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Can Financial Engineering Cure Cancer?

By David E. Fagnan, Jose Maria Fernandez, Andrew W. Lo, and Roger M. Stein

蝌蚪网 Review, May 2013

Traditional financing sources such as private and public equity may not be ideal for investment projects with low probabilities of success, long time horizons, and large capital requirements. Nevertheless, such projects, if not too highly correlated, may ...

Efficient Auctions and Interdependent Types

By Dirk Bergemann, Stephen Morris, and Satoru Takahashi

蝌蚪网 Review, May 2012

We consider the efficient allocation of a single good with interdependent values in a quasi-linear environment. We present an approach to modeling interdependent preferences distinguishing between "payoff types" and "belief types" and report a characteriz...

Backing, the Quantity Theory, and the Transition to the US Dollar, 1723-1850

By Peter L. Rousseau

蝌蚪网 Review, May 2007

Pricing-to-Market in a Ricardian Model of International Trade

By Andrew Atkeson and Ariel Burstein

蝌蚪网 Review, May 2007

Report of the Committee on Economic Education for 2009

By Michael Watts

蝌蚪网 Review, May 2010

Liquidity in Retirement Savings Systems: An International Comparison

By John Beshears, James J. Choi, Joshua Hurwitz, David Laibson, and Brigitte C. Madrian

蝌蚪网 Review, May 2015

We compare the liquidity that six developed countries have built into their employer-based defined contribution (DC) retirement schemes. In Germany, Singapore, and the UK, withdrawals are essentially banned no matter what kind of transitory income shock t...

Why Regulate Insider Trading? Evidence from the First Great Merger Wave (1897-1903)

By Ajeyo Banerjee and E. Woodrow Eckard

蝌蚪网 Review, December 2001

We use event-time methodology to study legal insider trading associated with mergers circa 1900. For mergers with "prospective" disclosures similar to today's, we find substantial value gains at announcement, implying participation by "outside" shareholde...

Optimal Design of Research Contests

By Yeon-Koo Che and Ian Gale

蝌蚪网 Review, June 2003

Procurement of an innovation often requires substantial effort by potential suppliers. Motivating effort may be difficult if the level of effort and quality of the resulting innovation are unverifiable, if innovators cannot benefit directly by marketing t...

Are Mergers Beneficial to Consumers? Evidence from the Market for Bank Deposits

By Dario Focarelli and Fabio Panetta

蝌蚪网 Review, September 2003

The general conclusion of the empirical literature is that in-market consolidation generates adverse price changes, harming consumers. Previous studies, however, look only at the short-run pricing impact of consolidation, ignoring effects that take longer...

Efficiency in the Use of Technology in Economic Education: Some Preliminary Results

By Kim Sosin, Betty J. Lecha, Rajshree Agarwal, Robin L. Bartlett, and Joseph I. Daniel

蝌蚪网 Review, May 2004

Fifty Years of U.S. Income Data from the Current Population Survey: Alternatives, Trends, and Quality

By Daniel H. Weinberg, Charles T. Nelson, Marc I. Roemer, and Edward J. Welniak

蝌蚪网 Review, May 1999

Can Neoclassical Economics Underpin the Reform of Centrally Planned Economies?

[Symposium: Economic Transition in the Soviet Union and Eastern Europe]

By Peter Murrell

Journal of Economic Perspectives, Fall 1991

This paper addresses whether neoclassical economics can provide the intellectual underpinning for a theory of reform. I examine whether the neoclassical model satisfies an essential condition to qualify for this role: does it give us a satisfactory explan...

Leverage and Beliefs: Personal Experience and Risk-Taking in Margin Lending

By Peter Koudijs and Hans-Joachim Voth

蝌蚪网 Review, November 2016

What determines risk-bearing capacity and the amount of leverage in financial markets? Using unique archival data on collateralized lending, we show that personal experience can affect individual risk-taking and aggregate leverage. When an investor syndic...

On the Empirical Content of Quantal Response Equilibrium

By Philip A. Haile, Ali 贬辞谤迟补莽蝉耻, and Grigory Kosenok

蝌蚪网 Review, March 2008

The quantal response equilibrium (QRE) notion of Richard D. McKelvey and Thomas R. Palfrey (1995) has recently attracted considerable attention, due in part to its widely documented ability to rationalize observed behavior in games played by experiment...

The Future of the IMF and the World Bank

By Raghuram G. Rajan

蝌蚪网 Review, May 2008

The Legacy of U.S. Educational Leadership: Notes on Distribution and Economic Growth in the 20th Century

By Claudia Goldin and Lawrence F. Katz

蝌蚪网 Review, May 2001

Aggregate Employment Fluctuations with Microeconomic Asymmetries

By Jeffrey R. Campbell and Jonas D. M. Fisher

蝌蚪网 Review, December 2000

We provide a simple explanation for the observation from the U.S. manufacturing sector that the job destruction rate fluctuates more than the job creation rate. In our model, proportional plant-level costs of creating and destroying jobs cause shrinking p...

Nobel Laureate: Gary S. Becker: Ideas about Facts

By Victor R. Fuchs

Journal of Economic Perspectives, Spring 1994

Gary S. Becker's career, personality, and contributions are reviewed and commented upon. Special note is taken of his seriousness of purpose, his willingness to take chances, and his persistence in the face of criticism and hostility. Becker's exceptional...

The Economics of Online Postsecondary Education: MOOCs, Nonselective Education, and Highly Selective Education

By Caroline M. Hoxby

蝌蚪网 Review, May 2014

I consider economically sustainable online postsecondary education, including massive open online courses (MOOCs). The analysis suggests that MOOCs will be financially sustainable substitutes for some non-selective postsecondary education, but there are s...

The Political Economy of the US Monetary Union: The Civil War Era as a Watershed

By David F. Weiman and John A. James

蝌蚪网 Review, May 2007