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作者：Fudenberg, Drew; Levine, David K.
作者单位：Harvard University; University of California System; University of California Los Angeles
摘要：We argue that some, but not all, superstitions can persist when learning is rational and players are patient, and illustrate our argument with an example inspired by the Code of Hammurabi. The code specified an appeal by surviving in the river as a way of deciding whether an accusation was true. According to our theory, a mechanism that uses superstitions two or more steps off the equilibrium path, such as appeal by surviving in the river, is more likely to persist than a superstition where t...
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作者：Krueger, Dirk; Kubler, Felix
作者单位：Goethe University Frankfurt; National Bureau of Economic Research; University of Mannheim
摘要：This paper studies an overlapping generations model with stochastic production and incomplete markets to assess whether the introduction of an unfunded social security system leads to a Pareto improvement. When returns to capital and wages are imperfectly correlated, a system that endows retired households with claims to labor income enhances the sharing of aggregate risk between generations. Our quantitative analysis shows that, abstracting from the capital crowding-out effect, the introducti...
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作者：DellaVigna, Stefano; Malmendier, Ulrike
作者单位：University of California System; University of California Berkeley; Stanford University; National Bureau of Economic Research
摘要：How do consumers choose from a menu of contracts? We analyze a novel dataset from three U.S. health clubs with information on both the contractual choice and the day-to-day attendance decisions of 7,752 members over three years. The observed consumer behavior is difficult to reconcile with standard preferences and beliefs. First, members who choose a contract with a flat monthly fee of over $70 attend on average 4.3 times per month. They pay a price per expected visit of more than $17, even th...
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作者：[Anonymous]
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作者：Bagwell, Kyle; Staiger, Robert W.
作者单位：Columbia University; University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
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作者：Comin, Diego; Gertler, Mark
作者单位：New York University
摘要：Over the postwar period, many industrialized countries have experienced significant medium-frequency oscillations between periods of robust growth versus relative stagnation. Conventional business cycle filters, however, tend to sweep these oscillations into the trend. In this paper we explore whether they may, instead, reflect a persistent response of economic activity to the high-frequency fluctuations normally associated with the cycle. We define as the medium-term cycle the sum of the high...
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作者：Kuruscu, Burhanettin
作者单位：University of Texas System; University of Texas Austin
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作者：Veldkamp, Laura L.
作者单位：New York University
摘要：Emerging equity markets witness occasional surges in prices (frenzies) and cross-market price dispersion (herds), accompanied by abundant media coverage. An information market complementarity can explain these anomalies. Because information has high fixed costs, high volume makes it inexpensive. Low prices induce investors to buy information that others buy. Given two identical assets, investors learn about one; abundant information reduces its payoff risk and raises its price. Transitions bet...
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作者：Ausubel, Lawrence M.
作者单位：University System of Maryland; University of Maryland College Park
摘要：This article proposes a new dynamic design for auctioning multiple heterogeneous commodities. An auctioneer wishes to allocate K types of commodities among n bidders. The auctioneer announces a vector of current prices, bidders report quantities demanded at these prices, and the auctioneer adjusts the prices. Units are credited to bidders at the current prices as their opponents' demands decline, and the process continues until every commodity market clears. Bidders, rather than being assumed ...
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作者：Kling, Jeffrey R.
作者单位：Brookings Institution
