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Georges Casamatta

vol. 138, n. 3, April 2023, pp. 195–219

We consider an infinite-horizon economy populated by two types of individuals, some individuals being more productive than others. Individuals live one period and are altruistic toward their children. Assuming that the allocation received by a given individual depends only on his type and the one...

Estelle Malavolti, and Augustin Lesgourgues

vol. 170, n. 103613, April 2023

We develop a schedule delay model using advanced econometrics techniques, while computing the social cost of passenger delays, in order to propose an alternative to the method of defining such cost that is actually found in the literature. This study has been made possible by obtaining private...

Jeffrey A. Friedman

vol. 75, n. 2, April 2023, pp. 280–315

This article explains how leaders can use foreign policy issues to shape their personal images. It argues, in particular, that presidents and presidential candidates can use hawkish foreign policies to craft valuable impressions of leadership strength. This dynamic can give leaders incentives to...

Anders Bondemark, Henrik Andersson, and Karin Brundell-Freij

vol. 170, n. 103621, April 2023

In this paper, we study how the distributional preferences of planners and the public diverge in the context of national infrastructure planning. To do so, we surveyed a sample of 323 planners working at the Swedish Transport Administration and 2,108 members of the Swedish public. The most striking...

Thomas Mariotti, Nikolaus Schweizer, Nora Szech, and Jonas von Wangenheim

vol. 69, n. 4, April 2023, pp. 2182–2197

We study the optimal design of information nudges for present-biased consumers who make sequential consumption decisions without exact prior knowledge of their long-term consequences. For any distribution of risks, there exists a consumer-optimal information nudge that is of cutoff type,...

Gesche Huebner, Sylvain Chabé-Ferret, Anouch Missirian, Shanyong Wang, Alejandro Lopez-Feldman, Giovanni Sogari, Zhaohua Wang, Hao Li, Bin Zhang, Bo Wang, Srishti Mediratta, and Diana Ivanova

vol. 6, n. 4, April 2023, pp. 329–332

According to the IPCC, changes to our lifestyles and behavior could result in a 40%–70% reduction in greenhouse gas emissions by 2050. However, promoting impactful behavioral shifts through norms, policies, infrastructure, and technology remains challenging. This Voices asks: what must be...

Jean Tirole

vol. 7, n. 4, April 2023, pp. 171–177

Should agencies confine their role to their main duty or should they embrace new and desirable societal objectives? This article first discusses two emblematic examples of mission expansion: socially responsible competition authorities and green central banks. It then sheds light on the ongoing...

Eva Raiber, Weiwei Ren, Jeanne Bovet, Paul Seabright, and Charlotte Wang

vol. 71, n. 3, April 2023

In many societies, parents are involved in selecting a spouse for their child, integrating this with decisions about premarital investment such as education. Do spousal preferences of parents and children conflict? We estimate parents’ spousal preferences based on survey choices between random...

Bruno Biais, Christophe Bisière, Matthieu Bouvard, Catherine Casamatta, and Albert J. Menkveld

vol. 78, n. 2, April 2023, pp. 967–1014

We offer an overlapping generations equilibrium model of cryptocurrency pricing and confront it to new data on bitcoin transactional benefits and costs. The model emphasizes that the fundamental value of the cryptocurrency is the stream of net transactional benefits it will provide, which depend on...

Pascal Bégout, and Jesus Ildefonso Diaz

vol. 3/4, n. 28, March 2023, pp. 311–340