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作者：Abito, Jose Miguel; Salant, Yuval
作者单位：University of Pennsylvania; Northwestern University
摘要：Panel and experimental data are used to analyse the economic outcomes in the extended warranty market. We establish that the strong demand and high profits in this market are driven by consumers distorting the failure probability of the insured product, rather than standard risk aversion or sellers' market power. Providing information to consumers about failure probabilities significantly reduces their willingness to pay for warranties, indicating the important role of information, or lack of,...
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作者：Bursztyn, Leonardo; Egorov, Georgy; Jensen, Robert
作者单位：University of Chicago; National Bureau of Economic Research; Northwestern University; University of Pennsylvania
摘要：We model and test two school-based peer cultures: one that stigmatizes effort and one that rewards ability. The model shows that either may reduce participation in educational activities when peers can observe participation and performance. We design a field experiment that allows us to test for, and differentiate between, these two concerns. We find that peer pressure reduces takeup of an SAT prep package virtually identically across two very different high school settings. However, the effec...
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作者：Bernard, Andrew B.; Blanchard, Emily J.; Van Beveren, Ilke; Vandenbussche, Hylke
作者单位：Dartmouth College; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; KU Leuven
摘要：Large multi-product firms dominate international trade flows. Using novel linked production and export data at the firm-product level, we find that the overwhelming majority of manufacturing firms export products that they do not produce. Three quarters of the exported products and 30% of export value from Belgian manufacturers are in goods that are not produced by the firm, so-called Carry-Along Trade (CAT). The number of CAT products is strongly increasing in firm productivity while the numb...
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作者：Bhaskar, V.; Thomas, Caroline
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作者：Grosjean, Pauline; Khattar, Rose
作者单位：University of New South Wales Sydney; Parliament of Australia
摘要：We document the short- and long-run effects of male-biased sex ratios. We exploit a natural historical experiment where large numbers of male convicts and far fewer female convicts were sent to Australia in the 18th and 19th centuries. In areas with more male-biased sex ratios, women were historically more likely to get married and less likely to work outside the home. In these areas today, both men and women continue to have more conservative attitudes towards women working, and women work fe...
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作者：Lise, Jeremy; Yamada, Ken
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Kyoto University
摘要：In this article, we analyse the dynamics of intra-household allocations using unique panel data on individual-specific consumption expenditures and time used for leisure, market production, and home production. Cross-sectional differences at the time of marriage in expected wage profiles between a husband and wife strongly affect the allocation of private consumption expenditures and time use by households in the cross section. There are substantial gender asymmetries in these allocations. Eve...
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作者：Karlan, Dean; Zinman, Jonathan
作者单位：Northwestern University; Innovations for Poverty Action (IPA); National Bureau of Economic Research; Dartmouth College
摘要：We use randomized interest rates, offered across eighty geographically distinct regions for twenty-nine months by Mexico's largest microlender, to sketch the adjustment from a price change to a new equilibrium. Demand is elastic, and more so over the longer run; e.g. the dollars-borrowed elasticity increases from -1.1 in Year one to -2.9 in Year three. Credit bureau data do not show evidence of crowd-out, although this and other null results are imprecisely estimated. The lender's profits incr...
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作者：Ghent, Andra C.; Torous, Walter N.; Valkanov, Rossen, I
作者单位：University of Wisconsin System; University of Wisconsin Madison; Massachusetts Institute of Technology (MIT); University of California System; University of California San Diego
摘要：We study complexity in the market for securitized products, a market at the heart of the financial crisis of 2007-9. The complexity of these products rose substantially in the years preceding the financial crisis. We find that securities in more complex deals default more and have lower realized returns. The worse performance is economically meaningful: a one standard deviation increase in complexity represents an 18% increase in default on AAA securities. However, yields of more complex secur...
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作者：Fajgelbaum, Pablo D.; Morales, Eduardo; Serrato, Juan Carlos Suarez; Zidar, Owen
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：We study state taxes as a potential source of spatial misallocation in the U.S.. We build a spatial general equilibrium framework that incorporates salient features of the U.S. state tax system, and use changes in state tax rates between 1980 and 2010 to estimate the model parameters that determine how worker and firm location respond to changes in state taxes. We find that heterogeneity in state tax rates leads to aggregate welfare losses. In terms of consumption equivalent units, harmonizing...
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作者：Bailey, Michael; Davila, Eduardo; Kuchler, Theresa; Stroebel, Johannes
作者单位：Facebook Inc; New York University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：We study the relationship between homebuyers' beliefs about future house price changes and their mortgage leverage choices. Whether more pessimistic homebuyers choose higher or lower leverage depends on their willingness and ability to reduce the size of their housing market investments. When households primarily maximize the levered return of their property investments, more pessimistic homebuyers reduce their leverage to purchase smaller houses. On the other hand, when considerations such as...
