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作者：Gottardi, Piero; Kajii, Atsushi; Nakajima, Tomoyuki
作者单位：European University Institute; Kyoto University; Singapore Management University
摘要：We consider an economy where individuals face uninsurable risks to their human capital accumulation and analyze the optimal level of linear taxes on capital and labor income together with the optimal path of government debt. We show that in the presence of such risks, it is beneficial to tax both labor and capital and to issue public debt. We also assess the quantitative importance of these findings, and show that the benefits of government debt and capital taxes both increase with the magnitu...
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作者：Voena, Alessandra
作者单位：University of Chicago; National Bureau of Economic Research
摘要：This paper examines how divorce laws affect couples' intertemporal choices and well-being. Exploiting panel variation in US laws, I estimate the parameters of a model of household decision-making. Household survey data indicate that the introduction of unilateral divorce in states that imposed an equal division of property is associated with higher household savings and lower female employment, implying a distortion in household assets accumulation and a transfer toward wives whose share in ho...
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作者：Epper, Thomas; Fehr-Duda, Helga
作者单位：University of St Gallen; University of Zurich; University of Zurich
摘要：In a recent experimental study of intertemporal risky decision making, Andreoni and Sprenger (2012) find that subjects exhibit a preference for intertemporal diversification, which is inconsistent with discounted expected utility theory. It was claimed that their results are also at odds with models involving probability weighting, such as rank-dependent utility and cumulative prospect theory. Here we demonstrate, however, that rank-dependent probability weighting explains intertemporal divers...
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作者：Gertler, Mark; Kiyotaki, Nobuhiro
作者单位：New York University; Princeton University
摘要：We develop an infinite horizon macroeconomic model of banking that allows for liquidity mismatch and bank runs. Whether a bank run equilibrium exists depends on bank balance sheets and an endogenous liquidation price for bank assets. While in normal times a bank run equilibrium may not exist, the possibility can arise in recessions. A run leads to a significant contraction in intermediation and aggregate economic activity. Anticipations of a run have harmful effects on the economy even if the ...
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作者：Janssen, Maarten; Shelegia, Sandro
作者单位：University of Vienna
摘要：The well-known double marginalization problem understates the inefficiencies arising from vertical relations in consumer search markets where consumers are uninformed about the wholesale prices charged by manufacturers to retailers. Consumer search provides a monopoly manufacturer with an additional incentive to increase its price, worsening the double marginalization problem and lowering the manufacturer's profits. Nevertheless, manufacturers in more competitive wholesale markets may not have...
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作者：Hsiang, Solomon M.; Jina, Amir S.
作者单位：University of California System; University of California Berkeley; University of Chicago
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作者：Weil, David N.
作者单位：Brown University
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作者：Bhargava, Saurabh; Manoli, Dayanand
作者单位：Carnegie Mellon University; University of Texas System; University of Texas Austin
摘要：We address the role of psychological frictions in the incomplete take-up of EITC benefits with an IRS field experiment. We specifically assess the influence of program confusion, informational complexity, and stigma by evaluating response to experimental mailings distributed to 35,050 tax filers who failed to claim $26 million despite an initial notice. While the mere receipt of the mailing, simplification, and the heightened salience of benefits led to substantial additional claiming, attempt...
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作者：Low, Hamish; Pistaferri, Luigi
作者单位：University of Cambridge; Stanford University
摘要：We provide a life-cycle framework for comparing insurance and disincentive effects of disability benefits. The risks that individuals face and the parameters of the Disability Insurance (DI) program are estimated from consumption, health, disability insurance, and wage data. We characterize the effects of disability insurance and study how policy reforms impact behavior and welfare. DI features high rejection rates of disabled applicants and some acceptance of healthy applicants. Despite worse...
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作者：Macchiavello, Rocco; Morjaria, Ameet
作者单位：University of Warwick; Northwestern University
摘要：This paper provides evidence on the importance of reputation in the context of the Kenyan rose export sector. A model of reputation and relational contracting is developed and tested. A seller's reputation is defined by buyer's beliefs about seller's reliability. We show that (i) due to lack of enforcement, the volume of trade is constrained by the value of the relationship; (ii) the value of the relationship increases with the age of the relationship; and (iii) during an exogenous negative su...
