Does time preference change with age?

This study looks at compensating differentials in the National Longitudinal Survey of Youth (NLSY) to derive estimates of the levels of time preference for labor force participants in each of 15 waves of data from 1979 to 1994. With these estimates the evolution of time preference over the life course is described. Future utility among labor force participants appears to be valued more highly by subjects who are older, more schooled, white, or male. Controlling for schooling level, a higher IQ is associated with a preference for more immediate rewards.If social rates of time preference are correlated with individual rates of time preference then population aging could create intergenerational asymmetries in the social rate of time preference.This phenomenon could make the optimal investments of young populations appear selfish to future generations that are older.Support from Hopkins Population Center (R24) is gratefully acknowledged. I am thankful for helpful comments received from Jim Burgess, Mike Grossman, Bruce Hamilton, Fritz Laux, Athanasios Orphanides, Katie Roche, and Eric Slade. All errors are my own. Responsible editor: Alessandro Cigno.     

Overlapping generations models with realistic demography

This paper revisits the literature on overlapping generations models in the demographic context of a continuous age distribution and a general age schedule of mortality. We show that most of the static results known for the 3 or N age-group models can be extended to the continuous model. Some results, previously established for economies without capital, are extended to productive economies. We also make some progress on the existence of some steady states as well as on the dynamic properties. Received: 27 March 2000/Accepted: 25 April 2001     

Hidden information problems in the design of family allowances

We consider the optimal determination of family allowances in a model where some of the parents have higher ability to raise children than others. First-best policy gives both types of parents the same level of utility. If neither parental ability nor parental actions are fully observable, however, the policy maker has to take into account the incentive-compatibility constraint that more able parents should not find it profitable to mis-represent their true ability by investing less in their children, and having a lower number of children. The second-best policy induces more able parents to have the first-best number of children, and to invest in each child at the first-best level. Less able parents are induced to have fewer children than in first best, and will underinvest in each child. Whether the government should subsidize more the more able parents, or the less able ones, depends on the properties of the cost function. In second best, however, less able parents will end up with lower utility than more able parents whatever the cost function.All correspondence to Annalisa Luporini. The paper has benefitted from comments by three anonymous referees. Responsible editor: Junsen Zhang.     

Environmental taxation and the double dividend hypothesis in CGE modelling literature: A critical review

Computable general equilibrium (CGE) modelling is a flexible and open way to model the economic systems that allow practitioners to assess the impacts of different policies or external shocks over an economic system. There is some empirical literature dedicated to test the double dividend hypothesis of an environmental tax reform using CGE models. This hypothesis claims that is possible to obtain an improvement of both environmental and economic conditions by imposing an environmental tax and recycling revenues obtained to reduce other pre-existing taxes. This research provides a comprehensive review of this literature including a statistical and a meta-regression analysis. 69 different simulations from 40 studies have been analyzed. 55% of simulations have achieved a double dividend, concluding that although the environmental dividend is almost always achieved, the economic dividend still remains an ambiguous question that needs further research.     

东北军论析

东北军诞生于东北易帜后,在九一八事变后开始分化,其中大部分东北军奉命人关。在西安事变后,东北军则进一步分化,在国民政府的分化政策下,最终解体。东北军虽然是东北的地方军队,却经历和参与了民国时期所有的重大事件,并是国内唯一一支经历14年抗日的军队。东北军虽然是服务于民国政治的政治军事集团,但却具有政治意识淡薄和封建意识较浓的特点。     

Leadership with Imperfect Monitoring

This paper provides experimental evidence on how monitoring intensity shapes the impact of leadership instruments like leading-by-example and punishment. The results show that, with low monitoring intensity, neither leading-by-example nor punishment increases cooperation if the leader can already send nonbinding signals about desired behavior. We identify two different reasons for this effect. Regarding leading-by-example, it is the cautiousness of the leader. Leaders are reluctant to recommend cooperative behavior and act accordingly, even though followers are particularly reciprocal in this context. Regarding punishment, it is the level of monitoring that matters. Monitoring of individual follower behavior increases the cooperation of leaders and followers across all treatments, but in particular, if the leader can punish uncooperative behavior. This result implies that monitoring in itself does not have a negative impact on the inclination to cooperate. It suggests that any motivational crowding out effect derives from a leader’s choice of monitoring, as it signals low trust in the followers. The paper concludes with a discussion of the implications.