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作者：Bhalotra, Sonia; Clarke, Damian
作者单位：University of Essex; Universidad de Santiago de Chile
摘要：Twin births are often used as an instrument to address selection of women into fertility. However, recent work shows selection of women into twin birth such that, while OLS estimates tend to be downward biased, twin-IV estimates will tend to be upward biased. This is pertinent given the emerging consensus that fertility has limited impacts on women's labour supply, or on investments in children. Using data for developing countries and the United States to estimate the trade-off between fertili...
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作者：Acemoglu, Daron; Wolitzky, Alexander
作者单位：Massachusetts Institute of Technology (MIT)
摘要：We introduce the possibility of coercive punishment by specialized enforcers into a model of community enforcement. We assume that, just as regular agents need to be given incentives to cooperate with each other, specialized enforcers need to be given incentives to carry out costly punishments. We fully characterize optimal equilibria in the model. When the specialized enforcement technology is sufficiently effective, cooperation is best sustained by a one-time enforcer punishment equilibrium,...
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作者：Bennett, Patrick; Ouazad, Amine
作者单位：Norwegian School of Economics (NHH); Universite de Montreal; HEC Montreal
摘要：This paper estimates the individual impact of a worker's job loss on his/her criminal activity. Using a matched employer-employee longitudinal data set on unemployment, crime, and taxes for all residents in Denmark, the paper builds each worker's timeline of job separation, unemployment, and crime. The paper focuses on displaced workers: high-tenure workers who lose employment during a mass-layoff event at any point between 1990 and 1994 (inclusive). Controlling for municipality-and time-speci...
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作者：Dertwinkel-Kalt, Markus; Koester, Mats
作者单位：Frankfurt School Finance & Management
摘要：Whether people seek or avoid risks on gambling, insurance, asset, or labor markets crucially depends on the skewness of the underlying probability distribution. In fact, people typically seek positively skewed risks and avoid negatively skewed risks. We show that salience theory of choice under risk can explain this preference for positive skewness, because unlikely, but outstanding payoffs attract attention. In contrast to alternative models, however, salience theory predicts that choices und...
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作者：Mengus, Eric; Pancrazi, Roberto
作者单位：Hautes Etudes Commerciales (HEC) Paris; University of Warwick
摘要：In this paper, we propose a model of endogenous partial insurance and we investigate its implications for macroeconomic outcomes, such as wealth inequality, asset accumulation, interest rate, and consumption smoothing. To this end, we include participation costs to state-contingent asset markets into an otherwise standard Aiyagari (1994) model. We highlight the resulting nonmonotonic relationship between wealth and insurance-market participation when insurance is costly. Poor households remain...
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作者：Jehiel, Philippe; Lamy, Laurent
作者单位：Institut Polytechnique de Paris; Ecole des Ponts ParisTech; Paris School of Economics; University of London; University College London; Institut Polytechnique de Paris; Ecole des Ponts ParisTech
摘要：Set-aside programs that consist in forbidding access to specific participants are commonly used in procurement auctions. We show that when the set of potential participants is composed of an incumbent (whose entry costs are already sunk) and of entrants who show up endogenously (in such a way that their expected rents are fixed by outside options), then it is always beneficial for revenues to exclude the incumbent in the Vickrey auction. This exclusion principle is generalized to dominant-stra...
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作者：Devereux, Michael B.; Hnatkovska, Viktoria V.
作者单位：University of British Columbia
摘要：Models of risk-sharing predict that relative consumption growth rates are positively related to changes in real exchange rates. We investigate this hypothesis using a new multicountry and multiregional data set. Within countries, we find evidence for risk-sharing: episodes of high relative regional consumption growth are associated with regional real exchange rate depreciation. Across countries, however, the association is reversed: relative consumption and real exchange rates are negatively c...
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作者：Lieli, Robert P.; Nieto-Barthaburu, Augusto
作者单位：Central European University; Universidad Nacional de Tucuman
摘要：We study the existence of equilibria and the information content of prices in futures markets where the probability of future payoffs can be altered by an intervening agent who acts in response to the market price, hence creating a feedback effect. We focus on the market with the simplest possible structure: traders betting on the occurrence of a future event by buying or selling Arrow-Debreu securities (one dollar claims contingent on a binary outcome). We find that in the presence of feedbac...
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作者：Berge, Lars Ivar Oppedal; Bjorvatn, Kjetil; Galle, Simon; Miguel, Edward; Posner, Daniel N.; Tungodden, Bertil; Zhang, Kelly
作者单位：Norwegian School of Economics (NHH); BI Norwegian Business School; University of California System; University of California Berkeley; University of California System; University of California Los Angeles
摘要：Ethnicity has been shown to shape political, social, and economic behavior in Africa, but the underlying mechanisms remain contested. We utilize lab experiments to isolate one mechanism-an individual's bias in favor of coethnics and against non-coethnics-that has been central in both theory and in the conventional wisdom about the impact of ethnicity. We employ an unusually rich research design involving a large sample of 1300 participants from Nairobi, Kenya; the collection of multiple rounds...
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作者：Cassar, Lea; Armouti-Hansen, Jesper
作者单位：University of Regensburg; University of Cologne
摘要：Empirical evidence suggests that workers care about the mission of their job, in addition to their wage. This paper studies how organizations can choose a mission to attract, incentivize, and screen their workers. We analyze a model in which a principal offers a contract to an agent for the development of a project and can influence the agent's marginal return of effort through the choice of project mission. The principal's and the agents' mission preferences are misaligned and the agents vary...
