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作者：Bell, Alex; Chetty, Raj; Jaravel, Xavier; Petkova, Neviana; Van Reenen, John
作者单位：Harvard University; University of London; London School Economics & Political Science; United States Department of the Treasury; Massachusetts Institute of Technology (MIT)
摘要：Many countries provide financial incentives to spur innovation, ranging from tax incentives to research and development grants. In this paper, we study how such financial incentives affect individuals' decisions to pursue careers in innovation. We first present empirical evidence on inventors' career trajectories and income distributions using deidentified data on 1.2 million inventors from patent records linked to tax records in the United States. We find that the private returns to innovatio...
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作者：Hobijn, Bart; Nechio, Fernanda
作者单位：Arizona State University; Arizona State University-Tempe; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We estimate the upper-level elasticity of substitution between goods and services of a nested aggregate CES preference specification. We show how this elasticity can be derived from the long-run response of the relative price of a good to a change in its VAT rate. We estimate this elasticity using new data on changes in VAT rates across 74 goods and services for 25 European Union countries from 1996 through 2015. Depending on the level of aggregation, we find a VAT pass-through rate between 0....
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作者：Surico, Paolo; Trezzi, Riccardo
作者单位：University of London; London Business School; Federal Reserve System - USA; Center for Economic & Policy Research (CEPR)
摘要：A sudden and temporary change to the Italian property tax system in 2011 generated significant variation in the amount of taxes paid across home-owners. Using new questions appositely added to the Survey on Household Income and Wealth, we exploit this cross-sectional variation to provide an unprecedented analysis of the consumption effects of a tax on housing wealth. A tax hike on the main dwelling leads to large expenditure cuts among mortgagors, who hold low liquid wealth despite owning siza...
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作者：Galeotti, Fabio; Montero, Maria; Poulsen, Anders
作者单位：University of Nottingham; University of East Anglia; University of East Anglia
摘要：We consider how the outcome of bargaining varies with changes in the trade-off between equality, efficiency, and total-earnings maximization. We observe that subjects avoid an equal-earning outcome if it is Pareto inefficient; a large proportion of bargaining pairs avoids an equal and Pareto efficient outcome in favor of one giving unequal and total-earnings maximizing payoffs, and this proportion increases when unequal outcomes imply larger earnings to one of the players, even though this als...
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作者：Anufriev, Mikhail; Hommes, Cars; Makarewicz, Tomasz
作者单位：University of Technology Sydney; University of Amsterdam; Tinbergen Institute; Otto Friedrich University Bamberg
摘要：In this paper we address the question of how individuals form expectations and invent, reinforce, and update their forecasting rules in a complex world. We do so by fitting a novel, parsimonious, and empirically validated genetic algorithm learning model with explicit heterogeneity in expectations to a set of laboratory experiments. Agents use simple linear first order price forecasting rules, adapting them to the complex evolving market environment with a Genetic Algorithm optimization proced...
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作者：Bosker, Maarten; Garretsen, Harry; Marlet, Gerard; van Woerkens, Clemens
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Tinbergen Institute; University of Groningen; University of Cambridge
摘要：This paper provides evidence on the price and perception of rare natural disasters. We exploit a unique, spatially extremely detailed, dataset on predicted flood water levels in the Netherlands. This dataset, in combination with information on the universe of home sales over the period 1999-2011, allows us to identify people's willingness to pay to avoid flood risk using a border discontinuity design. We find that house prices are on average 1% lower in places that are at risk of flooding. Thi...
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作者：Anwar, Shamena; Bayer, Patrick; Hjalmarsson, Randi
作者单位：RAND Corporation; Duke University; University of Gothenburg; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：This paper uses data from the Gothenburg District Court in Sweden and a research design that exploits the random assignment of politically appointed jurors (termed namndeman) to make three contributions to the literature on jury decision-making: (i) an assessment of whether systematic biases exist in the Swedish namndeman system, (ii) causal evidence on the impact of juror political party on verdicts, and (iii) an empirical examination of the role of peer effects in jury decision-making. The r...
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作者：Kamhoefer, Daniel A.; Schmitz, Hendrik; Westphal, Matthias
作者单位：University of Paderborn; University of Duisburg Essen; Leibniz Association; RWI - Leibniz Institut fur Wirtschaftsforschung
摘要：In this paper we estimate the effects of college education on cognitive abilities, health, and wages, exploiting exogenous variation in college availability. By means of semiparametric local instrumental variables techniques we estimate marginal treatment effects in an environment of essential heterogeneity. The results suggest positive average effects on cognitive abilities, wages, and physical health. Yet, there is heterogeneity in the effects, which points toward selection into gains. Altho...
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作者：Anderson, Siwan; Ray, Debraj
作者单位：Canadian Institute for Advanced Research (CIFAR); New York University; University of Warwick
摘要：That unmarried individuals die at a faster rate than married individuals at all ages is well documented. Unmarried women in developing countries face particularly severe vulnerabilities, so that excess mortality faced by the unmarried is more extreme for women in these regions compared to developed countries. We provide systematic estimates of the excess female mortality faced by older unmarried women in developing regions. We place these estimates in the context of the missing women phenomeno...
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作者：Andrade, Philippe; Cahn, Christophe; Fraisse, Henri; Mesonnier, Jean-Stephane
作者单位：European Central Bank; Bank of France
摘要：We exploit the Eurosystem's longer-term refinancing operations (LTROs) of 2011-2012 to assess whether a large provision of central bank liquidity to banks during a financial crisis has a positive impact on banks' credit supply to firms. We control for credit demand by examining firms that borrow from several banks, in addition to controlling for confounding factors at the level of banks. We find that the LTROs enhanced loan supply: according to our baseline estimate, banks borrowing 1 billion ...
