American Economic Review
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Опубликовано на портале: 15-12-2002Xavier Gabaix, David Laibson American Economic Review. 2000. Vol. 90. No. 2. P. 433-438.
Cognition requires scarce inputs, including time and concentration. Since cognition is costly, sophisticated decision-makers should use mental shortcuts, or heuristics, to reduce cognitive burdens. A model is proposed and tested that is motivated by these principles. It is believed this model achieves four goals. First, the model makes quantitative behavioral predictions and, hence, provides a precise alternative to the rational-actor hypothesis. Second, the model is psychologically plausible because it is based on the actual decisions algorithms that subjects claim to use. Third, the model is empirically testable; such a test is provided in this paper. Fourth, the model is broadly applicable, because it can be used to analyze decision problems that can be represented in tree form.
Опубликовано на портале: 15-12-2002Kristin J. Forbes American Economic Review. 2000. Vol. 90. No. 4. P. 869-887.
This paper challenges the current belief that income inequality has a negative relationship with economic growth. It uses an improved data set on income inequality which not only reduces measurement error, but also allows estimation via a panel technique. Results suggest that in the short and medium term, an increase in a country's level of income inequality has a significant positive relationship with subsequent economic growth.
A theory of buyer-seller networks [статья]
Опубликовано на портале: 15-12-2002Rachel E. Kranton, Deborah F. Minehart American Economic Review. 2001. Vol. 91. No. 3. P. 485-508.
A new model of exchange is introduced: networks, rather than markets, of buyers and sellers. It begins with the empirically motivated premise that a buyer and seller must have a relationship to exchange goods. Networks - buyers, sellers, and the pattern of links connecting them - are common exchange environments. This paper develops a methodology to study network structures and explains why agents may form networks. In a model that captures characteristics of a variety of industries, the paper shows that buyers and sellers, acting strategically in their own self-interests, can form the network structures that maximize overall welfare.
Опубликовано на портале: 19-11-2005Eric A. Hanushek American Economic Review. 2001. Vol. 91. No. 2. P. 24-28.
The estimates in the study considered whether any of the governmental or family factors individually could explain the magnitude and pattern of black-white achievement gaps. Neither the level nor the distribution of school spending appears to provide much explanation for the gaps. School spending levels show little consistent impact with any indication of differential impact on blacks being small. Direct analyses of the effects of spending equalization on performance similarly show little impact. On the other hand, governmental intervention through integration programs appears potentially more important.
Опубликовано на портале: 15-12-2002Gerald E. Auten, Holger Sieg, Charles Clotfelter American Economic Review. 2002. Vol. 92. No. 1. P. 371-382.
This study implies that taxes affect the level of contributions by way of a price effect and an income effect, each of which has two components, a transitory one and a persistent one. The findings suggest that persistent shocks in incomes have a larger impact on charitable donations than do their transitory counterparts. The most important behavioral aspect for considerations of tax policy is the persistent price effect, since transitory effects are passing. Through this effect tax reforms can have a long-lasting influence on charitable giving.
Опубликовано на портале: 15-12-2002Ernst Fehr, Simon Gachter American Economic Review. 2000. Vol. 90. No. 4. P. 980-994.
This paper shows experimentally that there is a widespread willingness of cooperators to punish free-riders. Results indicate that this holds true even if punishment is costly and does not provide any material benefits for the punisher. In addition, evidence is provided that free-riders are punished the more heavily the more they deviate from the cooperation levels of the cooperators.
Опубликовано на портале: 15-12-2002Lois Joy American Economic Review. 2000. Vol. 90. No. 2. P. 471-475.
Do gender differences in college majors and qualifications account for gender differences in labor market outcomes? For the overwhelming majority of men and women, The Baccalauarate and Beyond Longitudinal Study data suggest that the answer is no. Within the majority of majors and occupations, men earn more than women in first jobs. The exception to this is for science and humanities majors, were men do not obtain a wage advantage over women. However, even within the sciences, women are more than twice as likely as men to end up in clerical first jobs, which are considered by students to be among the least satisfactory jobs.
Does culture matter in economic behavior? Ultimatum game bargaining among the Machiguenga of the Peruvian Amazon [статья]
Опубликовано на портале: 15-12-2002Joseph Henrich American Economic Review. 2000. Vol. 90. No. 4. P. 973-979.
This article addresses the assumptions that humans everywhere deploy the same cognitive machinery for making economic decisions and, consequently, will respond similarly when faced with comparable economic circumstances. These assumptions are addressed with experimental evidence from the Peruvian Amazon.
Опубликовано на портале: 15-12-2002Christos Kotsogiannis, Michael J. Keen American Economic Review. 2002. Vol. 92. No. 1. P. 363-370.
The relative strengths of vertical and horizontal tax externalities turn on the balance between the interest responsiveness of the supply of savings and demand for capital, the extent to which immobile factors are taxed by the states, and the strength of preferences between federal and state expenditures. The vertical externality will dominate if the aggregate tax base of the federation is responsible to the state tax instrument. Tax interactions in federations are more complex than has often been supposed.
Опубликовано на портале: 15-12-2002Jere R. Behrman, Mark R. Rosenzweig American Economic Review. 2002. Vol. 92. No. 1. P. 323-334.
The positive cross-sectional relationship between the schooling of mothers and their children is substantially biased upward due to correlations between schooling and heritable ability as well as assortative mating. An increase in the schooling of women would not have beneficial effects in terms of the schooling of children. Increased maternal schooling leads to reduced home time for mothers. Anticipating the consequences of investing in women's schooling requires attention to the role that schooling plays in the marriage market as well as to opportunities in the labor market for women.
Does money illusion matter? [статья]
Опубликовано на портале: 15-12-2002Ernst Fehr, Jean-Robert Tyran American Economic Review. 2001. Vol. 91. No. 5. P. 1239-1262.
This paper shows that a small amount of individual-level money illusion may cause considerable aggregate nominal inertia after a negative nominal shock. In addition, the results indicate that negative and positive nominal shocks have asymmetric effects because of money illusion. While nominal inertia is quite substantial and long lasting after a negative shock, it is rather small after a positive shock.
Опубликовано на портале: 15-12-2002Gordon B. Dahl, Michael R. Ransom American Economic Review. 1999. Vol. 89. No. 4. P. 703-727.
Economists and psychologists argue that individuals skew personal beliefs to accord with their own interests. To test for this presence of self-serving beliefs, 1,200 members of the Mormon Church were surveyed about tithing. A tithe is a voluntary contribution equal to 10% of income. Since respondents must decide privately what income items to tithe, how the income definition depends on an individual's religious and financial incentives was observed. Surprisingly little evidence was found that an individual's financial situation influences beliefs about what counts as income for the tithe. However, ambiguity increases the role for self-serving biases.
Опубликовано на портале: 15-12-2002Marianne Bertrand, Sendhil Mullainathan American Economic Review. 2001. Vol. 91. No. 2. P. 67-72.
Four main messages emerge from the study of subjective survey data. First, a large experimental literature by and large supports economists' skepticism of subjective questions. Second, put in an econometric framework, these findings cast serious doubts on attempts to use subjective data as dependent variables, because the measurement error appears to correlate with a large set of characteristics in behaviors. Third, these data may be useful as explanatory variables. Finally, the empirical work suggests that subjective variables are useful in practice for explaining differences in behavior across individuals. Changes in answers to these questions, however, do not appear useful in explaining changes in behavior.
Опубликовано на портале: 03-12-2003Simon Kuznets American Economic Review. 1955. Vol. 45. No. 1. P. 1-28.
The process of industrialization engenders increasing income inequality as the labor force shifts from low-income agriculture to the high income sectors. On more advanced levels of development inequality starts decreasing and industrialized countries are again characterized by low inequality due to the smaller weight of agriculture in production (and income generation).
Опубликовано на портале: 15-12-2002John Duffy American Economic Review. 1999. Vol. 89. No. 4. P. 847-877.
Findings are reported from an experiment that implements a search-theoretic model of money as a medium of exchange. The question is whether subjects learn to adopt the same commodities as media of exchange that the model predicts will be used in equilibrium. It is reported that subjects have a strong tendency to play fundamental rather than speculative strategies even in environments where speculative strategies yield higher payoffs. Some possible motivations for subjects' behavior are examined, and it is concluded that subjects are mainly motivated by past payoff experience as opposed to the marketability considerations that the theory emphasizes.