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作者：Garbinti, Bertrand; Goupille-Lebret, Jonathan; Piketty, Thomas
作者单位：European Central Bank; Bank of France; Institut Polytechnique de Paris; ENSAE Paris; Ecole Normale Superieure de Lyon (ENS de LYON); Centre National de la Recherche Scientifique (CNRS); Paris School of Economics
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作者：Strack, Philipp; Viefers, Paul
作者单位：Yale University
摘要：Regret and its anticipation affect a wide range of decisions. Job-seekers reject offers while waiting for an offer to match their best past offer; investors hold on to badly performing stocks; and managers throw good money after bad projects. We analyze behavior of a decision maker with regret preferences in a dynamic context and show that regret agents have a disposition to gamble until they receive a payoff matching the best past offer. Results from a lab experiment confirm that many subject...
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作者：Iovino, Luigi
作者单位：Bocconi University
摘要：This paper studies how market signals-such as stock prices-can help alleviate the severity of the asymmetric information problem in credit and liquidity management. Asymmetric information hinders the ability of borrowers (firms, investment banks, etc.) to undertake profitable investment opportunities and to insure themselves against liquidity shocks. I show that on the equilibrium path creditors do not learn anything from market signals because they can use a menu of contracts to screen the di...
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作者：Hall, Jonathan D.
作者单位：University of Toronto
摘要：Economists have long advocated road pricing as an efficiency-enhancing solution to traffic congestion, yet it has rarely been implemented because it is thought to create losers as well as winners. In theory, a judiciously designed toll applied to a portion of the lanes of a highway can generate a Pareto improvement, even before using the toll revenue. This paper explores the practical relevance of this theoretical possibility by using survey and travel time data, combined with a structural mod...
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作者：Fonseca, Raquel; Michaud, Pierre-Carl; Galama, Titus; Kapteyn, Arie
作者单位：Universite de Montreal; HEC Montreal; University of Southern California; Vrije Universiteit Amsterdam; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Tinbergen Institute
摘要：We estimate a stochastic life-cycle model of endogenous health spending, asset accumulation, and retirement to investigate the causes behind the increase in health spending and longevity in the United States over the period 1965-2005. Accounting for changes over time in taxes, transfers, Social Security, income, health insurance, smoking and obesity, and technological progress, we estimate that technological progress is responsible for half of the increase in life expectancy over the period. S...
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作者：Bar-Isaac, Heski; Deb, Joyee
作者单位：University of Toronto; Yale University
摘要：Reputation concerns can discipline agents and generate good outcomes. But what if outcomes are not always observed? Infrequent observation can strengthen reputation incentives and encourage effort. By exerting effort when outcomes are more likely observed, an agent can improve her reputation and gain by coasting on this reputation by shirking when the audience is less likely to be observing her actions. Opportunities to coast can in fact lead to greater overall effort than constant observation...
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作者：Cohn, Alain; Marechal, Michel Andre; Schneider, Frederic; Weber, Roberto A.
作者单位：University of Michigan System; University of Michigan; University of Zurich; University of Cambridge
摘要：We study whether employment history provides information about a worker's work attitude, that is, the tendency to act cooperatively and reliably in the workplace. We conjecture that, holding all else equal, frequent job changes can indicate poor work attitude and that this information is transmitted through employment histories. We find support for this hypothesis across three studies that employ complementary laboratory, field, and survey experiments, as well as in labor market panel data. Fi...
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作者：Garbinti, Bertrand; Goupille-Lebret, Jonathan; Piketty, Thomas
作者单位：European Central Bank; Bank of France; Centre National de la Recherche Scientifique (CNRS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2; CNRS - Institute for Humanities & Social Sciences (INSHS); Paris School of Economics
摘要：Measuring and understanding the evolution of wealth inequality is a key challenge for researchers, policy makers, and the general public. This paper breaks new ground on this topic by presenting a new method to estimate and study wealth inequality. This method combines fiscal data with household surveys and national accounts in order to provide annual wealth distribution series, with detailed breakdowns by percentiles, age, and assets. Using the case of France as an illustration, we show that ...
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作者：Nieddu, Marco; Pandolfi, Lorenzo
作者单位：University of Cagliari; University of Naples Federico II
摘要：This paper examines the impact of financial literacy on the individual propensity to invest in financial assets. In a laboratory experiment with a two-by-two design, we study how the certainty equivalent of a risky lottery changes when varying the lottery framing and the participants' financial literacy level. We find that presenting the lottery as a financial asset-whose payoffs need to be computed from a given return rate-rather than as a simple coin toss reduces the average value participan...
