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作者：Noussair, CN; Plott, CR; Riezman, RG
作者单位：California Institute of Technology; University of Iowa
摘要：This paper reports the first experiments designed to explore the behavior of economies with prominent features of international finance. Two ''countries,'' each with its own currency, were created. International trade could take place only through the operation of markets for currency. The law of one price and the flow of funds theory of exchange rate determination were used to produce general equilibrium models that captured much of the behavior of the economies, Prices of goods, as well as t...
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作者：Cummings, RG; Elliott, S; Harrison, GW; James, M
作者单位：University of Colorado System; University of Colorado Boulder; University of South Carolina System; University of South Carolina Columbia
摘要：Hypothetical referenda have been proposed as an incentive-compatible mechanism that can be used to obtain social valuations of environmental resources. We employ experimental methods to test the hypothesis that such referenda are indeed incentive compatible. Our results lead us to reject that hypothesis.
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作者：Bliss, C; DiTella, R
作者单位：University of Oxford
摘要：Corrupt agents (officials or gangsters) exact money from firms. Corruption affects the number of firms in a free-entry equilibrium. The degree of deep competition in the economy increases with lower overhead costs relative to profits and with a tendency toward similar cost structures. Increases in competition may not lower corruption. The model explains why a rational corrupt agent may extinguish the source of his bribe income by causing a firm to exit. Assessing the welfare effect of corrupti...
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作者：SchmittGrohe, S; Uribe, M
摘要：A traditional argument against a balanced-budget fiscal policy rule is that it amplifies business cycles by stimulating aggregate demand during booms via tax cuts and higher public expenditures and by reducing demand during recessions through a corresponding fiscal contraction. This paper suggests an additional source of instability that may arise from this ripe of fiscal policy rule, It shows that: within the standard neoclassical growth model, a balanced-budget rule can make expectations of ...
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作者：Chiappori, PA
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作者：Mazumdar, J
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作者：Brandt, L; Hosios, AJ
摘要：A hedonic analysis of principal-agent employment contracts is developed in which workers and employers exchange labor services and contractual payment patterns. Within this framework, tests of alternative hypotheses are formulated and applied to contract data from a unique household-level survey of economic activity in rural China in 1935. The results indicate that credit market constraints motivated workers' and employers' contract choices, that shirking by workers rather than by employers wa...
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作者：Goldberg, PK
摘要：This paper documents the variation in dealer discounts for new cars using transactions price data from the Consumer Expenditure Survey. Consumer-specific characteristics fail to explain dealer discounts, whereas model, market-specific, and purchase transaction variables (e.g., first-time purchase, trade-in, and financing through dealer) do explain them. The results contradict earlier findings of race and gender discrimination based on a controlled experiment. This contradiction is reconciled b...
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作者：Frey, BS; OberholzerGee, F; Eichenberger, R
摘要：Local opposition to many projects makes it increasingly difficult to find sites for socially desirable facilities. As has been widely documented, compensation for local disamenities does not increase the level of support. An empirical analysis of the Swiss search for a nuclear waste repository even reveals decreased acceptance due to the rejection of bribes and the crowding-out of public spirit. However, a ''compensation cycle'' may be exploited to finally win the support of host communities. ...
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作者：Arifovic, J
摘要：This paper studies the behavior of the exchange rate in the Kareken-Wallace overlapping generations economy with two currencies in which decision rules are updated using the genetic algorithm. The analysis shows that a stationary monetary equilibrium of the Kareken-Wallace model is not stable under the genetic algorithm dynamics. The fluctuations in the genetic algorithm exchange rate are driven by fluctuations in the portfolio fractions, which change over time in response to the inequality be...
