Econometrica

最新文章

• Schumpeterian growth theory and the dynamics of income inequality AI翻译
  作者：Aghion, P
  作者单位：Harvard University; University of London; University College London
  摘要：In this lecture, it is argued that Schumpeterian Growth Theory, in which growth is driven by a sequence of quality-improving innovations, can shed light on two important puzzles raised by the recent evolution of wage inequality in developed economies. The first puzzle concerns wage inequality between educational groups, which has substantially risen in the US and the UK during the past two decades following a sharp increase in the supply of educated labor. The second puzzle concerns wage inequ...
• Tax and education policy in a heterogeneous-agent economy: What levels of redistribution maximize growth and efficiency? AI翻译
  作者：Bénabou, R
  作者单位：Princeton University; Princeton University; National Bureau of Economic Research
  摘要：This paper studies the effects of progressive income taxes and education finance in a dynamic heterogeneous-agent economy. Such redistributive policies entail distortions to labor supply and savings, but also serve as partial substitutes for missing credit and insurance markets. The resulting tradeoffs for growth and efficiency are explored, both theoretically and quantitatively, in a model that yields complete analytical solutions. Progressive education finance always leads to higher income g...
• An impossibility theorem concerning multilateral international comparison of volumes AI翻译
  作者：van Veelen, M
  作者单位：Vrije Universiteit Amsterdam; Vrije Universiteit Amsterdam; Tinbergen Institute
• Unobserved ability and the return to schooling AI翻译
  作者：Belzil, C; Hansen, J
  作者单位：Concordia University - Canada
• A commodity price process with a unique continuous invariant distribution having infinite mean AI翻译
  作者：Bobenrieth, ESA; Bobenrieth, JRA; Wright, BD
  作者单位：Universidad de Concepcion; Universidad del Bio-Bio; University of California System; University of California Berkeley
• Individual sense of justice: A utility representation AI翻译
  作者：Karni, E; Safra, Z
  作者单位：Johns Hopkins University; Tel Aviv University
  摘要：We present an axiomatic model depicting the choice behavior of a self-interest seeking moral individual over random allocation procedures. Individual preferences are decomposed into a self-interest component and a component representing the individual's moral value judgment. Each component has a distinct utility representation, and the preference relation depicting the choice behavior is representable by a real-valued function defined on the components utilities. The utility representing the s...
• Single crossing properties and the existence of pure strategy equilibria in games of incomplete information AI翻译
  作者：Athey, S
  作者单位：Massachusetts Institute of Technology (MIT)
  摘要：This paper analyzes a class of games of incomplete information where each agent has private information about her own type, and the types are drawn from an atomless joint probability distribution. The main result establishes existence of pure strategy Nash equilibria (PSNE) under a condition we call the single crossing condition (SCC), roughly described as follows: whenever each opponent uses a nondecreasing strategy (in the sense that higher types choose higher actions), a player's best respo...
• Term structures of credit spreads with incomplete accounting information AI翻译
  作者：Duffie, D; Lando, D
  作者单位：Stanford University; University of Copenhagen
  摘要：We study the implications of imperfect information for term structures of credit spreads on corporate bonds. We suppose that bond investors cannot observe the issuer's assets directly, and receive instead only periodic and imperfect accounting reports. For a setting in which the assets of the firm are a geometric Brownian motion until informed equityholders optimally liquidate, we derive the conditional distribution of the assets, given accounting data and survivorship. Contrary to the perfect...
• Interjurisdictional sorting and majority rule: An empirical analysis AI翻译
  作者：Epple, D; Romer, T; Sieg, H
  作者单位：Carnegie Mellon University; Princeton University
  摘要：The goal of this paper is to provide a comprehensive empirical analysis of majority rule and Tiebout sorting within a system of local jurisdictions. The idea behind the estimation procedure is to investigate whether observed levels of public expenditures satisfy necessary conditions implied by majority rule in a general equilibrium model of residential choice. The estimator controls for observed and unobserved heterogeneity among households, observed and unobserved characteristics of communiti...
• Estimating the return to schooling: Progress on some persistent econometric problems AI翻译
  作者：Card, D
  作者单位：University of California System; University of California Berkeley
  摘要：This paper reviews a set of recent studies that have attempted to measure the causal effect of education on labor market earnings by using institutional features of the supply side of the education system as exogenous determinants of schooling outcomes. A simple theoretical model that highlights the role of comparative advantage in the optimal schooling decision is presented and used to motivate an extended discussion of econometric issues, including the properties of ordinary least squares an...