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作者：Chang, Tom Y.; Huang, Wei; Wang, Yongxian
作者单位：University of Southern California; University of International Business & Economics; Shanghai Jiao Tong University
摘要：We find that daily air pollution levels have a significant effect on the decision to purchase or cancel health insurance in a manner inconsistent with rational choice theory. A one standard deviation increase in daily air pollution leads to a 7.2% increase in the number of insurance contracts sold that day. Conditional on purchase, a one standard deviation decrease in air pollution during the cooling-off (i.e. cost-free cancellation) period relative to the order-date level increases the return...
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作者：Best, Michael Carlos; Kleven, Henrik Jacobsen
作者单位：Columbia University; Princeton University
摘要：We investigate housing market responses to transaction taxes using administrative data on all property transactions in the U.K. from 2004 to 2012 combined with quasi-experimental variation from tax notches and tax stimulus. We present two main findings. First, transaction taxes are highly distortionary across a range of margins, causing large distortions to the price, volume, and timing of property transactions. Secondly, temporary transaction tax cuts are an enormously effective form of fisca...
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作者：Fagereng, Andreas; Guiso, Luigi; Pistaferri, Luigi
作者单位：Statistics Norway; National Bureau of Economic Research; Stanford University; Statistics Norway; Stanford University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：Assessing the importance of uninsurable wage risk for individual financial choices faces two challenges. First, the identification of the marginal effect requires a measure of at least one component of risk that cannot be diversified or avoided. Moreover, measures of uninsurable wage risk must vary over time to eliminate unobserved heterogeneity. Secondly, evaluating the economic significance of risk requires knowledge of the size of all the wage risk actually faced. Existing estimates are pro...
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作者：Amodio, Francesco; Martinez-Carrasco, Miguel A.
作者单位：McGill University; Universidad de los Andes - Chile; Universidad de Piura
摘要：This article shows how input heterogeneity triggers productivity spillovers at the workplace. In an egg production plant in rural Peru, workers produce output combining effort with inputs of heterogeneous quality. Exploiting variation in the productivity of inputs assigned to workers, we find evidence of a negative causal effect of an increase in coworkers' daily output on own output and its quality. We show theoretically and suggest empirically that the effect captures free riding among worke...
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作者：Roberts, Mark J.; Xu, Daniel Yi; Fan, Xiaoyan; Zhang, Shengxing
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research; Duke University; Fudan University; University of London; London School Economics & Political Science
摘要：In this article, we use micro data on both trade and production for a sample of large Chinese manufacturing firms in the footwear industry from 2002 to 2006 to estimate an empirical model of export demand, pricing, and market participation by destination market. We use the model to construct indexes of firm-level demand, marginal cost, and fixed cost. The empirical results indicate substantial firm heterogeneity in all three dimension with demand being the most dispersed. The firm-specific dem...
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作者：Ben-Porath, Elchanan; Dekel, Eddie; Lipman, Barton L.
作者单位：Hebrew University of Jerusalem; Northwestern University; Tel Aviv University; Boston University
摘要：An agent chooses among projects with random outcomes. His payoff is increasing in the outcome and in an observer's expectation of the outcome. With some probability, the agent will be able to disclose some information about the true outcome to the observer. We show that choice is inefficient in general. We illustrate this point with a characterization of the inefficiencies that result when the agent can perfectly disclose the outcome with some probability and can disclose nothing otherwise as ...
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作者：Allcott, Hunt; Keniston, Daniel
作者单位：New York University; National Bureau of Economic Research
摘要：Do natural resources benefit producer economies, or is there a Natural Resource Curse, perhaps as the crowd-out of manufacturing productivity spillovers reduces long-term growth? We combine new data on oil and gas endowments with Census of Manufactures microdata to estimate how oil and gas booms affect local economies in the U.S. Local wages rise during oil and gas booms, but manufacturing is not crowded out-in fact, the sector grows overall, driven by upstream and locally-traded subsectors. T...
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作者：Burdett, Kenneth; Menzio, Guido
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：We introduce menu costs in the search-theoretic model of imperfect competition of Burdett and Judd. When menu costs are not too large, the equilibrium is such that sellers follow a (Q,S,s) pricing rule. According to the rule, a seller lets inflation erode the real value of its nominal price until it reaches some point s. Then, the seller pays the menu cost and resets the real value of its nominal price to a point randomly drawn from a distribution with support [S, Q], where s< S < Q. A (Q, S, ...
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作者：Rees-Jones, Alex
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：This article presents evidence that loss aversion affects taxpayers as they file their annual tax returns, and presents a framework for estimating the policy impact of this psychological phenomenon. In my theoretical framework, taxpayers manipulate the money paid to the tax authority through avoidance and evasion activities. When taxpayers face the prospect of owing the tax authority money on tax day, loss aversion generates the perception of a greater marginal utility of tax reduction and the...
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作者：Bollerslev, Tim; Li, Jia; Xue, Yuan
作者单位：Duke University
摘要：We provide new empirical evidence for the way in which financial markets process information. Our results rely critically on high-frequency intraday price and volume data for the S&P 500 equity portfolio and U.S. Treasury bonds, along with new econometric techniques, for making inference on the relationship between trading intensity and spot volatility around public news announcements. Consistent with the predictions derived from a theoretical model in which investors agree to disagree, our es...
