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作者：Rubinstein, Ariel
作者单位：Tel Aviv University; New York University
摘要：A new typology of players is proposed based on the classification of actions as either instinctive or contemplative. A person's type is the probability of him choosing a contemplative action. To test the typology, results of 10 games are analyzed. Actions in each game were classified depending on whether their response time was more or less, respectively, than the median response time of all subjects who played the game. It is argued that fast actions are more instinctive and slow actions are ...
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作者：Jackson, C. Kirabo; Johnson, Rucker C.; Persico, Claudia
作者单位：Northwestern University; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：Since the Coleman Report, many have questioned whether public school spending affects student outcomes. The school finance reforms that began in the early 1970s and accelerated in the 1980s caused dramatic changes to the structure of K-12 education spending in the United States. To study the effect of these school finance reform-induced changes in public school spending on long-run adult outcomes, we link school spending and school finance reform data to detailed, nationally representative dat...
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作者：Veiga, Andre; Weyl, E. Glen
作者单位：University of Oxford; Microsoft; Yale University
摘要：In selection markets, where the cost of serving consumers is heterogeneous and noncontractible, nonprice product features allow a firm to sort profitable from unprofitable consumers. An example of this sorting by quality'' is the use of down payments to dissuade borrowers who are unlikely to repay. We study a model in which consumers have multidimensional types and a firm offers a single product of endogenous quality, as in Spence (1975). These two ingredients generate a novel sorting incentiv...
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作者：Belloc, Marianna; Drago, Francesco; Galbiati, Roberto
作者单位：Sapienza University Rome; Leibniz Association; Ifo Institut; University of Messina; Centre National de la Recherche Scientifique (CNRS); Institut d'Etudes Politiques Paris (Sciences Po)
摘要：This article presents a unique historical experiment to explore the dynamics of institutional change in the Middle Ages. We have assembled a novel data set, where information on political institutions for northern central Italian cities between 1000 and 1300 is matched with detailed information on the earthquakes that occurred in the area and period of interest. Exploiting the panel structure of the data, we document that the occurrence of an earthquake retarded institutional transition from a...
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作者：Ponticelli, Jacopo; Alencar, Leonardo S.
作者单位：University of Chicago; Central Bank of Brazil
摘要：We exploit variation in the congestion of civil courts across Brazilian municipalities, together with a bankruptcy reform increasing secured creditors' protection, to estimate the effect of enforcement on firm access to finance, investment, and size. We find that firms operating in municipalities with less congested courts experienced a larger increase in the use of secured loans, as well as a larger increase in investment and value of output in the years after the reform. To establish the dir...
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作者：Kline, Patrick; Walters, Christopher R.
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：We use data from the Head Start Impact Study (HSIS) to evaluate the cost-effectiveness of Head Start, the largest early childhood education program in the United States. Head Start draws roughly a third of its participants from competing preschool programs, many of which receive public funds. We show that accounting for the fiscal impacts of such program substitution pushes estimates of Head Start's benefit-cost ratio well above one under a wide range of assumptions on the structure of the mar...
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作者：Pinkovskiy, Maxim; Sala-I-Martin, Xavier
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Columbia University; National Bureau of Economic Research
摘要：GDP per capita and household survey means present conflicting pictures of the rate of economic development in emerging countries. One of the areas in which the national accounts-household surveys debate is key is the measurement of developing world poverty. We propose a data-driven method to assess the relative quality of GDP per capita and survey means by comparing them to the evolution of satellite-recorded nighttime lights. Our main assumption, which is robust to a variety of specification ...
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作者：Farhi, Emmanuel; Gabaix, Xavier
作者单位：Harvard University; New York University
摘要：We propose a new model of exchange rates, based on the hypothesis that the possibility of rare but extreme disasters is an important determinant of risk premia in asset markets. The probability of world disasters as well as each country's exposure to these events is time-varying. This creates joint fluctuations in exchange rates, interest rates, options, and stock markets. The model accounts for a series of major puzzles in exchange rates: excess volatility and exchange rate disconnect, forwar...
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作者：Sampson, Thomas
作者单位：University of London; London School Economics & Political Science
摘要：This article develops an idea flows theory of trade and growth with heterogeneous firms. Entrants learn from incumbent firms, and the diffusion technology is such that learning depends not on the frontier technology, but on the entire distribution of productivity. By shifting the productivity distribution upward, selection causes technology diffusion, and in equilibrium this dynamic selection process leads to endogenous growth without scale effects. On the balanced growth path, the productivit...
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作者：Donaldson, Dave; Hornbeck, Richard
作者单位：Stanford University; National Bureau of Economic Research; University of Chicago
摘要：This article examines the historical impact of railroads on the U.S. economy, with a focus on quantifying the aggregate impact on the agricultural sector in 1890. Expansion of the railroad network may have affected all counties directly or indirectly-an econometric challenge that arises in many empirical settings. However, the total impact on each county is captured by changes in that county's market access,'' a reduced-form expression derived from general equilibrium trade theory. We measure ...
