-
作者：Asparouhova, Elena; Bossaerts, Peter; Eguia, Jon; Zame, William
作者单位：Utah System of Higher Education; University of Utah; University of Melbourne; University of Bristol; Michigan State University; University of California System; University of California Los Angeles
摘要：We present a theory and experimental evidence on pricing and portfolio choices under asymmetric reasoning. We show that under asymmetric reasoning, prices do not reflect all (types of) reasoning. Some agents who observe prices that cannot be reconciled with their reasoning switch from perceiving the environment as risky to perceiving it as ambiguous. If they are ambiguity-averse, these agents become price-insensitive. Results from an experiment show that, consistent with the theory, (i) withou...
-
作者：Corbae, Dean; Quintin, Erwan
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
摘要：How much of the foreclosure crisis can be explained by the large number of high-leverage mortgages originated during the housing boom? In our model, heterogeneous households select from mortgages with different down payments and choose whether to default given income and housing shocks. The use of low-down payment loans is initially limited by payment-to-income requirements but becomes unrestricted during the boom. The model approximates key housing and mortgage market facts before and after t...
-
作者：Doyle, Joseph J., Jr.; Graves, John A.; Gruber, Jonathan; Kleiner, Samuel A.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Vanderbilt University; Cornell University
摘要：We consider whether hospitals that receive higher payments from Medicare improve patient outcomes, using exogenous variation in ambulance company assignment among patients who live near one another. Using Medicare data from 2002-10 on assignment across ambulance companies and New York State data from 2000-6 on assignment across area boundaries, we find that patients who are brought to higher-cost hospitals achieve better outcomes. Our estimates imply that a one standard deviation increase in M...
-
作者：Esteban, Joan; Morelli, Massimo; Rohner, Dominic
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Bocconi University; University of Lausanne
摘要：We provide a model of conflict and mass killing decisions to identify the key variables and situations that make mass killings more likely to occur. We predict that mass killings are most likely in countries with large amounts of natural resource rents, polarization, institutional constraints regarding rent sharing, and low productivity of labor. The role of resources such as oil, gas, and diamonds and other key determinants of mass killings is confirmed by our empirical results based on count...
-
作者：Best, Michael Carlos; Brockmeyer, Anne; Kleven, Henrik Jacobsen; Spinnewijn, Johannes; Waseem, Mazhar
作者单位：Stanford University; The World Bank; University of London; London School Economics & Political Science; University of Manchester
摘要：To fight evasion, many developing countries use production-inefficient tax policies. This includes minimum tax schemes whereby firms are taxed on either profits or turnover, depending on which tax liability is larger. Such schemes create nonstandard kink points, which allow for eliciting evasion responses to switches between profit and turnover taxes using a bunching approach. Using administrative data on corporations in Pakistan, we estimate that turnover taxes reduce evasion by up to 60-70 p...
-
作者：Kaur, Supreet; Kremer, Michael; Mullainathan, Sendhil
作者单位：Columbia University; National Bureau of Economic Research; Harvard University
摘要：Self-control problems change the logic of agency theory by partly aligning the interests of the firm and worker: both now value contracts that elicit future effort. Findings from a year-long field experiment with full-time data entry workers support this idea. First, workers increase output by voluntarily choosing dominated contracts (which penalize low output but give no additional rewards for high output). Second, effort increases closer to (randomly assigned) paydays. Third, the contract an...
-
作者：Garleanu, Nicolae; Panageas, Stavros
作者单位：University of California System; University of California Berkeley; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Chicago
摘要：We study the implications of preference heterogeneity for asset pricing. We use recursive preferences in order to separate heterogeneity in risk aversion from heterogeneity in the intertemporal elasticity of substitution and an overlapping-generations framework to obtain a nondegenerate stationary equilibrium. We solve the model explicitly up to the solutions of ordinary differential equations and highlight the effects of overlapping generations and each dimension of preference heterogeneity o...
-
作者：MaCurdy, Thomas
作者单位：Stanford University
摘要：This study investigates the antipoverty efficacy of minimum wage policies. Proponents of these policies contend that employment impacts are negligible and suggest that consumers pay for higher labor costs through imperceptible increases in goods prices. Adopting this empirical scenario, the analysis demonstrates that an increase in the national minimum wage produces a value-added tax effect on consumer prices that is more regressive than a typical state sales tax and allocates benefits as high...
-
作者：Campbell, John Y.; Cochrane, John H.
作者单位：Harvard University; National Bureau of Economic Research; University of Chicago
-
作者：Cunha, Flavio; Todd, Petra
作者单位：Rice University; University of Pennsylvania
