作者：Hartley, R; Farrell, L
作者单位：Keele University; University of Melbourne
摘要：We investigate the ability of expected utility theory to account for simultaneous gambling and insurance. Contrary to a previous claim that borrowing and lending in perfect capital markets removes the demand for gambles, we show expected utility theory with nonconcave utility functions can explain gambling. When the rates of interest and time preference are equal, agents seek to gamble unless income falls in a finite set of values. When they differ, there is a range of incomes where gambles ar...
作者：Akerlof, GA
作者单位：University of California System; University of California Berkeley
作者：Alesina, A; Ardagna, S; Perotti, R; Schiantarelli, F
作者单位：Harvard University; National Bureau of Economic Research; Wellesley College; European University Institute; Centre for Economic Policy Research - UK; Boston College
摘要：This paper evaluates the effects of fiscal policy on investment using a panel of OECD countries. We find a sizeable negative effect of public spending-and in particular of its wage component-on profits and on business investment. This result is consistent with different theoretical models in which government employment creates wage pressure for the private sector. Various types of taxes also have negative effects on profits, but, interestingly, the effects of government spending on investment ...
