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作者：Chew, Soo Hong; Huang, Wei; Zhao, Xiaojian
作者单位：Southwestern University of Finance & Economics - China; National University of Singapore; The Chinese University of Hong Kong, Shenzhen; Monash University
摘要：People often forget and sometimes fantasize. This paper reports a large-scale experiment on memory errors and their relation to preferential traits including time preference, attitudes toward risk and ambiguity, and psychological characteristics such as anticipatory feelings. We observe systematic incidences of false memory in favor of positive events and positive amnesia in forgetting past negative events. Both positive delusion and positive confabulation significantly relate to present bias,...
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作者：Decarolis, Francesco; Polyakova, Maria; Ryan, Stephen P.
作者单位：Bocconi University; Stanford University; Leibniz Association; Ifo Institut; National Bureau of Economic Research; Washington University (WUSTL)
摘要：The efficiency of publicly subsidized, privately provisioned social insurance programs depends on the interaction between strategic insurers and the subsidy mechanism. We study this interaction in the context of Medicare's prescription drug coverage program. We find that the observed mechanism is successful in keeping raise-the-subsidy incentives relatively low, acts much like a flat voucher, and obtains a level of welfare close to that for the optimal voucher. Across a range of counterfactual...
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作者：Sobel, Joel
作者单位：University of California System; University of California San Diego
摘要：This article proposes definitions of lying, deception, and damage in strategic settings. Lying depends on the existence of accepted meanings for messages but does not require a model of how the audience responds to messages. Deception does require a model of how the audience interprets messages but does not directly refer to consequences. Damage requires consideration of the consequences of messages. Lies need not be deceptive. Deception does not require lying. Lying and deception are compatib...
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作者：Giorcelli, Michela; Moser, Petra
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; New York University; Center for Economic & Policy Research (CEPR)
摘要：This paper exploits variation in the adoption of copyrights within Italy-due to the timing of Napoleon's military victories-to investigate the causal effects of copyrights on creativity. Baseline regressions compare changes in opera production across Italian states with and without copyrights. This analysis yields three main results. First, the adoption of copyrights led to a significant increase in the number of newly created operas. Second, copyrights raised the quality of new operas, measur...
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作者：Herskovic, Bernard; Kelly, Bryan; Lustig, Hanno; Van Nieuwerburgh, Stijn
作者单位：University of California System; University of California Los Angeles; Yale University; National Bureau of Economic Research; Stanford University; National Bureau of Economic Research; Columbia University; Center for Economic & Policy Research (CEPR)
摘要：Firm volatilities comove strongly over time, and their common factor is the dispersion of the economy-wide firm size distribution. In the cross section, smaller firms and firms with a more concentrated customer base display higher volatility. Network effects are essential to explaining the joint evolution of the empirical firm size and firm volatility distributions. We propose and estimate a simple network model of firm volatility in which shocks to customers influence their suppliers. Larger ...
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作者：Garcia, Jorge Luis; Heckman, James J.; Leaf, Duncan Ermini; Prados, Maria Jose
作者单位：Clemson University; University of Chicago; University of Southern California
摘要：This paper quantifies and aggregates the multiple lifetime benefits of an influential high-quality early-childhood program with outcomes measured through midlife. Guided by economic theory, we supplement experimental data with nonexperimental data to forecast the life-cycle benefits and costs of the program. Our point estimate of the internal rate of return is 13.7%, with an associated benefit/cost ratio of 7.3. We account for model estimation and forecasting error and present estimates from e...
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作者：Frederiksen, Anders; Kahn, Lisa B.; Lange, Fabian
作者单位：Aarhus University; University of Rochester; McGill University
摘要：We study how heterogeneity in performance evaluations across supervisors affects employee and supervisor careers and firm outcomes using data on the performance system of a Scandinavian service sector firm. Supervisors vary widely in how they rate subordinates of similar quality. In our model, this ratings heterogeneity can arise because supervisors can differ in their ability to manage subordinates or in their leniency when rating subordinates. Furthermore, firms might or might not be informe...
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作者：Bandiera, Oriana; Hansen, Stephen; Prat, Andrea; Sadun, Raffaella
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作者：Ray, Debraj; Vohra, Rajiv
作者单位：New York University; University of Warwick; Brown University
摘要：A strategic situation with payoff-based externalities is one in which a player's payoff depends on her own action and others' payoffs. We place restrictions on the resulting interdependent utility system that generate a standard normal form, referred to as a game of love and hate. Our central theorem states that every equilibrium of a game of love and hate is Pareto optimal. While externalities are restricted to flow only through payoffs, there are no other constraints: they could be positive ...
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作者：Lee, Kenneth; Miguel, Edward; Wolfram, Catherine
作者单位：University of Chicago; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：We present results from an experiment that randomized the expansion of electric grid infrastructure in rural Kenya. Electricity distribution is a canonical example of a natural monopoly. Experimental variation in the number of connections, combined with administrative cost data, reveals considerable scale economies, as hypothesized. Randomized price offers indicate that demand for connections falls sharply with price. Among newly connected households, average electricity consumption is very lo...
