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作者：Amarante, Massimiliano; Ghossoub, Mario; Phelps, Edmund
作者单位：Universite de Montreal; Universite de Montreal; Imperial College London; Columbia University
摘要：We study contracting problems where one party perceives ambiguity about the relevant contingencies. We show that the party who perceives ambiguity has to observe only the revenue/loss generated by the prospect object of negotiation, but not the underlying state. We, then, introduce a novel condition (vigilance), which extends the popular monotone likelihood ratio property to settings featuring ambiguity. Under vigilance, optimal contracts are monotonic and, thus, produce the right incentives i...
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作者：Betz, Regina; Greiner, Ben; Schweitzer, Sascha; Seifert, Stefan
作者单位：University of Bayreuth; University of New South Wales Sydney; Vienna University of Economics & Business
摘要：We experimentally study the effect of auction format (sealed-bid versus closed clock versus open clock) and auction sequence (simultaneous versus sequential) on bidding behaviour and auction outcomes in auctions of multiple related multi-unit items. Prominent field applications are the sale of emission permits, fishing rights, and electricity. We find that, when auctioning simultaneously, clock auctions outperform sealed-bid auctions in terms of efficiency and revenues. This advantage disappea...
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作者：Holmberg, Par
作者单位：Research Institute of Industrial Economics (IFN); University of Cambridge
摘要：In multi-unit auctions, it is necessary to specify rationing rules to break ties between multiple marginal bids. The standard approach is to ration marginal bids proportionally. This article shows how bidding can be made more competitive - and the auctioneer can increase his surplus - if the rationing rule instead gives increasing priority to bidders with a small volume of marginal bids at clearing prices closer to the reservation price. As compared to standard rationing, such a rule can, in b...
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作者：Dustmann, Christian; Puhani, Patrick A.; Schoenberg, Uta
作者单位：University of London; University College London; Leibniz University Hannover; University of St Gallen; IZA Institute Labor Economics
摘要：We investigate the effects of attending a more advanced track in middle school on long-term education and labour market outcomes for Germany, a country with a rigorous early-age tracking system, where the risk of misallocating students is particularly high. Our research design exploits quasi-random shifts between tracks induced by date of birth, and speaks to the long-term effects of early track attendance for a group of marginal students most at risk of misallocation. Remarkably, we find no e...
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作者：Evren, Ozgur; Minardi, Stefania
作者单位：New Economic School; Hautes Etudes Commerciales (HEC) Paris
摘要：Warm-glow refers to prosocial behaviour that causes the actor to experience positive feelings, apart from its social implications. We study an individual who enjoys taking a prosocial action that incurs a private cost because such actions improve his social image. A private cost obtains only in the presence of a more selfish option, implying a preference for freedom to behave selfishly. We provide behavioural foundations for this model by building upon the experimental findings on motivation c...
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作者：Dagher, Jihad; Fu, Ning
作者单位：International Monetary Fund; Harvard University
摘要：The weakly regulated independent mortgage companies (IMCs) had a vastly disproportional contribution to the expansion in risky credit during the mortgage boom and to the ensuing foreclosure crisis. We exploit a quasi-experimental setting, created by the inconsistency of state lender regulations between banks and IMCs and their heterogeneity across states, to isolate the impact of regulation on lending standards using county-pairs straddling state borders. We find that weaker state regulation o...
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作者：de Meza, David; Webb, David C.
作者单位：University of London; London School Economics & Political Science
摘要：The widely applied 'positive correlation test' concludes that there is symmetric information in an insurance market if observationally identical buyers of high and low cover contracts have the same loss rate. As standard assumptions imply that only full-cover contracts are bought when information is symmetric, a contradiction arises. The existence of a variety of contracts can be reconciled with symmetric information by claim-processing costs but existing tests are then shown to fail. Ignoring...
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作者：Duh, Josephine; Spears, Dean
作者单位：University of Texas System; University of Texas Austin; The Brattle Group
摘要：India's experience presents a puzzle at odds with a basic fact of household economics: amidst unprecedented economic growth, average per capita daily calorie consumption has declined in recent decades. Does an improving disease environment explain the calorie decline? A diminished burden of infectious disease could lower energy needs by increasing absorption and effective use of calories. We document a robust effect of disease exposure-measured as infant mortality and as poor sanitation-on cal...
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作者：Damsgaard, Erika Farnstrand; Hjertstrand, Per; Norback, Pehr-Johan; Persson, Lars; Vasconcelos, Helder
作者单位：Research Institute of Industrial Economics (IFN); Centre for Economic Policy Research - UK; Universidade do Porto; Universidade do Porto
摘要：This article examines how entrepreneurs and incumbents differ in their R&D strategies. We show that entrepreneurs have incentives to choose projects with a higher risk and a higher potential in order to reduce expected entry costs. If products are not too differentiated, entrepreneurs will select projects that are too safe from a social point of view, since they do not internalise the business stealing effect on incumbents. Entry support induces entrepreneurs to choose safer projects, whereas ...
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作者：Bhuller, Manudeep; Brinch, Christian N.; Konigs, Sebastian
作者单位：BI Norwegian Business School; University of Chicago; Statistics Norway; IZA Institute Labor Economics; Organisation for Economic Co-operation & Development (OECD)
摘要：This article tests the validity of the conditional Markov assumption in a dynamic discrete-choice model of welfare benefit receipt dynamics, using Norwegian administrative data. Exploiting its implied time aggregation properties, we find that the model is seriously mis-specified. Estimated state dependence varies strongly with the time unit of analysis, with the average treatment effect of past benefit receipt increasing with the level of aggregation. When permitting richer types of benefit dy...
