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Elicited preference rankings for two lotteries are typically inconsistent across choice and pricing tasks. We test whether pre-play learning makes preference rankings consistent. Pre-play learning denotes ex-ante lottery learning, where subjects observe playing lotteries before making decisions. We find that pre-play learning makes the average selling prices for the p-bet, of subjects who choose the p-bet, higher than their average selling prices for the $-bet. However, pre-play learning is not strong enough to equalize the rates of standard and non-standard reversals, although pre-play learning reduces the rate of standard reversals.
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We find that routine-biased technological change decreases the employment-to-population ratio of foreign-born population over the last three decades (1980–2010). This impact is greater for foreign-born population with lower English proficiency. As computerization and automation substitute for workers in routine occupations, switching from routine jobs to non-routine cognitive jobs may be more challenging for foreign-born workers than for native workers. © 2021, EEA.
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We show that overconfident individuals are likely to be arrested for public intoxication by using arrest records from a university town police log. This relationship is robust to various control variables such as risk aversion, time discounting, present bias, self-control, selfishness, loss aversion, and socializing with peers arrested for public intoxication. However, this relationship is no longer significant using only self-reported arrest data. We hypothesize that overconfident individuals are likely to underreport their arrests. This result has important implications for the use of self-reported data on public intoxication arrests rather than actual arrest records.
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Both urban and rural firm entry rates have declined over the last three decades, and the urban–rural gap in firm entry rates has increased. We investigate which local market factors are associated with the divergence between 1993 and 2019. Our model includes local measures of firm agglomeration, population agglomeration, human capital, consumption demand, government fiscal policies, and natural amenities. Their effects on firm entry are consistent over time and have similar signs in both rural and urban markets. While the magnitudes of these factors have remained fairly stable over time, their impact on firm entry has diminished in both markets, which has lowered the rate of firm entry overall. Larger rural market declines in the importance of firm agglomeration, population agglomeration, and educated labor supply are the main factors driving the rising gap in urban–rural firm entry.
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The U.S. Department of Agriculture expects companies to disclose genetically modified (GM) ingredients in foods and beverages by January 2022. While food companies fear that the stigma of GM labels could cause GM food sales to decline, eco-labeling could lessen the impact of GM-labeling. The results of the present research indicate that neither the eco-labeling alone nor the eco-labeling accompanied by information about the environmental benefits of GM crops influence consumers’ willingness to buy. Based on the mediation analysis, however, trust of eco-labels mediates the relationship between GM foods’ environmental friendliness information and consumers’ willingness to buy eco-labeled GM food. The theoretical and practical implications of the findings are discussed. © 2020
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We test whether commonly used measures of agglomeration economies encourage new firm entry in both urban and rural markets. Using new firm location decisions in Iowa and North Carolina, we find that measured agglomeration economies increase the probability of new firm entry in both urban and rural areas. Firms are more likely to locate in markets with an existing cluster of firms in the same industry, with greater concentrations of upstream suppliers or downstream customers, and with a larger proportion of college-educated workers in the local labor supply. Firms are less likely to enter markets with no incumbent firms in the sector or where production is concentrated in relatively few sectors. The same factors encourage both stand-alone start-ups and establishments built by multiplant firms. Commuting decisions exhibit the same pattern as new firm entry with workers commuting from low to high agglomeration markets. Because agglomeration economies are important for rural firm entry also, policies encouraging new firm entry should focus on relatively few job centers rather than encouraging new firm entry in every small town.
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Using data on a sample of small Iowa towns consistently collected over two decades, we investigate how agglomeration economies, social capital, human capital, local fiscal policy, and natural amenities affect new firm entry. We find that human capital and agglomeration are more conducive to new firm entry than are natural amenities, local fiscal policy, or social capital. The impact of local fiscal policy is too small to overcome the locational disadvantages from insufficient endowment of human capital and agglomeration. A rural development approach that encourages firm entry in rural towns with the largest endowments of human capital and market agglomeration would be more successful than trying to raise firm entry in every town.
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Global climate-finance debates increasingly emphasize tensions between donor competitiveness and environmental responsibility. This paper examines how trade competition shapes the allocation of bilateral environmental official development assistance (BEODA). We develop a partial-equilibrium model showing that aid which lowers recipient production costs can intensify competitive pressure on donor markets, reducing incentives to provide such aid. Using data on 29 OECD donors and 116 non-OECD recipients from 2015–2019, we test whether donors adjust BEODA in response to trade competition. The analysis distinguishes between general BEODA and projects targeting energy efficiency, which more directly reduce marginal costs. Across linear, Tobit, and probit models with multiple fixed effects, we find that donors allocate less BEODA to more competitive recipients, with the effect nearly twice as strong for energy-saving projects. These results indicate that donor concerns over competitiveness constrain environmentally beneficial aid, underscoring a central tension between national economic interests and global climate goals. © 2026 Informa UK Limited, trading as Taylor & Francis Group.
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- Journal Article (9)