The American Economic Review

最新文章

• When optimal choices feel wrong: A laboratory study of Bayesian updating, complexity, and affect AI翻译
  作者：Charness, G; Levin, D
  作者单位：University of California System; University of California Santa Barbara; University System of Ohio; Ohio State University
• Equilibrium investment and asset prices under imperfect corporate control AI翻译
  作者：Dow, J; Gorton, G; Krishnamurthy, A
  作者单位：University of London; London Business School; University of Pennsylvania; National Bureau of Economic Research; Northwestern University
  摘要：We integrate a widely accepted version of the separation of ownership and control-Michael Jensen's (1986)free cash flow theory-into a dynamic equilibrium model, and study the effect of imperfect corporate control on asset prices and investment. Aggregate free cash flow of the corporate sector is an important state variable in explaining asset prices, investment, and the cyclical behavior of interest rates and the yield curve. The financial friction causes cash-flow shocks to affect investment,...
• The volume-outcome effect, scale economies, and learning-by-doing AI翻译
  作者：Gaynor, M; Seider, H; Vogt, WB
  作者单位：Carnegie Mellon University; National Bureau of Economic Research; University of Augsburg
• Human capital formation, life expectancy, and the process of development AI翻译
  作者：Cervellati, M; Sunde, U
  作者单位：University of Bologna; IZA Institute Labor Economics; University of Bonn
• The macroeconomics of child labor regulation AI翻译
  作者：Doepke, M; Zilibotti, F
  作者单位：University of California System; University of California Los Angeles; Stockholm University
  摘要：We develop a positive theory of the adoption of child labor laws. Workers who compete with children in the labor market support a child labor ban, unless their own working children provide a large fraction of family income. Fertility decisions lock agents into specific political preferences, and multiple steady states can arise. The introduction of child labor laws can be triggered by skill-biased technological change, which induces parents to choose smaller families. The theory can account fo...
• Optimal expectations AI翻译
  作者：Brunnermeier, MK; Parker, JA
  作者单位：Princeton University; Princeton University
  摘要：Forward-looking agents care about expected future utility flows, and hence have higher current felicity if they are optimistic. This paper studies utility-based biases in beliefs by supposing that beliefs maximize average felicity, optimally balancing this benefit of optimism against the costs of worse decision making. A small optimistic bias in beliefs typically leads to first-order gains in anticipatory utility and only second-order costs in realized outcomes. In a portfolio choice example, ...
• The influence of technology on foreign direct investment AI翻译
  作者：Ihrig, J
  作者单位：Federal Reserve System - USA
• A model of positive self-image in subjective assessments AI翻译
  作者：Santos-Pinto, L; Sobel, J
  作者单位：Universidade Nova de Lisboa; University of California System; University of California San Diego
  摘要：This paper suggests a mechanism that describes individuals' positive self-image in subjective assessments of their relative abilities. The mechanism assumes individuals have heterogeneous production functions that determine ability as a function of multiple skills; make skill-enhancing investments with the goal of maximizing their ability; and make ability comparisons using their own production function. Within this framework, the paper provides conditions under which there is positive self-im...
• The evolution of high incomes in Northern America: Lessons from Canadian evidence AI翻译
  作者：Saez, E; Veall, MR
  作者单位：University of California System; University of California Berkeley; McMaster University; McMaster University
• Skill-sorting, self-selectivity, and immigration policy regime change: Two surveys of Chinese graduate students' intention to study abroad AI翻译
  作者：Chen, YP
  作者单位：DePaul University