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作者：Corgnet, Brice; Cornand, Camille; Hanaki, Nobuyuki
作者单位：Centre National de la Recherche Scientifique (CNRS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2; University of Osaka; emlyon business school; Centre National de la Recherche Scientifique (CNRS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2
摘要：We design a novel experiment to assess investors' behavioural and physiological reactions to negative tail events. Investors who observed, without suffering from, tail events decreased their bids, whereas investors suffering tail losses increased them. However, the increase in bids after tail losses was not observed for those who exhibited no emotional arousal. This suggests that emotions are key in explaining prospect theory prediction of risk seeking in the loss domain.
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作者：Baley, Isaac; Ljungqvist, Lars; Sargent, Thomas J.
作者单位：Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI); Centre for Economic Policy Research - UK; Stockholm School of Economics; New York University
摘要：Returns to labour mobility have too often escaped the attention they deserve as conduits of important forces in macro-labour models. These returns are shaped by calibrations of productivity processes that use theoretical perspectives and data sources from (i) labour economics and (ii) industrial organisation. By investigating earlier prominent studies, we conclude that the focus on firm size dynamics and shocks intermediated through neo-classical production functions in (ii) yields large retur...
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作者：Basco, Sergi; Lopez-Rodriguez, David; Moral-Benito, Enrique
作者单位：University of Barcelona; Banco de Espana
摘要：This paper investigates the impact of local house price booms on capital misallocation within industries. Using the geographical variation provided by the Spanish housing boom (2003-7), we show that firms exposed to positive local house price shocks received more bank credit and their investment grew more when they had a higher proportion of real estate assets. This collateral channel results in an increasing dispersion of the capital-labour ratio within industries. A counterfactual calculatio...
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作者：Canova, Fabio
作者单位：BI Norwegian Business School; Centre for Economic Policy Research - UK
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作者：Giuntella, Osea; Lu, Yi; Wang, Tianyi
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; IZA Institute Labor Economics; National Bureau of Economic Research; Tsinghua University; University of Toronto
摘要：We analyse the effects of exposure to industrial robots on labour market adjustments, exploring longitudinal household data from China. We find that a one-standard-deviation increase in robot exposure led to a decline in labour force participation (-1%), employment (-7%) and hourly earnings (-8%) of Chinese workers. At the same time, among those who kept working, robot exposure increased the number of hours worked by 8%. These effects were concentrated among the less educated and larger among ...
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作者：Balke, Nathan S.; Jin, Xin; Yucel, Mine
作者单位：Southern Methodist University; University of Aberdeen; Federal Reserve System - USA; Federal Reserve Bank - Dallas; Southern Methodist University
摘要：We build and estimate a dynamic, structural model of the world oil market to quantify the impact of the shale revolution. We model the shale revolution as a decrease in shale production costs and find that the resultant increase in shale production lowers oil prices by 24% in the short run and 48% once the shale oil transition is complete. Current oil price volatility is lowered by 8% to 23% depending on the horizon. We also find that OPEC core acts to keep its market share constant in the fac...
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作者：Williams, Cole
作者单位：University of Vienna
摘要：People are often more influenced by opinions similar to their own and even seek information from those with whom they expect to most agree-behaviours often attributed to irrational biases. In this paper, I argue that these behaviours can be understood within the context of rational social learning by accounting for the presence of unobserved heterogeneity in preferences or priors. Individuals display local learning by placing greater weight on opinions that are closer to their own. When indivi...
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作者：Gonzalez, Felipe; Miquel-Florensa, Josepa; Prem, Mounu; Straub, Stephane
作者单位：University of London; Queen Mary University London; Pontificia Universidad Catolica de Chile; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Universidad del Rosario; Centre for Economic Policy Research - UK; The World Bank
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作者：Albagli, Elias; Canales, Mario; Syverson, Chad; Tapia, Matias; Wlasiuk, Juan
作者单位：Central Bank of Chile; University of California System; University of California Los Angeles; University of Chicago; National Bureau of Economic Research
摘要：We use administrative data for Chile to provide novel insights on the relationship between job transitions and productivity differentials and quantify how different groups contribute to aggregate reallocation. While on average workers move to more productive firms, almost half of transitions are 'down the productivity ladder'. Reallocation gains are mostly explained by a narrow subset of transitions: young, high-skilled workers generate the lion's share of aggregate productivity gains. Workers...
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作者：Carayol, Nicolas; Jackson, Matthew O.
作者单位：Universite de Bordeaux; Centre National de la Recherche Scientifique (CNRS); Stanford University; The Santa Fe Institute
摘要：Consumers, businesses and organisations rely on others' ratings of items when making choices. However, individual reviewers vary in their accuracy and some are biased-either systematically over- or under-rating items relative to others' tastes, or even deliberately distorting a rating. We describe how to process ratings by a group of reviewers over a set of items and evaluate the individual reviewers' accuracies and biases, in a way that yields unbiased and consistent estimates of the items' t...
