A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
- Topic classification is ongoing.
- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
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Results 436 resources
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We use scanner data and time diaries to document how households substitute timefor money through shopping and home production. We document substantial heterogeneityin prices paid for identical goods for the same area and time, with olderhouseholds shopping the most and paying the lowest prices. Doubling shopping frequencylowers a good's price by 7 to 10 percent. We estimate the shopper's price oftime and use this series to estimate an elasticity of substitution between time and goodsin home production of roughly 1.8. The observed life-cycle time allocation implies aconsumption series that differs markedly from expenditures. (JEL D12, D91)
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This paper estimates the productivity gains from reducing tariffs on final goods andfrom reducing tariffs on intermediate inputs. Lower output tariffs can increase productivityby inducing tougher import competition, whereas cheaper imported inputscan raise productivity via learning, variety, and quality effects. We use Indonesianmanufacturing census data from 1991 to 2001, which include plant-level informationon imported inputs. The results show that a 10 percentage point fall in input tariffsleads to a productivity gain of 12 percent for firms that import their inputs, at leasttwice as high as any gains from reducing output tariffs. (JEL F12, F13, L16, O14,O19, O24)
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The paper explores strategies that the sponsor of a proposal may employ to convincea qualified majority of members in a group to approve the proposal. Adoptinga mechanism design approach to communication, it emphasizes the need to distillinformation selectively to key group members and to engineer persuasion cascadesin which members who are brought on board sway the opinion of others. Thepaper shows that higher congruence among group members benefits the sponsor.The extent of congruence between the group and the sponsor, and the size and thegovernance of the group, are also shown to condition the sponsor's ability to get hisproject approved. (JEL D71, D72, D83)
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We demonstrate that aggregate employment and consumption can increase without a corresponding movement in productivity in a model with heterogeneous agents where the only aggregate disturbance is a productivity shock. The interaction between incomplete capital markets and indivisible labor results in a low employment-productivity correlation and creates a time-varying wedge between the marginal rate of substitution (for commodity consumption and hours) and productivity. Our results caution against viewing the measured wedge as an inefficiency due to a failure of labor-market clearing or as a fundamental driving force behind business cycles. (JEL D31, E32, J22, J24, J31)
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By using graphical representations of simple portfolio choice problems, we generatea very rich dataset to study behavior under uncertainty at the level of the individualsubject. We test the data for consistency with the maximization hypothesis,and we estimate preferences using a two-parameter utility function based on FarukGul (1991). This specification provides a good interpretation of the data at the individuallevel and can account for the highly heterogeneous behaviors observed inthe laboratory. The parameter estimates jointly describe attitudes toward risk andallow us to characterize the distribution of risk preferences in the population. (JELD11, D14, D81, G11)
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"Hide-and-seek" games are zero-sum two-person games in which one player winsby matching the other's decision and the other wins by mismatching. Although suchgames are often played on cultural or geographic "landscapes" that frame decisionsnonneutrally, equilibrium ignores such framing. This paper reconsiders theresults of experiments by Rubinstein, Tversky, and others whose designs modelnonneutral landscapes, in which subjects deviate systematically from equilibriumin response to them. Comparing alternative explanations theoretically and econometricallysuggests that the deviations are well explained by a structural nonequilibriummodel of initial responses based on "level-k" thinking, suitably adapted tononneutral landscapes. (JEL C72, C92)
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How do investors respond to predictable shifts in profitability? We consider howdemographic shifts affect profits and returns across industries. Cohort size fluctuationsproduce forecastable demand changes for age-sensitive sectors, such astoys, bicycles, beer, life insurance, and nursing homes. These demand changes arepredictable once a specific cohort is born. We use lagged consumption and demographicdata to forecast future consumption demand growth induced by changesin age structure. We find that demand forecasts predict profitability by industry.Moreover, forecast demand changes five to ten years in the future predict annualindustry stock returns. One additional percentage point of annualized demandgrowth due to demographics predicts a 5 to 10 percentage point increase in annualabnormal industry stock returns. However, forecasted demand changes over shorterhorizons do not predict stock returns. A trading strategy exploiting demographicinformation earns an annualized risk-adjusted return of approximately 6 percent.We present a model of inattention to information about the distant future that isconsistent with the findings. We also discuss alternative explanations, includingomitted risk-based factors. (JEL E21, G12, G32, J11, L11, L25)
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Little is known about the effects of placing children who are abused or neglected intofoster care. This paper uses the placement tendency of child protection investigatorsas an instrumental variable to identify causal effects of foster care on long-termoutcomes—including juvenile delinquency, teen motherhood, and employment—among children in Illinois where a rotational assignment process effectively randomizesfamilies to investigators. Large marginal treatment effect estimates suggestcaution in the interpretation, but the results suggest that children on the margin ofplacement tend to have better outcomes when they remain at home, especially olderchildren. (JEL H75, I38, J13)
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We utilize graphical representations of Dictator Games which generate rich individual-level data. Our baseline experiment employs budget sets over feasiblepayoff-pairs. We test these data for consistency with utility maximization, and werecover the underlying preferences for giving (trade-offs between own payoffs andthe payoffs of others). Two further experiments augment the analysis. An extensiveelaboration employs three-person budget sets to distinguish preferences for givingfrom social preferences (trade-offs between the payoffs of others). And an intensiveelaboration employs step-shaped sets to distinguish between behaviors thatare compatible with well-behaved preferences and those compatible only with notwell-behaved cases. (JEL C72, D64)
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Journals
- American Economic Review (192)
- Journal of Finance (84)
- Journal of Financial Economics (103)
- Review of Financial Studies (57)
Topic
- Bond (23)
- Mergers and Acquisitions (7)
- CEO (7)
- Director (1)
- Capital Structure (1)
Resource type
- Journal Article (436)