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作者：Skiadas, Costis
作者单位：Northwestern University
摘要：Assuming Brownian/Poisson uncertainty, a certainty equivalent ((CE)) based on the smooth second-order expected utility of Klibanoff, Marinacci, and Mukerji is shown to be approximately equal to an expected-utility CE. As a consequence, the corresponding continuous-time recursive utility form is the same as for Kreps-Porteus utility. The analogous conclusions are drawn for a smooth divergence CE, based on a formulation of Maccheroni, Marinacci, and Rustichini, but only under Brownian uncertaint...
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作者：Lagos, Ricardo
作者单位：New York University
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作者：Soenmez, Tayfun
作者单位：Boston College
摘要：Motivated by the low retention rates of US Military Academy and Reserve Officer Training Corps graduates, the Army recently introduced incentives programs in which cadets could bid 3 years of additional service obligation to obtain higher priority for their desired branches. The full potential of this incentives program is not utilized because of the ROTC's deficient matching mechanism. I propose a design that eliminates these shortcomings and mitigates several policy problems the Army has ide...
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作者：Dow, Gregory K.; Reed, Clyde G.
作者单位：Simon Fraser University
摘要：Hereditary economic inequality is unknown among mobile foragers, but hereditary class distinctions between elites and commoners exist in some sedentary foraging societies. With agriculture, such stratification tends to become more pronounced. We develop a model to explain the associations among productivity, population, property rights, and inequality. Using Malthusian dynamics, we show that regional productivity growth leads to enclosure of the best sites first, creating inequality between in...
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作者：David, Alexander; Veronesi, Pietro
作者单位：University of Calgary; University of Chicago; National Bureau of Economic Research
摘要：Stock and Treasury bond comovement, volatilities, and their relations to their price valuations and fundamentals change stochastically over time, in both magnitude and direction. These stochastic changes are explained by a general equilibrium model in which agents learn about composite economic and inflation regimes. We estimate our model using both fundamentals and asset prices and find that inflation news signal either positive or negative future real economic growth depending on the times, ...
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作者：Jovanovic, Boyan; Szentes, Balazs
作者单位：New York University; University of London; London School Economics & Political Science
摘要：We propose a theory of the market for venture capital that links the excess return to venture equity to the scarcity of venture capitalists (VCs). High returns make the VCs more selective and eager to terminate nonperforming ventures because they can move on to new ones. The scarcity of VCs enables them to internalize their social value, and the competitive equilibrium is socially optimal. Moreover, the bilaterally efficient contract is a simple equity contract. We estimate the model for the p...
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作者：Williams, Heidi L.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Do intellectual property (IP) rights on existing technologies hinder subsequent innovation? Using newly collected data on the sequencing of the human genome by the public Human Genome Project and the private firm Celera, this paper estimates the impact of Celera's gene-level IP on subsequent innovation. Across a range of empirical specifications, I document evidence that Celera's IP led to reductions in subsequent scientific research and product development on the order of 20-30 percent. These...
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作者：Wydick, Bruce; Glewwe, Paul; Rutledge, Laine
作者单位：University of San Francisco; University of Minnesota System; University of Minnesota Twin Cities; University of Washington; University of Washington Seattle
摘要：Child sponsorship is a leading form of direct aid from wealthy country households to children in developing countries. Over 9 million children are supported through international sponsorship organizations. Using data from six countries, we estimate impacts on several outcomes from sponsorship through Compassion International, a leading child sponsorship organization. To identify programeffects, we utilize an age-eligibility rule implemented when programs began in new villages. We find large, s...
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作者：Ordonez, Guillermo
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：Economic variables move asymmetrically over the business cycle: quickly during crises but slowly during recoveries. I show that this asymmetry is stronger in countries with less developed financial systems and greater financial frictions. Then I explain this fact using a learning model with endogenous information about economic conditions. Financial frictions, which I capture by higher bankruptcy costs, magnify the reaction of lending rates and economic activity to negative shocks and then del...
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作者：Fryer, Roland G., Jr.; Loury, Glenn C.
作者单位：Harvard University; Brown University
摘要：This paper explores the economics of diversity-enhancing policies. A model is proposed in which heterogeneous agents, distinguished by skill level and social identity, purchase productive opportunities in a competitive market. We analyze policies designed to raise the status of a disadvantaged identity group. When agent identity is contractible, efficient policy grants preferred access to slots but offers no direct assistance for acquiring skills. When identity is not contractible, efficient p...
