-
作者：Merlo, Antonio; Tang, Xun
作者单位：Rice University
摘要：We study a model of bargaining with optimism where players have heterogeneous beliefs about the final resolution. Beliefs and bargaining surplus are identified from the settlement probability and the distribution of accepted transfers. Using data from medical malpractice lawsuits in Florida, we estimate doctor and patient beliefs and the distribution of potential compensation. We find that patients are more optimistic and doctors more pessimistic when the severity of injury is higher, and the ...
-
作者：Fischer, Marcel; Khorunzhina, Natalia
作者单位：University of Konstanz; Copenhagen Business School
摘要：We build a life-cycle model of housing decisions under divorce risk that predicts that the recent increase in divorce rates leads to reduced homeownership rates. The risk of a divorce triggers a precautionary-savings motive. However, this motive is weaker when individuals can invest in owner-occupied homes because homeowners' higher savings partially substitute for precautionary savings. When young, the larger asset accumulation due to divorce-risk-induced precautionary savings enables househo...
-
作者：Wrenn, Douglas H.; Klaiber, H. Allen
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University System of Ohio; Ohio State University
摘要：Property taxes and zoning restrictions are prevalent tools for managing land use. We combine microlevel data on residential subdivision development from the Baltimore, Maryland, metro area from 1994 to 2007 with a competing risks model to examine how both policies influence the density and timing of residential development. Consistent with theory, we demonstrate that the impact of both policies on optimal density and timing depends on whether density and time are substitutes or complements in ...
-
作者：Chen, Yi; Mazzocco, Maurizio; Szemely, Bela
作者单位：Jinan University; University of California System; University of California Los Angeles; United States Department of the Treasury; Office of the Comptroller of the Currency
摘要：The U.S. saving rate declined by 8% between 1980 and 2009. We document that the decline can be explained by rising health expenditures. Using exogenous variation in medical expenses generated by Food and Drug Administration drug approvals, we document that a 1 percentage point increase in health expenditure generated a decline in saving rate of 0.9 percentage points. We then estimate a model of household decisions to evaluate the mechanisms behind the decline. We find that the rise in health e...
-
作者：Etheridge, Ben
作者单位：University of Essex
摘要：I characterize how house price shocks affect consumption inequality using a life cycle model of housing and nonhousing consumption with incomplete markets. I derive analytical expressions for the dynamics of inequalities and use these to analyze large house prices swings seen in the United Kingdom. I show that movements in consumption inequality were large, that they correspond with the theoretical predictions qualitatively, and that the model explains a large fraction of the movements quantit...
-
作者：Rodrigue, Joel; Tan, Yong
作者单位：Vanderbilt University; Nanjing University of Finance & Economics
摘要：This article develops a model of heterogeneous firms that endogenously choose prices and product quality to build demand in export markets. New exporters optimally charge relatively low prices and produce low-quality goods upon entry. Product quality, prices, and sales increase as demand grows. We structurally estimate model parameters using Chinese customs data. The estimated incentive to build future demand reduces average export prices by 0.7% and increases export sales by 4% upon entry. En...
-
作者：Hong, Jay H.; Seok, Byoung Hoon; You, Hye Mi
作者单位：Seoul National University (SNU); Ewha Womans University; Hanyang University
摘要：Over the past few decades, the skilled-unskilled hours differential for U.S. men increased when the skill premium rose sharply, in contrast with dominant income effects. Based on PSID data, we show that over the 1967-2000 period, skilled men experienced a three times larger increase in wage volatility than unskilled men. With the rise in wage volatility, our general equilibrium incomplete markets model generates a 2.7 hours increase in the hours differential whereas it increased by 1.4 hours i...
-
作者：Anbarci, Nejat; Dutu, Richard; Sun, Ching-Jen
作者单位：Durham University; Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); Institut de Recherche pour le Developpement (IRD); Laboratoire dEconomie de Dauphine LEDa; Deakin University
摘要：In most macroeconomic models inflation tends to be harmful. In this article, we show that by simply changing the timing of production decisions by firms from on demand to in advance, some inflation can boost welfare as long as goods are sufficiently perishable. The main conclusion from this research is that by effectively hiding the strategic interaction between supply and demand, assuming production on demand is not without loss of generality.
-
作者：Bengui, Julien; Bianchi, Javier; Coulibaly, Louphou
作者单位：Universite de Montreal; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：We study the optimal design of financial safety nets under limited private credit, asking whether and when it is optimal to restrict ex ante the set of investors that can receive public liquidity support. When the government lacks commitment, we show that the optimally designed safety net covers only a subset of investors. Compared to an economy where all investors are protected, this results in more liquid portfolios, better social insurance, and higher welfare. Our results can rationalize th...
-
作者：Asprilla, Alan; Berman, Nicolas; Cadot, Olivier; Jaud, Melise
作者单位：University of Lausanne; Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite; Centre for Economic Policy Research - UK; The World Bank
摘要：This article identifies the effect of trade policy on market power through new data and a new identification strategy. We identify market power by observing how exporting firms price discriminate across markets following variations in bilateral exchange rates. Pricing-to-market is prevalent in all countries in our sample, even among small firms, although it is increasing in firm size. More importantly, we find that the effect of nontariff measures (NTMs) is not isomorphic to that of tariffs. W...
