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作者：Auerbach, Alan J.
作者单位：University of California System; University of California Berkeley
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作者：Caplin, Andrew; Martin, Daniel
作者单位：New York University; Paris School of Economics
摘要：We provide a characterisation of choice behaviour generated by a Bayesian expected utility maximiser. The observable signature of this standard model is the impossibility of raising utility by switching wholesale from one action to another. We provide applications to robustness, to the recovery of utility from choice data and to model classification.
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作者：Caprice, Stephane; Rey, Patrick
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; INRAE; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Centre for Economic Policy Research - UK
摘要：We consider a model of vertically related markets, in which an upstream firm faces a competitive fringe of less efficient suppliers and negotiates with customers that compete in a downstream market. We allow downstream firms to form a buyer group which selects suppliers on behalf of its members. We show that transforming individual listing decisions into a joint listing decision makes delisting less harmful for a group member, which in turn enhances the group members' bargaining position at th...
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作者：Hoermann, Markus; Schabert, Andreas
作者单位：University of Cologne
摘要：We augment a standard macroeconomic model to analyse the effects and limitations of balance sheet policies. We show that the central bank can stimulate real activity by changing the size or the composition of its balance sheet, when interest rate policy is ineffective. Specifically, the central bank can stabilise the economy by increasing money supply against eligible assets even when the policy rate is at the zero lower bound. By changing the composition of its balance sheet, it can affect in...
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作者：Heckman, James J.
作者单位：University of Chicago
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作者：Conlon, John R.
作者单位：University of Mississippi
摘要：Anti-bubble policy is examined in a finite-horizon greater fool' bubble model, with rational agents, asymmetric information and short-sales constraints. This permits the use of standard tools of welfare economics to analyse bubble policies. Policy is modelled as deflating overpriced assets by revealing information about this overpricing. If the central bank is following such a policy, then the market interprets inaction as an implicit endorsement of asset prices, which raises these prices. Als...
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作者：Burgess, Simon; Greaves, Ellen; Vignoles, Anna; Wilson, Deborah
作者单位：University of Bristol; University of London; London School Economics & Political Science; University of Cambridge
摘要：We investigate parents' preferences for school attributes in a unique data set of survey, administrative, census and spatial data. Using a conditional logit, incorporating characteristics of households, schools and home-school distance, we show that most families have strong preferences for schools' academic performance. Parents also value schools' socio-economic composition and distance, which may limit the potential of school choice to improve academic standards. Most of the variation in pre...
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作者：Gonzalez, Francisco M.; Wen, Jean-Francois
作者单位：University of Waterloo; University of Calgary
摘要：The development of the welfare state in the Western economies between 1930 and 1990 coincided with a puzzling pattern in the taxation of top incomes. Effective tax rates at the top increased sharply during the 1930s and 1940s, but then gradually decreased, even as social transfers continued rising. We propose a new theory of the development of the welfare state to explain these facts. Our main insight is that social insurance and top income taxation are substitutes for averting social conflict...
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作者：Buonanno, Paolo; Durante, Ruben; Prarolo, Giovanni; Vanin, Paolo
作者单位：University of Bergamo; University of Bologna
摘要：With weak law-enforcement institutions, a positive shock to the value of natural resources may increase demand for private protection and opportunities for rent appropriation through extortion, favouring the emergence of mafia-type organisations. We test this hypothesis by investigating the emergence of the mafia in twentieth century Sicily, where a severe lack of state property-rights enforcement coincided with a steep rise in international demand for sulphur, Sicily's most valuable export co...
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作者：Carluccio, Juan; Fougere, Denis; Gautier, Erwan
作者单位：European Central Bank; Bank of France; University of Surrey; Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; ENSAE Paris; Institut d'Etudes Politiques Paris (Sciences Po); Nantes Universite
摘要：We estimate the impact of international trade on wages using data for French manufacturing firms. We instrument firm-level trade flows with firm-specific instrumental variables based on world demand and supply shocks. Both export and offshoring shocks have a positive effect on wages. Exports increase wages for all occupational categories while offshoring has heterogeneous effects. The impact of trade on wages varies across bargaining regimes. In firms with collective bargaining, the elasticity...
