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作者：Todd, Petra E.; Zhang, Weilong
作者单位：University of Pennsylvania; University of Cambridge
摘要：This paper develops a dynamic model of schooling and occupational choices that incorporates personality traits, as measured by the big five traits. The model is estimated using the HILDA dataset from Australia. Personality traits are found to play an important role in explaining education and occupation choices over the lifecycle. Results show that individuals with a comparative advantage in schooling and white-collar work have, on average, higher cognitive skills and higher personality trait ...
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作者：Zhang, Yichong; Zheng, Xin
作者单位：Singapore Management University
摘要：In this paper, we study the estimation and inference of the quantile treatment effect under covariate-adaptive randomization. We propose two estimation methods: (1) the simple quantile regression and (2) the inverse propensity score weighted quantile regression. For the two estimators, we derive their asymptotic distributions uniformly over a compact set of quantile indexes, and show that, when the treatment assignment rule does not achieve strong balance, the inverse propensity score weighted...
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作者：Bauer, Daniel; Russ, Jochen; Zhu, Nan
作者单位：University of Wisconsin System; University of Wisconsin Madison; Ulm University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We use data from a large US life expectancy provider to test for asymmetric information in the secondary life insurance-or life settlements-market. We compare realized lifetimes for a subsample of settled policies relative to all (settled and non-settled) policies, and find a positive settlement-survival correlation indicating the existence of informational asymmetry between policyholders and investors. Estimates of the excess hazard associated with settling show the effect is temporary and we...
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作者：Leung, Michael P.
作者单位：University of Southern California
摘要：Counterfactual policy evaluation often requires computation of game-theoretic equilibria. We provide new algorithms for computing pure-strategy Nash equilibria of games on networks with finite action spaces. The algorithms exploit the fact that many agents may be endowed with types such that a particular action is a dominant strategy. These agents can be used to partition the network into smaller subgames whose equilibrium sets may be more feasible to compute. We provide bounds on the complexi...
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作者：Perron, Pierre; Yamamoto, Yohei; Zhou, Jing
作者单位：Boston University; Hitotsubashi University
摘要：We provide a comprehensive treatment for the problem of testing jointly for structural changes in both the regression coefficients and the variance of the errors in a single equation system involving stationary regressors. Our framework is quite general in that we allow for general mixing-type regressors and the assumptions on the errors are quite mild. Their distribution can be nonnormal and conditional heteroskedasticity is permitted. Extensions to the case with serially correlated errors ar...
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作者：Gine, Xavier; Jacoby, Hanan G.
作者单位：The World Bank
摘要：To quantify contracting distortions in a real-world market, we develop and structurally estimate a model of contracting under payoff uncertainty in the south Indian groundwater economy. Uncertainty arises from unpredictable fluctuations in groundwater supply during the agricultural dry season. Our model highlights the tradeoff between the ex post inefficiency of long-term contracts and the ex ante inefficiency of spot contracts. We use unique data on both payoff uncertainty and relationship-sp...
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作者：Hoffman, Mitchell; Burks, Stephen V.
作者单位：University of Toronto; National Bureau of Economic Research; University of Minnesota System; University of Minnesota Morris; IZA Institute Labor Economics
摘要：Combining weekly productivity data with weekly productivity beliefs for a large sample of truckers over 2 years, we show that workers tend to systematically and persistently overpredict their productivity. If workers are overconfident about their own productivity at the current firm relative to their outside option, they should be less likely to quit. Empirically, all else equal, having higher productivity beliefs is associated with an employee being less likely to quit. To study the implicati...
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作者：Garcia-Perez Ignacio, J.; Rendon, Silvio
作者单位：Universidad Pablo de Olavide; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：We propose and estimate a model of family job search and wealth accumulation with data from the Survey of Income and Program Participation (SIPP). This dataset reveals a very asymmetric labor market for household members who share that their job finding is stimulated by their partners' job separation. We uncover a job search-theoretic basis for this added worker effect, which occurs mainly during economic downturns, but also by increased nonemployment transfers. Thus, our analysis shows that t...
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作者：Hai, Rong; Krueger, Dirk; Postlewaite, Andrew
作者单位：University of Miami; University of Pennsylvania
摘要：We propose a new category of consumption goods, memorable goods, that generate a utility flow even after physical consumption. Empirically, memorable goods expenditures exhibit frequent zero monthly purchases and lumpy expenditure spikes. Memorable goods expenditures are 20% the size of nondurable expenditures, but three times as volatile. We then develop a consumption-savings model with borrowing constraints and income risk that formalizes the notion of memorable goods and distinguishes them ...
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作者：D'Haultfouille, Xavier; Fevrier, Philippe
作者单位：Institut Polytechnique de Paris; ENSAE Paris
摘要：We address empirically the issues of the optimality of simple linear compensation contracts and the importance of asymmetries between firms and workers. For that purpose, we consider contracts between the French National Institute of Statistics and Economics (Insee) and the interviewers it hired to conduct its surveys in 2001, 2002, and 2003. To derive our results, we exploit an exogenous change in the contract structure in 2003, the piece rate increasing from 20.2 to 22.9 euros. We argue that...
