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作者：Brocas, Isabelle; Carrillo, Juan D.
作者单位：University of Southern California; Centre for Economic Policy Research - UK
摘要：We study the foundations for the development of optimal randomization in mixed strategy games. We consider a population of children and adolescents (7 to 16 years old) and study in the laboratory their behavior in a nonzero sum, hide-and-seek game with a unique interior mixed strategy equilibrium where each location has a known but different value. The vast majority of participants favor the high-value location not only as seekers (as predicted by theory) but also as hiders (in contradiction w...
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作者：Keane, Michael; Krutikova, Sonya; Neal, Timothy
作者单位：University of New South Wales Sydney; University of London; London School Economics & Political Science
摘要：We study the impact of child work on cognitive development in four Low- and Middle-Income Countries. We advance the literature by using cognitive test scores collected regardless of school attendance. We also address a key gap in the literature by controlling for children's complete time allocation budget. This allows us to estimate effects of different types of work, like chores and market/farm work, relative to specific alternative time-uses, like school or study or play/leisure. Our results...
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作者：Parra-Alvarez, Juan Carlos; Posch, Olaf; Schrimpf, Andreas
作者单位：Aarhus University; CREATES; Danish Finance Institute; University of Hamburg; CREATES; Centre for Economic Policy Research - UK
摘要：This paper shows that the consumption-based capital asset pricing model (C-CAPM) with low-probability disaster risk rationalizes pricing errors. We find that implausible estimates of risk aversion and time preference are not puzzling if market participants expect a future catastrophic change in fundamentals, which just happens not to occur in the sample (a peso problem). A bias in structural parameter estimates emerges as a result of pricing errors in quiet times. While the bias essentially re...
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作者：Tsai, Yi-Chan; Yang, C. C.; Yu, Hsin-Jung
作者单位：National Taiwan University; National Taiwan University; Academia Sinica - Taiwan; National Chengchi University
摘要：With capital-skill complementarity, the secular decline in the price of capital equipment due to equipment-specific technological progress (ESTP) keeps pushing up the demand for skilled relative to unskilled labor and raising the skill premium. This paper quantitatively characterizes the dynamics of optimal taxation in response. Two main results emerge, regardless of whether the Ramsey (1927) or the Mirrlees (1971) approach is adopted. First, a tax on capital equipment corrects the pecuniary e...
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作者：Arai, Yoichi; Hsu, Yu-Chin; Kitagawa, Toru; Mourifie, Ismael; Wan, Yuanyuan
作者单位：Waseda University; Academia Sinica - Taiwan; National Central University; National Chengchi University; National Taiwan University; University of London; University College London; University of Toronto
摘要：We propose a new specification test for assessing the validity of fuzzy regression discontinuity designs (FRD-validity). We derive a new set of testable implications, characterized by a set of inequality restrictions on the joint distribution of observed outcomes and treatment status at the cut-off. We show that this new characterization exploits all of the information in the data that is useful for detecting violations of FRD-validity. Our approach differs from and complements existing approa...
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作者：Dupuy, Arnaud; Galichon, Alfred
作者单位：University of Luxembourg; New York University; New York University
摘要：This paper introduces a maximum likelihood estimator of the value of job amenities and labor productivity in a single matching market based on the observation of equilibrium matches and wages. The estimation procedure simultaneously fits both the matching patterns and the wage curve. While our estimator is suited for a wide range of assignment problems, we provide an application to the estimation of the Value of a Statistical Life using compensating wage differentials for the risk of fatal inj...
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作者：Abbott, Brant; Gallipoli, Giovanni
作者单位：Queens University - Canada; University of British Columbia
摘要：Through certainty equivalent consumption (CE) measures, we show that dispersion of current earnings, expenditures, and net worth overstate welfare inequality. This is largely due to the unaccounted value of future earnings, which we call human wealth. The latter mitigates permanent-income inequality, though its influence is diminished by the growing importance of assets in lifetime wealth. Average expenditures and CE inequality roughly doubled between 1983 and 2016 and, to weigh these offsetti...
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作者：Leth-Petersen, Soren; Saeverud, Johan
作者单位：University of Copenhagen; University of Copenhagen
摘要：We document facts about earnings and disposable income inequality and growth in Denmark in the period 1987-2016. During this period, the distribution of log earnings growth exhibits skewness that varies with the business cycle and has strong excess kurtosis. Denmark has a progressive income tax system with a high level of taxes and a relatively generous and heavily subsidized unemployment insurance system. Consequently, the dispersion of log disposable income growth is much smaller than for ea...
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作者：Anagnostopoulos, Alexis; Atesagaoglu, Orhan Erem; Carceles-Poveda, Eva
作者单位：State University of New York (SUNY) System; Stony Brook University; Istanbul Bilgi University
摘要：We study the aggregate and distributional consequences of replacing corporate profit taxes with shareholder taxes, namely taxes on dividends and capital gains, in a setting with incomplete markets and heterogeneity at both the household and the firm level. The reform yields distributional gains with a large majority of households benefiting. Moreover, if dividend and capital gains are taxed at the same rate, the reform is also efficiency-enhancing and the implied optimal corporate income tax r...
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作者：Drechsel-Grau, Moritz; Peichl, Andreas; Schmid, Kai D. D.; Schmieder, Johannes F. F.; Walz, Hannes; Wolter, Stefanie
作者单位：University of Munich; Leibniz Association; Ifo Institut; University of Munich; Boston University; National Bureau of Economic Research; University of Erlangen Nuremberg
摘要：We provide a comprehensive analysis of income inequality and income dynamics for Germany over the last two decades. Combining personal income tax and social security data allows us-for the first time-to offer a complete picture of the distribution of annual earnings in Germany. We find that cross-sectional inequality rose until 2009 for men and women. After the Great Recession, inequality continued to rise at a slower rate for men and fell slightly for women due to compression at the lower tai...
