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作者：Easterly, William
作者单位：New York University
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作者：Groen, Jeffrey A.; Polivka, Anne E.
作者单位：United States Department of Labor
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作者：Peng, Lin; Roell, Ailsa
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Columbia University
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作者：Barberis, Nicholas; Huang, Ming
作者单位：Yale University; Cornell University
摘要：We study the asset pricing implications of Tversky and Kahneman's (1992) cumulative prospect theory, with a particular focus on its probability weighting component. Our main result, derived from a novel equilibrium with nonunique global optima, is that, in contrast to the prediction of a standard expected utility model, a security's own skewness can be priced: a positively skewed security can be overpriced and can earn a negative average excess return. We argue that our analysis offers a unify...
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作者：Brown, Jeffrey R.; Finkelstein, Amy
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Massachusetts Institute of Technology (MIT)
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作者：Foster, Lucia; Haltiwanger, John; Syverson, Chad
作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; University of Chicago
摘要：We investigate the nature of selection and productivity growth in industries where we observe producer-level quantities and prices separately. We show there are important differences between revenue and physical productivity. Because physical productivity is inversely correlated with price while revenue productivity is positively correlated with price, previous work linking (revenue-based) productivity to survival confounded the separate and opposing effects of technical efficiency and demand ...
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作者：Caballero, Ricardo J.; Farhi, Emmanuel; Gourinchas, Pierre-Olivier
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Harvard University; University of California System; University of California Berkeley; Center for Economic & Policy Research (CEPR)
摘要：The sustained rise in US current account deficits, the stubborn decline in long-run real rates, and the rise in US assets in global portfolios appear as anomalies from the perspective of conventional models. This paper rationalizes these facts as an equilibrium outcome when different regions of the world differ in their capacity to generate financial assets from real investments. Extensions of the basic model generate exchange rate and foreign direct investment excess returns broadly consisten...
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作者：Friedman, John N.; Holden, Richard T.
作者单位：University of California System; University of California Berkeley; Massachusetts Institute of Technology (MIT)
摘要：Standard intuitions for optimal gerrymandering involve concentrating one's extreme opponents in unwinnable districts (packing) and spreading one's supporters evenly over winnable districts (cracking). These intuitions come from models with either no uncertainty about voter preferences or only two voter types. In contrast, we characterize the solution to a problem in which a gerrymanderer observes a noisy signal of voter preferences from a continuous distribution and creates N districts of equa...
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作者：Stein, Jeremy C.
作者单位：Harvard University; National Bureau of Economic Research
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作者：Heidhues, Paul; Koszegi, Botond
作者单位：University of Bonn; University of California System; University of California Berkeley
摘要：We modify the Salop (1979) model of price competition with differentiated products by assuming that consumers are loss averse relative to a reference point given by their recent expectations about the purchase. Consumers' sensitivity to losses in money increases the price responsiveness of demand-and hence the intensity of competition-at higher relative to lower market prices, reducing or eliminating price variation both within and between products. When firms face common stochastic costs, in ...
