1,720,971 research outputs found
Competition with Endogenous Health Risks
No full textWe study an economy where agents' productivity and labor endowment depend on their health status, and indivisible occupational choices affect individual health distributions. We show that efficiency requires cross-transfers across occupations. Moreover, workers with relatively less safe jobs must get positive transfers whenever labor supply is not very reactive to wages, a condition in line with the findings of a large empirical literature. In these instances, compensating wage differentials equalizing the utilities of ex ante identical workers in different jobs undermine ex ante efficiency. Moreover, competitive equilibria where only assets with deterministic payoffs are traded are not first-best. Finally, we show that simple transfer schemes, implemented through linear subsidies to health insurance, enhance efficiency. (JEL: D5, D61, D80
Multiple Bank Lending, Creditor Rights and Information Sharing
No full textMultiple bank lending induces borrowers to take too much debt
when creditor rights are poorly protected; moreover, banks
wish to engage in opportunistic lending at their competitors’
expenses if borrowers’ collateral is sufficiently risky. These
incentives lead to credit rationing and posit
ive-profit interest rates, possibly exce
eding the monopoly level. If banks share
information about past debts and seniority vi
a credit reporting systems, the incentive
to overborrow is mitigated: interest and
default rates decrease; credit access improves if the value of co
llateral is not very volatile, but worsens otherwise. Recent
empirical studies report evidence consist
ent with these predictions. The paper also
shows that private and social incentives
to share information are not necessarily aligned.
JEL classification
: D73, K21, K42, L5
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
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