The American Economic Review

最新文章

• Durable Consumption and Asset Management with Transaction and Observation Costs AI翻译
  作者：Alvarez, Fernando; Guiso, Luigi; Lippi, Francesco
  作者单位：University of Chicago; University of Sassari
• Bubbles and Total Factor Productivity AI翻译
  作者：Miao, Jianjun; Wang, Pengfei
  作者单位：Boston University; Central University of Finance & Economics; Zhejiang University; Hong Kong University of Science & Technology
• Estimating Time Preferences from Convex Budgets AI翻译
  作者：Andreoni, James; Sprenger, Charles
  作者单位：University of California System; University of California San Diego; Stanford University
  摘要：Experimentally elicited discount rates ore frequently higher than what seems reasonable for economic decision-making. Such high rates are often attributed to present-biased discounting. A well-known bias of standard measurements is the assumption of linear consumption utility Attempting to correct this bias using measures of risk aversion to identify concavity, researchers find reasonable discounting but at the cost of exceptionally high utility function curvature. We present a new methodology...
• Risk Preferences Are Not Time Preferences AI翻译
  作者：Andreoni, James; Sprenger, Charles
  作者单位：University of California System; University of California San Diego; Stanford University
  摘要：Risk and time are intertwined. The present is known while the future is inherently risky. This is problematic when studying time preferences since uncontrolled risk can generate apparently present-biased behavior. We systematically manipulate risk in an intertemporal choice experiment. Discounted expected utility performs well with risk, but when certainty is added common ratio predictions fail sharply. The data cannot be explained by prospect theory, hyperbolic discounting, or preferences for...
• Innovation and Foreign Ownership AI翻译
  作者：Guadalupe, Maria; Kuzmina, Olga; Thomas, Catherine
  作者单位：INSEAD Business School; National Bureau of Economic Research; New Economic School; University of London; London School Economics & Political Science
• What Do You Think Would Make You Happier? What Do You Think You Would Choose? AI翻译
  作者：Benjamin, Daniel J.; Heffetz, Ori; Kimball, Miles S.; Rees-Jones, Alex
  作者单位：Cornell University; National Bureau of Economic Research; Cornell University; University of Michigan System; University of Michigan
  摘要：Would people choose what they think would maximize their subjective well-being (SWB)? We present survey respondents with hypothetical scenarios and elicit both choice and predicted SWB rankings of two alternatives. While choice and predicted SWB rankings usually coincide in our data, we find systematic reversals. We identify factors-such as predicted sense of purpose, control over one's life, family happiness, and social status-that help explain hypothetical choice controlling for predicted SW...
• Social Capital and Social Quilts: Network Patterns of Favor Exchange AI翻译
  作者：Jackson, Matthew O.; Rodriguez-Barraquer, Tomas; Tan, Xu
  作者单位：Stanford University; European University Institute
  摘要：We examine the informal exchange of favors in societies such that any two individuals interact too infrequently to sustain exchange, but such that the social pressure of the possible loss of multiple relationships can sustain exchange. Patterns of exchange that are locally enforceable and renegotiation-proof necessitate that all links are supported: any two individuals exchanging favors have a common friend. In symmetric settings, such robust networks are social quilts: tree-like unions of com...
• Was the New Deal Contractionary? AI翻译
  作者：Eggertsson, Gauti B.
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
• Europe's Tired, Poor, Huddled Masses: Self-Selection and Economic Outcomes in the Age of Mass Migration AI翻译
  作者：Abramitzky, Ran; Boustan, Leah Platt; Eriksson, Katherine
  作者单位：Stanford University; University of California System; University of California Los Angeles
  摘要：During the age of mass migration (1850-1913), one of the largest migration episodes in history, the United States maintained a nearly open border, allowing the study of migrant decisions unhindered by entry restrictions. We estimate the return to migration while accounting for migrant selection by comparing Norway-to-US migrants with their brothers who stayed in Norway in the late nineteenth century. We also compare fathers of migrants and nonmigrants by wealth and occupation. We find that the...
• Selective Trials: A Principal-Agent Approach to Randomized Controlled Experiments AI翻译
  作者：Chassang, Sylvain; Padro i Miquel, Gerard; Snowberg, Erik
  作者单位：Princeton University; Princeton University; University of London; London School Economics & Political Science; California Institute of Technology
  摘要：We study the design of randomized controlled experiments when outcomes are significantly affected by experimental subjects' unobserved effort expenditure. While standard randomized controlled trials (RCTs) are internally consistent, the unobservability of effort compromises external validity. We approach trial design as a principal-agent problem and show that natural extensions of RCTs-which we call selective trials-can help improve external validity. In particular, selective trials can disent...