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作者：Schram, Arthur J. H. C.; Onderstal, Sander
作者单位：University of Amsterdam
摘要：We experimentally compare three mechanisms used to raise money for charities: first-price winner-pay auctions, first-price all-pay auctions, and lotteries. We stay close to the characteristics of most charity auctions by using an environment with incomplete information and independent private values. Our results support theoretical predictions by showing that the all-pay format raises substantially higher revenue than the other mechanisms.
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作者：Egger, Hartmut; Kreickemeier, Udo
作者单位：Leibniz Association; Ifo Institut; University of Bayreuth; University of Nottingham
摘要：This article develops a model that incorporates workers' fair wage preferences into a general equilibrium framework with heterogeneous firms. In a setting where the wage considered to be fair by workers depends on the productivity of the firm they are working in, we study the determinants of profits, involuntary unemployment and within-group wage inequality. We use this model to investigate the effects of globalization, thereby pointing to distributional conflicts that have so far not been acc...
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作者：Fang, Hanming; Silverman, Dan
作者单位：University of Pennsylvania; Duke University; University of Michigan System; University of Michigan
摘要：We empirically implement a dynamic structural model of labor supply and welfare program participation for agents with potentially time-inconsistent preferences. Using panel data on the choices of single women with children from the National Longitudinal Surveys (NLSY) 1979, we provide estimates of the degree of time-inconsistency, and of its influence on the welfare take-up decision. With these estimates, we conduct counterfactual experiments to quantify a measure of the utility loss stemming ...
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作者：Canova, Fabio; Ciccarelli, Matteo
作者单位：European Central Bank
摘要：This article presents a method to estimate the coefficients, to test specification hypotheses, and to conduct policy exercises in multicountry Vector Autoregressive (VAR) models with cross-unit interdependencies, unit-specific dynamics, and time variations in the coefficients. The framework of analysis is Bayesian: A prior flexibly reduces the dimensionality of the model and puts structure on the time variations, Markov chain Monte Carlo (MCMC) methods are used to obtain posterior distribution...
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作者：Carceles-Poveda, Eva; Coen-Pirani, Daniele
作者单位：Carnegie Mellon University; State University of New York (SUNY) System; Stony Brook University
摘要：When markets are incomplete, shareholders typically disagree on the firm's optimal investment plan. This article studies the shareholders' preferences with respect to the firm's investment in a model with aggregate risk, incomplete markets and heterogeneous households who trade in firms' shares instead of directly accumulating physical capital. If the production function exhibits constant returns to scale and borrowing limits are not binding, a firm's shareholders unanimously agree on its opti...
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作者：Cohen-Goldner, Sarit; Eckstein, Zvi
作者单位：Tel Aviv University; Bank of Israel; Bar Ilan University
摘要：This article analyzes the labor mobility and human capital accumulation of male immigrants from the former Soviet Union to Israel. We estimate a dynamic choice model for employment and training in blue- and white-collar occupations, where the labor market randomly offered opportunities are affected by past choices. The estimated model accurately reproduces the patterns in the data. The estimated direct earning return to local training, local experience, and knowledge of Hebrew are very high, w...
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作者：Delavande, Adeline
作者单位：Universidade Nova de Lisboa; RAND Corporation
摘要：When choosing a contraception method, women base their decisions on their subjective expectations about the realizations of method-related outcomes. Examples of outcomes include getting pregnant and contracting a sexually transmitted disease (STD). I combine innovative data on probabilistic expectations with observed contraceptive choices to estimate a random utility model of birth control choice. The availability of expectations data is essential to identify preferences from beliefs. Effectiv...
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作者：Arcidiacono, Peter; Cooley, Jane; Hussey, Andrew
作者单位：Duke University; University of Wisconsin System; University of Wisconsin Madison; University of Memphis
摘要：Because MBA programs require work experience before admittance, prior wages can be exploited to disentangle the return to the degree from unobserved productivity We find that controlling for individual fixed effects generally reduces the estimated returns to an MBA, particularly for those in top programs. However, for full-time MBA students attending schools outside of the top-25 the estimated returns are higher when we control for individual fixed effects. We show that there is some evidence ...
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作者：Hairault, Jean-Olivier; Langot, Francois; Sopraseuth, Thepthida
作者单位：Universite Paris Saclay; Paris School of Economics; heSam Universite; Universite Pantheon-Sorbonne; University of Maine System; University of Maine Orono
摘要：It is argued that the tax on continued activity should be removed by implementing actuarially fair schemes. However, these schemes cannot fund the expected Social Security (SS) deficit. This article proposes to give individuals a fraction of the actuarially fair incentives in the case of postponed retirement. SS faces a trade-off between giving enough incentives to make individuals delay retirement and giving little increase in pensions in order to help finance its expected deficit. This trade...
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作者：Frankel, David M.
作者单位：Iowa State University
摘要：A theory is developed that explains how stocks can crash. without fundamental news and why crashes are more common than frenzies. A crash occurs via the interaction of rational and naive investors. Naive traders believe that prices follow a random walk with serially correlated volatility. Their expectations of future volatility are formed adaptively. When the market crashes, naive traders sell stock in response to the apparent increase in volatility. Since rational traders are risk averse as w...
