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作者：Ahrsjo, Ulrika; Meghir, Costas; Palme, Marten; Schnabel, Marieke
作者单位：Stockholm School of Economics; Yale University; National Bureau of Economic Research; IZA Institute Labor Economics; Centre for Economic Policy Research - UK; Stockholm University; Leibniz Association; Ifo Institut; University of London; University College London
摘要：We examine the intergenerational effect of education policy on crime. Using administrative data that link outcomes across generations with crime records, we show that the Swedish comprehensive school reform, gradually implemented between 1949 and 1962, reduced conviction rates both for the generation directly affected and for their sons. The reduction occurred across several types of crime. Mediation analysis suggests that the key channels include increased parental educational attainment and ...
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作者：Benabou, Roland; Tirole, Jean
作者单位：Princeton University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; IZA Institute Labor Economics; Communaute d'universites et etablissements de Toulouse (Comue); Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We analyze how private decisions and optimal public policies are shaped by personal and societal preferences, material incentives, and social norms. We show how incentives interact with honor and stigma, deriving optimal taxation. We then analyze the expressive role of law as embodying society's values and when it calls for a weakening or a strengthening of incentives. The law should be softened when it signals agents' willingness to contribute to the public good and toughened when it signals ...
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作者：List, John A.
作者单位：National Bureau of Economic Research; University of Chicago; Australian National University
摘要：Many ideas succeed in small trials but weaken considerably at scale. Using early childhood investment as a case study, this paper develops a dynamic microfounded human capital model stylized in the Chicago tradition. The framework features optimizing agents, complementary skill formation, and a policymaker choosing scaling strategies. The model shows that naive extrapolation from pilots systematically overestimates societal impact by overlooking voltage drops: declining benefit-cost profiles d...
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作者：Bernstein, Asaf; Frydman, Carola; Hilt, Eric
作者单位：University of Colorado System; University of Colorado Boulder; National Bureau of Economic Research; Northwestern University; Wellesley College
摘要：We study the first-ever ratings for corporate securities. In 1909, John Moody published a book that partitioned the majority of listed railroad bonds into letter-graded ratings. These ratings had no regulatory implications and were largely explainable using publicly available information. We find that lower-than-market-implied ratings caused a rise in secondary market bond yields and that bonds that were rated experienced a substantial decline in their bid-ask spreads, consistent with reduced ...
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作者：Whitmeyer, Mark
作者单位：Arizona State University; Arizona State University-Tempe
摘要：We study what changes to an agent's decision problem increase her value for information. We prove that information becomes more valuable if and only if the agent's reduced-form payoff in her belief becomes more convex. When the transformation corresponds to the addition of an action, the requisite increase in convexity occurs if and only if a simple geometric condition holds, which extends in a natural way to the addition of multiple actions. We apply these findings to two scenarios: a monopol...
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作者：Dominguez-Iino, Tomas
作者单位：University of Chicago
摘要：I build an empirical model of the South American agricultural sector to show how environmental policy is transmitted along a supply chain when regulation at the externality's source is infeasible. Given obstacles to a first-best carbon tax on farmers, I show how second-best alternatives-downstream agribusiness taxes-reduce upstream emissions, but their effectiveness is limited by poor targeting while also being regressive. Agribusiness monopsony power worsens targeting by lowering pass-through...
