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The Quality of Ideas : Measuring Innovation with Multiple Indicators
Lanjouw, Jean O. - 1999
We model early expectations about the value and technological importance ('quality') of a patented innovation as a latent variable common to a set of four indicators: the number of patent claims, forward citations, backward citations and family size. The model is estimated for four technology...
Persistent link: https://www.econbiz.de/10012471439
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Bayesian Performance Evaluation
Baks, Klaas - 1999
This paper proposes a Bayesian method of performance evaluation for investment managers. We begin with a flexible set of prior beliefs that can be elicited without any reference to probability distributions or their parameters. We then combine these prior beliefs with a general multi-factor...
Persistent link: https://www.econbiz.de/10012471727
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Competition and Selection in Credit Markets
Yannelis, Constantine; Zhang, Anthony Lee - National Bureau of Economic Research - 2021
We present both theory and evidence that increased competition may decrease rather than increase consumer welfare in subprime credit markets. We present a model of lending markets with imperfect competition, adverse selection and costly lender screening. In more competitive markets, lenders have...
Persistent link: https://www.econbiz.de/10012616617
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On Criteria for Evaluating Social Programs
García García-Menéndez, Jorge Luis; Heckman, James J. - National Bureau of Economic Research - 2022
This paper examines the economic foundations of some recently proposed criteria for evaluating the benefits of social programs. These criteria are appropriate for comparing a class of revenue-constant policies. They replace foundational principles of social opportunity costs with accounting...
Persistent link: https://www.econbiz.de/10013191099
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Effects of Photo ID Laws on Registration and Turnout : Evidence from Rhode Island
Esposito, Francesco Maria - 2019
We study the effect of photo ID laws on voting using a difference-in-differences estimation approach around Rhode Island's implementation of a photo ID law. We employ anonymized administrative data to measure the law's impact by comparing voting behavior among those with drivers' licenses versus...
Persistent link: https://www.econbiz.de/10012479459
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Mortality Risk, Insurance, and the Value of Life
Bauer, Daniel - 2018
We develop a new framework for valuing health and longevity improvements that departs from conventional but unrealistic assumptions of full annuitization and deterministic health. Our framework can value the prevention of mortality and of illness, and it can quantify the effects of retirement...
Persistent link: https://www.econbiz.de/10012480708
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Partial Rating Area Offering in the ACA Marketplaces : Facts, Theory and Evidence
Fang, Hanming - 2018
number of geographic ``rating areas." The ACA mandates that an insurer price its health insurance plan uniformly in all … counties within the same rating area, conditional on insurees' age and smoking status. However, the ACA does \textit …{not} require that an insurer sell its plan in all counties in a rating area. Using the federal marketplace data, we quantify the …
Persistent link: https://www.econbiz.de/10012480806
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Partisan Professionals : Evidence from Credit Rating Analysts
Kempf, Elisabeth - 2018
rating analysts to party affiliations from voter records, we show that analysts who are not affiliated with the U …. We also find a sharp divergence in the rating actions of Democratic and Republican analysts around the 2016 presidential …
Persistent link: https://www.econbiz.de/10012480943
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Searching for Approval
Agarwal, Sumit - 2020
We study the interaction of search and application approval in credit markets. We combine a unique dataset, which details search behavior for a large sample of mortgage borrowers, with loan application and rejection decisions. Our data reveal substantial dispersion in mortgage rates and search...
Persistent link: https://www.econbiz.de/10012481535
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The Impact of Prices on Firm Reputation
Luca, Michael - 2020
prices on reputation, we investigate daily data on menu prices and online ratings from a large rating and ordering platform …. We find that a price increase of 1% leads to a decrease of 3%-5% in the average rating. Consistent with this, the overall …
Persistent link: https://www.econbiz.de/10012481600