large and significant effect o...
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作者：MacCini, Sharon; Yang, Dean
作者单位：University of Michigan System; University of Michigan
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作者：Miller, Nathan H.
作者单位：University of California System; University of California Berkeley
摘要：The cornerstone of cartel enforcement in the United States and elsewhere is a commitment to the lenient prosecution of early confessors. A burgeoning game-theoretical literature is ambiguous regarding the impacts of leniency. I develop a theoretical model of cartel behavior that provides empirical predictions and moment conditions, and apply the model to the complete set of indictments and information reports issued over a 20-year span. Statistical tests are consistent with the notion that len...
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作者：Bento, Antonio M.; Goulder, Lawrence H.; Jacobsen, Mark R.; von Haefen, Roger H.
作者单位：Cornell University; Stanford University; University of California System; University of California San Diego; North Carolina State University
摘要：We examine the impacts of increased US gasoline taxes in a model that links the markets for new, used, and scrapped vehicles and recognizes the considerable heterogeneity among households and cars. Household choice parameters derive from an estimation procedure that integrates individual choices for car ownership and miles traveled. We find that each cent-per-gallon increase in the price of gasoline reduces the equilibrium gasoline consumption by about 0.2 percent. Taking account of revenue re...
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作者：Coval, Joshua D.; Jurek, Jakub W.; Stafford, Erik
作者单位：Harvard University; Princeton University
摘要：The central insight of asset pricing is that a security's value depends both on its distribution of payoffs across economic states and on state prices. In fixed income markets, many investors focus exclusively on estimates of expected payoffs, such as credit ratings, without considering the state of the economy in which default occurs. Such investors are likely to be attracted to securities whose payoffs resemble economic catastrophe bonds-bonds that default only under severe economic conditio...
