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作者：Eeckhoudt, L; Schlesinger, H
作者单位：University of Alabama System; University of Alabama Tuscaloosa; University of Konstanz
摘要：This paper examines preferences toward particular classes of lottery pairs. We show how such concepts as prudence and temperance can be fully characterized by a preference relation over these lotteries. If preferences are defined in an expected-utility framework with differentiable utility, the direction of preference for a particular class of lottery pairs is equivalent to signing the n(th) derivative of the utility function. What makes our characterization appealing is its simplicity, which ...
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作者：Oreopoulos, P
作者单位：University of Toronto; National Bureau of Economic Research
摘要：The change to the minimum school-leaving age in the United Kingdom from 14 to 15 had a powerful and immediate effect that redirected almost half the population of 14-year-olds in the mid-twentieth century to stay in school for one more year. The magnitude of this impact provides a rare opportunity to (a) estimate local average treatment effects (LATE) of high school that come close to population average treatment effects (ATE); and (b) estimate returns to education using a regression discontin...
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作者：Esteban, J; Ray, D
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); New York University
摘要：This paper describes how wealth inequality may distort public resource allocation. A government seeks to allocate limited resources to productive sectors, but sectoral productivity is privately known by agents with vested interests in those sectors. They lobby the government for preferential treatment. The government-even if it honestly seeks to maximize economic efficiency-may be confounded by the possibility that both high wealth and true economic desirability create loud lobbies. Broadly sp...
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作者：Faccio, M
作者单位：Vanderbilt University
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作者：Horn, H
作者单位：Stockholm University
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作者：Mitcell, MF; Moro, A
作者单位：University of Iowa; Federal Reserve System - USA; Federal Reserve Bank - New York
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作者：Röller, LH; Steen, F
作者单位：Humboldt University of Berlin; Norwegian School of Economics (NHH)
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作者：Grossman, GM; Lai, ELC
作者单位：Princeton University; City University of Hong Kong
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作者：Sims, CA; Zha, T
作者单位：Princeton University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：A multivariate regime-switching model for monetary policy is confronted with U.S. data. The best fit allows time variation in disturbance variances only. With coefficients allowed to change, the best fit is with change only in the monetary policy rule and there are three estimated regimes corresponding roughly to periods when most observers believe that monetary, policy actually differed. But the differences among regimes are not large enough to account for the rise, then decline, in inflation...
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作者：Mobius, MM; Rosenblat, TS
作者单位：Harvard University; Wesleyan University
摘要：We decompose the beauty premium in an experimental labor market where employers determine wages of workers who perform a maze-solving task. This task requires a true skill which we show to be unaffected by physical attractiveness. We find a sizable beauty premium and can identify three transmission channels: (a) physically attractive workers are more confident and higher confidence increases wages; (b) for a given level of confidence, physically attractive workers are (wrongly) considered more...
