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Tim Lee et Ananth Seshadri
vol. 127, n° 2, avril 2019, p. 855–921
We present a model in which human capital investments occur over the life-cycle and across generations, à la Becker and Tomes (1986), also featuring incomplete markets and government transfer programs. The human capital technology features multiple stages of investment during childhood, a college...
Milo Bianchi et Jean-Marc Tallon
vol. 65, n° 4, avril 2019, p. 1486–1501
We match administrative panel data on portfolio choices with survey data on preferences over ambiguity. We show that ambiguity averse investors bear more risk, due to a lack of diversification. In particular, they exhibit a form of home bias that leads to higher exposure to the domestic relative to...
Astrid Hopfensitz, Cesar Mantilla et Josepa Miquel-Florensa
vol. 72, n° 4, avril 2019, p. 1121–1153, 33 pages
We design and conduct a laboratory experiment with students and a field experiment with fishermen to test how catch uncertainty and reward schemes affect extraction in an open access fishery. We find that uncertainty in the relationship between effort and catch increases extraction effort and...
David Bardey et Daniel Mejía
vol. 19, n° 2, avril 2019, p. 1–19
This article tackles the feature of optimal public policy such as the level of enforcement and the supply of public goods in an economy characterized by a huge informal sector. We consider informality as the group of productive activities which,before hand, do not comply (totally or partially) with...
Thibault Laurent, Michel Le Breton, Dominique Lepelley et Olivier de Mouzon
vol. 179, n° 1, avril 2019, p. 51–95
The main purpose of this paper is to explore the consequences of the formation of either a Regional Popular Vote Interstate compact or a National Popular Vote Interstate compact on the functioning of the Electoral College. The two versions of interstate Compact which are considered here differ in...
Philippe Bontems
vol. 19, n° 2, avril 2019
This paper examines theoretically whether by combining both output based refunding and abatement expenditures based refunding it is possible to limit the negative consequences that a pollution tax imply for a polluting industry. We show that this is indeed the case by using a three-part policy...
Patrick Fève, Alban Moura et Olivier Pierrard
vol. 101, avril 2019, p. 130–144
This paper estimates a small-scale DSGE model of the US economy with interacting traditional and shadow banks. We find that shadow banks amplify the transmission of structural shocks by helping escape constraints from traditional intermediaries. We show how this leakage toward shadow entities...
Martin Boyer, Philippe De Donder, Claude Fluet, Marie-Louise Leroux et Pierre-Carl Michaud
vol. 44, n° 2, avril 2019, p. 183–215
This paper reports survey evidence on long-term care (LTC) risk misperceptions and demand for long-term care insurance (LTCI) in Canada. We study three LTC risks: needing help with at least one activity of daily living, needing access to a nursing home, and living to the age of 85. We contrast...
Marie Juanchich, Miroslav Sirota et Jean-François Bonnefon
vol. 32, n° 2, avril 2019, p. 179–193
We extend research on charity donations by exploring an everyday tactic for increasing compliance: asking politely. We consider three possible effects of politeness on charity donations: a positive effect, a negative effect, and a wiggle‐room effect where the perception of the request is adjusted...
Pierre Pestieau, Justina Klimaviciute et Jérôme Schoenmaeckers
vol. 44, n° 2, avril 2019, p. 216–230
This article studies long-term care (LTC) insurance in the presence of family altruism. We first explore whether family solidarity affects the application of Arrow’s (1963) deductible theorem, shown to apply in models without family in earlier work. We find that Arrow’s theorem generally holds, but...
