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作者：Kaplow, L; Shavell, S
作者单位：Harvard University; National Bureau of Economic Research
摘要：The public at large, many policymakers, and a number of economists hold views of social welfare that are non-welfarist. That is, they attach some importance to factors other than the effects of policies on individuals' utilities. We show, however, that any non-welfarist method of policy assessment violates the Pareto principle.
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作者：Heckman, JJ
作者单位：University of Chicago
摘要：This paper summarizes the contributions of microeconometrics to economic knowledge. Four main themes are developed. (1) Microeconometricians developed new tools to respond to econometric problems raised by the analysis of the new sources of micro data produced after the Second World War. (2) Microeconometrics improved on aggregate time-series methods by building models that linked economic models for individuals to data on individual behavior. (3) An important empirical regularity detected by ...
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作者：Bronars, SG; Famulari, M
作者单位：University of Texas System; University of Texas Austin
摘要：We present empirical evidence on the relationship between individual wages, conditional on worker characteristics, and equity returns using a unique survey from the Bureau of Labor Statistics. Equity returns affect the wages only of workers with three or more years of tenure. A 4 percent increase in a firm's market value raises pay by 0.3 percent within three years. Our estimates suggest that each $10 increase in shareholder wealth raises the present value of a firm's wage bill by $1. The elas...
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作者：Erickson, T; Whited, TM
作者单位：United States Department of Labor; University of Iowa
摘要：Many recent empirical investment studies have found that the investment of financially constrained firms responds strongly to cash flow Paralleling these findings is the disappointing performance of the q theory of investment: even though marginal q should summarize the effects of all factors relevant to the investment decision, cash flow still matters. We examine whether this failure is due to error in measuring marginal q. Using measurement error-consistent generalized method of moments esti...
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作者：Szymanski, S
作者单位：Imperial College London
摘要：This paper proposes a market test for racial discrimination in salary setting in English league soccer over the period 1978-93 using a balanced panel of 39 clubs. If there is a competitive market fur the services of players. the wage bill of the club will reflect their productivity and hence the performance of the club ill the league. Discrimination can be said to exist if clubs fielding an above-average proportion of black players systematically outperform clubs with a below-average proportio...
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作者：Segal, U
作者单位：Western University (University of Western Ontario)
摘要：This paper shows that a minimal degree of consideration for other people's well-being enables society to agree that one social policy is the best. I offer axioms that imply that this best policy maximizes a weighted sum of individual utilities. The weight of each individual is the inverse of his or her maximal possible utility from social endowments. The suggested policy is not sensitive to the choice of the von Neumann-Morgenstern utilities. The key axiom is that individuals agree that giving...
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作者：Velde, FR; Weber, WE
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities
摘要：Bimetallism has been the subject of considerable debate: Was it a viable monetary system? Was it desirable? In our model, the amounts of each metal are split between coined metal, satisfying a cash-in-advance constraint, and uncoined metal, yielding utility. The ratio of the monies in the cash-in-advance constraint is endogenous. Bimetallism is feasible: we find a continuum of steady states indexed by the constant exchange rate of the monies. Bimetallism is not desirable: among steady states, ...
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作者：Matsuyama, K
作者单位：Northwestern University
摘要：This paper develops a Ricardian model of trade in which goods are indexed according to priority and higher-indexed goods are consumed only by richer households. South (North) has a comparative advantage in lower- (higher-) indexed goods and, hence, specializes in goods with lower (higher) income elasticities of demand. Product cycles and a southern terms-of-trade deterioration result from faster population growth and uniform productivity growth in South and a global productivity improvement. S...
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作者：Baland, JM; Robinson, JA
作者单位：University of Namur; University of California System; University of California Berkeley
摘要：We build a model of child labor and study its implications for welfare. We assume that there is a trade-off between child labor and the accumulation of human capital. Even if parents are altruistic and child labor is socially inefficient, it may arise in equilibrium because parents Fail to fully internalize its negative effects, This occurs when bequests are zero or when capital markers are imperfect. We also study the effects of a simple ban on child labor and derive conditions under which it...
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作者：Rao, V
作者单位：The World Bank
