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.
Your search
Results 541 resources
-
This paper shows that smoking intensity, i.e. the amount of nicotine extracted percigarette smoked, responds to changes in excise taxes and tobacco prices. We exploitNHANES data covering the period 1988 to 2006 across many US states. Moreover, usingpanel data from the Coronary Artery Risk Development in Young Adults (CARDIA)study, we provide new evidence on the importance of cotinine measures in explaininglong-run smoking behavior. We show the importance of smoking intensity as a long-rundeterminant of smoking cessation. We also investigate the sensitivity of smokingcessation to changes in excise taxes and their interaction with smoking intensity.
-
We characterize the unique equilibrium of a competitive continuoustime game between a resource-constrained informed player and asequence of rivals who partially observe his action intensity. Ourgame adds noisy monitoring and impatient players to Aumannand Maschler (1966), and also subsumes insider trading models.The intensity bound induces a novel strategic bias and serial meanreversion by uninformed players. We compute the duration of theinformed player's informational edge. The uninformed player'svalue of information is concave if the intensity bound is largeenough. Costly obfuscation by the informed player optimally rises inthe public deception.
-
We offer a theory of polarization as an optimal response to ambiguity. Supposeindividual A's beliefs first-order stochastically dominate individual B's. They observe acommon signal. They exhibit polarization if A's posterior dominates her prior and B'sprior dominates her posterior. Given agreement on conditional signal likelihoods, weshow that polarization is impossible under Bayesian updating or after observing extremesignals. However, we also show that polarization can arise after intermediate signals asambiguity averse individuals implement their optimal prediction strategies. We explorewhen this polarization will occur and the logic underlying it.
-
We explore empirically models of aggregate fluctuations in which consumers formanticipations about the future based on noisy sources of information and theseanticipations affect output in the short run. Our objective is to separate fluctuations due tochanges in fundamentals (news) from those due to temporary errors in agents' estimates(noise). We show that structural VARs cannot be used to identify news and noise shocks,but identification is possible via a method of moments or maximum likelihood. Next, weestimate our model on US data. Our results suggest that noise shocks explain a sizablefraction of short-run consumption fluctuations.
-
To investigate whether secondary markets aid or harm durable goodsmanufacturers, we build a dynamic model of durable goods oligopolywith transaction costs in the secondary market. Calibrating modelparameters using data from the US automobile industry, we find thenet effect of opening the secondary market is to decrease new carmanufacturers' profits by 35 percent. Counterfactual scenarios inwhich the size of the used good stock decreases, such as when productsbecome less durable, when the number of firms decreases, or whenfirms can commit to future production levels, increase the profitabilityof opening the secondary market.
-
We estimate the impacts of the Earned Income Tax Credit on laborsupply using local variation in knowledge about the EITC schedule.We proxy for EITC knowledge in a Zip code with the fractionof individuals who manipulate reported self-employment income tomaximize their EITC refund. This measure varies significantly acrossareas. We exploit changes in EITC eligibility at the birth of a childto estimate labor supply effects. Individuals in high-knowledge areaschange wage earnings sharply to obtain larger EITC refunds relativeto those in low-knowledge areas. These responses come primarilyfrom intensive-margin earnings increases in the phase-in region.
-
This paper investigates consumer inertia in health insurance markets,where adverse selection is a potential concern. We leverage a majorchange to insurance provision that occurred at a large firm toidentify substantial inertia, and develop and estimate a choice modelthat also quantifies risk preferences and ex ante health risk. We usethese estimates to study the impact of policies that nudge consumerstoward better decisions by reducing inertia. When aggregated,these improved individual-level choices substantially exacerbateadverse selection in our setting, leading to an overall reduction inwelfare that doubles the existing welfare loss from adverse selection.
-
A growing literature explores differences in subjective well-beingacross demographic groups, often relying on surveys with high nonresponserates. By using the reported number of call attempts madeto participants in the University of Michigan's Surveys of Consumers,we show that comparisons among easy-to-reach respondents differfrom comparisons among hard-to-reach ones. Notably, easy-to-reachwomen are happier than easy-to-reach men, but hard-to-reach menare happier than hard-to-reach women, and conclusions of a surveycould reverse with more attempted calls. Better alternatives tocomparing group sample averages might include putting greaterweight on hard-to-reach respondents or even extrapolating trends inresponses.
-
We study intertemporal price discrimination when consumers canstore for future consumption needs. We offer a simple model of demanddynamics, which we estimate using market-level data. Optimalpricing involves temporary price reductions that enable sellers todiscriminate between price sensitive consumers, who stockpile forfuture consumption, and less price-sensitive consumers, who do notstockpile. We empirically quantify the impact of intertemporal pricediscrimination on profits and welfare. We find that sales (i ) capture25-30 percent of the gap between non-discriminatory profits and(unattainable) third-degree price discrimination profits, (ii ) increasetotal welfare, and (iii) have a modest impact on consumer welfare.
-
We assess the empirical importance of changes in income andrelative prices for structural transformation in the postwar UnitedStates. We explain two natural approaches to the data: sectors maybe categories of final expenditure or value added; e.g., the servicesector may be the final expenditure on services or the value addedfrom service industries. We estimate preferences for each approachand find that with final expenditure income effects are the dominantforce behind structural transformation, whereas with value-addedcategories price effects are more important. We show how the inputoutputstructure of the United States can reconcile these findings.
Explore
Journals
- American Economic Review (237)
- Journal of Finance (67)
- Journal of Financial Economics (153)
- Review of Financial Studies (84)
Topic
- CEO (24)
- Bond (16)
- Mergers and Acquisitions (13)
- Capital Structure (11)
- Director (7)
Resource type
- Journal Article (541)