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作者：Lin, JYF; Cai, F; Li, Z
作者单位：Peking University; Hong Kong University of Science & Technology; Chinese Academy of Social Sciences
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作者：Sohngen, B; Mendelsohn, R
作者单位：University System of Ohio; Ohio State University; Yale University
摘要：This paper establishes a methodology for valuing the impact of large-scale ecological changes in a market. Given the large capital stocks inherent in most ecological systems, the dynamic nature of most ecological change, and the dynamic response of markets, it is critical to build dynamic models to capture the resulting effects. This paper demonstrates how to construct such a model using the impacts of climate change on U.S. timber markets as an example. Across a wide range of scenarios and mo...
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作者：Kennedy, PE
作者单位：Simon Fraser University
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作者：Erev, I; Roth, AE
作者单位：Technion Israel Institute of Technology; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Harvard University; Harvard University
摘要：We examine learning in all experiments we could locate involving 100 periods or more of games with a unique equilibrium in mixed strategies, and in a new experiment. We study both the ex post (best fit) descriptive power of learning models, and their ex ante predictive power, by simulating each experiment using parameters estimated from the other experiments. Even a one-parameter reinforcement learning model robustly outperforms the equilibrium predictions. Predictive power is improved by addi...
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作者：Heckman, JJ; Lochner, L; Taber, C
作者单位：University of Chicago; Northwestern University
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作者：[Anonymous]
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作者：Chiu, YS
作者单位：Chinese University of Hong Kong
摘要：This paper reexamines the effect of asset ownership on investment decisions for a joint relationship in the absence of contracts on investment levels. It obtains some results which contradict findings by Grossman, Hart, and Moore. In particular, it finds that the loss of ownership of an asset may increase the asset loser's investment incentive. The difference between this paper and those authors' papers stems from the different interpretations of the roles of the threat point and outside optio...
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作者：Margo, RA
作者单位：Harvard University; Vanderbilt University; National Bureau of Economic Research
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作者：Segerstrom, PS
作者单位：Michigan State University
摘要：This paper presents a simple R&D-driven endogenous growth model to shed light an some puzzling economic trends. The model can account for why patent statistics have been roughly constant even though R&D employment has risen sharply over the last 30 years. The model also illuminates why steadily increasing R&D effort has not led to any upward trend in economic growth rates, as is predicted by earlier R&D-driven endogenous growth models with the scale effect property. (JEL O41).
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作者：Li, H; Rosen, S
作者单位：University of Hong Kong; University of Chicago
摘要：We use a two-period matching model with initial uncertainty about productivities of participants to analyze incentives for early contracting or unraveling. Unraveling provides insurance in the absence of complete markets, but causes inefficient assignments. Unraveling is more likely the smaller the applicant pool, the smaller the proportion of more-promising applicants, and the greater the heterogeneity in the pool. Banning early contracts hurts firms and benefits less-promising applicants; th...
