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 541 resources
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A large and growing share of world trade travels by air. We modelexporters' choice between fast, expensive air cargo and slow, cheapocean cargo, which depends on the price elasticity of demand andthe value that consumers attach to fast delivery. We use US importsdata that provide rich variation in the premium paid for air shippingand in time lags for ocean transit to extract consumers' valuationof time. We estimate that each day in transit is equivalent to an advaloremtariff of 0.6 to 2.1 percent. The most time-sensitive tradeflows involve parts and components trade.
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Over the business cycle young workers experience much greater volatility of hoursworked than prime-aged workers. This can arise from age differences in labor supply orlabor demand characteristics. To distinguish between these, we document that, for youngworkers, both the cyclical volatilities of hours and wages are greater than those of theprime-aged. We argue that a general class of models featuring only age-specific laborsupply differences cannot reconcile these facts. We then show that a simple modelfeaturing labor demand differences can.
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This article introduces a new approach to modeling the expandinguniverse of decision makers in the wake of growing awareness, andinvokes the axiomatic approach to model the evolution of decisionmakers' beliefs as awareness grows. The expanding universe isaccompanied by extension of the set of acts, the preference relationsover which are linked by a new axiom, invariant risk preferences,asserting that the ranking of lotteries is independent of the set of actsunder consideration. The main results are representation theoremsand rules for updating beliefs over expanding state spaces and eventsthat have the flavor of "reverse Bayesianism."
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If profit maximization is the objective of a firm, new informationabout quality should affect firm behavior only through its effectson market demand. I consider an alternate model in which suppliersare motivated by a desire to perform well in addition to profit.The introduction of quality "report cards" for cardiac surgery inPennsylvania provides an empirical setting to isolate the relative roleof extrinsic and intrinsic incentives in determining surgeon response.Information on performance that was new to surgeons and unrelatedto patient demand led to an intrinsic response four times larger thansurgeon response to profit incentives.
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This paper analyzes a dynamic lending relationship where the borrowercannot be forced to make repayments, and the lender offerslong-term contracts that are imperfectly enforced and repeatedlyrenegotiated. No commitment and full commitment by the lenderare special cases of this model where the probability of enforcementequals zero and one, respectively. I show that an increase inthe degree of enforcement can lower social welfare. Furthermore,properties of equilibrium investment dynamics with partial commitmentdrastically differ from those with full and no commitment. Inparticular, investment is positively related to cash flow, consistentwith empirical findings.
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This paper measures the impact of vertically integrated and exclusivesoftware on industry structure and welfare in the sixth-generation ofthe US video game industry (2000-2005). I specify and estimate adynamic model of both consumer demand for hardware and softwareproducts, and software demand for hardware platforms. I use estimatesto simulate market outcomes had platforms been unable to ownor contract exclusively with software. Driven by increased softwarecompatibility, hardware and software sales would have increasedby 7 percent and 58 percent and consumer welfare by $1.5 billion.Gains would be realized only by the incumbent, suggesting exclusivityfavored the entrant platforms.
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This paper axiomatizes a utility function for social preferences under risk. In the model, asingle parameter captures a preference for equality of opportunity (i.e., equality of exanteexpected payoffs) relative to equality of outcome (i.e., equality of ex-post payoffs).In a deterministic environment, the model reduces to the model of Fehr and Schmidt(1999). The model is consistent with recent experiments on probabilistic dictator games.
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We analyze the effect of rising Chinese import competition between1990 and 2007 on US local labor markets, exploiting cross-marketvariation in import exposure stemming from initial differences inindustry specialization and instrumenting for US imports usingchanges in Chinese imports by other high-income countries. Risingimports cause higher unemployment, lower labor force participation,and reduced wages in local labor markets that house import-competingmanufacturing industries. In our main specification,import competition explains one-quarter of the contemporaneousaggregate decline in US manufacturing employment. Transferbenefits payments for unemployment, disability, retirement, andhealthcare also rise sharply in more trade-exposed labor markets.
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We use data on insurance deductible choices to estimate a structuralmodel of risky choice that incorporates "standard" risk aversion(diminishing marginal utility for wealth) and probability distortions.We find that probability distortions?characterized by substantialoverweighting of small probabilities and only mild insensitivity toprobability changes?play an important role in explaining the aversionto risk manifested in deductible choices. This finding is robust toallowing for observed and unobserved heterogeneity in preferences.We demonstrate that neither K?szegi-Rabin loss aversion alone norGul disappointment aversion alone can explain our estimated probabilitydistortions, signifying a key role for probability weighting.
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In August 2006, the Italian government released one-third of thenation's prison inmates via a national collective pardon. We test fora discontinuous break in national crime rates corresponding to themass release. We also test for the effect of the return of the incarcerationrate to its predicted steady state level on national crime rates.Finally, we exploit regional variation in prison releases based onthe province of residence of pardoned inmates. All three sources ofvariation yield substantial incapacitation effect estimates and suggestthat the crime-preventing effects of incarceration diminish withincreases in the incarceration rate.
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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)