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作者：Fleurbaey, Marc; van der Linden, Martin
作者单位：Princeton University; Emory University
摘要：We study fairness in economies where humans consume one private good and one public good representing the welfare of other species. We show that a social evaluator cannot be egalitarian with respect to humans while always respecting humans' unanimous preferences. One solution is to respect unanimous preferences only when doing so does not lead to a decrease in the welfare of other species. Social preferences satisfying these properties reveal surprising connections between concerns for other s...
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作者：Aygun, Orhan; Bo, Inacio
作者单位：Bogazici University; Southwestern University of Finance & Economics - China
摘要：In 2012, Brazilian public universities were mandated to use affirmative action policies for candidates from racial and income minorities. We show that the policy makes the students' affirmative action status a strategic choice and may reject high-achieving minority students while admitting low-achieving majority students. Empirical data shows evidence consistent with this type of unfairness in more than 49 percent of the programs. We propose a selection criterion and an incentive-compatible me...
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作者：Backus, Matthew; Conlon, Christopher; Sinkinson, Michael
作者单位：Columbia University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; New York University; Yale University
摘要：We empirically assess the implications of the common ownership hypothesis from a historical perspective using the set of S&P 500 firms from 1980 to 2017. We show that the dramatic rise in common ownership in the time series is driven primarily by the rise of indexing and diversification and, in the cross section, by investor concentration, which the theory presumes to drive a wedge between cash flow rights and control. We also show that the theory predicts incentives for expropriation of undiv...
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作者：Fleurbaey, Marc; Zuber, Stephane
作者单位：Paris School of Economics; Universite PSL; Ecole Normale Superieure (ENS); Paris School of Economics
摘要：Utilitarianism plays a central role in economics, but there is a gap between theory, where utilitarianism is dominant, and applications, where monetary criteria are often used. For applications, a key difficulty is to define how utilities should be measured and compared. Drawing on Harsanyi's (1955) approach, we introduce a new normalization of utilities ensuring that: (i) a transfer from a rich population to a poor population is welfare enhancing, and (ii) populations with more risk-averse pe...
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作者：Schenone, Pablo
作者单位：Arizona State University; Arizona State University-Tempe
摘要：Consider a decision-maker (DM) who must select an alternative from a set of mutually exclusive alternatives but must take this decision sequentially. If the DM's choice correspondence over subsets of alternatives satisfies the weak axiom of revealed preference (WARP), then the subgame perfect Nash equilibrium (SPNE) and backward induction (BI) strategies coincide. We study the relation between the SPNE and BI strategies when the DM's choice correspondence fails to satisfy WARP. First, Sen's ax...
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作者：Silva, Francisco
作者单位：Pontificia Universidad Catolica de Chile
摘要：The literature initiated by Green and Laffont (1986) studies principal-agent models with hard evidence. Evidence is modeled by assuming that the message set of the agent is type dependent. In this setup, Glazer and Rubinstein (2004, 2006) and Sher (2011) show that when the agent's utility function is type independent there is no advantage for the principal in having commitment power. This paper shows that this way of modeling evidence implicitly assumes it to be perfectly accurate and that the...
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作者：Gersbach, Hans
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; Centre for Economic Policy Research - UK
摘要：We introduce history-bound reelections. In their simple form, they consist in a score-replication rule. Under such a rule, an incumbent has to match the highest vote share he or she has obtained in any previous election in order to be reelected. We develop a simple three-period model to examine score-replication rules. We show that suitable variants of such rules can improve welfare, as they reduce the tendency of reelected incumbents to indulge in their own preferences, and they ensure that a...
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作者：Kendall, Chad
作者单位：University of Southern California
摘要：In a market rush., the fear of future adverse price movements causes traders to trade before they become well informed, reducing the informational efficiency of the market. I derive theoretical conditions under which market rushes are equilibrium behavior and study how well these conditions organize trading behavior in a laboratory implementation of the model. Market rushes, including both panics and frenzies, occur more frequently when predicted by theory. However, subjects use commonly discu...
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作者：Lashkaripour, Ahmad
作者单位：Indiana University System; Indiana University Bloomington
摘要：Export price levels exhibit tremendous cross-national and spatial variation, even within narrowly defined industries. Standard theories attribute this variation to within-industry quality specialization. This paper argues that a significant portion of the export price variation is driven by rich and remote economies specializing in high-market power segments of industries. I also argue that this particular pattern of specialization (i) accounts for 30 percent of the overall gains from trade, a...
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作者：Waldman, Michael; Zax, Ori
作者单位：Cornell University; Ashkelon Academic College
摘要：In a world characterized by asymmetric learning, promotions can serve as signals of worker ability, and this, in turn, can result in inefficient promotion decisions. If the labor market is competitive, the result will be practices that reduce this distortion. We explore how this logic affects human capital investment decisions. We show that, if commitment is possible, investments will be biased toward the accumulation of firm-specific human capital. We also consider what happens when commitmen...
