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作者：Darden, Michael
作者单位：George Washington University
摘要：I estimate a dynamic, stochastic model of smoking, expectations, and health that makes explicit channels through which an individual may learn about the health risks of smoking. Simulations of the structural model suggest that cardiovascular biomarker information at repeated health exams does not significantly alter smoking behavior because (a) signals of biomarker health are noisy within individuals, (b) the influence of biomarkers on major health outcomes is small, and (c) cigarette smoking ...
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作者：Shah, Manisha; Steinberg, Bryce Millett
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Brown University
摘要：Higher wages are generally thought to increase human capital production, particularly in the developing world. We introduce a simple model of human capital production in which investments and time allocation differ by age. Using data on test scores and schooling from rural India, we show that higher wages increase human capital investment in early life (in utero to age 2) but decrease human capital from age 5 to 16. Children switch out of school into productive work when rainfall is higher. Th...
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作者：Favilukis, Jack; Ludvigson, Sydney C.; Van Nieuwerburgh, Stijn
作者单位：University of British Columbia; New York University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：This paper studies a quantitative general equilibrium model of housing. The model has two key elements not previously considered in existing quantitative macro studies of housing finance: aggregate business cycle risk and a realistic wealth distribution driven in the model by bequest heterogeneity in preferences. These features of the model play a crucial role in the following results. First, a relaxation of financing constraints leads to a large boomin house prices. Second, the boom in house ...
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作者：Thaler, Richard H.
作者单位：University of Chicago
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作者：Passarelli, Francesco; Tabellini, Guido
作者单位：University of Turin; Bocconi University; Bocconi University; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; Canadian Institute for Advanced Research (CIFAR)
摘要：How does political unrest influence public policy? We assume that protests are an emotional reaction to unfair treatment. Individuals have a consistent view of fairness that internalizes government constraints. Individuals accept lower welfare if the government is more constrained. This resignation effect induces a benevolent government to delay unpleasant choices and accumulate public debt to mitigate social unrest. More radical and homogeneous groups are more prone to unrest and hence more i...
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作者：Agranov, Marina; Ortoleva, Pietro
作者单位：California Institute of Technology; Columbia University
摘要：We conduct an experiment in which subjects face the same questions repeated multiple times, with repetitions of two types: (1) following the literature, the repetitions are distant from each other; (2) in a novel treatment, the repetitions are in a row, and subjects are told that the questions will be repeated. We find that a large majority of subjects exhibit stochastic choice in both cases. We discuss the implications for models of stochastic choice.
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作者：Heckman, James J.
作者单位：University of Chicago
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作者：Bonhomme, Stephane; Shaikh, Azeem M.
作者单位：University of Chicago
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作者：Di Tella, Sebastian
作者单位：Stanford University
摘要：This paper investigates the origin id propagation of balance sheet recessions. I first show that in standard models driven by TFP shocks, the balance sheet channel disappears when agents can write contracts on the aggregate state of the economy. Optimal contracts sever the link between leverage and aggregate risk sharing, eliminating the concentration of aggregate risk that drives balance sheet recessions. I then show that uncertainty shocks can help explain this concentration of aggregate ris...
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作者：Fan, Ying; Kuehn, Kai-Uwe; Lafontaine, Francine
作者单位：University of Michigan System; University of Michigan; Centre for Economic Policy Research - UK; National Bureau of Economic Research; University of East Anglia
摘要：Financial constraints are considered an important impediment to growth for small businesses. We study theoretically and empirically the relationship between the financial constraints of agents and the organizational decisions and growth of principals, in the context of franchising. We find that a 30 percent decrease in average collateralizable housing wealth in an area is associated with a delay in chains' entry into franchising by 0.33 year on average, or 10 percent of the average waiting tim...
