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作者：Belzil, Christian; Hansen, Jorgen; Liu, Xingfei
作者单位：Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; Ecole Polytechnique; ENSAE Paris; Universite Paris Saclay; IZA Institute Labor Economics; Concordia University - Canada; Universite de Montreal; Universite de Montreal; University of Alberta
摘要：Using a dynamic skill accumulation model of schooling and labor supply with learning-by-doing, we decompose early life-cycle wage growth of U.S. white males into four main sources: education, hours worked, cognitive skills (Armed Forces Qualification Tests scores), and unobserved heterogeneity, and evaluate the effect of compulsory high school graduation and a reduction in the cost of college. About 60 percent of the differences in slopes of early life-cycle wage profiles are explained by hete...
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作者：Diamond, William; Agarwal, Nikhil
作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：A large class of two-sided matching models that include both transferable and non-transferable utility result in positive assortative matching along a latent index. Data from matching markets, however, may not exhibit perfect assortativity due to the presence of unobserved characteristics. This paper studies the identification and estimation of such models. We show that the distribution of the latent index is not identified when data from one-to-one matches are observed. Remarkably, the model ...
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作者：Lu, Xun; Su, Liangjun
作者单位：Hong Kong University of Science & Technology; Singapore Management University
摘要：We consider a latent group panel structure as recently studied by Su, Shi, and Phillips (2016), where the number of groups is unknown and has to be determined empirically. We propose a testing procedure to determine the number of groups. Our test is a residual-based Lagrange multiplier-type test. We show that after being appropriately standardized, our test is asymptotically normally distributed under the null hypothesis of a given number of groups and has the power to detect deviations from t...
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作者：Geruso, Michael
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research
摘要：In many markets insurers are barred from price discrimination based on consumer characteristics like age, gender, and medical history. In this paper, I build on a recent literature to show why such policies are inefficient if consumers differ in their willingness-to-pay for insurance conditional on the insured losses they generate. Using administrative claims data, I then show that this type of demand heterogeneity is empirically relevant in a consumer health plan setting. Younger and older co...
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作者：Barth, Daniel; Shore, Stephen H.; Jensen, Shane T.
作者单位：United States Department of the Treasury; Office of Financial Research; University System of Georgia; Georgia State University; University of Pennsylvania
摘要：How important to well-being is choosing a career with the right fit? We estimate a model of career choice in a setting where we observe the income risk of chosen careers and the risk aversion of the people who choose them. The key parameter of interest representing the importance of idiosyncratic taste and skill in career choice is identified from the shift in the distribution of income risk with risk aversion. We document that those who self-identify as risk tolerant are more likely to have v...
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作者：Athreya, Kartik; Owens, Andrew; Schwartzman, Felipe
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; University of Rochester
摘要：The aftermath of the recent recession has seen calls to use transfers to poorer households as a means to enhance aggregate economic activity. The goal of this paper is to study the effects of wealth redistribution from rich to poor households on consumption and output in the short run. We first demonstrate analytically how the direction and size of the output effects of such interventions depend on labor supply decisions. We then show that in a standard incomplete-markets model extended to all...
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作者：D'Haultfoeuille, Xavier; Rathelot, Roland
作者单位：Institut Polytechnique de Paris; ENSAE Paris; University of Warwick
摘要：We consider the issue of measuring segregation in a population of small units, considering establishments in our application. Each establishment may have a different probability of hiring an individual from the minority group. We define segregation indices as inequality indices on these unobserved, random probabilities. Because these probabilities are measured with error by proportions, standard estimators are inconsistent. We model this problem as a nonparametric binomial mixture. Under this ...
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作者：Judd, Kenneth L.; Maliar, Lilia; Maliar, Serguei; Tsener, Inna
作者单位：Stanford University; Stanford University; Santa Clara University; Universitat de les Illes Balears
摘要：We introduce a computational techniqueprecomputation of integralsthat makes it possible to construct conditional expectation functions in dynamic stochastic models in the initial stage of a solution procedure. This technique is very general: it works for a broad class of approximating functions, including piecewise polynomials; it can be applied to both Bellman and Euler equations; and it is compatible with both continuous-state and discrete-state shocks. In the case of normally distributed sh...
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作者：Bajari, Patrick; Hong, Han; Park, Minjung; Town, Robert
作者单位：University of Washington; University of Washington Seattle; National Bureau of Economic Research; Stanford University; University of California System; University of California Berkeley; University of Texas System; University of Texas Austin
摘要：This paper proposes a method to estimate price sensitivity of economic agents exploiting discontinuity in nonlinear contracts. As an application, we study contracts between a managed care organization and hospitals for organ transplants. Exploiting donut holes in the reimbursement contracts, we show that the impact of the reimbursement rate on hospitals' provision of health care services varies significantly across patients with different levels of illness severity. Our methodology is applicab...
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作者：McGrattan, Ellen R.; Prescott, Edward C.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Arizona State University; Arizona State University-Tempe
摘要：A problem that faces many countries including the United States is how to finance retirement consumption as the population ages. Proposals for switching to a saving-for-retirement system that does not rely on high payroll taxes have been challenged on the grounds that welfare would fall for some groups such as retirees or the working poor. We show how to devise a transition path from the current U.S. system to a saving-for-retirement system that increases the welfare of all current and future ...
