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作者：[Anonymous]
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作者：Plott, CR; Zeiler, K
作者单位：California Institute of Technology; Georgetown University
摘要：We conduct experiments to explore the possibility that subject misconceptions, as opposed to a particular theory of preferences referred to as the endowment effect, account for reported gaps between willingness to pay (WTP) and willingness to accept (WTA). The literature reveals two important facts. First, there is no consensus regarding the nature or robustness of WTP-WTA gaps Second, while experimenters are careful to control for subject misconceptions, there is no consensus about the fundam...
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作者：Holt, CA; Laury, SK
作者单位：University of Virginia; University System of Georgia; Georgia State University
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作者：Crucini, MJ; Telmer, CI; Zachariadis, M
作者单位：Vanderbilt University; Carnegie Mellon University; Pompeu Fabra University; University of Cyprus; Louisiana State University System; Louisiana State University
摘要：We study good-by-good deviations from the Law-of-One-Price (LOP)for over 1,800 retail goods and services between all European Union (EU) countries for the years 1975, 1980, 1985, and 1990. We find that for each of these years, after we control for differences in income and value-added tax (VAT) rates, there are roughly as many overpriced goods as there are underpriced goods between any two EU countries. We also find that good-by-good measures of cross-sectional price dispersion are negatively ...
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作者：Battaglini, M
作者单位：Princeton University
摘要：To study how a firm can capitalize on a long-term customer relationship, we characterize the optimal contract between a monopolist and a consumer whose preferences follow a Markov process. The optimal contract is nonstationary and has infinite memory, but is described by a simple state variable. Under general conditions, supply converges to the efficient level for any degree of persistence of the types and along any history, though convergence is history-dependent. In contrast, as with constan...
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作者：Soares, RR
作者单位：University System of Maryland; University of Maryland College Park
摘要：This paper develops a model where reductions in mortality are the main force behind economic development. The model generates a pattern of changes similar to the demographic transition, where gains in life expectancy at birth are followed by reductions infertility and increases in the rate of human capital accumulation. The onset of the transition is characterized by a critical level of life expectancy at birth, which marks the movement of the economy from a Malthusian equilibrium to an equili...
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作者：Michener, RW; Wright, RE
作者单位：University of Virginia; New York University
摘要：Farley W. Grubb's recent papers on the early U.S. monetary system would be important contributions to the common currency area literature were not most Of their historical assertions questionable and their key assumption-that the medium of exchange can be inferred from the unit of account-dubious. We contend that after 1781 most Americans eschewed government paper money in favor of full-bodied coins and convertible bank liabilities and that, contrary to Grubb's claim, bankers did not foist the...
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作者：Duffy, J; Fisher, EO
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University System of Ohio; Ohio State University; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：We show that extrinsic or nonfundamental uncertainty influences markets in a controlled environment. This work provides the first direct evidence of sunspot equilibria. These equilibria require a common understanding of the semantics of the sunspot variable, and they appear to be sensitive to the flow of information. Sunspots always occur in a closed-book call market, but they happen only occasionally in a double auction, where inframarginal bids and offers are observable.
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作者：Harrison, GW; Johnson, E; McInnes, MM; Rutström, EE
作者单位：State University System of Florida; University of Central Florida; University of South Carolina System; University of South Carolina Columbia
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作者：Acemoglu, D; Johnson, S; Robinson, J
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Harvard University
摘要：The rise of Western Europe after 1500 is due largely to growth in countries with access to the Atlantic Ocean and with substantial trade with the New World, Africa, and Asia via the Atlantic. This trade and the associated colonialism affected Europe not only directly, but also indirectly by inducing institutional change. Where initial political institutions (those established before 1500) placed significant checks on the monarchy, the growth of Atlantic trade strengthened merchant groups by co...
