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作者：Bergstrom, TC
作者单位：University of California System; University of California Santa Barbara
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作者：Fudenberg, Drew; Levine, David K.
作者单位：Harvard University; Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：We propose that a simple dual-self model gives a unified explanation,for several empirical regularities, including the apparent time inconsistency that has motivated models of quasi-hyperbolic discounting and Rabin's paradox of risk aversion in the large and small. The model also implies that self-control costs imply excess delay, as in the O'Donoghue and Rabin models of quasi-hyperbolic utility, and it explains experimental evidence that increased cognitive load makes temptations harder to re...
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作者：Martin, Philippe; Rey, Helene
作者单位：Paris School of Economics; heSam Universite; Universite Pantheon-Sorbonne; Centre for Economic Policy Research - UK; Princeton University; National Bureau of Economic Research
摘要：We analyze the effects of financial and trade globalization on the likelihood of financial crashes in emerging markets. While trade globalization always makes crashes less likely, financial globalization may snake them more likely, especially when trade costs are high. Pessimistic expectations can be self-fulfilling and lead to a collapse in demand,for goods curd assets. Such a crash comes with a current account reversal and drops in income and investment. Lower-income countries are more prone...
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作者：Veldkamp, Laura L.
作者单位：New York University
摘要：Emerging equity markets witness occasional surges in prices (frenzies) and cross-market price dispersion (herds), accompanied by abundant media coverage. An information market complementarity can explain these anomalies. Because information has high fixed costs, high volume makes it inexpensive. Low prices induce investors to buy information that others buy. Given two identical assets, investors learn about one; abundant information reduces its payoff risk and raises its price. Transitions bet...
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作者：Auerbach, Alan J.; Hassett, Kevin A.
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; American Enterprise Institute for Public Policy Research
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作者：Bernhard, Helen; Fehr, Ernst; Fischbacher, Urs
作者单位：University of Zurich
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作者：Finegan, T. Aldrich; Stock, Wendy A.; Siegfried, John J.
作者单位：Vanderbilt University; Montana State University System; Montana State University Bozeman
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作者：Bernhardt, D; Hughson, E; Kutsoati, E
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Colorado System; University of Colorado Boulder; Tufts University
摘要：This paper investigates how noisy evaluation of worker skills affects human capital investments and hiring. Individuals distort investments toward skills that most managers can evaluate. Dynamically, when workers become managers, managerial expertise can become increasingly skewed over time, raising investment distortions and reducing output. If firms select managerial expertise strategically, efficient investments can be retrieved when (a) identifying whether workers' skills matter more than ...
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作者：George, LM; Waldfogel, J
作者单位：City University of New York (CUNY) System; Hunter College (CUNY); University of Pennsylvania
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作者：Morris, S; Shin, HS; Tong, H
作者单位：Princeton University; Bank of England
