-
作者：Gilboa, Itzhak; Minardi, Stefania; Wang, Fan
作者单位：Hautes Etudes Commerciales (HEC) Paris; Reichman University; ESSEC Business School
摘要：We adopt a definition of rationality as robustness to analysis: A mode of behavior is rational for a decision maker if she feels comfortable with it once it has been analyzed and explained to her. With this definition in mind, is it irrational to violate continuity axioms in one's stated preferences? Specifically, does it make sense to avoid any positive probability of a negative outcome, no matter how small? Or, if a decision maker states such a zero risk policy, does she mean what she says? ...
-
作者：Gomes, Renato; Mantovani, Andrea
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Central Bank of Brazil
摘要：Online intermediaries greatly expand consumer information, but also raise sellers' marginal costs by charging high commissions. To prevent disintermediation, some platforms adopted price parity and anti-steering provisions, which restrict sellers' ability to use alternative sales channels. Whether to uphold, reform, or ban these provisions has been at the center of the policy debate, but, so far, little consensus has emerged. As an alternative, this paper studies how to cap platforms' commissi...
-
作者：Corsetti, Giancarlo; Maeng, Fred Seunghyun
作者单位：European University Institute; University of Cambridge
摘要：We build a dynamic model where the economy is vulnerable to belief-driven slow-moving debt crises at intermediate debt levels, and rollover crises at both low and high debt levels. Vis-a-vis the threat of slow-moving crises, countercyclical deficits generally welfare-dominate debt reduction policies. In a recession, optimizing governments only deleverage if debt is close to the threshold below which belief-driven slow-moving crises can no longer occur. The welfare benefits from deleveraging in...
-
作者：Hopkins, Ed
作者单位：University of London; King's College London
摘要：This paper analyzes the social dilemma arising when a large population of individuals with differing incomes have concerns over relative deprivation in terms of visible or conspicuous consumption. These relative concerns are cardinal-people care about the size of the gap between own and others' consumption-and include inequity aversion, where negative comparisons are more important than positive, rivalrous preferences, and comparison with mean consumption. The resulting Nash equilibrium is ine...
-
作者：Barham, Tania; Macours, Karen; Maluccio, John A.
作者单位：University of Colorado System; University of Colorado Boulder; Paris School of Economics; INRAE; Middlebury College
摘要：Conditional cash transfer (CCT) programs are the antipoverty program of choice in many developing countries, aiming to improve human capital and break the intergenerational transmission of poverty. A decade after a randomized 3 year CCT program began, earlier exposure during primary school ages when children were at risk of dropout led to higher labor market participation for young men and women and higher earnings for men. The findings highlight the roles of the different CCT program componen...
-
作者：Verani, Stephane; Yu, Pei Cheng
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of New South Wales Sydney
摘要：We show that the supply of U.S. life annuities is constrained by interest rate risk. We identify this effect using annuity prices offered by life insurers from 1989 to 2019 and exogenous variations in contract-level regulatory capital requirements. The cost of interest rate risk management- conditional on the effect of adverse selection-accounts for about half of annuity markups, or 8 percentage points. The contribution of interest rate risk to annuity markups sharply increased after the Globa...
-
作者：Gandre, Pauline; Mariathasan, Mike; Merrouche, Ouarda; Ongena, Steven
作者单位：KU Leuven; University of Zurich; Swiss Finance Institute (SFI); Norwegian University of Science & Technology (NTNU)
摘要：Following the early implementation of the global over-the-counter (OTC) derivatives market reform in the USA and the associated increase in trading costs, US banks shifted up to 60% of their OTC derivatives activity abroad, particularly toward less regulated jurisdictions. Consistent with a cost saving incentive of regulatory arbitrage, we find that this flight abroad is driven by costlier blocks of the reform and subsequently causes a narrowing of swap spreads. We further show that this regul...
-
作者：Binstok, Noam; Gould, Eric D.; Kaplan, Todd
作者单位：Hebrew University of Jerusalem; University of Haifa; University of Exeter
摘要：This paper examines the extent to which personal biases affect political views, in the context of how antisemitism influences opinions about Israel. Two empirical analyses are conducted. The first one analyzes social media chatter about Jews and Israel in the UK, revealing a strong, positive relationship between negative chatter about both of them at the daily-location level. In order to establish causality, social media chatter about a Jewish football team in the English Premier League (Totte...
-
作者：Bouton, Laurent; Llorente-Saguer, Aniol; Mace, Antonin; Xefteris, Dimitrios
作者单位：Georgetown University; University of London; Queen Mary University London; Centre National de la Recherche Scientifique (CNRS); Paris School of Economics; Universite PSL; Ecole Normale Superieure (ENS); University of Cyprus
摘要：This paper examines the comparative properties of voting rules based on the richness of their ballot spaces, assuming a given distribution of voting rights. We focus on how well voting rules aggregate the information dispersed among voters. We consider how different voting rules affect both voters' decisions at the voting stage and the incentives of the agenda-setter, who decides whether to put the proposal to a vote. Without agenda-setter, the voting efficiency of rules is higher when their b...
-
作者：[Anonymous]
摘要：I examine the macroeconomic effects of two EU regional structural funds. The European regional development fund (ERDF) has positive short term average consequences, but gains typically dissipate within 3 years. The European Social Fund has insignificant average short term effects, but the medium term effect is positive and economically important. There are regional heterogeneities in terms of location, level of development, EU tenure, Euro area membership, and national borders. The reaction of...
