Showing 1 - 10 of 612
Tourism is a fast-growing services sector in developing countries. This paper combines a rich collection of Mexican … consequences of tourism both locally and in the aggregate. We find that tourism causes large and significant local economic gains … regions, so that the national gains from trade in tourism are mainly driven by a classical market integration effect …
Persistent link: https://www.econbiz.de/10012989735
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/10012767726
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/10012771827
This paper examines how governance and risk management affect risk-taking in banks. It distinguishes between good risks, which are risks that have an ex ante private reward for the bank on a stand-alone basis, and bad risks, which do not have such a reward. A well-governed bank takes the amount...
Persistent link: https://www.econbiz.de/10013051309
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/10013057407
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/10014158057
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/10013294774
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/10013110933
The large asset price jumps that took place during 2008 and 2009 disrupted volatility derivatives markets and caused the single-name variance swap market to dry up completely. This paper defines and analyzes a simple variance swap, a relative of the variance swap that in several respects has...
Persistent link: https://www.econbiz.de/10013128275
We exploit an exogenous health shock--the birth of a child with a severe health condition--to investigate the causal … effect of a life shock on homelessness. Using survey data from the Fragile Families and Child Wellbeing study that have been … augmented with information from hospital medical records, we find that the health shock increases the likelihood of homelessness …
Persistent link: https://www.econbiz.de/10013129129