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作者：Budish, Eric; Roin, Benjamin N.; Williams, Heidi
作者单位：University of Chicago; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We investigate whether private research investments are distorted away from long-term projects. Our theoretical model highlights two potential sources of this distortion: short-termism and the fixed patent term. Our empirical context is cancer research, where clinical trials-and hence, project durations-are shorter for late-stage cancer treatments relative to early-stage treatments or cancer prevention. Using newly constructed data, we document several sources of evidence that together show pr...
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作者：Aghion, Philippe; Akcigit, Ufuk; Howitt, Peter
作者单位：Harvard University; University of Pennsylvania; Brown University
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作者：Eichengreen, Barry
作者单位：University of California System; University of California Berkeley
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作者：Noussair, Charles N.; van Soest, Daan; Stoop, Jan
作者单位：Tilburg University; Tilburg University; Tilburg University; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
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作者：Sturm, Jan-Egbert; De Haan, Jakob
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; Leibniz Association; Ifo Institut; European Central Bank; De Nederlandsche Bank NV; University of Groningen
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作者：Cohen, Jessica; Dupas, Pascaline; Schaner, Simone
作者单位：Harvard University; Harvard T.H. Chan School of Public Health; Brookings Institution; Stanford University; National Bureau of Economic Research; Dartmouth College
摘要：Both under-and over-treatment of communicable diseases are public bads. But efforts to decrease one run the risk of increasing the other. Using rich experimental data on household treatment-seeking behavior in Kenya, we study the implications of this trade-off for subsidizing life-saving antimalarials sold over-the-counter at retail drug outlets. We show that a very high subsidy (such as the one under consideration by the international community) dramatically increases access, but nearly one-h...
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作者：Matejka, Filip; McKay, Alisdair
作者单位：Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Charles University Prague; Boston University
摘要：Individuals must often choose among discrete actions with imperfect information about their payoffs. Before choosing, they have an opportunity to study the payoffs, but doing so is costly. This creates new choices such as the number of and types of questions to ask. We model these situations using the rational inattention approach to information frictions. We find that the decision maker's optimal strategy results in choosing probabilistically in line with a generalized multinomial logit model...
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作者：Bowen, T. Renee; Chen, Ying; Eraslan, Huelya
作者单位：Stanford University; Johns Hopkins University; Rice University
摘要：Do mandatory spending programs such as Medicare improve efficiency? We analyze a model with two parties allocating a fixed budget to a public good and private transfers each period over an infinite horizon. We compare two institutions that differ in whether public good spending is discretionary or mandatory. We model mandatory spending as an endogenous status quo since it is enacted by law and remains in effect until changed. Mandatory programs result in higher public good spending; furthermor...
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作者：Azzimonti, Marina; de Francisco, Eva; Quadrini, Vincenzo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University System of Maryland; Towson University; University of Southern California
摘要：During the last three decades government debt has increased in most developed countries. During the same period we have also observed a significant liberalization of international financial markets. We propose a multicountry model with incomplete markets and show that governments may choose higher levels of debt when financial markets become internationally integrated. We also show that public debt increases with the volatility of uninsurable income (idiosyncratic risk). To the extent that the...
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作者：Acemoglu, Daron; Laibson, David; List, John A.
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; University of Chicago
