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作者：Braga, Breno; Malkova, Olga
作者单位：Urban Institute; University of Kentucky
摘要：As children transition to adulthood, do they remain a major determinant of parental labor supply? To answer this question, we examine how college costs affect the labor supply of mothers and fathers by exploiting the roll-out of nine generous state merit aid programs in the United States from 1993 to 2004, which made college more affordable. Mothers of college-age children decreased their annual hours of work after the introduction of these state-wide programs, while fathers did not adjust the...
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作者：Adhvaryu, Achyuta; Gauthier, Jean-Francois; Nyshadham, Anant; Tamayo, Jorge
作者单位：University of California System; University of California San Diego; Universite de Montreal; HEC Montreal; University of Michigan System; University of Michigan; Harvard University
摘要：We study relational contracts among managers using unique data that tracks transfers of workers across teams in Indian ready-made garment factories. We focus on how relational contracts help managers cope with worker absenteeism shocks, which are frequent, often large, weakly correlated across teams, and which substantially reduce team productivity. Together these facts imply gains from sharing workers. We show that managers respond to shocks by lending and borrowing workers in a manner consis...
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作者：Jackson, Matthew O.; Xing, Yiqing
作者单位：Stanford University; The Santa Fe Institute; Peking University
摘要：We introduce a model in which people exchange some goods and services informally in their community and others formally on a market. We show that enforcement by informal communities and a formal market are complements: If communities ostracize individuals who are caught cheating on the market, this bolsters incentives to comply with exchanges in both settings. Although transactions within a community generate lower gains from trade than those on the wider market, the enhanced incentives from s...
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作者：Epper, Thomas F.; Fehr-Duda, Helga
作者单位：IESEG School of Management; Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS); Universite de Lille; University of Zurich
摘要：Standard economic models view risk taking and time discounting as two independent dimensions of decision making. However, mounting experimental evidence demonstrates striking parallels in patterns of risk taking and time discounting behavior and systematic interaction effects, which suggests that there may be common underlying forces driving these interactions. Here, we show that the inherent uncertainty associated with future prospects together with individuals' proneness to probability weigh...
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作者：Alfaro, Laura; Bloom, Nick; Conconi, Paola; Fadinger, Harald; Legros, Patrick; Newman, Andrew F.; Sadun, Raffaella; Van Reenen, John
作者单位：Harvard University; Stanford University; University of Oxford; University of Mannheim; Boston University; University of London; London School Economics & Political Science
摘要：We jointly study firm boundaries and the allocation of decision rights within them by confronting an incomplete-contracts model with data on vertical integration and delegation for thousands of firms around the world. Integration has an option value: it confers authority to delegate or centralize decision rights, depending on who can best solve problems that arise in the course of an uncertain production process. In line with the model's predictions, we find that firms are more likely to integ...
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作者：Szucs, Ferenc
作者单位：Stockholm University
摘要：This paper investigates the consequences of bureaucratic discretion in public procurement. I exploit a Hungarian policy reform, which allows a high-discretion procedure below a certain contract value. At the threshold, I document large discontinuities both in procurement outcomes and in the density of contract values, which indicates that buyers manipulate contract values to avoid auctions. I combine the reform and a structural model to find that discretion increases prices and results in the ...
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作者：Attanasio, Orazio; Kovacs, Agnes; Moran, Patrick
作者单位：Yale University; National Bureau of Economic Research; University of London; King's College London; University of Manchester; University of London; London School Economics & Political Science; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper presents a model of consumption behavior that explains the presence of wealthy hand-to-mouth consumers using a mechanism that differs from those analyzed previously. We show that a two-asset model with temptation preferences generates a demand for commitment and thus illiquidity, leading to hand-to-mouth behavior even when liquid assets deliver higher returns than illiquid assets. This preference for illiquidity has important implications for consumption behavior and for fiscal stim...
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作者：Acciari, Paolo; Alvaredo, Facundo; Morelli, Salvatore
作者单位：Roma Tre University
摘要：We estimate the distribution of wealth in Italy between 1995 and 2016 using a novel source of inheritance tax files, combined with surveys and national accounts. We find that the level of wealth concentration is in line with other European countries; however, its time trend appears more in line with the US, showing a significant increase over the period studied. The country exhibits one of the greatest declines in the wealth share of the bottom 50%. The paper also shows that age plays a margin...
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作者：Carvalho, Jean-Paul; Koyama, Mark; Williams, Cole
作者单位：University of Oxford; George Mason University; Durham University
摘要：Educational institutions not only build human capital; they also shape culture. We present a model of cultural dynamics produced by cultural transmission through the education system. Groups that are culturally marginalized become economically disadvantaged and exhibit various forms of resistance to education. First, individuals may drop out of education to avoid its cultural content. Second, individuals may invest in other forms of socialization to tune out the cultural content of education. ...
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作者：Crossley, Thomas F.; Gong, Yifan; Stinebrickner, Ralph; Stinebrickner, Todd
作者单位：University of Michigan System; University of Michigan; University of Nebraska System; University of Nebraska Lincoln; Western University (University of Western Ontario)
摘要：Using unique longitudinal probabilistic expectations data from the Berea Panel Study, which cover both college and early post-college periods, we examine young adults' beliefs about their future incomes. We introduce two new approaches to testing whether, ex ante, agents exhibit Rational Expectations. We show that taking into account the additional information about higher moments of individual belief distributions contained in probabilistic expectations data reveals violations of Rational Exp...
