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作者：Shachat, Jason; Zhang, Zhenxuan
作者单位：Durham University; People's Bank of China
摘要：We report on an experiment investigating whether the Hayek hypothesis ( Smith, 1982) extends to the long-run setting. We consider two environments; one with a production technology having a U-shaped long-run average cost curve and a single competitive equilibrium, and another with a constant long-run average cost curve. We present alternative efficient production plans as a menu of fixed and marginal cost pairs. In both environments, we observe convergence to long-run competitive equilibrium p...
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作者：Andersen, Thomas Barnebeck; Bentzen, Jeanet; Dalgaard, Carl-Johan; Sharp, Paul
作者单位：University of Southern Denmark; University of Copenhagen
摘要：We hypothesise that cultural appreciation of hard work and thrift, the Protestant ethic according to Max Weber, had a pre-Reformation origin: the Catholic Order of Cistercians. In support, we document an impact from the Order on growth within the epicentre of the Industrial Revolution; English counties that were more exposed to Cistercian monasteries experienced faster productivity growth from the 13th century onwards. Consistent with a cultural influence, this impact is also found after the m...
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作者：Niemann, Stefan; Pichler, Paul
作者单位：University of Essex; Oesterreichische Nationalbank (OeNB); University of Vienna
摘要：We study Markov-perfect optimal fiscal policy in an economy with financial frictions and sovereign default in the form endogenously determined haircuts on outstanding debt. Government bonds facilitate tax smoothing but also provide collateral and liquidity services that mitigate financial frictions. A debt Laffer curve exists, which induces the government to issue bonds to a point where marginal debt has negative welfare effects. Debt positions in the order of magnitude of annual output remain...
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作者：Baillon, Aurelien
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Under expected utility, prudence is equivalent to a positive third derivative of utility and plays a crucial role in precautionary saving behaviour. Eeckhoudt and Schlesinger (2006) proposed behavioural definitions of prudence and of higher order risk preferences. The present article proposes a similar definition for prudence with respect to ambiguity, i.e. situations in which objective probabilities are not available. Implications for several ambiguity models are derived. Ambiguity prudence i...
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作者：Cesur, Resul; Tekin, Erdal; Ulker, Aydogan
作者单位：University of Connecticut; American University; Deakin University
摘要：We examine the impact of widespread adoption of natural gas as a source of fuel on infant mortality in Turkey, using variation across provinces and over time in the intensity of natural gas utilisation. Our estimates indicate that the expansion of natural gas infrastructure has resulted in a significant decrease in the rate of infant mortality. Specifically, a one-percentage point increase in natural gas intensity - measured by the rate of subscriptions to natural gas services - would cause th...
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作者：Guala, Francesco; Filippin, Antonio
作者单位：University of Milan; IZA Institute Labor Economics
摘要：Group identity can influence significantly people's attitudes towards monetary allocations. In this article, we reassess the representation of group identity using social preference models. First, we show that the influence of group identity varies unsystematically across different types of mini-dictator games and cannot be described using a well-behaved preference function. Second, we demonstrate that the effect is not robust to slightly increasing the complexity of the task, suggesting that ...
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作者：Bhattacharya, Joydeep; Chakraborty, Shankha
作者单位：Iowa State University; University of Oregon
摘要：Inspired by the historical English experience, we modify the Beckerian paradigm of fertility by incorporating costly, societal influence on contraception. Heterogeneous, generationally-linked households choose between 'traditional' and 'modern' contraception. The modern has a higher fixed but lower variable cost of averting childbirths. Initially the rich adopt the modern, which unleashes society-wide diffusion. Eventually everyone switches, lowering fertility further and across households. Ha...
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作者：Folke, Olle; Persson, Torsten; Rickne, Johanna
作者单位：Uppsala University; Research Institute of Industrial Economics (IFN); Stockholm University; Canadian Institute for Advanced Research (CIFAR)
摘要：We exploit close elections in Swedish municipalities to test whether relatives of politicians who become mayors obtain economic benefits. We find no benefits for the siblings of new mayors, but the average earnings of children of newly appointed mayors rise by about 15%. Administrative information on occupational and residence status show that the higher earnings are unlikely reflect an illegitimate allocation of jobs. But the evidence suggests that children of election-winning mayors are more...
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作者：Reuben, Ernesto; Wiswall, Matthew; Zafar, Basit
作者单位：Columbia University; IZA Institute Labor Economics; Arizona State University; Arizona State University-Tempe; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Using an experiment to measure overconfidence and preferences for competitiveness and risk, this article investigates whether these measures explain gender differences in college major choices and expected future earnings. We find that individuals who are overconfident and overly competitive expect to earn significantly more. In addition, gender differences in overconfidence and competitiveness explain 18% of the gender gap in earnings expectations. These experimental measures explain as much ...
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作者：Goux, Dominique; Gurgand, Marc; Maurin, Eric
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Paris School of Economics; Centre National de la Recherche Scientifique (CNRS); Paris School of Economics
摘要：At the end of middle school, many low-achieving students realise that they do not have the ability to get into selective high school programmes, which may be a source of disengagement and eventually lead them to drop out of high school. Based on a randomised controlled trial, this article shows that a series of meetings facilitated by the school principals can help low-achievers to formulate educational objectives better suited to their academic aptitudes. By changing the high school plans of ...
