òòò½Íø

Peddling Influence through Intermediaries

By Wei Li

òòò½Íø Review, June 2010

A sender may communicate with a decision maker through intermediaries. In this model, an objective sender and intermediary pass on information truthfully, while biased ones favor a particular agenda but also have reputational concerns. I show that the bia...

Rationality in Extensive-Form Games

[Symposium: Common Knowledge]

By Philip J. Reny

Journal of Economic Perspectives, Fall 1992

Let us adopt the classical point of view that a theory of games is a description of "rational" behavior. Consequently, equipped with a book entitled "Theory of Games," any individual in any strategic situation need only consult the book to make a "rationa...

Referrals: Peer Screening and Enforcement in a Consumer Credit Field Experiment

By Gharad Bryan, Dean Karlan, and Jonathan Zinman

òòò½Íø Journal: Microeconomics, August 2015

Empirical evidence on peer intermediation lags behind both theory and practice in which lenders use peers to mitigate adverse selection and moral hazard. Using a referral incentive under individual liability, we develop a two-stage field experiment that p...

Consistency and Heterogeneity of Individual Behavior under Uncertainty

By Syngjoo Choi, Raymond Fisman, Douglas Gale, and Shachar Kariv

òòò½Íø Review, December 2007

By using graphical representations of simple portfolio choice problems, we generate a very rich dataset to study behavior under uncertainty at the level of the individual subject. We test the data for consistency with the maximization hypothesis, and w...

Symposium on the Budget Deficit

[Symposium: Budget Deficit]

By Janet L. Yellen

Journal of Economic Perspectives, Spring 1989

Is the ballooning federal budget deficit a serious economic problem? The papers in this symposium provide four perspectives on this issue. Robert Barro and Robert Eisner disagree sharply with the "majority" opinion concerning deficits. In contrast, Edward...

The Institutions of Monetary Policy

By Mervyn King

òòò½Íø Review, May 2004

Like Father, Like Son: Social Network Externalities and Parent-Child Correlation in Behavior

By Antoni °ä²¹±ô±¹Ã³-´¡°ù³¾±ð²Ô²µ´Ç±ô and Matthew O. Jackson

òòò½Íø Journal: Microeconomics, February 2009

We build an overlapping generations model where an individual sees higher returns to adopting a behavior as many neighbors adopt the behavior. We show that overlap in the state of a parent and child's neighborhood can lead to correlation in parent-chil...

Profiting from Regulation: Evidence from the European Carbon Market

By James B. Bushnell, Howard Chong, and Erin T. Mansur

òòò½Íø Journal: Economic Policy, November 2013

We investigate how cap-and-trade regulation affects profits. In late April 2006, the EU CO2 allowance price dropped 50 percent, equating to a €28 billion reduction in the value of aggregate annual allowances. We examine daily returns for 552 stocks f...

Testable Implications of Gross Substitutes in Demand for Two Goods

By Christopher P. Chambers, Federico Echenique, and Eran Shmaya

òòò½Íø Journal: Microeconomics, February 2011

We present a nonparametric "revealed-preference test" for gross substitutes in demand for two goods. (JEL D01, D11)

Does Competition Among Public Schools Benefit Students and Taxpayers? Comment

By Jesse Rothstein

òòò½Íø Review, December 2007

Contracting in Vague Environments

By Marie-Louise ³Õ¾±±ð°ùø

òòò½Íø Journal: Microeconomics, May 2012

This paper shows that a new trade-off arises in the optimal contract when contracting takes place with vague information (objective ambiguity), reflecting that real-world contracting often takes place under imprecise information. The choice-theoretic fram...

Measuring Self-Control Problems

By John Ameriks, Andrew Caplin, John Leahy, and Tom Tyler

òòò½Íø Review, June 2007

We develop a survey instrument to measure self-control problems in a sample of highly educated adults. This measure relates in the manner that theory predicts to liquid wealth accumulation and personality measures. Yet while self-control problems are typi...

Assessing the Economic Understanding of U.S. High School Students

By William B. Walstad and Ken Rebeck

òòò½Íø Review, May 2001

Bond Risk Premia

By John H. Cochrane and Monika Piazzesi

òòò½Íø Review, March 2005

We study time variation in expected excess bond returns. We run regressions of one-year excess returns on initial forward rates. We find that a single factor, a single tent-shaped linear combination of forward rates, predicts excess returns on one- to fiv...

Do We Have a New E-conomy?

By Martin Neil Baily and Robert Z. Lawrence

òòò½Íø Review, May 2001

International Taxation and Cross-Border Banking

By Harry Huizinga, Johannes Voget, and Wolf Wagner

òòò½Íø Journal: Economic Policy, May 2014

This paper examines empirically how international taxation affects the volume and pricing of cross-border banking activities for a sample of banks in 38 countries over the 1998�2008 period. International double taxation of foreign-source bank inco...

Puzzles: The Other Person's Envelope Is Always Greener

By Barry Nalebuff

Journal of Economic Perspectives, Winter 1989

The Puzzles feature in this issue is devoted to answering a puzzle that appeared in the Spring 1988 issue: "The Other Person's Envelope is Always Greener." The response to this puzzle was overwhelming. Below, I recap the problem and then discuss the myria...

Symposium on Management of Local Commons

[Symposium]

By Pranab Bardhan

Journal of Economic Perspectives, Fall 1993

Report of the Editor: òòò½Íø Review

By Pinelopi Koujianou Goldberg

òòò½Íø Review, May 2013

An A for Effort

By Omari H. Swinton

òòò½Íø Review, May 2015

This paper uses a unique and rich administrative data set to analyze the impact of the introduction of a new grading policy on graduations rates at Benedict College, a Historically Black College in Columbia, South Carolina. According to the new grading po...