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作者：Brunnermeier, Markus K.; Simsek, Alp; Xiong, Wei
作者单位：Princeton University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：This article proposes a welfare criterion for economies in which agents have heterogeneously distorted beliefs. Instead of taking a stand on whose belief is correct, our criterion asserts that an allocation is belief-neutral efficient (inefficient) if it is efficient (inefficient) under any convex combination of agents' beliefs. Although this criterion gives an incomplete ranking of social allocations, it can identify positive-and negative-sum speculation driven by conflicting beliefs in a bro...
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作者：Olea, Jose Luis Montiel; Strzalecki, Tomasz
作者单位：New York University; Harvard University
摘要：This article provides an axiomatic characterization of quasi-hyperbolic discounting and a more general class of semi-hyperbolic preferences. We impose consistency restrictions directly on the intertemporal trade-offs by relying on what we call annuity compensations. Our axiomatization leads naturally to an experimental design that disentangles discounting from the elasticity of intertemporal substitution. In a pilot experiment we use the partial identification approach to estimate bounds for t...
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作者：Puga, Diego; Trefler, Daniel
作者单位：Center for Economic & Policy Research (CEPR); University of Toronto
摘要：International trade can have profound effects on domestic institutions. We examine this proposition in the context of medieval Venice circa 800-1600. Early on, the growth of long-distance trade enriched a broad group of merchants who used their newfound economic muscle to push for constraints on the executive, that is, for the end of a de facto hereditary Doge in 1032 and the establishment of a parliament in 1172. The merchants also pushed for remarkably modern innovations in contracting insti...
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作者：Gollin, Douglas; Lagakos, David; Waugh, Michael E.
作者单位：University of Oxford; University of California System; University of California San Diego; National Bureau of Economic Research; New York University
摘要：According to national accounts data, value added per worker is much higher in the nonagricultural sector than in agriculture in the typical country, particularly in developing countries. Taken at face value, this agricultural productivity gap suggests that labor is greatly misallocated across sectors. In this article, we draw on new micro evidence to ask to what extent the gap is still present when better measures of sector labor inputs and value added are taken into consideration. We find tha...
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作者：Billings, Stephen B.; Deming, David J.; Rockoff, Jonah
作者单位：University of North Carolina; University of North Carolina Charlotte; Harvard University
摘要：We study the end of race-based busing in Charlotte-Mecklenburg schools (CMS). In 2001, school boundaries in CMS were redrawn dramatically, and half of students received a new assignment. Using addresses measured prior to the policy change, we compare students in the same neighborhood that lived on opposite sides of a newly drawn boundary. We find that both white and minority students score lower on high school exams when they are assigned to schools with more minority students. We also find de...
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作者：Wallace, Neil
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：In a pure-currency economy, money is the only durable object and people have private histories. In such economies, taxation is not feasible and in some of them trade is enhanced through the use of money. For economies of that kind in which a nondegenerate distribution of money, part of the state of the economy, affects trades and real outcomes, and in which trades affect the state at the next date, the conjecture is that there are transfer schemes financed by money creation that improve ex ant...
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作者：Karlan, Dean; Osei, Robert; Osei-Akoto, Isaac; Udry, Christopher
作者单位：Yale University; National Bureau of Economic Research; University of Ghana; Yale University
摘要：The investment decisions of small-scale farmers in developing countries are conditioned by their financial environment. Binding credit market constraints and incomplete insurance can limit investment in activities with high expected profits. We conducted several experiments in northern Ghana in which farmers were randomly assigned to receive cash grants, grants of or opportunities to purchase rainfall index insurance, or a combination of the two. Demand for index insurance is strong, and insur...
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作者：Fryer, Roland G., Jr.
作者单位：Harvard University; National Bureau of Economic Research; Harvard University
摘要：This study examines the impact on student achievement of implementing a bundle of best practices from high-performing charter schools into low-performing, traditional public schools in Houston, Texas, using a school-level randomized field experiment and quasi-experimental comparisons. The five practices in the bundle are increased instructional time, more effective teachers and administrators, high-dosage tutoring, data-driven instruction, and a culture of high expectations. The findings show ...
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作者：Cascio, Elizabeth U.; Washington, Ebonya
作者单位：Dartmouth College; National Bureau of Economic Research; Yale University
摘要：The Voting Rights Act of 1965, called one of the most effective pieces of civil rights legislation in U.S. history, generated dramatic increases in black voter registration across the South. We ask whether the increase in black voting rights was accompanied by an increase in blacks' share of public spending. We exploit a key provision of the act-removal of literacy tests at registration-for identification. Employing a triple-difference framework over a 20-year period, we find that counties wit...
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作者：Kuziemko, Ilyana; Buell, Ryan W.; Reich, Taly; Norton, Michael I.
作者单位：Columbia University; Harvard University; Stanford University
摘要：We present evidence from laboratory experiments showing that individuals are last-place averse. Participants choose gambles with the potential to move them out of last place that they reject when randomly placed in other parts of the distribution. In modified dictator games, participants randomly placed in second-to-last place are the most likely to give money to the person one rank above them instead of the person one rank below. Last-place aversion suggests that low-income individuals might ...
