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作者：de Janvry, Alain; Emerick, Kyle; Gonzalez-Navarro, Marco; Sadoulet, Elisabeth
作者单位：University of California System; University of California Berkeley; Tufts University; University of Toronto
摘要：In many developing countries property rights over rural land are maintained through continuous personal use instead of by land titles. We show that removing the link between land use and land rights through the issuance of ownership certificates can result in large-scale adjustments to labor and land allocations. Using the rollout of the Mexican land certification program from 1993 to 2006, we find that households obtaining certificates were subsequently 28 percent more likely to have a migran...
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作者：Duflo, Esther; Dupas, Pascaline; Kremer, Michael
作者单位：Massachusetts Institute of Technology (MIT); Stanford University; Harvard University
摘要：A seven-year randomized evaluation suggests education subsidies reduce adolescent girls' dropout, pregnancy, and marriage but not sexually transmitted infection (STI). The government's HIV curriculum, which stresses abstinence until marriage, does not reduce pregnancy or STI. Both programs combined reduce STI more, but cut dropout and pregnancy less, than education subsidies alone. These results are inconsistent with a model of schooling and sexual behavior in which both pregnancy and STI are ...
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作者：Miao, Bin; Zhong, Songfa
作者单位：Shanghai University of Finance & Economics; National University of Singapore
摘要：Andreoni and Sprenger (2012a,b) observe that utility functions are distinct for risk and time preferences, and show that their findings are consistent with a preference for certainty. We revisit this question in an enriched experimental setting in which subjects make intertemporal decisions under different risk conditions. The observed choice behavior supports a separation between risk attitude and intertemporal substitution rather than a preference for certainty. We further show that several ...
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作者：Agarwal, Sumit; Pan, Jessica; Qian, Wenlan
作者单位：National University of Singapore; National University of Singapore
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作者：Athey, Susan; Imbens, Guido
作者单位：Stanford University; National Bureau of Economic Research
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作者：Bogan, Vicki L.
作者单位：Cornell University
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作者：Laibson, David; List, John A.
作者单位：Harvard University; National Bureau of Economic Research; University of Chicago
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作者：Acemoglu, Daron; Ozdaglar, Asuman; Tahbaz-Salehi, Alireza
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Columbia University
摘要：This paper argues that the extent of financial contagion exhibits a form of phase transition: as long as the magnitude of negative shocks affecting financial institutions are sufficiently small, a more densely connected financial network (corresponding to a more diversified pattern of interbank liabilities) enhances financial stability. However, beyond a certain point, dense interconnections serve as a mechanism for the propagation of shocks, leading to a more fragile financial system. Our res...
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作者：Cohn, Alain; Engelmann, Jan; Fehr, Ernst; Marechal, Michel Andre
作者单位：University of Zurich
摘要：Countercyclical risk aversion can explain major puzzles such as the high volatility of asset prices. Evidence for its existence is, however, scarce because of the host of factors that simultaneously change during financial cycles. We circumvent these problems by priming financial professionals with either a boom or a bust scenario. Subjects primed with a financial bust were substantially more fearful and risk averse than those primed with a boom, suggesting that fear may play an important role...
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作者：Richter, Michael; Rubinstein, Ariel
作者单位：Yeshiva University; Tel Aviv University; New York University
摘要：We propose a new abstract definition of equilibrium in the spirit of competitive equilibrium: a profile of alternatives and a public ordering (expressing prestige, price, or a social norm) such that each agent prefers his assigned alternative to all lower-ranked ones. The equilibrium operates in an abstract setting built upon a concept of convexity borrowed from convex geometry. We apply the concept to a variety of convex economies and relate it to Pareto optimality. The magic of linear equili...
