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Behavioral New Keynesian Models : Learning vs. Cognitive Discounting
Meggiorini, Greta; Milani, Fabio - 2021
This paper estimates a New Keynesian model with new and old behavioral elements. Agents in the model exhibit cognitive discounting, or myopia: they discount variables far into the future at higher rates than typically implied in the benchmark model. We investigate the model under different...
Persistent link: https://www.econbiz.de/10013229788
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Requiem for a Nudge : Framing Effects in Nudging Honesty
Dimant, Eugen - 2020
We examine framing effects in nudging honesty, in the spirit of the growing norm-nudge literature, by utilizing a high …-powered and pre-registered study. Across four treatments, participants received one random truthful norm-nudge that emphasized … unobservable to the experimenters. We find compelling null effects with tight confidence intervals showing that none of the norm-nudge …
Persistent link: https://www.econbiz.de/10012838243
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Bounded Rationality, Monetary Policy, and Macroeconomic Stability
Ilabaca, Francisco - 2019
This paper estimates a Behavioral New Keynesian model to revisit the evidence that passive US monetary policy in the pre-1979 sample led to indeterminate equilibria and sunspot-driven fluctuations, while active policy after 1982, by satisfying the Taylor principle, was instrumental in restoring...
Persistent link: https://www.econbiz.de/10012866811
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Incentive Complexity, Bounded Rationality and Effort Provision
Abeler, Johannes; Huffmann, David B.; Raymond, Collin - 2023
Using field and laboratory experiments, we demonstrate that the complexity of incentive schemes and worker bounded rationality can affect effort provision, by shrouding attributes of the incentives. In our setting, complexity leads workers to over-provide effort relative to a fully rational...
Persistent link: https://www.econbiz.de/10014346847
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Gender Differences in Face-to-Face Deceptive Behavior
Lohse, Tim - 2020
We study the role of face-to-face interaction for gender differences in deceptive behavior and perceived honesty. In the first part, we compare women's to men's deceptive behavior using data from an incentivized income reporting experiment in which lies can be detected in the course of an audit....
Persistent link: https://www.econbiz.de/10012845682
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Perceived Wealth, Cognitive Sophistication and Behavioral Inattention
Assenza, Tiziana - 2020
By means of a laboratory experiment, we show that, contrary to standard consumer theory, financially equivalent balance …
Persistent link: https://www.econbiz.de/10012845685
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Congestion in the Electricity Transmission System Redistributes Pollution Across Long Distances
Johnson, Erik - 2020
Electricity transmission redistributes environmental impacts across space. We exploit episodes of high electricity transmission system congestion to explore changes in ambient concentrations of air pollutants in the eastern United States. Reducing electricity system congestion decreases ozone...
Persistent link: https://www.econbiz.de/10012825399
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Welfare Losses of Road Congestion
Russo, Antonio - 2019
We estimate the marginal external congestion cost of motor-vehicle travel for Rome, Italy, using a methodology that accounts for hypercongestion (a situation where congestion decreases a road’s throughput). We show that the external cost – even when roads are not hypercongested...
Persistent link: https://www.econbiz.de/10012867018
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Monopsony Power, Income Taxation and Welfare
Hummel, Albert Jan - 2021
This paper studies the implications of monopsony power for optimal income taxation and welfare. Firms observe workers’ abilities while the government does not and monopsony power determines what share of the labor market surplus is translated into profits. Monopsony power increases the tax...
Persistent link: https://www.econbiz.de/10013224073
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Optimal Lockdown and Social Welfare
Pestieau, Pierre; Ponthiere, Gregory - 2021
This paper reexamines the design of the optimal lockdown strategy by paying attention to its robustness to the postulated social welfare criterion. We first characterize optimal lockdown under utilitarianism, and we show that this social criterion can, under some conditions, imply a COVID19...
Persistent link: https://www.econbiz.de/10013314954