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作者：Domeij, D; Heathcote, J
作者单位：Stockholm School of Economics; Georgetown University
摘要：This article asks whether household heterogeneity and market incompleteness have quantitatively important implications for the welfare effects of tax changes. We compare a representative-agent economy to an economy in which households face idiosyncratic uninsurable income risk. The income process is consistent with empirical estimates and implies a realistic wealth distribution. We find that capital tax cuts imply large welfare gains in the representative-agent economy. However, when household...
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作者：Sieg, H; Smith, VK; Banzhaf, HS; Walsh, R
作者单位：Carnegie Mellon University; National Bureau of Economic Research; North Carolina State University; Resources for the Future; University of Colorado System; University of Colorado Boulder
摘要：The purpose of this article is to report a new approach for measuring the general equilibrium willingness to pay for large changes in spatially delineated public goods such as air quality. We estimate the parameters of a locational equilibrium model and compute equilibria for alternative scenarios characterizing the availability of public goods within a system of communities. Welfare measures take into consideration the adjustments of households in equilibrium to nonmarginal changes in public ...
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作者：Huang, CC; Laing, D; Wang, P
作者单位：Vanderbilt University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research
摘要：Numerous studies document that criminal activity is positively related to unemployment and negatively related to educational attainment levels within given communities. We study this phenomenon in the context of a search-equilibrium model, in which agents choose between formal employment and pursuing crime-related activities (theft). Prior to their occupational choices agents undertake costly schooling, raising their productivity. Crime acts, in essence, as a tax on human capital by affecting ...
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作者：Hutchens, R
作者单位：Cornell University
摘要：This article considers the problem of deriving a numerical measure of segregation, i.e., a measure of inequality in the distribution of people across groups. It proposes a list of eight desirable properties for a good numerical measure of segregation. These properties yield a class of segregation indexes that are related to generalized entropy indexes of income inequality. Moreover, one and only one index-termed the square root index-satisfies seven of the properties.
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作者：Marshall, RC; Merlo, A
作者单位：University of Pennsylvania; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University
摘要：Many unions in the United States have for several years engaged in what is known as pattern bargaining. In this article, we show that pattern bargaining is preferred by a union to both simultaneous industry-wide negotiations and sequential negotiations without a pattern. Allowing for interfirm productivity differentials within an industry, we show that for small differentials, the union most prefers a pattern in wages, but for a sufficiently wide differential, the union prefers a pattern in la...
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作者：Restuccia, D
作者单位：University of Toronto
摘要：I develop a growth model where a single good can be produced with a traditional and a modern technology. The traditional technology features low total factor productivity (TFP) and a low share of reproducible capital. In this framework, barriers to capital accumulation affect technology use and therefore aggregate TFP. The theory thus connects recent models of factor accumulation and of TFP. The model is calibrated by interpreting traditional production as agriculture and nonreproducible capit...
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作者：Lochner, L
作者单位：Western University (University of Western Ontario)
摘要：This article develops a model of crime in which human capital increases the opportunity cost of crime from foregone work and expected costs associated with incarceration. Older, more intelligent, and more educated adults should commit fewer street (unskilled) crimes. White collar crimes decline less (or increase) with age and education. Predictions for age-crime and education-crime relationships receive broad empirical support in self-report data from the National Longitudinal Survey of Youth ...
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作者：Huck, S; Normann, HT; Oechssler, J
作者单位：University of Bonn; University of London; Royal Holloway University London; University of London; University College London
摘要：In this article we study a very simple trial and error learning process in the context of a Cournot oligopoly. Without any knowledge of the payoff functions players increase, respectively decrease, their quantity as long as this leads to higher profits. We show that despite the absence of any coordination or punishing device this process converges to the joint-profit-maximizing outcome.
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作者：Lebrun, B; Tremblay, MC
作者单位：York University - Canada
摘要：An arbitrary number of units of a good is sold to two bidders through a discriminatory auction. The bidders are homogeneous ex ante and their demand functions are two-step functions that depend on a single parameter. We characterize the symmetric Bayesian equilibrium and prove its existence and uniqueness. We compare this equilibrium with the equilibrium of the multiunit Vickrey auction and with the equilibria of the single-unit first price and second price auctions. We examine the consequence...
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作者：Fuster, L; Imrohoroglu, A; Imrohoroglu, S
作者单位：University of Southern California; Pompeu Fabra University
摘要：In this article, we study the welfare effects of unfunded social security in a general equilibrium model populated with overlapping generations of altruistic individuals that differ in lifetime expectancy and earnings ability. Contrary to previous research, our results indicate that steady-state welfare increases with social security for most households, although by very different amounts. This result is mainly due to two factors. First, the presence of two-sided altruism significantly mitigat...
