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作者：Broda, Christian; Limao, Nuno; Weinstein, David E.
作者单位：University of Chicago; University System of Maryland; University of Maryland College Park; Columbia University
摘要：We find that prior to World Trade Organization membership, countries set import tar tariffs 9 percentage points higher on inelastically supplied imports relative to those supplied elastically. The magnitude of this of effect is similar to the size of average tariffs in these countries, and market power explains more of the tariff variation than a commonly used political economy variable. Moreover, US trade restrictions not covered by the WTO are significantly higher oil goods where the United ...
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作者：Barberis, Nicholas; Huang, Ming
作者单位：Yale University; Cornell University
摘要：We study the asset pricing implications of Tversky and Kahneman's (1992) cumulative prospect theory, with a particular focus on its probability weighting component. Our main result, derived from a novel equilibrium with nonunique global optima, is that, in contrast to the prediction of a standard expected utility model, a security's own skewness can be priced: a positively skewed security can be overpriced and can earn a negative average excess return. We argue that our analysis offers a unify...
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作者：Stein, Jeremy C.
作者单位：Harvard University; National Bureau of Economic Research
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作者：Redding, Stephen J.; Sturm, Daniel A.
作者单位：University of London; London School Economics & Political Science
摘要：This paper exploits the division of Germany after the Second World War and the reunification of East and West Germany in 1990 as a natural experiment to provide evidence for the importance of market access for economic development. In line with a standard new economic geography model, we find that, following division, cities in West Germany close to the East-West German border experienced a substantial decline in population growth relative to other West German cities. We show that the model ca...
