-
作者：Rothstein, Jesse M.
作者单位：Princeton University; Princeton University
-
作者：Adda, Jerome; Cornaglia, Francesca
作者单位：University of London; University College London
摘要：This paper analyses the compensatory behavior of smokers. Exploiting data on cotinine concentration-a metabolite of nicotine-measured in a large population of smokers over time, we show that smokers compensate for tax hikes by extracting more nicotine per cigarette. Our study makes two important contributions. First, as, smoking a given cigarette more intensively is detrimental to health, our results, question the usefulness of tax increases. Second, we develop a model of rational addiction wh...
-
作者：Caballero, Ricardo J.; Farhi, Emmanuel; Hammour, Mohamad L.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We propose a framework for understanding episodes of vigorous economic expansion and extreme asset valuations. We interpret this phenomenon as a high-valuation equilibrium with a low cost of capital based on optimism about future funding. The key ingredient for such equilibrium is feedback from increased growth to a decline in the long-run cost of capital. This feedback arises when an expansion comes with technological progress in the capital sector, when fiscal rules generate procyclical fisc...
-
作者：Haider, Steven; Solon, Gary
作者单位：Michigan State University; University of Michigan System; University of Michigan
-
作者：Gabaix, Xavier; Laibson, David; Moloche, Guillermo; Weinberg, Stephen
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; National Bureau of Economic Research
摘要：The directed cognition model assumes that agents use partially myopic option-value calculations to select their next cognitive operation. The current paper tests this model by studying information acquisition in two experiments. In the first experiment, information acquisition has an explicit financial cost. In the second experiment, information acquisition is costly because time is scarce. The directed cognition model successfully predicts aggregate information acquisition patterns in these e...
-
作者：Schelling, Thomas C.
作者单位：University System of Maryland; University of Maryland College Park
-
作者：Bitler, Marianne P.; Gelbach, Jonah B.; Hoynes, Hilary W.
作者单位：University System of Maryland; University of Maryland College Park; State University System of Florida; Florida State University; University of California System; University of California Davis
摘要：Labor supply theory predicts systematic heterogeneity in the impact of recent welfare reforms on earnings, transfers, and income. Yet most welfare reform research focuses on mean impacts. We investigate the importance of heterogeneity using random-assignment data from Connecticut's Jobs First waiver, which features key elements of post-1996 welfare programs. Estimated quantile treatment effects exhibit the substantial heterogeneity predicted by labor supply theory. Thus mean impacts miss a gre...
-
作者：Kaplan, Todd R.; Wettstein, David
作者单位：University of Exeter; Ben-Gurion University of the Negev
-
作者：Barberis, Nicholas; Huang, Ming; Thaler, Richard H.
作者单位：Yale University; Cornell University; Cornell University; University of Chicago
摘要：We argue that narrow framing, whereby an agent who is offered a new gamble evaluates that gamble in isolation, may be a more important feature of decision-making than previously realized. Our starting point is the evidence that people are often averse to a small, independent gamble, even when the gamble is actuarially favorable. We find that a surprisingly wide range of utility functions, including many nonexpected utility specifications, have trouble explaining this evidence, but that this di...
-
作者：Feddersen, Timothy; Sandroni, Alvaro
作者单位：Northwestern University
