作者：CAPLIN, A; LEAHY, J
作者单位：Harvard University
摘要：We present a three-stage model of market dynamics. In the first stage, routine behavior tends to keep information of common interest trapped in private hands. In the second stage, private information reaches a threshold that triggers some agents to alter their behavior; these actions release information to the market. The final stage involves the market's response to this news as other participants react to the initial departure from routine behavior. We present an application to industry inve...
作者：WALDMAN, M
摘要：This paper derives two main results. First, in a world where inheritance is sexual as opposed to asexual ''second-best'' adaptations can be evolutionarily stable. That is, the adaptation selected need not be the optimal solution to the evolutionary problem at hand. Second, I apply this result to show that natural selection provides a potential explanation for why in many settings humans commit errors that are systematic in nature.
作者：MENDELSOHN, R; NORDHAUS, WD; SHAW, D
作者单位：Yale University; Yale University; Academia Sinica - Taiwan
摘要：We measure the economic impact of climate on land prices. Using cross-sectional data on climate, farmland prices, and other economic and geophysical data for almost 3,000 counties in the United States, we find that higher temperatures in all seasons except autumn reduce average farm values, while more precipitation outside of autumn increases farm values. Applying the model to a global-warming scenario shows a significantly lower estimated impact of global warming on U.S. agriculture than the ...
