Found 38 article(s) for author 'Richard Zeckhauser'

Collaborative is Superadditive in Political Economics

Collaborative is Superadditive in Political Economics. Richard Zeckhauser, 2017, Book Chapter, “This collection gathers some of the greatest minds in economics to discuss their experiences of collaborative research and publication. Nobel Prize winners and other eminent scholars from a representative sample of economics’ major sub-disciplines share how and why they came to work primarily in partnerships or on their own, whether naturally or by necessity. The contributions include discussions of personal experiences, statistical analyses, different levels of investment, and how the digital age has changed researcher interactions. As budget cuts and resource consolidation make working together vital in ever more fields of academia, this book offers valuable advice to help young and seasoned scholars alike identify the right co-author(s).Link

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Stock Splits to Profit Insider Trading: Lessons from an Emerging Market

Stock Splits to Profit Insider Trading: Lessons from an Emerging Market. Richard Zeckhauser, February 28, 2017, Paper, “Stock splits have long presented financial puzzles: Why are they undertaken? Why are they associated with abnormal returns? Abnormal returns, particularly those coming shortly before a split’s announcement date, should raise strong suspicions of insider trading, particularly in nations with weak regulatory structures. We examined the 718 split events in the emerging stock market of Vietnam from 2007 through 2011. We found evidence consistent with illegal insider trading, particularly in firms that were vulnerable to insider manipulation and, therefore, more likely to split their stocks. When vulnerable firms’ stocks did split, they provided significant excess short-term returns.Link

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Efficient Warnings, Not “Wolf or Puppy” Warnings

Efficient Warnings, Not “Wolf or Puppy” Warnings. Richard Zeckhauser, September 2016, Paper, “Governments often require that products carry warnings to inform people about risks. The warnings approach, as opposed to the command and control approach to risk regulation, functions as a decentralized regulatory mechanism that empowers individuals to make decisions that take into account their own circumstances and preferences. Thus, individuals will be aware of the risks and the value of taking precautions, and they may avoid a product that others consume if they find the risk unacceptable. Ideally, warnings would allow individuals to assess both their personal level of risk and the benefits they will receive from another unit of consumption. Then those receiving positive expected benefits will consume more; those receiving negative net benefits will curtail their consumption.Link

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Attention to Distribution in U.S. Regulatory Analyses

Attention to Distribution in U.S. Regulatory Analyses. Lisa Robinson, James Hammitt, Richard Zeckhauser, Summer 2016, Paper, “Scholars, decision makers, interest groups, and other concerned citizens are often interested in the distribution of regulatory impacts. To what extent does a regulation benefit or harm those who have high or low incomes, are in good or poor health, are more or less vulnerable to disease, or are very young or very old? Does the regulation disproportionately affect members of minority or other disadvantaged groups? Determining whether and how to address these questions raises thorny normative issues about how to weigh the impacts on different groups as well as the choice of policy instruments. Yet to address these normative concerns, we first need data on impacts—data that are rarely readily available.Link

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Owning, Using and Renting: Some Simple Economics of the “Sharing Economy”

Owning, Using and Renting: Some Simple Economics of the “Sharing Economy”. Richard Zeckhauser, February 2016, Paper. “New Internet-based markets enable consumer/owners to rent out their durable goods when not using them. Such markets are modeled to determine ownership, rental rates, quantities, and surplus generated. Both the short run, before consumers can revise their ownership decisions, and the long run, in which they can, are examined to assess how these markets change ownership and consumption. The analysis examines bringing-to-market costs, such as labor costs and transaction costs, and considers the operating platform’s pricing problem. A survey of consumers broadly supports the modeling assumptions employed. For example, ownership is determined by individuals’ forward-looking assessments of planned usage.Link

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Peer-to-Peer Rental Markets: Some Thoughts on the “Sharing Economy”

Peer-to-Peer Rental Markets: Some Thoughts on the “Sharing Economy.” Richard Zeckhauser, January 21, 2016, Paper. “Recent technological advances and entrepreneurial efforts have created a number of new peer-to-peer rental markets in which owners can rent out their durable goods. We consider the emergence of such a market and determine the market clearing rental rate, the patterns of trade and the surplus unlocked for different types of consumers. Our analysis considers both a short-run, before consumers can revise their ownership decisions and a long-run, in which they can. A survey of consumers finds broad support for the modeling conventions used—namely that ownership is determined by a forward-looking evaluation of planned usage. We also explore the factors that are permitting these new markets to flourish …Link

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Richard Zeckhauser on Jobs, Inequality and Preventing the Next Financial Crisis

Richard Zeckhauser on Jobs, Inequality and Preventing the Next Financial Crisis September 2015. GrowthPolicy staff members Jennifer Nash and Devjani Roy interviewed Harvard Kennedy School Professor Richard Zeckhauser, focusing on the three key questions which motivate the GrowthPolicy website. Below is an edited version of Professor Zeckhauser’s comments. Click here for more interviews like this […]

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Mancur Olson and the Tragedy of the Unbalanced Commons

Mancur Olson and the Tragedy of the Unbalanced Commons. Richard Zeckhauser, 2015, Book Chapter. “Economists constitute a rich menagerie. The vast majority of economists are patient toilers. In their everyday investigations, conducting regressions, tallying benefits and costs, and taking derivatives, they till the local fields. Yet, the most famous economists are often the equivalent of fierce warlords, capturing intellectual territory and fighting off those who seek, with alternative models and rival empirical analyses, to occupy it. Those who follow these warlords work in concert, like armies. Warlords and their lieutenants together can dominate vast domains...” Link

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Better Predictions, Better Allocations: Scientific Advances and Adaptation to Climate Change

Better Predictions, Better Allocations: Scientific Advances and Adaptation to Climate Change. Richard Zeckhauser, August 1, 2015, Paper. “The initial hope for climate science was that an improved understanding of what the future might bring would lead to appropriate public policies and effective international climate agreements. Even if that hope is not realized, as now seems likely, scientific advances leading to a more refined assessment of the uncertainties surrounding the future impacts of climate change would facilitate more appropriate adaptation measures. Such measures might involve shifting modes or locales of production…” Link

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