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作者：Kim, Jeong Ho (John); Kim, Kyungmin; Pease, Marilyn
作者单位：State University System of Florida; Florida State University; Emory University; Indiana University System; Indiana University Bloomington; State University System of Florida; Florida State University
摘要：We consider a worker's job search problem in which firms arrive sequentially, observe the worker's unemployment duration, and conduct an interview to learn about her unobservable productivity. Firms engage in fully flexible information acquisition subject to a uniformly posterior-separable cost function. We provide a closed-form characterization of equilibrium job search dynamics and demonstrate that endogenous information amplifies the stigma effect of long unemployment duration relative to e...
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作者：Behrman, Jere R.; Fan, C. Simon; Guo, Naijia; Wei, Xiangdong; Zhang, Hongliang; Zhang, Junsen
作者单位：Zhejiang University; University of Pennsylvania; Lingnan University; University of Hong Kong
摘要：After-school tutoring has risen globally despite limited evidence of effectiveness. We implement a randomized after-school tutoring program in rural China where many children are left-behind by parents in care of grandparents. Compared to tutees cared for by parents, those in care of grandparents reported much smaller home-tutoring reductions but larger test-score gains. We interpret our data analysis with a model with tutoring efficacy and substitution between private and public inputs both d...
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作者：Uchida, Yuki; Ono, Tetsuo
作者单位：Seikei University; University of Osaka; Seikei University
摘要：This study presents an overlapping generations model to analyze the impact of population aging on fiscal policy and intergenerational fiscal burden. Aging populations incentivize governments to increase capital and labor income tax rates and the public debt-to-GDP ratio, consistent with OECD evidence. Our model-based simulation for Japan and the United States (2000-2070) reveals that Japan will experience higher labor income tax rates, a greater public debt-to-GDP ratio, and a lower government...
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作者：Koster, Hans R. A.; Rouwendal, Jan
作者单位：Vrije Universiteit Amsterdam; Vrije Universiteit Amsterdam
摘要：When selling a home, through the choice of the list price, sellers make a trade-off between achieving a quick sale at a low price or waiting for higher bids. This list-price setting decision is governed by a discount rate. Using data on housing sales in the Netherlands, we derive gross discount rates under bilateral bargaining and bidding wars. The estimated discount rates are 25%-35%, which are considerably higher than long-run housing market discount rates and may result from the seller's un...
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作者：Heggedal, Tom-Reiel; Helland, Leif; Moen, Espen R.
作者单位：BI Norwegian Business School; BI Norwegian Business School
摘要：In the Varian (1980; American Economic Review 70(4) (1980), 651-59) model of price competition, a change from simultaneous to sequential price setting dramatically changes equilibrium strategies, and in the unique symmetric, equilibrium prices are pushed up to the monopoly price. There also exists an asymmetric equilibrium with lower average prices. Our main contribution is to test these predictions in the laboratory. Our data strongly support the qualitative model predictions. However, a frac...
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作者：Chakravarty, Surajeet; Kelsey, David; Teitelbaum, Joshua C.
作者单位：University of Exeter; University of Nottingham; Georgetown University; Georgetown University
摘要：We explore the implications of unawareness for tort law. We study cases where injurers and victims initially are unaware that some acts can yield harmful consequences, or that some acts or harmful consequences are even possible, but later become aware. We model unawareness by Reverse Bayesianism. We compare the two basic liability rules of Anglo-American tort law, negligence and strict liability, and argue that negligence has an important advantage over strict liability in a world with unaware...
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作者：Azacis, Helmuts; Vida, Peter
作者单位：Cardiff University; Corvinus University Budapest; CY Cergy Paris Universite
摘要：A competition authority (CA) has an objective, which specifies what output profile firms need to produce as a function of production costs. These costs change over time and are only known by the firms. The objective is repeatedly implementable if the firms cannot collude and deceive the CA in equilibrium. We identify necessary and sufficient conditions for repeated implementation when firms can only announce prices and quantities. We use these conditions to study when the competitive output is...
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作者：Alpanda, Sami; Song, Melissa Hyunji; Zubairy, Sarah
作者单位：State University System of Florida; University of Central Florida; University of Sydney; Texas A&M University System; Texas A&M University College Station; National Bureau of Economic Research; University of Sydney
摘要：We examine how the effects of government spending shocks depend on the balance sheet position of households. Employing U.S. household survey data, we find a large, positive consumption response for households with mortgage debt, smaller response for renters, and an insignificant response for outright homeowners, in response to a positive government spending shock. We consider a model with three types of households and show that it can successfully account for these findings. Liquidity constrai...
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作者：Pashchenko, Svetlana; Porapakkarm, Ponpoje
作者单位：University System of Georgia; University of Georgia; National Graduate Institute for Policy Studies; University System of Georgia; University of Georgia
摘要：We study why Social Security benefit claiming is concentrated at two ages, 62 and the full retirement age, and provide three main findings. First, we show that claiming behavior can be well explained by a parsimonious life-cycle model with fully rational agents. The two key mechanisms are (i) the strong unwillingness to hold annuities and (ii) the effects of the earnings test. Second, we show that current rules distort claiming and labor supply decisions, and eliminating these distortions resu...
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作者：Ueda, Kozo; Watanabe, Kota; Watanabe, Tsutomu
作者单位：Waseda University; University of Tokyo; Waseda University
摘要：This study addresses the large bias in chained price indices that persists even at lower frequencies. The bias arises from intertemporal substitution caused by consumer hoarding, and is problematic for purchase-based data. In order to resolve this issue, we propose a method for calculating changes in inventories and consumption using retailer scanner data. We construct a partial equilibrium model to estimate inventories and consumption and show that the model accurately predicts the sign and s...
