-
作者：Farhi, Emmanuel; Gabaix, Xavier
作者单位：National Bureau of Economic Research; Harvard University; Center for Economic & Policy Research (CEPR)
摘要：This paper develops a theory of optimal taxation with behavioral agents. We use a general framework that encompasses a wide range of biases such as misperceptions and internalities. We revisit the three pillars of optimal taxation: Ramsey (linear commodity taxation to raise revenues and redistribute), Pigou (linear commodity taxation to correct externalities), and Mirrlees (nonlinear income taxation). We show how the canonical optimal tax formulas are modified and lead to novel economic insigh...
-
作者：Chen, Yi; Fan, Ziying; Gu, Xiaomin; Zhou, Li-An
作者单位：Jinan University; ShanghaiTech University; Shanghai University of Finance & Economics; Shanghai University of International Business & Economics; Peking University
摘要：This paper estimates the effects on rural education of the send-down movement during the Cultural Revolution, when about 16 million urban youth were mandated to resettle in the countryside. Using a county-level dataset compiled from local gazetteers and population censuses, we show that greater exposure to the sent-down youths significantly increased rural children's educational achievement. This positive effect diminished after the urban youth left the countryside in the late 1970s but never ...
-
作者：Deryugina, Tatyana; Molitor, David
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; National Bureau of Economic Research
摘要：We follow Medicare cohorts to estimate Hurricane Katrina's long-run mortality effects on victims initially living in New Orleans. Including the initial shock, the hurricane improved eight-year survival by 2.07 percentage points. Migration to lower-mortality regions explains most of this survival increase. Those migrating to low-versus high-mortality regions look similar at baseline, but their subsequent mortality is 0.83-1.01 percentage points lower per percentage point reduction in local mort...
-
作者：Lagos, Ricardo; Zhang, Shengxing
作者单位：New York University; University of London; London School Economics & Political Science
摘要：We provide empirical evidence of a novel liquidity-based transmission mechanism through which monetary policy influences asset markets, develop a model of this mechanism, and assess the ability of the quantitative theory to match the evidence.
-
作者：Ashraf, Nava; Bandiera, Oriana; Davenport, Edward; Lee, Scott S.
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; Massachusetts Institute of Technology (MIT); Vanderbilt University; Vanderbilt University
摘要：We embed a field experiment in a nationwide recruitment drive for a new' health care position in Zambia to test whether career benefits attract talent at the expense of prosocial motivation. In line with common wisdom, offering career opportunities attracts less prosocial applicants. However, the trade-off exists only at low levels of talent; the marginal applicants in treatment are more talented and equally prosocial. These are hired, and perform better at every step of the causal chain: they...
-
作者：Andersen, Steffen; Campbell, John Y.; Nielsen, Kasper Meisner; Ramadorai, Tarun
作者单位：Copenhagen Business School; Harvard University; National Bureau of Economic Research; Imperial College London; Center for Economic & Policy Research (CEPR)
摘要：We build an empirical model to attribute delays in mortgage refinancing to psychological costs inhibiting refinancing until incentives are sufficiently strong; and behavior, potentially attributable to information-gathering costs, lowering the probability of household refinancing per unit time at any incentive. We estimate the model on administrative panel data from Denmark, where mortgage refinancing without cash-out is unconstrained. Middle-aged and wealthy households act as if they have hig...
-
作者：Fisman, Raymond; Shi, Jing; Wang, Yongxiang; Wu, Weixing
作者单位：Boston University; Shandong University of Finance & Economics; Macquarie University; University of Southern California; Shanghai Jiao Tong University; University of International Business & Economics
摘要：We study how sharing a hometown or college connection with an incumbent member of China's Politburo affects a candidate's likelihood of selection as a new member. In specifications that include fixed effects to absorb quality differences across cities and colleges, we find that hometown and college connections are each associated with 5-9 percentage point reductions in selection probability. This connections penalty is equally strong for retiring Politburo members, arguing against quota-based ...
-
作者：Asher, Sam; Novosad, Paul
作者单位：Johns Hopkins University; Dartmouth College
摘要：Nearly one billion people worldwide live in rural areas without access to national paved road networks. We estimate the impacts of India's $40 billion national rural road construction program using a fuzzy regression discontinuity design and comprehensive house-hold and firm census microdata. Four years after road construction, the main effect of new feeder roads is to facilitate the movement of workers out of agriculture. However, there are no major changes in agricultural outcomes, income, o...
-
作者：Gregg, Amanda G.
作者单位：Middlebury College
摘要：In Imperial Russia, incorporation required an expensive special concession, yet over 4,000 Russian firms incorporated before 1914. I identify the characteristics of incorporating firms and measure the productivity gains and growth in machine power enjoyed by corporations using newly-constructed factory-level panel data compiled from Russian factory censuses. Factories owned by corporations were larger, more productive, and more mechanized than unincorporated factories. Higher productivity fact...
-
作者：Ichihashi, Shota
作者单位：Bank of Canada
摘要：I study the welfare and price implications of consumer privacy. A consumer discloses information to a multiproduct seller, which learns about his preferences, sets prices, and makes product recommendations. Although the consumer benefits from accurate recommendations, the seller may use the information to price discriminate. I show that the seller prefers to commit to not use information for pricing in order to encourage information disclosure. However, this commitment hurts the consumer, who ...
