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作者：Le Lec, Fabrice; Tarroux, Benoit
作者单位：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)
摘要：This paper investigates experimentally how people value choice. Our experiments elicit subjects' valuations of various choice sets (or menus) that differ in size and composition. The comparison of these valuations allows us to assess subjects' preferences between sets and test a number of the theories of preferences over menus proposed in the literature. The results suggest that subjects are choice-averse: the value of a choice set is significantly and robustly lower than that of its preferred...
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作者：Tan, Teck Yong
作者单位：Nanyang Technological University
摘要：This paper studies how reduced oversight creates an incentive for process innovation. With incomplete contracts, tight monitoring of workers creates a ratchet effect of innovation. Under reduced oversight, a worker accrues private knowledge about his innovation, which serves as a substitute for its inalienable property rights. The resulting asymmetric information generates an information rent for the worker, which feeds back as an innovation incentive ex ante. A weak early production incentive...
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作者：Bianchi, Nicola; Giorcelli, Michela
作者单位：Northwestern University; University of California System; University of California Los Angeles
摘要：This paper studies the effects of university STEM education on innovation and labor market outcomes by exploiting a change in enrollment requirements in Italian STEM majors. University-level scientific education had two direct effects on the development of patents by students who had acquired a STEM degree. First, the policy changed the direction of their innovation. Second, it allowed these individuals to reach top positions within firms and be more involved in the innovation process. STEM de...
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作者：Cui, Wei; Radde, Soeren
作者单位：University of London; University College London
摘要：We develop a search-theory of asset liquidity which gives rise to endogenous financing constraints on investment in an otherwise standard dynamic general equilibrium model. Asset liquidity describes the ease of issuance and resaleability of private financial claims, which is the outcome of a costly search-and-matching process for such claims implemented by financial intermediaries. Limited liquidity of private claims creates a role for liquid assets, such as government bonds, to ease financing...
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作者：Bennett, Patrick; Ouazad, Amine
作者单位：Norwegian School of Economics (NHH); Universite de Montreal; HEC Montreal
摘要：This paper estimates the individual impact of a worker's job loss on his/her criminal activity. Using a matched employer-employee longitudinal data set on unemployment, crime, and taxes for all residents in Denmark, the paper builds each worker's timeline of job separation, unemployment, and crime. The paper focuses on displaced workers: high-tenure workers who lose employment during a mass-layoff event at any point between 1990 and 1994 (inclusive). Controlling for municipality-and time-speci...
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作者：Dertwinkel-Kalt, Markus; Koester, Mats
作者单位：Frankfurt School Finance & Management
摘要：Whether people seek or avoid risks on gambling, insurance, asset, or labor markets crucially depends on the skewness of the underlying probability distribution. In fact, people typically seek positively skewed risks and avoid negatively skewed risks. We show that salience theory of choice under risk can explain this preference for positive skewness, because unlikely, but outstanding payoffs attract attention. In contrast to alternative models, however, salience theory predicts that choices und...
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作者：Mengus, Eric; Pancrazi, Roberto
作者单位：Hautes Etudes Commerciales (HEC) Paris; University of Warwick
摘要：In this paper, we propose a model of endogenous partial insurance and we investigate its implications for macroeconomic outcomes, such as wealth inequality, asset accumulation, interest rate, and consumption smoothing. To this end, we include participation costs to state-contingent asset markets into an otherwise standard Aiyagari (1994) model. We highlight the resulting nonmonotonic relationship between wealth and insurance-market participation when insurance is costly. Poor households remain...
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作者：Cassar, Lea; Armouti-Hansen, Jesper
作者单位：University of Regensburg; University of Cologne
摘要：Empirical evidence suggests that workers care about the mission of their job, in addition to their wage. This paper studies how organizations can choose a mission to attract, incentivize, and screen their workers. We analyze a model in which a principal offers a contract to an agent for the development of a project and can influence the agent's marginal return of effort through the choice of project mission. The principal's and the agents' mission preferences are misaligned and the agents vary...
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作者：Schivardi, Fabiano; Schmitz, Tom
作者单位：Luiss Guido Carli University; Bocconi University; Bocconi University
摘要：Since the middle of the 1990s, productivity growth in Southern Europe has been substantially lower than in other developed countries. We argue that this divergence was partly caused by inefficient management practices, which limited Southern Europe's gains from the IT Revolution. To quantify this effect, we build a multi-country general equilibrium model with heterogeneous firms and workers. In our model, the IT Revolution generates divergence for three reasons. First, inefficient management l...
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作者：Bursztyn, Leonardo; Callen, Michael; Ferman, Bruno; Gulzar, Saad; Hasanain, Ali; Yuchtman, Noam
作者单位：University of Chicago; University of California System; University of California San Diego; Getulio Vargas Foundation; Stanford University; Lahore University of Management Sciences; University of London; London School Economics & Political Science
摘要：We identify Pakistani men's willingness to pay to preserve their anti-American identity using two experiments imposing clearly specified financial costs on anti-American expression, with minimal consequential or social considerations. In two distinct studies, one-quarter to one-third of subjects forgo payments from the U.S. government worth around one-fifth of a day's wage to avoid an identity-threatening choice: anonymously checking a box indicating gratitude toward the U.S. government. We fi...
