A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
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- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
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Results 419 resources
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We demonstrate the existence of multiple dimensions of private information in thelong-term care insurance market. Two types of people purchase insurance: individualswith private information that they are high risk and individuals with privateinformation that they have strong taste for insurance. Ex post, the former are higherrisk than insurance companies expect, while the latter are lower risk. In aggregate,those with more insurance are not higher risk. Our results demonstrate thatinsurance markets may suffer from asymmetric information even absent a positivecorrelation between insurance coverage and risk occurrence. The results alsosuggest a general test for asymmetric information. (JEL D82, G22, I11)
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Exploiting differences across U.S. states, this paper demonstrates that there is atight link between higher education policies, past enrollment rates, and recentchanges in the college wage premium among labor market entrants. The analysisreveals, however, that this relationship is much weaker in states with high privateenrollment rates, high levels of interstate mobility, or interstate trade. The withinstateestimates of the own-cohort relative supply effect shed some light on the extentto which the U.S. labor market can be characterized as a single national market ora collection of state-specific labor markets. (JEL I21, I28, J22, J24, J31, R23)
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The directed cognition model assumes that agents use partially myopic option-valuecalculations to select their next cognitive operation. The current paper tests thismodel by studying information acquisition in two experiments. In the first experiment,information acquisition has an explicit financial cost. In the second experiment,information acquisition is costly because time is scarce. The directedcognition model successfully predicts aggregate information acquisition patterns inthese experiments. When the directed cognition model and the fully rational modelmake demonstrably different predictions, the directed cognition model bettermatches the laboratory evidence. (JEL D83)
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Researchers in a variety of important economic literatures have assumed that current income variables as proxies for lifetime income variables follow the textbook errors-in-variables model. In our analysis of Social Security records containing nearly career-long earnings histories for the Health and Retirement Study sample, we find that the relationship between current and lifetime earnings departs substantially from the textbook model in ways that vary systematically over the life cycle. Our results can enable more appropriate analysis of, and correction for, errors-in-variables bias in any research that uses current earnings to proxy for lifetime earnings. (JEL D31, D91)
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Lerner, J., & Tirole, J. (2006). A Model of Forum Shopping. American Economic Review, 96, 1091–1113.
Owners of intellectual property or mere sponsors of an idea (e.g., authors, securityissuers, sponsors of standards) resort to more or less independent certifiers to persuadepotential users (buyers or adopters) of the worth of their property or idea. We analyzethe sponsor?s choices of certifier and design, social preferences regarding these choices,and the impacts thereon of multiple categories of users, of a downstream presence of thesponsor, and of certifier market power. Finally, we study strategic forum shopping bysponsors of competing ideas. (JEL D82, 031, 034)
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Some international organizations are governed by unanimity rule, others by (simpleor qualified) majority rules. Standard voting models, which assume that the decisionsmade by voting are perfectly enforceable, have a hard time explaining theobserved variation in governance mode, and in particular the widespread occurrenceof the unanimity system. We present a model whose main departure fromstandard voting models is that the organization cannot rely on external enforcement mechanisms: each country is sovereign and cannot be forced to comply with thecollective decision or, in other words, the voting system must be self-enforcing. Themodel identifies conditions under which the organization adopts the unanimity rule,and yields rich comparative-statics predictions on the determinants of the mode ofgovernance. (JEL D72, F53)
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By taking sets of utility functions as primitive, we define an ordering over assumptionson utility functions that gauges their measurement requirements. Cardinal andordinal assumptions constitute two levels of measurability, but other assumptions liebetween these extremes. We apply the ordering to explanations of why preferencesshould be convex. The assumption that utility is concave qualifies as a compromisebetween cardinality and ordinality, while the Arrow-Koopmans explanation, supposedlyan ordinal theory, relies on utilities in the cardinal measurement class. Insocial choice theory, a concavity compromise between ordinality and cardinality isalso possible and rationalizes the core utilitarian policies. (JEL D01)
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This paper addresses the question of how traditional institutions interact with theforces of globalization to shape the economic mobility and welfare of particulargroups of individuals in the new economy. We explore the role of one suchtraditional institution?the caste system?in shaping career choices by gender inBombay using new survey data on school enrollment and income over the past 20years. We find that male working-class?lower-caste?networks continue to channelboys into local language schools that lead to the traditional occupation, despite thefact that returns to nontraditional white-collar occupations rose substantially in the1990s, suggesting the possibility of a dynamic inefficiency. In contrast, lower-castegirls, who historically had low labor market participation rates and so did not benefitfrom the network, are taking full advantage of the opportunities that became availablein the new economy by switching rapidly to English schools. (JEL I21, J16, O15, Z13)
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