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Banzhaf, H. Spencer - 2020

The National Park Service and other agencies have argued that our recreation lands face a crisis of deferred maintenance. This paper evaluates two proposals for funding public lands, increasing gate fees and taxing recreational gear. It analyzes the joint welfare effects of such taxes and the...

Persistent link: https://www.econbiz.de/10012481396

Measuring the Output and Prices of the Lottery Sector : An Application of Implicit Expected Utility Theory

Yu, Kam - 2008

Using implicit expected utility theory, a money metric of utility derived from playing a lottery game is developed. Output of the lottery sector can be defined as the difference in utility with and without the game. Using a kinked parametric functional form, outputs of the Canadian Lotto 6/49...

Persistent link: https://www.econbiz.de/10012464626

Individual Preferences, Monetary Gambles and the Equity Premium

Barberis, Nicholas - 2003

We argue that narrow framing, whereby an agent who is offered a new gamble evaluates that gamble in isolation, separately from other risks she already faces, may be a more important feature of decision-making under risk than previously realized. To demonstrate this, we present evidence on...

Persistent link: https://www.econbiz.de/10012468695

Less of a Luxury : The Rise of Recreation since 1888

Costa, Dora L. - 1997

I show that recreation has become much more egalitarian over the last hundred years by estimating recreational expenditure elasticities in 1888-1890, 1917-1919, 1935-1936, 1972-1973, and 1991. I find that expenditure elasticities have fallen from around two at the beginning of the century to...

Persistent link: https://www.econbiz.de/10012472760

Tourism and Economic Development : Evidence from Mexico's Coastline

Faber, Benjamin - 2016

Tourism is a fast-growing services sector in developing countries. This paper combines a rich collection of Mexican microdata with a quantitative spatial equilibrium model and a new empirical strategy to study the long-term economic consequences of tourism both locally and in the aggregate. We...

Persistent link: https://www.econbiz.de/10012456375

Leverage and Beliefs : Personal Experience and Risk Taking in Margin Lending

Koudijs, Peter - 2014

What determines risk-bearing capacity and the amount of leverage in financial markets? Using unique archival data on collateralized lending, we show that personal experience can affect individual risk-taking and aggregate leverage. When an investor syndicate speculating in Amsterdam in 1772 went...

Persistent link: https://www.econbiz.de/10012458707

Wintertime for Deceptive Advertising?

Zinman, Jonathan - 2012

Casual empiricism suggests that deceptive advertising about product quality is prevalent, and several classes of theories explore its causes and consequences. We provide some unusually sharp empirical evidence on the extent, mechanics, and dynamics of deceptive advertising. Ski resorts...

Persistent link: https://www.econbiz.de/10012460829

Clubs and Networks in Economics Reviewing

Carrell, Scott E.; Figlio, David N.; Lusher, Lester - National Bureau of Economic Research - 2022

The network of economists who publish in leading journals is generally perceived as small, exclusive, and tightly knit …. We study how author-editor and author-reviewer network connectivity and "match" influences editor decisions and reviewer …

Persistent link: https://www.econbiz.de/10012814406

Fiscal Policy in a Networked Economy

Flynn, Joel P.; Patterson, Christina; Sturm, John - National Bureau of Economic Research - 2021

estimable formulae for the effects of fiscal policies on aggregate GDP, or fiscal multipliers, and show how network structures …

Persistent link: https://www.econbiz.de/10012794646

Naive Learning with Uninformed Agents

Banerjee, Abhijit - 2019

assumption that the process starts with every node in the network having a signal. We study a natural extension of the DeGroot … agent. This characterization result then allows us to relate network geometry to information aggregation. We identify an … example of a network structure where essentially only the signal of a single agent is aggregated, which helps us pinpoint a …

Persistent link: https://www.econbiz.de/10012479453