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作者：Boone, Jan; Schottmuller, Christoph
作者单位：Tilburg University; Tilburg University; Center for Economic & Policy Research (CEPR); University of Copenhagen
摘要：Standard insurance models predict that people with high risks have high insurance coverage. It is empirically documented that people with high income have lower health risks and are better insured. We show that income differences between risk types lead to a violation of single crossing in an insurance model where people choose treatment intensity. We analyse different market structures and show the following: if insurers have market power, the violation of single crossing caused by income dif...
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作者：Perry, Motty; Reny, Philip J.; Robson, Arthur J.
作者单位：University of Warwick; University of Chicago; Simon Fraser University
摘要：Understanding the purpose of sex is a fundamental unresolved problem in evolutionary biology. The difficulty is not that there are too few theories of sex, the difficulty is that there are too many and none stand out. To distinguish between theories, we ask: Why are there no triparental species with offspring composed of the genetic material of three individuals? A successful theory should confer an advantage to biparental sex over asexual reproduction without conferring an even greater advant...
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作者：Bonhomme, Stephane; Hospido, Laura
作者单位：Banco de Espana; University of Chicago; IZA Institute Labor Economics
摘要：We use detailed information from social security records to document the evolution of male earnings inequality and employment in Spain from 1988 to 2010. We find that inequality was strongly countercyclical: it increased around the 1993 recession, experienced a substantial decrease during the 1997-2007 expansion and then a sharp increase during the recent recession. This evolution went in parallel with the cyclicality of employment in the lower middle part of the wage distribution. Our finding...
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作者：de Haan, Thomas; Offerman, Theo; Sloof, Randolph
作者单位：Norwegian School of Economics (NHH); University of Amsterdam
摘要：In an experiment we identify a crucial factor that determines whether employers engage in statistical discrimination of ex ante equal groups. In the standard no-competition setup of Coate and Loury (1993), we do not find systematic evidence for statistical discrimination. When we introduce competition between workers of different groups for the same job, the non-discrimination equilibrium ceases to be stable. In line with this theoretical observation, we find systematic discrimination in the e...
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作者：Engstrom, Per; Hagglund, Pathric; Johansson, Per
作者单位：Uppsala University; Uppsala University
摘要：We estimate the effects of early assessments of an individual's need for vocational rehabilitation in the Swedish sickness insurance system using a field experiment. One of the interventions increases the flow to disability benefits by 20%. The effect is larger for unemployed individuals, who also are covered by the sickness insurance scheme. This result is in line with a theoretical model with moral hazard and asymmetric information in which individuals with low work incentives communicate wo...
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作者：Asparouhova, Elena; Bossaerts, Peter
作者单位：Utah System of Higher Education; University of Utah; University of Melbourne
摘要：In dark markets, order submissions are bilateral, and transaction prices are known only to the trading counterparties. Here, we study to what extent the information aggregation theory proposed by Duffie and collaborators predicts outcomes in a laboratory version of such markets. We find that prices aggregate the available information but not in the strict sense of the theory, where prices converge exponentially fast to average private signals. Prices instead fluctuate within bands around this ...
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作者：Forni, Mario; Gambetti, Luca; Lippi, Marco; Sala, Luca
作者单位：Autonomous University of Barcelona; Barcelona School of Economics; Bocconi University; Bocconi University
摘要：We introduce imperfect information in stock prices determination. Agents, whose expectations are not assumed to be rational, receive a noisy signal about the structural shock driving future dividend variations. Equilibrium stock prices are decomposed into a fundamental component and a transitory noise bubble' which can be responsible for boom and bust episodes unrelated to economic fundamentals. We propose a non-standard VAR procedure to estimate the effects of noise shocks as well as bubble e...
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作者：Peijnenburg, Kim; Nijman, Theo; Werker, Bas J. M.
作者单位：Bocconi University
摘要：We find that health cost risk lowers optimal annuity demand at retirement. If medical expenses can be sizeable early in retirement, full annuitisation at retirement is no longer optimal because agents do not have enough time to build a liquid wealth buffer. Furthermore, large deviations from optimal annuitisation levels lead to small utility differences. Our results suggest that health cost risk can explain a large proportion of empirically observed annuity choices. Finally, allowing additiona...
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作者：Shrestha, Slesh A.
作者单位：National University of Singapore
摘要：The development impacts of emigration are largely determined by the education of those who stay behind. Departure of workers leads to a direct loss of human capital but opportunities for emigration also raise expected returns to education. I examine these effects by considering the introduction of education as a selection criterion to recruit Nepalese men in the British Army. This change raised educational investments by 1.15years and increased the average education of men living in Nepal even...
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作者：Cheng, Terence C.; Powdthavee, Nattavudh; Oswald, Andrew J.
作者单位：University of Melbourne; University of London; London School Economics & Political Science; University of Warwick
摘要：There is a large amount of cross-sectional evidence for a midlife low in the life cycle of human happiness and well-being ( a 'U shape'). Yet no genuinely longitudinal inquiry has uncovered evidence for a U-shaped pattern. Thus, some researchers believe the U is a statistical artefact. We re-examine this fundamental cross-disciplinary question. We suggest a new test. Drawing on four data sets, and only within-person changes in well-being, we document powerful support for a U shape in longitudi...
