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Durable Consumption and Asset Management with Transaction and Observation Costs

By Fernando Alvarez, Luigi Guiso, and Francesco Lippi

蝌蚪网 Review, August 2012

The empirical evidence on rational inattention lags the theoretical developments: micro evidence on one of the most immediate consequences of observation costs—the infrequent observation of state variables—is not available in standard datasets...

Hardnose the Dictator

By Todd L. Cherry, Peter Frykblom, and Jason F. Shogren

蝌蚪网 Review, September 2002

Preferences for Flexibility and Randomization under Uncertainty

By Kota Saito

蝌蚪网 Review, March 2015

An uncertainty-averse agent prefers betting on an event whose probability is known, to betting on an event whose probability is unknown. Such an agent may randomize his choices to eliminate the effects of uncertainty. For what sort of preferences does a r...

Deferred Compensation in Multiperiod Labor Contracts: An Experimental Test of Lazear's Model

By Steffen Huck, Andrew J. Seltzer, and Brian Wallace

蝌蚪网 Review, April 2011

This paper provides the first experimental test of Edward Lazear's (1979) model of deferred compensation. We examine the relationship between firms' wage offers and workers' effort supply in a multi-period environment. If firms can ex ante commit to a wa...

The Demand for Energy-Using Assets among the World's Rising Middle Classes

By Paul J. Gertler, Orie Shelef, Catherine D. Wolfram, and Alan Fuchs

蝌蚪网 Review, June 2016

We study household decisions to acquire energy-using assets in the presence of rising incomes. We develop a theoretical framework to characterize the effect of income growth on asset purchases when consumers face credit constraints. We use large and plaus...

Formal Measures in Informal Management: Can a Balanced Scorecard Change a Culture?

By Robert Gibbons and Robert S. Kaplan

蝌蚪网 Review, May 2015

We extend traditional agency theory by exploring the roles for formal measures when managerial behavior is not governed by rules, formulas, or contracts. Part I describes relational incentive contracts with informal weights on formal performance measures....

Convergence in Adaptation to Climate Change: Evidence from High Temperatures and Mortality, 1900-2004

By Alan Barreca, Karen Clay, Olivier 顿别蝉肠丑锚苍别蝉, Michael Greenstone, and Joseph S. Shapiro

蝌蚪网 Review, May 2015

This paper combines panel data on monthly mortality rates of US states and daily temperature variables for over a century (1900-2004) to explore the regional evolution of the temperature-mortality relationship and documents two key findings. First, the im...

Annotated Listing of New Books

Journal of Economic Literature, June 2016

Biological Gender Differences, Absenteeism, and the Earnings Gap

By Andrea Ichino and Enrico Moretti

蝌蚪网 Journal: Applied Economics, January 2009

In most countries, women are absent from work more frequently than men. Using personnel data, we find that the absences of women below the age of 45 follow a 28-day cycle, while the absences of men and of women over the age of 45 do not. We interpret t...

Notes

Journal of Economic Perspectives, Fall 2012

Does Aid Matter? Measuring the Effect of Student Aid on College Attendance and Completion

By Susan M. Dynarski

蝌蚪网 Review, March 2003

Robustness and Linear Contracts

By Gabriel Carroll

蝌蚪网 Review, February 2015

We consider a moral hazard problem where the principal is uncertain as to what the agent can and cannot do: she knows some actions available to the agent, but other, unknown actions may also exist. The principal demands robustness, evaluating possible ...

Obvious Ex Post Equilibrium

By Shengwu Li

蝌蚪网 Review, May 2017

I propose a new solution concept, obvious ex post (OXP) equilibrium. This is a formal standard of cognitive simplicity for mechanisms, in settings with interdependent values. Under some standard assumptions, the ascending auction has an efficient OXP equi...

JEL Classification System

Journal of Economic Literature, December 2017

Economic Methodology in a Nutshell

By Daniel M. Hausman

Journal of Economic Perspectives, Spring 1989

This essay is a tendentious survey of standard methodological literature, focusing on the empirical appraisal of theory, microeconomic theory in particular. I shall in particular discuss four approaches to praising or damning microeconomic theory that hav...

Intellectual Property Rights, the Industrial Revolution, and the Beginnings of Modern Economic Growth

By Joel Mokyr

蝌蚪网 Review, May 2009

Guns, Latrines, and Land Reform: Dynamic Pigouvian Taxation

By Michael Kremer and Jack Willis

蝌蚪网 Review, May 2016

Dynamically and statically optimal Pigouvian subsidies and taxes on durables will differ in a growing economy. In a dynamic game, consumers may delay purchasing durables with positive externalities, such as latrines, anticipating greater future subsidies....

Formal Contracts, Relational Contracts, and the Threat-Point Effect

By Hideshi Itoh and Hodaka Morita

蝌蚪网 Journal: Microeconomics, August 2015

We investigate whether formal contracts can help in resolving the holdup problem by studying repeated transactions between a seller and a buyer. Contrary to previous findings, we demonstrate that a simple fixed-price contract based on product delivery is ...

Do We Really Know That the WTO Increases Trade? Reply

By Andrew K. Rose

蝌蚪网 Review, December 2007

Contracts, Hold-Up, and Exports: Textiles and Opium in Colonial India

By Rachel Kranton and Anand V. Swamy

蝌蚪网 Review, June 2008

Trade and export, it is argued, spur economic growth. This paper studies the microeconomics of exporting. We build a heuristic model of transactions between exporters and producers and relate it to East India Company (EIC) operations in colonial Bengal...