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作者：Jacobi, Liana; Sovinsky, Michelle
作者单位：University of Melbourne; University of Mannheim; Centre for Economic Policy Research - UK
摘要：Marijuana is the most common illicit drug with vocal advocates for legalization. Among other things, legalization would increase access and remove the stigma of illegality. Our model disentangles the role of access from preferences and shows that selection into access is not random. We find that traditional demand estimates are biased resulting in incorrect policy conclusions. If marijuana were legalized, those under 30 would see modest increases in use of 28 percent, while on average use woul...
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作者：Acolin, Arthur; Bricker, Jesse; Calem, Paul; Wachter, Susan
作者单位：University of Southern California; Federal Reserve System - USA; Federal Reserve System Board of Governors; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Pennsylvania
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作者：Choi, Dong Beom; Eisenbach, Thomas M.; Yorulmazer, Tanju
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; University of Amsterdam
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作者：Johnson, William R.; Markel, Kelly
作者单位：University of Virginia
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作者：Lahey, Joanna N.; Oxley, Douglas
作者单位：Texas A&M University System; Texas A&M University College Station; National Bureau of Economic Research
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作者：Schmeiser, Maximilian; Stoddard, Christiana; Urban, Carly
作者单位：Amazon.com; Montana State University System; Montana State University Bozeman; Montana State University System; Montana State University Bozeman
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作者：Atkin, David
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Anthropologists have documented substantial and persistent differences in food preferences across social groups. My paper asks whether such food cultures can constrain caloric intake? I first document that interstate migrants within India consume fewer calories per rupee of food expenditure compared to their neighbors. Second, I show that migrants bring their origin-state food preferences with them. Third, I link these findings by showing that the gap in caloric intake between locals and migra...
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作者：Barbera, Salvador; Berga, Dolors; Moreno, Bernardo
作者单位：Autonomous University of Barcelona; Barcelona School of Economics; Universitat de Girona
摘要：Many salient rules to allocate private goods are not only strategy-proof, but also group strategy-proof, in appropriate domains of definition, hence diminishing the traditional conflict between incentives and efficiency. That is so for solutions to matching, division, cost sharing, house allocation, and auctions, in spite of the substantive disparity between these cases. In a general framework encompassing all of them, we prove that the equivalence between the two forms of strategy-proofness i...
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作者：van Binsbergen, Jules H.; Koijen, Ralph S. J.
作者单位：University of Pennsylvania; University of London; London Business School
摘要：Schulz (2016) replicates the findings of van Binsbergen, Brandt, and Koijen (2012)-henceforth, BBK-and agrees that the average pretax returns on short-term dividend strips are higher than those of the index, but argues that the after-tax returns are not. He thus provides a possible economic interpretation of the results in BBK: taxes. Schulz (2016) estimates the differential tax rates of dividends versus capital gains from ex-dividend day returns. We show that these estimated tax rates are sus...
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作者：Steiner, Jakub; Stewart, Colin
作者单位：Charles University Prague; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; University of Edinburgh; University of Toronto
摘要：When an agent chooses between prospects, noise in information processing generates an effect akin to the winner's curse. Statistically unbiased perception systematically overvalues the chosen action because it fails to account for the possibility that noise is responsible for making the preferred action appear to be optimal. The optimal perception pattern exhibits a key feature of prospect theory, namely, overweighting of small probability events (and corresponding underweighting of high proba...
