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作者：Duca, John V.; Muellbauer, John; Murphy, Anthony
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; Southern Methodist University; University of Oxford; University of Oxford
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作者：Ghosh, Atish R.; Ostry, Jonathan D.; Qureshi, Mahvash S.
作者单位：International Monetary Fund
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作者：Lee, Kenneth; Miguel, Edward; Wolfram, Catherine
作者单位：University of California System; University of California Berkeley; University of California System; University of California Berkeley; University of California System; University of California Berkeley
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作者：Robalino, Nikolaus; Robson, Arthur
作者单位：Rochester Institute of Technology; Simon Fraser University
摘要：This paper investigates the evolutionary foundation for our ability to attribute preferences to others, an ability that is central to conventional game theory. We argue here that learning others' preferences allows individuals to efficiently modify their behavior in strategic environments with a persistent element of novelty. Agents with the ability to learn have a sharp, unambiguous advantage over those who are less sophisticated because the former agents extrapolate to novel circumstances in...
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作者：Jayaraman, Rajshri; Ray, Debraj; de Vericourt, Francis
作者单位：European School of Management & Technology; New York University; University of Warwick
摘要：We study a contract change for tea pluckers on an Indian plantation, with a higher government-stipulated baseline wage. Incentive piece rates were lowered or kept unchanged. Yet, in the following month, output increased by 20 to 80 percent. This response contradicts the standard model and several variants, is only partly explicable by greater supervision, and appears to be behavioral. But in subsequent months, the increase is comprehensively reversed. Though not an unequivocal indictment of be...
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作者：Levinson, Arik
作者单位：Georgetown University; National Bureau of Economic Research
摘要：Regulations governing the energy efficiency of new buildings have become a cornerstone of US environmental policy. California enacted the first such codes in 1978 and has tightened them every few years since. I evaluate the resulting energy savings three ways: comparing energy used by houses constructed under different standards, controlling for building and occupant characteristics; examining how energy use varies with outdoor temperatures; and comparing energy used by houses of different vin...
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作者：Bazzi, Samuel; Gaduh, Arya; Rothenberg, Alexander D.; Wong, Maisy
作者单位：Boston University; University of Arkansas System; University of Arkansas Fayetteville; RAND Corporation; University of Pennsylvania
摘要：We use a natural experiment in Indonesia to provide causal evidence on the role of - location-specific human capital and skill transferability in shaping the spatial distribution of productivity. From 1979-1988, the Transmigration Program relocated two million migrants from rural Java and Bali to new rural settlements in the Outer Islands. Villages assigned migrants from regions with more similar agroclimatic endowments exhibit higher rice productivity and nighttime light intensity one to two ...
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作者：Grenadier, Steven R.; Malenko, Andrey; Malenko, Nadya
作者单位：Stanford University; Massachusetts Institute of Technology (MIT); Boston College
摘要：We consider a problem where an uninformed principal makes a timing decision interacting with an informed but biased agent. Because time is irreversible, the direction of the bias crucially affects the agent's ability to credibly communicate information. When the agent favors late decision making, full information revelation often occurs. In this case, centralized decision making, where the principal retains authority and communicates with the agent, implements the optimal decision-making rule....
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作者：Levin, Jonathan; Skrzypacz, Andrzej
作者单位：Stanford University; Stanford University
摘要：The combinatorial clock auction has become popular for large-scale spectrum awards and other uses, replacing more traditional ascending or clock auctions. We describe some surprising properties of the auction, including a wide range of ex post equilibria with demand expansion, demand reduction, and predation. Our results obtain in a standard homogeneous good setting where bidders have well-behaved linear demand curves, and suggest some practical difficulties with dynamic implementations of the...
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作者：Bhutta, Neil; Keys, Benjamin J.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Chicago
摘要：Credit record panel data from 1999-2010 indicates that the likelihood of home equity extraction (borrowing, on average, about $40,000 against one's home) peaked in 2003 when mortgage rates reached historic lows. We estimate a 27 percent rise in extraction in response to a 100 basis point rate decline, and that house price growth amplifies this relationship. Differential responses to interest rates and home price appreciation by borrower age and credit score provide new evidence of financial fr...
