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作者：Eugster, Beatrix; Lalive, Rafael; Steinhauer, Andreas; Zweimuller, Josef
作者单位：University of St Gallen; University of Lausanne; University of Edinburgh; University of Zurich
摘要：Unemployment varies across space and in time. Can attitudes toward work explain some of these differences? We study job search durations along the Swiss language border, sharply separating Romance language speakers from German speakers. According to surveys and voting results, the language border separates two social groups with different cultural background and attitudes toward work. Despite similar local labor markets and identical institutions, Romance language speakers search for work almo...
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作者：Dow, James; Goldstein, Itay; Guembel, Alexander
作者单位：University of London; London Business School; University of Pennsylvania; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Universite de Toulouse
摘要：We analyze information production incentives for traders in financial markets, when firms condition investment decisions on information revealed through stock prices. We show that traders' private value of information about a firm's investment project increases with the ex ante likelihood the project will be undertaken. This generates an informational amplification effect of shocks to firm value. Information production by traders may exhibit strategic complementarities for projects that would ...
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作者：Gerko, Elena; Rey, Helene
作者单位：University of London; London Business School
摘要：The importance of financial markets and international capital flows has increased greatly since the 1990s. How does this affect the effectiveness of monetary policy? We analyse the transmission of monetary policy in two important financial centres, the United States and the United Kingdom. Studying the responses of mortgage and corporate spreads, we find evidence in favour of an important financial channel in both countries. Our identification strategy allows us to study the effect of movement...
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作者：Ericson, Keith Marzilli
作者单位：Boston University
摘要：The interaction between present bias and limited memory can explain why individuals do not act at deadlines and why providing reminders can have large effects. Individuals in my model must choose when and whether to complete a task, but may forget or procrastinate. A calibration exercise shows that assuming perfect memory leads to biased estimates of present bias because the rate of task completion at the deadline is much lower with imperfect memory. Naive procrastination explains why individu...
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作者：Brown, Jeffrey R.; Kapteyn, Arie; Luttmer, Erzo F. P.; Mitchell, Olivia S.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Southern California; Dartmouth College; University of Pennsylvania
摘要：This paper documents consumers' difficulty valuing life annuities. Using a purpose-built experiment in the American Life Panel, we show that the prices at which people are willing to buy annuities are substantially below the prices at which they are willing to sell them. We also find that buy values are negatively correlated with sell values and that the sell-buy valuation spread is negatively correlated with cognition. This spread is larger for those with less education, weaker numerical abil...
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作者：Dertwinkel-Kalt, Markus; Koehler, Katrin; Lange, Mirjam R. J.; Wenzel, Tobias
作者单位：University of Cologne; Heinrich Heine University Dusseldorf; University of Bath
摘要：We conduct a laboratory experiment that tests two fundamental predictions unique to salience theory. If an agent purchases one of two vertically differentiated products, salience theory makes the following two distinct predictions. First, it hypothesizes that a higher expected price level for both products shifts demand toward the more expensive, high-quality product. Second, it predicts that demand for the high-quality product is larger if the price level is expectedly high than if it is unex...
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作者：Bhalotra, Sonia; Karlsson, Martin; Nilsson, Therese
作者单位：University of Essex; University of Duisburg Essen; Lund University; Research Institute of Industrial Economics (IFN)
摘要：This paper investigates the potential of an infant intervention to improve life expectancy, contributing to emerging interest in the early life origins of chronic disease. We track individuals from birth to death, and are able to identify age and cause of death. The intervention was pioneered in Sweden in 1931-1933, and appears to have been pivotal in the emergence of universal infant care programmes in the Scandinavian countries during the creation of the Welfare State. It provided informatio...
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作者：Gibbons, Stephen; Silva, Olmo; Weinhardt, Felix
作者单位：University of London; London School Economics & Political Science; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung
摘要：Theories about neighbours' influence on children's education that are based on social capital, cohesion, and disorganisation stress the importance of neighbourhood stability. This is because stability is regarded as necessary for building strong ties and friendships, which in turn affect educational outcomes. However, amongst the vast number of studies on the effect of neighbours on a child's education, none has tested whether neighbourhood stability matters. We fill this gap by estimating the...
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作者：Oto-Peralias, Daniel; Romero-Avila, Diego
作者单位：University of St Andrews; Universidad Pablo de Olavide
摘要：This paper explores the political economy that leads frontier regions to be unequal. By focusing on the presence of a stable frontier between Castile and the Nasrid Kingdom of Granada in the late Middle Ages, our analysis shows how a historical border may generate differences in inequality that can become extremely persistent. We argue that the dynamics of being a militarily insecure frontier region created the conditions on the Castilian side for a high concentration of economic and political...
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作者：Ely, Jeffrey C.; Garrett, Daniel F.; Hinnosaar, Toomas
作者单位：Northwestern University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Universite de Toulouse; Universite Toulouse 1 Capitole; Collegio Carlo Alberto
摘要：We consider optimal pricing policies for airlines when passengers are uncertain at the time of ticketing of their eventual willingness to pay for air travel. Auctions at the time of departure efficiently allocate space and a profit maximizing airline can capitalize on these gains by overbooking flights and repurchasing excess tickets from those passengers whose realized value is low. Nevertheless profit maximization entails distortions away from the efficient allocation. Under regularity condi...
