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作者：Chark, Robin; Chew, Soo Hong; Zhong, Songfa
作者单位：University of Macau; Southwestern University of Finance & Economics - China; National University of Singapore
摘要：Results from studies on risk taking behavior suggest that people tend to be risk seeking when making choices over lotteries that involve longshots: small probabilities of winning sizable payoffs. To investigate preferences over longshots systematically, we conduct an incentivized experiment using state lotteries in China, each involving a single prize and fixed winning odds. This enables our construction of single-prize lotteries involving winning odds between 10-5 and 10-1 and winning prizes ...
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作者：Guerrieri, Veronica; Lorenzoni, Guido; Prato, Marta
作者单位：University of Chicago; Northwestern University; University of Chicago
摘要：We use a model of precautionary savings with housing and mortgages to study the effects of a deleveraging shock on consumer spending. We focus on the deleveraging caused by a contraction in home values, and compute numerically the partial-equilibrium effect of the shock. Our simulations show that household deleveraging is associated with a long and protracted weakness in consumption. These effects appear even if we assume, realistically, that housing wealth is illiquid and mortgage debt is lon...
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作者：Attanasio, Orazio; Krutikova, Sonya
作者单位：Yale University; Yale University; University of London; London School Economics & Political Science
摘要：This paper uses a dataset from Tanzania with information on consumption, income, and income shocks within and across family networks. Crucially and uniquely, it also contains data on the degree of information existing between each pair of households within family networks. We use these data to construct a novel measure of the quality of information both at the level of household pairs and at the level of the network. We also note that the individual level measures can be interpreted as measure...
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作者：Papageorge, Nicholas W.; Thom, Kevin
作者单位：Johns Hopkins University; University of Wisconsin System; University of Wisconsin Milwaukee
摘要：Recent advances have led to the discovery of specific genetic variants that predict educational attainment. We study how these variants, summarized as a linear index-known as a polygenic score-are associated with human capital accumulation and labor market outcomes in the Health and Retirement Study (HRS). We present two main sets of results. First, we find evidence that the genetic factors measured by this score interact strongly with childhood socioeconomic status in determining educational ...
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作者：Corvalan, Alejandro; Querubin, Pablo; Vicente, Sergio
作者单位：University Diego Portales; New York University; Universidad Carlos III de Madrid; University of London; Queen Mary University London
摘要：We study the relationship between the composition of the political class and the size of government. First, we use a citizen-candidate model to show that the extension of suffrage is inconsequential for government spending when stricter eligibility requirements are in place. The removal of eligibility requirements, on the other hand, leads to the election of less wealthy politicians and the enactment of more redistributive policies. We test these predictions empirically using data from the 13 ...
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作者：Grimm, Veronika; Mengel, Friederike
作者单位：University of Erlangen Nuremberg; University of Essex; Lund University
摘要：We study belief formation in social networks using a laboratory experiment. Participants in our experiment observe an imperfect private signal on the state of the world and then simultaneously and repeatedly guess the state, observing the guesses of their network neighbors in each period. Across treatments we vary the network structure and the amount of information participants have about the network. Our first result shows that information about the network structure matters and in particular...
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作者：Bouvard, Matthieu; Levy, Raphael
作者单位：McGill University; Hautes Etudes Commerciales (HEC) Paris
摘要：We study how a decision maker uses his reputation to simultaneously influence the actions of multiple receivers with heterogenous biases. The reputational payoff is single-peaked around a bliss reputation at which the incentives of the average receiver are perfectly aligned. We establish the existence of two equilibria characterized by repositioning toward this bliss reputation that only differ through a multiplier capturing the efficiency of reputational incentives. Repositioning is moderate ...
