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作者：Ajayi, Kehinde F.; Friedman, Willa H.; Lucas, Adrienne M.
作者单位：Boston University; University of Houston System; University of Houston; University of Delaware; National Bureau of Economic Research
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作者：Duvendack, Maren; Palmer-Jones, Richard; Reed, W. Robert
作者单位：University of East Anglia; University of Canterbury
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作者：Ellis, Andrew; Piccione, Michele
作者单位：University of London; London School Economics & Political Science
摘要：We present a decision-theoretic analysis of an agent's understanding of the interdependencies in her choices. We provide the foundations for a simple and flexible model that allows the misperception of correlated risks. We introduce a framework in which the decision maker chooses a portfolio of assets among which she may misperceive the joint returns, and present simple axioms equivalent to a representation in which she attaches a probability to each possible joint distribution over returns an...
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作者：Babcock, Linda; Recalde, Maria P.; Vesterlund, Lise; Weingart, Laurie
作者单位：Carnegie Mellon University; Carnegie Mellon University; CGIAR; International Food Policy Research Institute (IFPRI); Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; National Bureau of Economic Research; Carnegie Mellon University
摘要：Gender differences in task allocations may sustain vertical gender segregation in labor markets. We examine the allocation of a task that everyone prefers be completed by someone else (writing a report, serving on a committee, etc.) and find evidence that women, more than men, volunteer, are asked to volunteer, and accept requests to volunteer for such tasks. Beliefs that women, more than men, say yes to tasks with low promotability appear as an important driver of these differences. If women ...
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作者：Del Negro, Marco; Eggertsson, Gauti; Ferrero, Andrea; Kiyotaki, Nobuhiro
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Brown University; University of Oxford; Princeton University
摘要：We introduce liquidity frictions into an otherwise standard DSGE model with nominal and real rigidities and ask: can a shock to the liquidity of private paper lead to a collapse in short-term nominal interest rates and a recession like the one associated with the 2008 US financial crisis? Once the nominal interest rate reaches the zero bound, what are the effects of interventions in which the government provides liquidity in exchange for illiquid private paper? We find that the effects of the ...
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作者：Allen, Robert C.
作者单位：New York University; New York University Abu Dhabi; University of Oxford
摘要：A new basis for an international poverty measurement is proposed based on linear programming for specifying the least cost diet and explicit budgeting for nonfood spending. This approach is superior to the World Bank's $1-a-day line because it is (i) clearly related to survival and well being; (ii) comparable across time and space since the same nutritional requirements are used everywhere while nonfood spending is tailored to climate; (iii) adjusts consumption patterns to local prices; (iv) p...
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作者：Cho, In-Koo; Kasa, Kenneth
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Hanyang University; Federal Reserve System - USA; Simon Fraser University
摘要：A decision maker doubts the stationarity of his environment. In response, he uses two models, one with time-varying parameters, and another with constant parameters. Forecasts are then based on a Bayesian model averaging strategy, which mixes forecasts from the two models. In reality, structural parameters are constant, but the (unknown) true model features expectational feedback, which the reduced-form models neglect. This feedback permits fears of parameter instability to become self-confirm...
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作者：Lemoine, Derek; Rudik, Ivan
作者单位：University of Arizona; National Bureau of Economic Research; Iowa State University; Iowa State University
摘要：Common views hold that the efficient way to limit warming to a chosen level is to price carbon emissions at a rate that increases exponentially. We show that this Hotelling tax on carbon emissions is actually inefficient. The least-cost policy path takes advantage of the climate system's inertia to delay reducing emissions and allow greater cumulative emissions. The efficient carbon tax follows an inverse-U-shaped path and grows more slowly than the Hotelling tax. Economic models that assume e...
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作者：Garicano, Luis; Rayo, Luis
作者单位：IE University; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Utah System of Higher Education; University of Utah
摘要：We study how relational contracts mitigate Becker's classic problem of providing general human capital when training contracts are incomplete. The firm's profit-maximizing agreement is a multiperiod apprenticeship in which the novice is trained gradually over time and eventually receives all knowledge. The firm adopts a 1/e rule, whereby at the beginning of the relationship the novice is trained, for free, just enough to produce a fraction 1/e of the efficient output. After that, the novice ea...
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作者：Bedre-Defolie, Ozlem; Biglaiser, Gary
作者单位：European School of Management & Technology; University of North Carolina; University of North Carolina Chapel Hill
摘要：Considering markets with nonpivotal buyers, we analyze the anti-competitive effects of breakup fees used by an incumbent facing a more efficient entrant in the future. Buyers differ in their intrinsic switching costs. Breakup fees are profitably used to foreclose entry, regardless of the entrant's efficiency advantage or level of switching costs. Banning breakup fees is beneficial to consumers. The ban enhances the total welfare unless the entrant's efficiency is close to the incumbent's. Inef...
