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作者：Freeman, David J.
作者单位：Simon Fraser University
摘要：This article characterises the behavioural content of a model of choice under risk with reference-dependent preferences and endogenous expectations-based reference points based on the preferred personal equilibrium model of Koszegi and Rabin (2006). The combination of reference-dependent preferences and endogenous reference points leads to violations of the Independence Axiom and can also lead to violations of the Weak Axiom of Revealed Preference. An axiomatic characterisation shows that the ...
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作者：Hyytinen, Ari; Steen, Frode; Toivanen, Otto
作者单位：Hanken School of Economics; Norwegian School of Economics (NHH); Norwegian School of Economics (NHH); Aalto University; KU Leuven
摘要：We study the contracts of 898 legal Finnish cartels. Cartels that exclusively allocate markets, either geographically or in the product/production space, are dominant in manufacturing. They are often bilateral and include a vertical dimension. Structural industry characteristics predict the type of a cartel, e.g., consistent with theory, quota cartels are more common in manufacturing and when buyers are primarily industrial. The contracts of quota cartels include more (governance) clauses. Pur...
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作者：Kanbur, Ravi; Snell, Andy
作者单位：University of Edinburgh; Cornell University
摘要：Inequality indices are traditionally interpreted as measures of deviations from equality. This article interprets them instead as statistical tests for a null of fairness within well-defined income generating processes. We find that the likelihood ratio (LR) test for fairness versus unfairness within two such processes are proportional to Theil's first and second inequality indices respectively. The LR values may be used either as a test statistic or to approximate a Bayes factor that measures...
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作者：Jia, Ruixue; Ku, Hyejin
作者单位：University of London; University College London; University of London; University College London; University of California System; University of California San Diego; University of London; University College London
摘要：This paper studies the impact of air pollution spillover from China to South Korea. To isolate the effects of cross-border pollution spillover from that of locally generated pollution, we exploit within-South Korea and over-time variation in the incidence of Asian dust-a meteorological phenomenon exogenous to district-time cells in South Korea-together with temporal variations in China's air quality. We find that conditional on being exposed to Asian dust, increased pollution in China leads to...
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作者：Mastrobuoni, Giovanni; Rivers, David A.
作者单位：Collegio Carlo Alberto; Western University (University of Western Ontario)
摘要：We use rich microdata on bank robberies to estimate individual-level disutilities of imprisonment. The identification rests on the money versus apprehension trade-off that robbers face inside the bank when deciding whether to leave or collect money for an additional minute. The distribution of the disutility of prison is not degenerate, generating heterogeneity in behaviour. Our results show that unobserved heterogeneity in robber ability is important for explaining outcomes in terms of haul a...
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作者：Benhabib, Jess; Spiegel, Mark M.
作者单位：New York University; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We examine whether sentiment influences aggregate demand by studying the relationship between the Michigan Survey expectations concerning national output growth and future economic activity at the state level. We instrument for local sentiments with political outcomes, positing that agents in states with a higher share of congressmen from the political party of the sitting President will be more optimistic. This instrument is strong in the first stage, and our results confirm a positive relati...
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作者：Devereux, Michael; Johannesen, Niels; Vella, John
作者单位：University of Oxford; University of Oxford; University of Copenhagen; University of Oxford; University of Oxford
摘要：Following the 2007-2008 financial crisis, a large number of countries introduced levies on bank borrowing intended to reduce risk in the financial sector. This article studies the behavioural responses to bank levies and finds that banks exposed to levies increased their reliance on equity funding, but at the same time increased the risk of their assets; banks shifted risk from the liability side of their balance sheets to the asset side, which mitigated the impact of government intervention. ...
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作者：Ding, Tingting; Schotter, Andrew
作者单位：New York University; Shanghai University of Finance & Economics
摘要：While the mechanisms that economists design are typically static, one-shot games, in the real world, mechanisms are used repeatedly by generations of agents who engage in them for a short period of time and then pass on advice to their successors. Hence, behaviour evolves via social learning and may diverge dramatically from that envisioned by the designer. We demonstrate that this is true of school matching mechanisms-even those for which truth-telling is a dominant strategy. Our results indi...
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作者：Flabbi, Luca; Macis, Mario; Moro, Andrea; Schivardi, Fabiano
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Johns Hopkins University; National Bureau of Economic Research; Vanderbilt University; Universita Ca Foscari Venezia; Luiss Guido Carli University; Center for Economic & Policy Research (CEPR)
摘要：We investigate the effects of female executives on gender-specific wage distributions and firm performance. Female leadership has a positive impact at the top of the female wage distribution and a negative impact at the bottom. The impact of female leadership on firm performance increases with the share of female workers. We account for the endogeneity induced by non-random executives' gender by including firm fixed-effects, by generating controls from a two-way fixed-effects regression and by...
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作者：Argenziano, Rossella; Gilboa, Itzhak
作者单位：University of Essex; Universite Paris Saclay; Hautes Etudes Commerciales (HEC) Paris; Tel Aviv University
摘要：We provide a microfoundation for a weighted utilitarian social welfare function that reflects common moral intuitions about interpersonal comparisons of utilities. If utility is only ordinal in the usual microeconomic sense, interpersonal comparisons are meaningless. Nonetheless, economics often adopt utilitarian welfare functions, assuming that comparable utility functions can be calibrated, using information beyond consumer choice data. We show that consumer choice data alone are sufficient....
