-
作者：Enders, Zeno; Hakenes, Hendrik
作者单位：Ruprecht Karls University Heidelberg; University of Bonn
摘要：We develop a model of rational bubbles based on leverage and the assumption of an imprecisely known maximum market size. In a bubble, traders push the asset price above its fundamental value in a dynamic way, driven by rational expectations about future price developments. At a previously unknown date, the bubble will endogenously burst. Households optimally decide whether to lend to traders with limited liability. Bubbles increase welfare of the initial asset holders, but reduce welfare of fu...
-
作者：Moen, Espen R.; Nenov, Plamen T.; Sniekers, Florian
作者单位：BI Norwegian Business School; Tilburg University
摘要：Housing transactions by moving homeowners take two steps-buying a new house and selling the old one. This paper argues that the transaction sequence decisions of moving homeowners have important effects on the housing market. Moving homeowners prefer to buy first whenever there are more buyers than sellers in the market. However, this congests the buyer side of the market and increases the buyer-seller ratio, further strengthening the incentives of other moving owners to buy first. This endoge...
-
作者：Charness, Gary; Oprea, Ryan; Yuksel, Sevgi
作者单位：University of California System; University of California Santa Barbara
摘要：People in our experiment choose between two information sources with opposing biases in order to inform their guesses about a binary state. By varying the nature of the bias, we vary whether it is optimal to consult information sources biased towards or against prior beliefs. Even in our deliberately-abstract setting, there is strong evidence of confirmation-seeking and to a lesser extent contradiction-seeking heuristics leading people to choose information sources biased towards or against th...
-
作者：Lashkaripour, Ahmad
作者单位：Indiana University System; Indiana University Bloomington
摘要：The tariff-for-revenue argument has been invoked repeatedly in recent years to justify protectionism. It is motivated by the belief that a country with market power can use trade taxes to raise revenue from foreign consumers and producers. This paper develops a new sufficient statistics methodology to evaluate this claim for a wide range of countries. I show that (a) even large countries have limited market power. (b) So, before retaliation by trading partners, the average country can benefici...
-
作者：Imas, Alex; Loewenstein, George; Morewedge, Carey K.
作者单位：University of Chicago; Carnegie Mellon University; Boston University
摘要：People exploit flexibility in mental accounting to relax psychological constraints on spending. Four studies demonstrate this in the context of moral behavior. The first study replicates prior findings that people donate more money to charity when they earned it through unethical versus ethical means. However, when the unethically earned money is first laundered-the cash is physically exchanged for the same amount but from a different arbitrary source-people spend it as if it was earned ethica...
-
作者：Fackler, Daniel; Mueller, Steffen; Stegmaier, Jens
作者单位：Goethe University Frankfurt; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Otto von Guericke University
摘要：This paper investigates whether wage losses after job displacement are driven by lost firm wage premiums or worker productivity depreciations. We estimate losses in wages and firm wage premiums, the latter being measured as firm effects from a two-way fixed-effects wage decomposition. Using new German administrative data on displacements from small and large employers, we find that wage losses are to a large extent explained by losses in firm wage premiums and that premium losses are largely p...
-
作者：Andersen, Henrik Yde; Leth-Petersen, Soren
作者单位：University of Copenhagen
摘要：We examine whether unanticipated changes in home values drive spending and mortgage-based equity extraction. To do this, we use longitudinal survey data with subjective information about current and expected future home values to calculate unanticipated home value changes. We link this information at the individual level to high quality administrative records containing information about mortgage borrowing as well as savings in various financial instruments. We find that the marginal propensit...
-
作者：Berman, Nicolas; Couttenier, Mathieu; Soubeyran, Raphael
作者单位：Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Centre National de la Recherche Scientifique (CNRS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2; Centre National de la Recherche Scientifique (CNRS); Institut Agro; Montpellier SupAgro; INRAE; Universite de Montpellier
摘要：We investigate how variations in soil productivity affect civil conflicts. We first present a model with heterogeneous land in which variations in input prices (fertilizers) affect appropriable rents and the opportunity costs of fighting. The theory predicts that spikes in input prices increase the likelihood of conflicts through their effect on income and inequality, and that this effect is magnified when soil fertility is naturally more heterogeneous. We test these predictions using data on ...
-
作者：Boleslavsky, Raphael; Shadmehr, Mehdi; Sonin, Konstantin
作者单位：University of Miami; University of Chicago; University of North Carolina; University of North Carolina Chapel Hill; HSE University (National Research University Higher School of Economics)
摘要：Popular protests and palace coups are the two domestic threats to dictators. We show that free media, which informs citizens about their rulers, is a double-edged sword that alleviates one threat, but exacerbates the other. Informed citizens may protest against a ruler, but they may also protest to restore her after a palace coup. We develop a model in which citizens engage in a regime-change global game, and media freedom is a ruler's instrument for Bayesian persuasion, used to manage the com...
-
作者：Amodio, Francesco; Baccini, Leonardo; Di Maio, Michele
作者单位：McGill University; Universite de Montreal; Parthenope University Naples
摘要：This paper studies the effect of security-motivated trade restrictions on economic activity and political violence. We exploit the 2008 restrictions imposed by Israel on imports of selected goods to the West Bank as a quasi-experiment. We show that after 2008 (i) output and wages decrease differentially in manufacturing sectors that use restricted materials more intensively as production inputs, (ii) wages decrease in localities where employment is more concentrated in these sectors, and (iii)...
