American Economic Review
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Опубликовано на портале: 15-12-2002George Loewenstein American Economic Review. 2000. Vol. 90. No. 2. P. 426-432.
Economists have not explicitly denied the existence and significance of visceral factors but have traditionally left them out of their analyses, whether because their influence is perceived as transient and hence unimportant, or because they are seen as too unpredictable and complex to be amenable to formal modeling. An attempt is made to show that both of these assumptions are false. Visceral factors have important, but often underappreciated, consequences for behavior. Moreover, both the determinants of visceral factors and their impact on behavior are not only systematic, but amenable to formal modeling.
Опубликовано на портале: 22-07-2003Peter Howitt American Economic Review. 2000. Vol. 90. No. 4. P. 829-846.
In this study, a multicountry Schumpeterian growth model is constructed. Because of technology transfer, R&D-performing countries converge to parallel growth paths; other countries stagnate. A parameter change that would have raised a country's growth rate in standard Schumpeterian theory will permanently raise its productivity and per capita income relative to other countries and raise the world growth rate. Transitional dynamics are analyzed for each country and for the world economy.
Estimating the effect of unearned income on labor earnings, savings, and consumption: Evidence from a survey of lottery players [статья]
Опубликовано на портале: 15-12-2002Guido W. Imbens, Donald B. Rubin American Economic Review. 2001. Vol. 91. No. 4. P. 778-794.
This paper provides empirical evidence about the effect of unearned income on earnings. consumption, and savings. Using an original survey of people playing the lottery in Massachusetts in the mid-1980's, the effects of the magnitude of lottery prizes on economic behavior are analyzed. The critical assumption is that among lottery winners the magnitude of the prize is randomly assigned. It is found that unearned income reduces labor earnings, with a marginal propensity to consume leisure of approximately 11 percent, with larger effects for individuals between 55 and 65 years old. After receiving about half their prize, individuals saved about 16 percent.
Опубликовано на портале: 15-12-2002David L. Carr, James R. Markusen, Keith E. Maskus American Economic Review. 2001. Vol. 91. No. 3. P. 693-708.
The knowledge-capital approach to the multinational enterprise as outlined in this paper is operational and yields clear, testable hypotheses. It is more useful than some other theories of FDI, such as the transactions cost approach to multinational enterprises. Hypotheses are tested regarding the importance of multinational activity between countries as a function of certain characteristics of those countries, particularly size, size differences, relative endowment differences, trade and investment costs, and certain interactions among these variables as predicted by theory. Data fit the model well, lending considerable support to the theory. Outward investment from a source country to affiliates in a host country is increasing the sum of their economic sizes, their similarity in size, the relative skilled-labor abundance of the parent nation, and the interaction between size and relative endowment differences.
Опубликовано на портале: 15-12-2002Rachel Croson, Nancy Buchan American Economic Review. 1999. Vol. 89. No. 2. P. 386-39.
Gender is rarely included as a factor in economic models. However, recent work in experimental economics, as well as in psychology and political science, suggests that gender is an important determinant of economic and strategic behavior. Gender differences in bargaining are examined using the trust game introduced by Joyce Berg et al. (1995). In this two-person game, the proposer is given a choice of sending some, all, or none of his or her $10 experimental payment to an anonymous partner, the responder. For US subjects, Berg et al. found that 30 of 32 proposers deviated from economic equilibrium and sent some money to their partners. In sending money, proposers are trusting that their partners will return some money to them. In addition, 24 out of 32 of responders who received money returned some. Gender differences in this game are discussed.
Опубликовано на портале: 15-12-2002Donna K. Ginther, Kathy J. Hayes American Economic Review. 1999. Vol. 89. No. 2. P. 397-402.
In their annual review of academic salaries, the American Association of University Professors observes large gender-related salary differentials. At doctoral-level institutions, male professors at the rank of full professor earn 11.4% more than women full professors. Data on academic labor markets from the Survey of Doctorate Recipients to evaluate gender differences in salaries and promotion probabilities. Differences in employment outcomes by gender are found using two methods: the Oaxaca decomposition is used to examine salary differentials, and duration analysis is used to estimate promotion to tenure. While gender salary differences can largely be explained by academic rank, substantial gender differences in promotion to tenure exist after controlling for productivity, demographic characteristics, and primary work activity.
Опубликовано на портале: 15-12-2002Linda Goldberg, Joseph Tracy American Economic Review. 2001. Vol. 91. No. 2. P. 400-405.
A study finds that women, like men, experience most of the expected wage response to dollar fluctuations at times of job transitions, rather than when they remain with the same employer. In this context, dollar-depreciation periods, which are generally viewed as providing positive labor demand shocks, reduce the penalties that often are associated with a job change. Since women have higher job-changing rates than their male counterparts, these findings suggest that the average female worker has more sensitive wages than her male counterpart. Within the population there is diversity in these effects, with the least-educated women having both the highest job-transition rates and the largest response to exchange rates at these transitions.
Опубликовано на портале: 15-12-2002Finis Welch American Economic Review. 2000. Vol. 90. No. 2. P. 444-449.
Although increased wage inequality among men during the past three decades has received more attention, the growth in women's wages has been equally remarkable. In fact, by one measure of inequality, the ninth-decile/median ratio, the proportional growth in inequality has moved in exact proportion with the female/male wage ratio. It is suggested that both result from expansion in the value of brains relative to brawn. There is no way of knowing the full story of growth in women's relative wages, and it is important not to dismiss the import of changing career patterns. As is evident in the panel data, increasing labor market participation must be important. So, too, are the implications that follow the movement of women from the home to the job.
Опубликовано на портале: 15-12-2002Karen E. Dynan American Economic Review. 2000. Vol. 90. No. 3. P. 391-406.
This paper tests for the presence of habit formation using household data. A simple model of habit formation implies a condition relating the strength of habits to the evolution of consumption over time. When the condition is estimated with food consumption data from the Panel Study on Income Dynamics, the results yield no evidence of habit formation at the annual frequency. This finding is robust to a number of changes in the specification. It also holds for several proxies for nondurables and services consumption created by combining PSID variables with weights estimated from Consumer Expenditure Survey data.
Опубликовано на портале: 15-12-2002Lutz Hendricks American Economic Review. 2002. Vol. 92. No. 1. P. 198-219.
This paper offers new evidence on the sources of cross-country income differences. It exploits the idea that observing immigrant workers from different countries in the same labor market provides an opportunity to estimate their human-capital endowments. These estimates suggest that human and physical capital account for only a fraction of cross-country income differences. For countries below 40% of the US output per worker, less than half of the output gap relative to the US is attributed to human and physical capital.
Опубликовано на портале: 15-12-2002Wei-Yin Hu American Economic Review. 2000. Vol. 90. No. 2. P. 368-372.
Analysis of longitudinal data for immigrants presents a more pessimistic portrait of immigrants' economic success. First, the rate of growth of immigrant earnings was overstated in census-based studies. Second, the worsening of immigrant earnings for more recent arrival cohorts is deeper than previously suggested. Against these two negative findings, one must keep in mind an important caveat. The steeper cohort decline in earnings may be a sign of greater human-capital investment by more recent immigrants. Longitudinal data suggest a strong degree of earnings convergence: immigrants who start at lower earnings quickly make up a large part of the deficit relative to their immigrant counterparts.
Опубликовано на портале: 15-12-2002Harriet Orcott Duleep, Mark C. Regets American Economic Review. 1999. Vol. 89. No. 2. P. 186-191.
The following question is approached theoretically and empirically: Why do immigrants invest more in human capital than the native-born, and how do investment patterns vary by type of immigrant? It is found that greater immigrant human capital investment is due to the lower opportunity costs of investment by immigrants lacking US-specific skills and the role of untransferred human capital as a factor of production for destination-country skills, as well as the higher return to investment spending from the complementarity of foreign and US human capital. This theoretical insight is supported by direct evidence of human capital investment and by empirical analyses.
Опубликовано на портале: 15-12-2002Joseph Henrich, Robert Boyd, Samuel Bowles American Economic Review. 2001. Vol. 91. No. 2. P. 73-78.
Twelve experienced field researchers, working in 12 countries on five continents, recruited subjects from 15 small-scale societies exhibiting a wide variety of economic and cultural conditions. While the results do not imply that economists should abandon the rational-actor framework, they do suggest 2 major revisions. First, the canonical model of the self-interested material payoff-maximizing actor is systematically violated. Second, preferences over economic choices are not exogenous as the canonical model would have it, but rather are shaped by the economic and social interactions of everyday life. Finally, the connection between experimental behavior and the structure of everyday economic life should provide an important clue in revising the canonical model of individual choice behavior.
Опубликовано на портале: 15-12-2002Haizhou Huang, Chenggang Xu American Economic Review. 1999. Vol. 89. No. 2. P. 438-443.
The fundamental importance of economic institutions for economic growth through their impact on technological change has long been argued by Joseph Schumpter and others. Recent empirical studies have reconfirmed such arguments. Robert Barro (1997) finds that economic and political institutions are the most important factors in explaining differences in growth across economies. New growth theory has made major breakthroughs in endogenizing technological changes. However, although some insightful and inspiring discussions of institutional impacts of innovation are provided, there is little attempt in these models to explain what, aside from capital, labor inputs, and knowledge accumulation, determines innovation. An attempt is made to fill the gap in literature by examining how financial institutions affect technological innovation and thus affect growth.
Опубликовано на портале: 15-12-2002John Hassler, Jose V. Rodriguez Mora American Economic Review. 2000. Vol. 90. No. 4. P. 888-908.
This study develops a model where the allocation of human resources, intergenerational social mobility, and technological growth are jointly determined. High growth endogenously increases the equilibrium return to innate cognitive ability and makes the allocation of individuals depend more on innate ability and less on social background. A social allocation based on innate ability and high growth will thus reinforce each other, implying the possibility of multiple endogenous growth equilibria.