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作者：Hazan, M; Berdugo, B
作者单位：Hebrew University of Jerusalem
摘要：This paper explores the evolution of child labour, fertility and human capital in the process of development. In early stages of development, the economy is in a development trap where child labour is abundant, fertility is high and output per capita is low. Technological progress, however, gradually increases the wage differential between parental and child labour, thereby inducing parents to substitute child education for child labour and reduce fertility. The economy takes off to a sustaine...
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作者：Prendergast, C
作者单位：University of Chicago; National Bureau of Economic Research
摘要：Consumers solve many agency problems, by pointing out when they believe that agelits have made mistakes. I consider the role that consumers play in inducing efficient behaviour by. agents. I distinguish case, where consumers have. similar preferences to the principal from those where they diverge. In the former case, allowing consumer feedback improves allocaticons, and increasing consumer information is unambiguously beneficial. Where consumers disagree with principals over desired outcomers ...
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作者：Biggs, M
作者单位：University of Cambridge
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作者：Aizenman, J; Turnovsky, SJ
作者单位：University of California System; University of California Santa Cruz; National Bureau of Economic Research; University of Washington; University of Washington Seattle
摘要：This paper characterises the effects of reserve requirements on financial loans in the presence of moral hazard on the lender side and sovereign risk on the burrower side. The impacts of such reserve requirements on the equilibrium default risk and borrowing are analysed and their welfare implications discussed. More generous bailouts, financed by the high-income block, encourage borrowing and increase the probability of default. The optimal reserve requirements for both lender and borrower ar...
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作者：Backhouse, RE
作者单位：University of Birmingham
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作者：Lanjouw, JO; Levy, PI
作者单位：Yale University
摘要：We explore the substitutability of formal and informal property rights using new survey data from Ecuador, where households have both formal and informal claims to urban residential property. We develop a model of property transactions that distinguishes between transferable and non-transferable claims, and show how this distinction affects the interpretation of hedonic price regressions. The unconditional effect of title is to raise properties' value by 23.5%. However, we also find that infor...
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作者：Francois, JF; Nelson, D
作者单位：Tinbergen Institute; Tulane University
摘要：Division of labour models have become a standard analytical tool, along with competitive general equilibrium models (Ricardian, HOS, Ricardo-Viner), in public finance, trade, growth, development and macroeconomics. Yet unlike the earlier models, these models lack a canonical graphical representation. This is because they are both new and complex, characterised by multiple equilibria, instability and emergent structural properties under parameter transformation. We develop a general framework f...
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作者：de Meza, D
作者单位：University of London; London School Economics & Political Science; University of Exeter
摘要：A mass of evidence suggests that aspiring entrepreneurs with low net worth or from disadvantaged social groups are excluded from capital markets. Asymmetric information potentially explains these findings, though whether aggregate lending is raised or lowered relative to the full information outcome is ambiguous. Whichever case occurs, subsidising credit may decrease efficiency. This is all the more true when, as the evidence suggests, potential entrepreneurs are prone to unrealistic optimism....
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作者：Bosman, R; van Winden, F
作者单位：University of Amsterdam
摘要：In this experimental study of a two player power-to-take game, players earn an income in an individual effort task preceding the game, The game has two stages, First, one player can claim any part of the other's income (take rate). Then, the latter player can respond by destroying own income. We focus on how emotions influence responses and show: (1) a higher take rate increases (decreases) intensity of negative (positive) emotions; (2) negative emotions drive destruction; (3) at high emotiona...
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作者：Sonsino, D; Benzion, U; Mador, G
作者单位：Technion Israel Institute of Technology
摘要：We present experimental evidence suggesting that human subjects dislike complexity in choice with uncertainty. Our results suggest that the probability of choosing a given alternative decreases with the relative complexity of that alternative. Complexity increases the noise in the choice process and the chances that the (otherwise) inferior alternative will be selected. Our results contradict the predictions of (discounted) expected utility theory and intuitively appealing axioms like 'stochas...
