-
作者：Mylovanov, Tymofiy; Zapechelnyuk, Andriy
作者单位：University of Pennsylvania; University of London
摘要：We study common arbitration rules for disputes of two privately informed parties, final offer and conventional arbitration. Conventional arbitration is shown to be an optimal arbitration rule in environments with transferable utility, while final offer arbitration is optimal if utility is nontransferable and the parties' interests are not too aligned. These results explain the prevalence of both arbitration rules in practice.
-
作者：Ham, John C.; Reilly, Kevin T.
作者单位：University System of Maryland; University of Maryland College Park; National University of Singapore; University of Leeds
摘要：The implicit contract model is a serious alternative to the spot market interpretation of the labor market. However, its usefulness has been limited because the wage is unobserved, and hence it has not been possible to estimate an intertemporal (Frisch) supply elasticity for the model using microdata. In this article, we show that one can estimate this elasticity from microdata within the context of the implicit contract model under relatively weak assumptions based on consumer theory. We impl...
-
作者：Badunenko, Oleg; Romero-Avila, Diego
作者单位：University of Cologne; Universidad Pablo de Olavide
摘要：We extend the deterministic, nonparametric production frontier framework by incorporating financial development. Our analysis convincingly shows that (1) failure to account for financial development overstates the role of physical capital accumulation in labor productivity growth, (2) most of this overstated contribution stems from the efficiency-enhancing role of well-functioning financial institutions, (3) international polarization is solely driven by efficiency changes, and (4) increased d...
-
作者：Djajic, Slobodan
摘要：A guest-worker program provides an appealing way of addressing labor shortages in an advanced country. It requires, however, that foreign workers are willing to return home when their work permit expires. I examine how immigration policies, enforcement measures, and opportunities available in various markets at home and abroad affect the behavior of program participants. Welfare of a migrant who obeys the rules of the program is compared with that of workers who choose other options in order t...
-
作者：Hawkins, William B.
作者单位：Yeshiva University
摘要：I study competitive search equilibrium in an environment where firms operate a decreasing-returns production technology and hire multiple workers simultaneously. Firms post wages, possibly several of them. The equilibrium can feature wage dispersion even though all firms and workers are ex ante identical. Unlike the benchmark where firms hire a single worker, hiring is constrained inefficient. Efficiency requires that firms commit to the number of hires, pay all applicants, or pay wages that d...
-
作者：Bastani, Spencer; Blomquist, Soren; Micheletto, Luca
作者单位：Uppsala University; University of Milan
摘要：Using an overlapping generations model with skill uncertainty and private savings, we quantify the gains of age-dependent labor income taxation. The total steady-state welfare gain of switching from age-independent to age-dependent nonlinear taxation varies between 2.4% and 4% of GDP. Part of the gain descends from relaxing incentive-compatibility constraints and part is due to capital-accumulation effects. The welfare gain is of about the same magnitude as that which can be achieved by moving...
-
作者：Benoit, Jean-Pierre; Dubra, Juan
作者单位：University of London; London Business School; Universidad de Montevideo
摘要：Disasters are often precipitated by insufficient preventive care. We argue that there is a problem of prevention in that this lack of care often stems from agents' rational calculations. Positive experiences lead agents to underestimate the risks of disasters; technological improvements and redundancies designed for safety induce agents to reduce their care. Although lower care increases the chances of an accident, the number of redundancies can be adjusted to offset this. However, the acciden...
-
作者：Egger, Hartmut; Kreickemeier, Udo
作者单位：University of Bayreuth; Leibniz Association; Ifo Institut; Leibniz Association; Leibniz Institute for Solid State & Materials Research Dresden; Eberhard Karls University of Tubingen
摘要：We develop a two-country model with heterogeneous producers and rent-sharing at the firm level. We identify two sources of a multinational wage premium: A composition effect because multinational firms are more productive, make higher profits, and pay higher wages, and a firm-level wage effect, because a firm makes higher global profits and thus pays higher wages in its home market when becoming multinational. With two identical countries, the wage premium is fully explained by firm characteri...
-
作者：Mayoral, Laura
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics
摘要：Estimates of shock persistence based on disaggregate or on aggregate data are frequently very different. This article takes a step toward reconciling this apparent disconnect between micro- and macro-based estimates of shock response. It is shown that, although the average of the individual impulse response functions (IRFs) is identical to the aggregate IRF, averages of other popular persistence measures, such as the sum of the autoregressive coefficients among others, tend to be larger the hi...
-
作者：Bai, Jinhui H.; Lagunoff, Roger
作者单位：Georgetown University
摘要：When is a polity biased? Consider an outsider who observes policy data but observes neither citizens' preferences nor the underlying distribution of political power. He views political power as if it were derived from wealth-weighted voting, where the weights determine the wealth bias. Positive weights favor the rich whereas negative ones favor the poor. We show that any policy data is rationalized by any wealth-weighted system. However, policy and polling observations together imply explicit ...
