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作者：ZHANG, J
作者单位：Chinese University of Hong Kong
摘要：Bequest to and marriage of children can lead to a Pareto-inefficient allocation. The inefficiency (or market failure) arises because one family, making a bequest to its own child, ignores the contribution to the utility of the other family whose child enters the marriage. This note shows that an assortative mating rule based on bequests can improve or even restore Pareto efficiency when parents take account of the rule in deciding the amount of bequests to their own children.
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作者：PUELZ, R; SNOW, A
作者单位：University System of Georgia; University of Georgia
摘要：The configuration of equilibrium in the market for automobile collision insurance is examined empirically by representing the premium-deductible menu and the demand function as a standard hedonic system. Using contractual data from a representative insurer, we estimate a reduced-form hedonic premium equation and the inverse of the marginal bid equation for insurance coverage. The data reveal an equilibrium with adverse selection and market signaling but lead us to reject the hypothesis that hi...
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作者：CONSTANTINE, JH; ALSTON, JM; SMITH, VH
作者单位：Montana State University System; Montana State University Bozeman
摘要：The California One-Variety Cotton Law is an important example of technological regulation, in this case intended to serve as a de facto quality control and to mitigate externalities in production that can arise from the mixing of cottonseed at the gin. This paper describes and interprets the economic history of the law, presents a theoretical model of its economic effects, and provides quantitative estimates of the impacts on output, prices, and economic welfare, following a partial deregulati...
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作者：MOOKHERJEE, D; PNG, IPL
作者单位：University of California System; University of California Los Angeles; Hong Kong University of Science & Technology
摘要：We characterize optimal enforcement in a setting in which individuals can select among various levels of some activity, all of which are monitored at the same rate but may be prosecuted and punished at varying rates. For less harmful acts, marginal expected penalties ought to fall short of marginal harms caused. Indeed, some range of very minor acts should be legalized. For more harmful acts, whether marginal expected penalties should fall short of, or exceed, marginal harms depends on the bal...
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作者：LEVITT, SD
摘要：Previous studies of congressional spending have typically found a large positive effect of challenger spending but little evidence for effects of incumbent spending. Those studies, however, do not adequately control for inherent differences in vote-getting ability across candidates. ''High-quality'' challengers are likely to receive a high fraction of the vote and have high campaign expenditures, even if campaign spending has no impact on election outcomes. To avoid that bias, this paper exami...
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作者：PARENTE, SL; PRESCOTT, EC
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities
摘要：We propose a theory of economic development in which technology adoption and barriers to such adoptions are the focus. The size of these barriers differs across countries and time. The larger these barriers, the greater the investment a firm must make to adopt a more advanced technology. The model is calibrated to the U.S. balanced growth observations and the postwar Japanese development miracle. For this calibrated structure we find that the disparity in technology adoption barriers needed to...
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作者：OLMSTEAD, AL; RHODE, P
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：This paper investigates the role of induced innovation in the development of American agriculture from 1880 to 1980. The induced innovation hypothesis, most closely associated with the work of Hayami and Ruttan, argues that successful economies develop technologies in accordance with market price signals to loosen constraints on growth imposed by factor scarcities. Our analysis employing new state and regional level data fails to find support for Hayami and Ruttan's hypothesis. This paper sugg...
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作者：MOON, CG; STOTSKY, JG
作者单位：International Monetary Fund
摘要：It is widely believed that rent control leads to a decline in the quality of rental housing. This study examines the effect of rent control on the quality of rental housing in New York City. Quality change is linked to the suppression of rent below market levels and other characteristics of the housing unit. We develop a first-order nonstationary, heterogeneous Markov model that allows for true state dependence, observed heterogeneity, nonparametric unobserved heterogeneity, and a mover-stayer...
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作者：YOUNG, A
摘要：This paper attempts to integrate traditional models of invention and learning by doing, developing a model that emphasizes the interdependence between research activity in the laboratory and production experience on the factory floor. Learning depends on invention in that learning by doing is viewed as the exploration of the finite and bounded productive potential of invented technologies. At the same time, the profitability of costly invention is dependent on learning in that costs of product...
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作者：LAIDLER, D
摘要：Milton Friedman has claimed that his monetary economics derives from a Chicago Tradition that, in the 1930s, offered a monetary explanation of cyclical fluctuations in general and the Great Depression in particular, an optimistic view of the power of monetary policy, and a case for governing it by rules rather than discretion. It is argued that all the elements of this tradition except the last are to be found in earlier writings of Ralph Hawtrey, Allyn Young, and Lauchlin Currie and that ther...
