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作者：Mauring, Eeva
作者单位：University of Vienna
摘要：I study stationary cut-off-strategy equilibria of a dynamic market model where buyers sample sellers sequentially from an unknown distribution. Buyers learn about the distribution from the sampled sellers and a trade signal'. The trade signal reveals whether a randomly chosen seller traded yesterday. Observing a trade (as opposed to no trade) is good news about the distribution. Buyers who observe a trade use a higher cut-off than buyers who observe no trade, despite buyers' learning from samp...
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作者：Piccolo, Salvatore; Immordino, Giovanni
作者单位：Catholic University of the Sacred Heart; University of Naples Federico II
摘要：When 'low-rank' criminals are offered to cooperate with justice in exchange of judicial leniency, their information generates ex post rents that may actually favour their bosses and increase the crime profitability. Hence, an optimal leniency policy must trade off the positive impact of helpful disclosure of insider information and the positive externality that these rents exert on the organisation's returns from crime. Due to this tension, the amnesty that minimises the probability of crime i...
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作者：Rossi, Martin A.
摘要：I investigate the relationship between tenure length in the House and posterior political success. I exploit a natural experiment in the Argentine Congress - where terms length were assigned randomly after the return to democracy - that provides a source of exogenous variation to initial political power. I find that having a longer tenure in the House increases both the probability of moving to higher political positions and the probability of having a relative in future congresses. I also fin...
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作者：Corno, Lucia
作者单位：University of London; Queen Mary University London
摘要：This article investigates the influence of friends on crime, using data I collected among the homeless. To estimate the causal effects of friends and of the share of criminal friends on crime, I rely on two instruments. The first is the share of rainy days during one's first year as homeless: rainfall fosters homeless concentration in sheltered places and increases the probability of interactions. The second is the share of inmates released during one's first year as homeless, which affects th...
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作者：Forbes, Kristin; Hjortsoe, Ida; Nenova, Tsvetelina
作者单位：Massachusetts Institute of Technology (MIT); Bank of England; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Large current account deficits, and the corresponding reliance on capital flows from abroad, can increase a country's vulnerability to periods of heightened risk. We develop a framework to evaluate such vulnerabilities and clarify which characteristics of a country's international investment portfolio determine whether a current account deficit is ?menacing' or ?mitigating'. Financial factors, namely international investment income and valuation changes on international investments, are critic...
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作者：Li, Zhihua; Loomes, Graham; Pogrebna, Ganna
作者单位：University of Warwick
摘要：Much uncertainty in life relates to the behaviour of others in interactive environments. This article tests some implications of subjective expected utility theory (Savage, 1954) in an experimental strategic setting where there is uncertainty about the actions of other players. In this environment, a large majority of our participants violate subjective expected utility theory. However, they do not exhibit the sorts of consistent attitude to ambiguity' found in individual decision experiments....
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作者：Wu, Yanhui
作者单位：University of Southern California
摘要：This article develops a theory of sorting that links ability, pay-performance sensitivity and pay levels. Firms employ managers to improve productivity. Because of limited liability, firms use incentive contracts to elicit managerial effort; the type of optimal contract depends on a manager's ability. In equilibrium, individuals are sorted based on ability into production workers, business owners, managers paid an ability-invariant bonus, and managers whose pay varies with ability and firm siz...
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作者：Bao, Te; Hommes, Cars; Makarewicz, Tomasz
作者单位：Nanyang Technological University; University of Groningen; University of Amsterdam; Tinbergen Institute
摘要：This experiment compares the price dynamics and bubble formation in an asset market with a price adjustment rule in three treatments where subjects: (1) submit a price forecast only; (2) choose quantity to buy/sell and (3) perform both tasks. We find deviation of the market price from the fundamental price in all treatments, but to a larger degree in treatments (2) and (3). Mispricing is therefore a robust finding in markets with positive expectation feedback. Some very large, recurring bubble...
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作者：Burgess, Simon; Propper, Carol; Ratto, Marisa; Tominey, Emma
作者单位：University of Bristol; Centre for Economic Policy Research - UK; Imperial College London; Universite PSL; Universite Paris-Dauphine; Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); Institut de Recherche pour le Developpement (IRD); Laboratoire dEconomie de Dauphine LEDa; University of York - UK
摘要：We study the impact of team-based performance pay in a major UK government agency, the public employment service. The scheme covered quantity and quality targets, measured with varying degrees of precision. We use unique data from the agency's performance management system and personnel records, linked to local labour market data. We show that on average the scheme had no significant effect but had a substantial positive effect in small teams, fitting an explanation combining free riding and p...
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作者：Kwon, Soonwoo; Lee, Jihong; Lee, Sokbae
作者单位：University of London; University College London; London School Economics & Political Science; Yale University; Seoul National University (SNU)
摘要：We analyse cross-country trends in several aspects of technological progress during 1980-2011 by examining the US patent citations data. Our estimation results on patent quality and citation lags relative to the US reveal the following. The emerging Asian economies of Korea, Taiwan and China have achieved substantial catch-up. In the case of Korea and Taiwan, progress has been made in both patent quality and citation lags. China has achieved improvement in patent quality but not in citation la...
