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作者：Hendren, Nathaniel
作者单位：Harvard University
摘要：The willingness to pay for insurance captures the value of insurance against only the risk that remains when choices are observed. This article develops tools to measure the ex ante expected utility impact of insurance subsidies and mandates when choices are observed after some insurable information is revealed. The approach retains the transparency of using reduced-form willingness to pay and cost curves, but it adds one additional sufficient statistic: the percentage difference in marginal u...
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作者：Silver, David
作者单位：Princeton University; National Bureau of Economic Research
摘要：Motivated by wide cross-sectional variations in intensity of care that are unrelated to quality of care, researchers and policymakers commonly claim that healthcare providers waste considerable resources, engaging in so-called flat-of-the-curve medicine. A key yet elusive prediction of this hypothesis is that providers ought to be able to cut back on care without sacrificing quality. This article examines the effects of a particular form of provider cutbacks-those generated by physicians worki...
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作者：Fowlie, Meredith; Wolfram, Catherine; Baylis, Patrick; Spurlock, C. Anna; Todd-Blick, Annika; Cappers, Peter
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of British Columbia; United States Department of Energy (DOE); Lawrence Berkeley National Laboratory
摘要：We study default effects in the context of a residential electricity-pricing program. In the large-scale randomized controlled trial we analyse, one treatment group was given the option to opt-in to time-varying pricing while another was defaulted into the program but allowed to opt-out. We provide dramatic evidence of a default effect on program participation, consistent with previous research. A novel feature of our study is that we also observe how the default manipulation impacts customers...
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作者：Bushong, Benjamin; Rabin, Matthew; Schwartzstein, Joshua
作者单位：Michigan State University; Harvard University; Harvard University
摘要：Fixed differences loom smaller when compared to large differences. We propose a model of relative thinking where a person weighs a given change along a consumption dimension by less when it is compared to bigger changes along that dimension. In deterministic settings, the model predicts context effects such as the attraction effect but predicts meaningful bounds on such effects driven by the intrinsic utility for the choices. In risky environments, a person is less likely to sacrifice utility ...
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作者：Biais, Bruno; Heider, Florian; Hoerova, Marie
作者单位：Hautes Etudes Commerciales (HEC) Paris; European Central Bank
摘要：In order to share risk, protection buyers trade derivatives with protection sellers. Protection sellers' actions affect the riskiness of their assets, which can create counterparty risk. Because these actions are unobservable, moral hazard limits risk sharing. To mitigate this problem, privately optimal derivative contracts involve variation margins. When margins are called, protection sellers must liquidate some assets, depressing asset prices. This tightens the incentive constraints of other...
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作者：Dobbie, Will; Liberman, Andres; Paravisini, Daniel; Pathania, Vikram
作者单位：Harvard University; National Bureau of Economic Research; University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR); University of Sussex
摘要：This article tests for bias in consumer lending using administrative data from a high-cost lender in the U.K. We motivate our analysis using a new principal-agent model of bias where loan examiners are incentivized to maximize a short-term outcome, not long-term profits, leading to bias against illiquid applicants at the margin of loan decisions. We identify the profitability of marginal applicants using the quasi-random assignment of loan examiners, finding significant bias against immigrant ...
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作者：Friedrich, Benjamin U.; Hackmann, Martin B.
作者单位：Northwestern University; Aarhus University; University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：In this article, we quantify the effects of nurses on health care delivery and patient health in the context of an unintended and policy-induced nurse shortage. Our empirical strategy takes advantage of a parental-leave program in Denmark, which offered any parent the opportunity to take up to one year's absence per child aged 0-8. Combining the policy variation with administrative employer-employee match data, we document substantial program take-up among nurses, who could not be replaced on ...
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作者：Barone, Guglielmo; Mocetti, Sauro
作者单位：University of Padua; European Central Bank; Bank of Italy
摘要：We examine intergenerational mobility in the very long run, across generations that are six centuries apart. We exploit a unique dataset containing detailed information at the individual level for all people living in the Italian city of Florence in 1427. These individuals have been associated, using their surnames, with their pseudo-descendants living in Florence in 2011. We find that long-run earnings elasticity is about 0.04; we also find an even stronger role for real wealth inheritance an...
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作者：Lewis, Daniel J.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：I propose to identify an SVAR, up to shock ordering, using the autocovariance structure of the squared innovations implied by an arbitrary stochastic process for the shock variances. These higher moments are available without parametric assumptions on the variance process. In contrast, previous approaches exploiting heteroskedasticity rely on the path of innovation covariances, which can only be recovered from the data under specific parametric assumptions on the variance process. The conditio...
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作者：Caballero, Ricardo J.; Farhi, Emmanuel; Gourinchas, Pierre-Olivier
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; National Bureau of Economic Research; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：This article explores the consequences of extremely low real interest rates in a world with integrated but heterogeneous capital markets, nominal rigidities, and an effective lower bound [a zero lower bound (ZLB) for simplicity]. We establish four main results: (1) At the ZLB, creditor countries export their recession abroad, which we illustrate with a new Metzler diagram in quantities; (2) Beggar-thy-neighbour currency and trade wars provide stimulus to the undertaking country at the expense ...
