Growth Opportunities and Technology Shocks

By Leonid Kogan and Dimitris Papanikolaou

American Economic Review, May 2010

Incarceration and Incapacitation: Evidence from the 2006 Italian Collective Pardon

By Paolo Buonanno and Steven Raphael

American Economic Review, October 2013

In August 2006, the Italian government released one-third of the nation's prison inmates via a national collective pardon. We test for a discontinuous break in national crime rates corresponding to the mass release. We also test for the effect of the r...

Does Innovation Cause Stock Market Runups? Evidence from the Great Crash

By Tom Nicholas

American Economic Review, September 2008

This article examines the stock market's changing valuation of corporate patentable assets between 1910 and 1939. It shows that the value of knowledge capital increased significantly during the 1920s compared to the 1910s as investors responded to the ...

Recommendations for Further Reading

By Bernard Saffran

Journal of Economic Perspectives, Spring 1989

The Top 1 Percent in International and Historical Perspective

[Symposium: The Top 1 Percent]

By Facundo Alvaredo, Anthony B. Atkinson, Thomas Piketty, and Emmanuel Saez

Journal of Economic Perspectives, Summer 2013

The top 1 percent income share has more than doubled in the United States over the last 30 years, drawing much public attention in recent years. While other English-speaking countries have also experienced sharp increases in the top 1 percent income sha...

Gary Becker: Model Economic Scientist

By James J. Heckman

American Economic Review, May 2015

This paper presents Gary Becker's approach to conducting creative, empirically fruitful economic research. It describes the traits and methodology that made him such a productive and influential scholar.

The Salaries of Ph.D.'s in Academe and Elsewhere

By Albert Rees

Journal of Economic Perspectives, Winter 1993

It has long been known that Ph.D.'s working for academic institutions earn less than Ph.D.'s in the same disciplines working for other kinds of employers, especially government and industry. It has not been possible to tell, however, whether this differen...

Social Distance and Other-Regarding Behavior in Dictator Games: Comment

By Iris Bohnet and Bruno S. Frey

American Economic Review, March 1999

The Case for a Progressive Tax: From Basic Research to Policy Recommendations

By Peter Diamond and Emmanuel Saez

Journal of Economic Perspectives, Fall 2011

This paper presents the case for tax progressivity based on recent results in optimal tax theory. We consider the optimal progressivity of earnings taxation and whether capital income should be taxed. We critically discuss the academic research on these t...

Identification and Estimation of Bidders' Risk Aversion in First-Price Auctions

By Isabelle Perrigne and Quang Vuong

American Economic Review, May 2007

Noise, Information, and the Favorite-Longshot Bias in Parimutuel Predictions

By Marco Ottaviani and Peter Norman Sorensen

American Economic Journal: Microeconomics, February 2010

According to the favorite-longshot bias, the expected return on an outcome tends to increase in the fraction of bets laid on that outcome. We derive testable implications for the direction and extent of the bias depending on the ratio of private inform...

The War on Poverty's Experiment in Public Medicine: Community Health Centers and the Mortality of Older Americans

By Martha J. Bailey and Andrew Goodman-Bacon

American Economic Review, March 2015

This paper uses the rollout of the first Community Health Centers (CHCs) to study the longer-term health effects of increasing access to primary care. Within ten years, CHCs are associated with a reduction in age-adjusted mortality rates of 2 percent amon...

The Return to Capital in Ghana

By Christopher Udry and Santosh Anagol

American Economic Review, May 2006

Workers' Spending Response to the 2011 Payroll Tax Cuts

By Grant Graziani, Wilbert van der Klaauw, and Basit Zafar

American Economic Journal: Economic Policy, November 2016

This paper investigates workers' spending response to the 2011 payroll tax cuts. Respondents were surveyed at the beginning and end of 2011, which allows the comparison of ex ante and ex post reported use of the extra income. While workers on average inte...

Salience and Asset Prices

By Pedro Bordalo, Nicola Gennaioli, and Andrei Shleifer

American Economic Review, May 2013

We present a simple model of asset pricing in which payoff salience drives investors' demand for risky assets. The key implication is that extreme payoffs receive disproportionate weight in the market valuation of assets. The model accounts for several pu...

Pricing in the Market for Anticancer Drugs

By David H. Howard, Peter B. Bach, Ernst R. Berndt, and Rena M. Conti

Journal of Economic Perspectives, Winter 2015

In 2011, Bristol-Myers Squibb set the price of its newly approved melanoma drug ipilimumab— brand name Yervoy—at $120,000 for a course of therapy. The drug was associated with an incremental increase in life expectancy of four months. Drugs ...

Understanding Consumption Behavior: Evidence from Consumers' Reaction to Shopping Vouchers

By Kamhon Kan, Shin-Kun Peng, and Ping Wang

American Economic Journal: Economic Policy, February 2017

This paper advances our understanding of consumption behavior using the 2009 Taiwan Shopping Voucher Program. This program was universal and well publicized, and its payment to each individual was medium-sized. Based on survey data, it is found that the m...

Report of the Editor: American Economic Journal: Applied Economics

By Esther Duflo

American Economic Review, May 2010

Exploiting Naïvete about Self-Control in the Credit Market

By Paul Heidhues and Botond Kőszegi

American Economic Review, December 2010

We analyze contract choices, loan-repayment behavior, and welfare in a model of a competitive credit market when borrowers have a taste for immediate gratification. Consistent with many credit cards and subprime mortgages, for most types of nonsophisticat...

How the Electoral College Influences Campaigns and Policy: The Probability of Being Florida

By David Stromberg

American Economic Review, June 2008

This paper analyzes how US presidential candidates should allocate resources across states to maximize the probability of winning the election, by developing and estimating a probabilistic-voting model of political competition under the Electoral Colle...