Business Economics and Public Policy Papers

Business Economics and Public Policy Papers

 

Public policy considerations occupy an increasing portion of managers’ time, especially in the global arena. The leaders of tomorrow must be able to perform policy analysis as well as integrate policy issues into their general management thinking. Bringing a wealth of theoretical tools and practical experience to bear on the relationship among business, government, and society, Wharton’s Business Economics and Public Policy Department has been an innovative force in research, teaching, and public service. Areas of faculty expertise include deregulation and privatization, technology, public and urban finance, and international industrial policy.

Members of the Business Economics and Public Policy faculty have held presidential appointments on federal regulatory commissions, been managers in large corporations, held research appointments and fellowships in government and not-for-profit think tanks, serve on the boards of many corporations, and provide consulting services to international and U.S. government agencies.

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Submissions from 2017

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Cognitive Constraints on Valuing Annuities, Jeffrey R. Brown, Arie Kapteyn, Erzo F. P. Luttmer, and Olivia Mitchell

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A Theory of Collusion with Partial Mutual Understanding, Joseph E. Harrington Jr

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What Can the Duration of Discovered Cartels Tell Us About the Duration of All Cartels?, Joseph E. Harrington Jr and Yanhao Wei

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Optimal Financial Knowledge and Wealth Inequality, Annamaria Lusardi, Pierre-Carl Michaud, and Olivia Mitchell

Submissions from 2016

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Estimating Top Income and Wealth Shares: Sensitivity to Data and Methods, Jesse Bricker, Alice Henriques, Jacob Krimmel, and John Sabelhaus

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Heterogeneous Firms can Always Collude on a Minimum Price, Joseph E. Harrington Jr

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The Relative Efficacy of Price Announcements and Express Communication for Collusion: Experimental Findings, Joseph E. Harrington Jr, Roberto Hernan Gonzalez, and Praveen Kujal

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Time is Money: Rational Life Cycle Inertia and the Delegation of Investment Management, Hugh Hoikwang Kim, Raimond Maurer, and Olivia S. Mitchell

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Positive and Normative Judgments Implicit in U.S. Tax Policy, and the Costs of Unequal Growth and Recessions, Benjamin B. Lockwood and Matthew Weinzierl

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Will They Take The Money And Work? People's Willingness to Delay Claiming Social Security Benefits for a Lump Sum, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, and Tatjana Schimetschek

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Accounting and Actuarial Smoothing of Retirement Payouts in Participating Life Annuities, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, and Ivonne Siegelin

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The Opaqueness of Structured Bonds: Evidence from the U.S. Insurance Industry, Sojung Carol Park, Jean Lemaire, and Xiaoying Xie

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Punishment and Cooperation in Stochastic Social Dilemmas, Erte Xiao and Howard Kunreuther

Submissions from 2015

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Competition Policy and Cartel Size, Iwan Bos and Joseph E. Harrington Jr

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Price Controls and Market Structure: Evidence From Gasoline Retail Markets, Juan Esteban Carranza, Robert Clark, and Jean-François Houde

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Estimating Ambiguity Preferences and Perceptions in Multiple Prior Models: Evidence from the Field, Stephen G. Dimmock

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Do Newspapers Serve the State? Incumbent Party Influence on the US Press, 1869-1928, Matthew Gentzkow, Nathan Petek, Jesse M. Shapiro, and Michael Sinkinson

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Optimal Life Cycle Portfolio Choice with Variable Annuities Offering Liquidity and Investment Downside Protection, Vanya Horneff

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The External Validity of Laboratory Experiments: Qualitative Rather Than Quantitative Effects, Judd B. Kessler and Lise Vesterlund

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The Use of Annual Mileage as a Rating Variable, Jean Lemaire, Sojung Carol Park, and Kili Wang

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De Gustibus non est Taxandum: Heterogeneity in Preferences and Optimal Redistribution, Benjamin B. Lockwood and Matthew Weinzierl

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Comparing the Effectiveness of Individualistic, Altruistic, and Competitive Incentives in Motivating Completion of Mental Exercises, Heather Schofield, George Loewenstein, Jessica Kopsic, and Kevin G. Volpp

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Statistical Discrimination, Productivity, and the Height of Immigrants, Shing-Yi Wang

Submissions from 2014

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Price Dispersion in Mortgage Markets, Jason Allen, Robert Clark, and Jean-François Houde

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Imperfect Competition in Two-sided Matching Markets, Eduardo M. Azevedo

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'Feel the Warmth' Glow: A Field Experiment on Manipulating the Act of Giving, Amanda Chuan and Anya SavikhinSamek

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The Effect of Explicit Communication on Pricing: Evidence From the Collapse of a Gasoline Cartel, Robert Clark and Jean-François Houde

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Scenario Analysis in the Measurement of Operational Risk Capital: A Change of Measure Approach, Kabir Kalyan Dutta and David F. Babbel

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Taxation and the Earnings of Husbands and Wives: Evidence From Sweden, Alexander M. Gelber

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Imperfect Memory and Choice Under Risk, Daniel A. Gottlieb

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What Happens the Morning After? The Costs and Benefits of Expanding Access to Emergency Contraception, Tal Gross, Jeanne Lafortune, and Corinne Low

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Penalties and the Deterrence of Unlawful Collusion, Joseph E. Harrington Jr

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The Discontent Cartel Member and Cartel Collapse: The Case of the German Cement Cartel, Joseph E. Harrington Jr, Kai Hüschelrath, Ulrich Laitenberger, and Florian Smuda

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Cartel Sales Dynamics when Monitoring for Compliance is More Frequent than Punishment for Non-Compliance,, Joseph E. Harrington Jr and Juan-Pablo Montero

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Learning From (Failed) Replications: Cognitive Load Manipulations and Charitable Giving, Judd B. Kessler and Stephan Meier

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Getting More Organs for Transplantation, Judd B. Kessler and Alvin E. Roth

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Loopholes Undermine Donation: An Experiment Motivated by an Organ Donation Priority Loophole in Israel, Judd B. Kessler and Alvin E. Roth

Behavioral Economics and Health, Judd B. Kessler and C. Yiwei Zhang

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Addressing Affordability in the National Flood Insurance Program, Carolyn Kousky and Howard Kunreuther

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Globalization and its Effect on World Poverty and Inequality, Hardy Loh Rahim, Zanariah Zainal Abidin, Selina Dang Siew Ping, Mohamed Khaidir Alias, and Azim Izzuddin Muhamad

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Property Rights and Intra-household Bargaining, Shing-Yi Wang

Submissions from 2013

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Perverse Reverse Price Competition: Average Wholesale Prices and Medicaid Pharmaceutical Spending, Abby Alpert, Mark Duggan, and Judith K. Hellerstein

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Legislative Committees as Information Intermediaries: A Unified Theory of Committee Selection and Amendment Rules, Attila Ambrus, Eduardo Azevedo, Yuichiro Kamada, and Yuki Takagi

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Individual Learning and Social Learning: Endogenous Division of Cognitive Labor in a Population of Co-evolving Problem-Solvers, Myong-Hun Chang and Joseph E. Harrington Jr

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R&D and productivity: Estimating endogenous productivity, Ulrich Doraszelski and Jordi Jaumandreu

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Children’s Schooling and Parents’ Behavior: Evidence From the Head Start Impact Study, Alexander M. Gelber and Adam Isen

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Why do groups cooperate more than individuals to reduce risks?, Min Gong, Jonathan Baron, and Howard Kunreuther

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Political Ideology Affects Energy-Efficiency Attitudes and Choices, Dena Gromet, Howard Kunreuther, and Richard P. Larrick

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Corporate Leniency Programs When Firms Have Private Information: The Push of Prosecution and the Pull of Pre-emption, Joseph E. Harrington Jr

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Understanding the Democratic Transition in South Africa, Robert P. Inman and Daniel L. Rubinfeld

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The Current State of U.S. Household Balance Sheets, Jacob Krimmel, Kevin B. Moore, John Sabelhaus, and Paul Smith

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Making America More Resilient toward Natural Disasters: A Call for Action, Howard Kunreuther, Erwann Michel-Kerjan, and Mark Pauly PhD

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Antipsychotic Adherence Patterns and Health Care Utilization and Costs Among Patients Discharged After a Schizophrenia-Related Hospitalization, Daniel Markowitz, Sudeep Karve, Jessica Panish, Sean D. Candrilli, and Larry Alphs

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Resource Extraction Contracts Under Threat of Expropriation: Theory and Evidence, Johannes Stroebel and Arthur van Benthem

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Scale and Transfers in International Emissions Offset Programs, Arthur van Benthem and Suzi Kerr

Submissions from 2012

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A Multi-level Investigation of Information Technology Outsourcing, Benoit Aubert, Jean-François Houde, Michel Patry, and Suzanne Rivard

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Procurement in Supply Chains When the End-Product Exhibits the 'Weakest Link' Property, Stanley Baiman, Serguei Netessine, and Howard Kunreuther

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Rank Incentives: Evidence from a Randomized Workplace Experiment, Iwan Barankay

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A Dynamic Quality Ladder Model With Entry and Exit: Exploring the Equilibrium Correspondence Using the Homotopy Method, Ron N. Borkovsky, Ulrich Doraszelski, and Yaroslav Kryukov

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Information Effect of Entry Into Credit Ratings Market: The Case of Insurers' Ratings, Neil A. Doherty, Anastasia V. Kartasheva, and Richard D. Phillips

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Restricted Feedback in Long Term Relationships, Ulrich Doraszelski and Juan F. Escobar

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Should Educational Policies be Regressive, Daniel A. Gottlieb and Humberto Moreira

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Unintended Consequences From Nested State and Federal Regulations: The Case of the Pavley Greenhouse-gas-per-mile Limits, Lawrence H. Goulder, Mark R. Jacobsen, and Arthur van Benthem

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Exploring the Boundaries of Unlawful Collusion: Price Coordination when Firms Lack Full Mutual Understanding, Joseph E. Harrington Jr

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Signaling and Tacit Collusion in an Infinitely Repeated Prisoners’ Dilemma, Joseph E. Harrington Jr and Wei Zhao

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Fees, Framing, and Financial Literacy in the Choice of Pension Manager, Justin Hastings, Olivia S. Mitchell, and Eric Chyn

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Design of Investment Promotion Policies, Anastasia V. Kartasheva

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Norms and Contracting, Judd B. Kessler and Stephen Leider

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Policy Tenure Under the U.S. National Flood Insurance Program (NFIP), Erwann Michel-Kerjan, Sabine Lemoyne de Forges, and Howard Kunreuther

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Do Property Rights Lead to Sustainable Catch Increases?, Josh Nowlis and Arthur van Benthem

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Protecting Against Low-Probability Disasters: The Role of Worry, Christian Schade, Howard Kunreuther, and Philipp Koellinger

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Credit Constraints, Job Mobility, and Entrepreneurship: Evidence From a Property Reform in China, Shing-Yi Wang

Submissions from 2011

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Optimal Portfolio Choice over the Life Cycle with Flexible Work, Endogenous Retirement, and Lifetime Payouts, Jingjing Chai, Wolfram J. Horneff, Raimond Maurer, and Olivia S. Mitchell

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Optimal Portfolio Choice over the Life-Cycle with Flexible Work, Endogenous Retirement, and Lifetime Payouts, Jingjing Chai, Wolfram J. Horneff, Raimond Maurer, and Olivia S. Mitchell

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Longevity Risk Management in Singapore’s National Pension System, Joelle H Y Fong, Benedict S K Koh, and Olivia Mitchell

The Effect of Newspaper Entry and Exit on Electoral Politics, Matthew Gentzkow, Jesse M. Shapiro, and Michael Sinkinson

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Posted Pricing as a Plus Factor, Joseph E. Harrington Jr

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Private Monitoring and Communication in Cartels: Explaining Recent Collusive Practices, Joseph E. Harrington Jr and Andrzej Skrzypacz

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Stuck in the Adoption Funnel: The Effect of Interruptions in the Adoption Process on Usage, Anja Lambrecht, Katja Seim, and Catherine Tucker

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Financial Literacy and Retirement Planning in the United States, Annamaria Lusardi and Olivia S. Mitchell

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Financial Literacy Around the World: an Overview, Annamaria Lusardi and Olivia S. Mitchell

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Turning Wealth into Lifetime Income: The Challenge Ahead, Olivia Mitchell and John Piggott

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Insurance and Demand for Medical Care, Mark Pauly PhD

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Guaranteed Renewability Uniquely Prevents Adverse Selection in Individual Health Insurance, Mark Pauly PhD, Kai Menzel, Howard Kunreuther, and Richard A. Hirth

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Development Challenges in a Postcrisis World, Claudia Sepúlveda, Ann Harrison, and Justin Yifu Lin

Submissions from 2010

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Learning-by-Doing, Organizational Forgetting, and Industry Dynamics, David Besanko, Ulrich Doraszelski, Yaroslav Kryukov, and Mark Satterthwaite

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On the Role of Demand and Strategic Uncertainty in Capacity Investment and Disinvestment Dynamics, David Besanko, Ulrich Doraszelski, Lauren Xiaoyuan Lu, and Mark A. Satterthwaite

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A User’s Guide to Solving Dynamic Stochastic Games Using the Homotopy Method, Ron N. Borkovsky, Ulrich Doraszelski, and Yaroslav Kryukov

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Avoiding Market Dominance: Product Compatibility in Markets With Network Effects, Jiawei Chen, Ulrich Doraszelski, and Joseph E. Harrington Jr

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Computable Markov-perfect industry dynamics, Ulrich Doraszelski and Mark Satterthwaite

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You Can Take It with You: Proposition 13 Tax Benefits, Residential Mobility, and Willingness to Pay for Housing Amenities, Fernando V. Ferreira

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Stockpiling Anti-viral Drugs for a Pandemic: The Role of Manufacturer Reserve Programs, Joseph E. Harrington Jr and Edbert B. Hsu

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The Health Insurance Reform Debate, Scott E. Harrington

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Collective Investments for Pension Savings: Lessons from Singapore's Central Provident Fund scheme, Benedict SK Koh, Olivia S. Mitchell, and Joelle H. Fong

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The Evolution of Retirement Risk Management, Olivia S. Mitchell and Robert L. Clark

Racial Discrimination Among NBA Referees, Joseph Price and Justin Wolfers

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Stuck in the Middle: Impacts of Grade Configuration in Public Schools, Jonah E. Rockoff and Benjamin B. Lockwood

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Beyond the Classroom: Using Title IX to Measure the Return to High School Sports, Betsey Stevenson

Submissions from 2009

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Changes in the Incidence and Duration of Periods Without Insurance, David M. Cutler and Alexander M. Gelber

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Beyond Plain Vanilla: Modeling Joint Product Assortment and Pricing Decisions, Michaela Draganska, Michael J. Mazzeo, and Katja Seim