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Proximity to help matters: the effect of access to centers of legal aid on bankruptcy rates
Hrehová, Kristína; Domonkos, Š.
2022 - anglický
Personal bankruptcy aims to provide a fresh start to debtors. While bankruptcy is often the only solution to financial distress, large spatial distance to affordable legal services may result in its underuse by eligible debtors. Using a large administrative dataset of personal bankruptcies, we study the impact of spatial distance from public Centers for Legal Aid (CLAs) on the regional incidence of personal bankruptcy in Slovakia. We avoid endogeneity by focusing on the increased availability of legal aid controlling for the expected distance from the nearest CLA, which serves as the first contact point in the process of filing for personal bankruptcy in the Slovak Republic. Distance from these legal aid centers has a significant impact on personal bankruptcy rates: the closer the nearest CLA is, the larger the prevalence of personal bankruptcy is in a given municipality. We quantify the impact of service access on personal bankruptcy rates, showing that improved access to free legal aid has both a statistically and substantively significant impact on the use of personal bankruptcy by the public. At the end of the almost 3-year-long period analyzed, municipalities with good access to CLAs had 3.3 bankruptcies more per 1,000 inhabitants than municipalities with weak access to CLAs. This effect is significant, as the average national bankruptcy rate until December 2019 reached 6.3 bankruptcies per 1,000 persons.
Klíčová slova:
personal bankruptcy; insolvency; policy analysis
Dokument je dostupný na externích webových stránkách.
Proximity to help matters: the effect of access to centers of legal aid on bankruptcy rates
Personal bankruptcy aims to provide a fresh start to debtors. While bankruptcy is often the only solution to financial distress, large spatial distance to affordable legal services may result in its ...
Is longer maternal care always beneficial? The impact of a four-year paid parental leave
Bičáková, Alena; Kalíšková, Klára
2022 - anglický
We study the impact of an extension of paid family leave from 3 to 4 years on child long-term outcomes. Using a difference-in-differences design and comparing the first-affected with the last-unaffected cohorts of children, we find that an additional year of maternal care at the age of 3, which primarily crowded out enrollment into public kindergartens, had an adverse effect for children of loweducated mothers on human capital investments and labor-market attachment in early adulthood. The affected children were 12 p.p. more likely not to be in education, employment, or training (NEET) at the age of 21-22. The impact on daughters was larger and driven by a lower probability of attending college and higher probability of home production. Sons of low-educated mothers, on the other hand, were less likely to be employed. The results suggest that exposure to formal childcare may be more beneficial than all-day maternal care at the age of 3, especially for children with a lower socio-economic background.
Klíčová slova:
family leave; maternal care; subsidized childcare
Dokument je dostupný na externích webových stránkách.
Is longer maternal care always beneficial? The impact of a four-year paid parental leave
We study the impact of an extension of paid family leave from 3 to 4 years on child long-term outcomes. Using a difference-in-differences design and comparing the first-affected with the ...
Setting interim deadlines to persuade
Senkov, Maxim
2022 - anglický
This paper studies the optimal design of self-reporting on the progress of a project by a rent-seeking agent reporting to a principal who is concerned with accomplishing the project before an exogenous deadline. The project has two stages: completing the first stage serves as a milestone and completing the second stage accomplishes the project. I show that if the project is sufficiently promising ex ante, then the agent commits to provide only the good news that the project is accomplished. If the project is not promising enough ex ante, the agent persuades the principal to start the funding by committing to provide not only good news but also the bad news that the milestone of the project has not been reached by an interim deadline.
Klíčová slova:
dynamic Bayesian persuasion; informational incentives; interim deadline
Dokument je dostupný na externích webových stránkách.
Setting interim deadlines to persuade
This paper studies the optimal design of self-reporting on the progress of a project by a rent-seeking agent reporting to a principal who is concerned with accomplishing the project before an ...
Sequential sampling beyond decisions? A normative model of decision confidence
Rehák, Rastislav
2022 - anglický
We study informational dissociations between decisions and decision confidence. We explore the consequences of a dual-system model: the decision system and confidence system have distinct goals, but share access to a source of noisy and costly information about a decision-relevant variable. The decision system aims to maximize utility while the confidence system monitors the decision system and aims to provide good feedback about the correctness of the decision. In line with existing experimental evidence showing the importance of post-decisional information in confidence formation, we allow the confidence system to accumulate information after the decision. We aim to base the post-decisional stage (used in descriptive models of confidence) in the optimal learning theory. However, we find that it is not always optimal to engage in the second stage, even for a given individual in a given decision environment. In particular, there is scope for post-decisional information acquisition only for relatively fast decisions. Hence, a strict distinction between one-stage and two-stage theories of decision confidence may be misleading because both may manifest themselves under one underlying mechanism in a non-trivial manner.
Klíčová slova:
decision; confidence; sequential sampling
Dokument je dostupný na externích webových stránkách.
Sequential sampling beyond decisions? A normative model of decision confidence
We study informational dissociations between decisions and decision confidence. We explore the consequences of a dual-system model: the decision system and confidence system have distinct goals, but ...
An equivalence between rational inattention problems and complete-information conformity games
Ilinov, Pavel; Jann, Ole
2022 - anglický
We consider two types of models: (i) a rational inattention problem (as known from the literature) and (ii) a conformity game, in which fully informed players find it costly to deviate from average behavior. We show that these problems are equivalent to each other both from the perspective of the participant and the outside observer: Each individual faces identical trade-offs in both situations, and an observer would not be able to distinguish the two models from the choice data they generate. We also establish when individual behavior in the conformity game maximizes welfare.
Klíčová slova:
conformity; equivalence; rational inattention
Dokument je dostupný na externích webových stránkách.
An equivalence between rational inattention problems and complete-information conformity games
We consider two types of models: (i) a rational inattention problem (as known from the literature) and (ii) a conformity game, in which fully informed players find it costly to deviate from average ...
RBTC and human capital: accounting for individual-level responses
Kashkarov, Daniil
2022 - anglický
I test the contribution of individual human capital responses to earnings inequality arising in the process of the routine-biased technological change (RBTC). I develop a lifecycle model of human capital and occupational choice, calibrate it to the NLSY79 data, using the price series for human capital in abstract and routine occupations estimated from the cross-sectional CPS data with the “flat spot” approach. I then use the model to quantify the effect of a change in human capital prices on earnings inequality. I find that an increase in the price for human capital in abstract occupations and a fall in its price in routine occupations associated with RBTC has a modest contribution to the evolution of variance of log-earnings — up to 10.8 per cent by the end of the working life cycle. However, the contribution of RBTC to an increase in the abstract wage premium over the lifetime of the NLSY79 cohorts is up to 28.6 per cent. The growth of the abstract wage premium is significantly dampened by the human capital responses of workers switching from routine occupations.
Klíčová slova:
RBTC; human capital; life-cycle modelling
Dokument je dostupný na externích webových stránkách.
RBTC and human capital: accounting for individual-level responses
I test the contribution of individual human capital responses to earnings inequality arising in the process of the routine-biased technological change (RBTC). I develop a lifecycle model of human ...
Naked exclusion with heterogeneous buyers
Chen, Y.; Zápal, Jan
2022 - anglický
We investigate the effects of buyer heterogeneity in a market in which an incumbent firm prevents entry when it signs enough exclusionary contracts with buyers. With heterogeneous buyers several well-known results in exclusionary contracting with homogenous buyers are overturned and novel ones emerge. First, inefficient equilibria exist in which exclusionary contracts are signed but entry still occurs, and the loss of consumer surplus falls on small buyers. Second, sequential contracting may be more pro-competitive than simultaneous contracting in the sense that entry occurs under sequential but not simultaneous contracting. When this happens, sequential Pareto dominates simultaneous contracting.
Klíčová slova:
contracting with externalities; exclusionary contracts; buyer heterogeneity
Dokument je dostupný na externích webových stránkách.
Naked exclusion with heterogeneous buyers
We investigate the effects of buyer heterogeneity in a market in which an incumbent firm prevents entry when it signs enough exclusionary contracts with buyers. With heterogeneous buyers several ...
Who divorces whom: unilateral divorce legislation and the educational structure of marriage
Afunts, Geghetsik; Jurajda, Štěpán
2022 - anglický
There is evidence that the introduction of unilateral divorce legislation (UDL) starting in the late 1960s increased US divorce rates. We ask whether making divorce easier affected the educational structure of marriage. Based on marriage and divorce certificate data covering 1970-1988, we provide new evidence on the evolution of the educational structure of marriage inflows (newlyweds) and outflows (divorces), and estimate UDL difference-in-differences effects on both flows. While UDL did not contribute to rising homogamy (the tendency towards married partners having the same level of education), it did affect the educational structure of marriage: it made generally unstable hypogamous couples (women marrying less educated partners) less likely to divorce, and it made homogamous couples more stable than hypergamous ones (women marrying more educated partners).
Klíčová slova:
homogamy; unilateral divorce; marriage
Dokument je dostupný na externích webových stránkách.
Who divorces whom: unilateral divorce legislation and the educational structure of marriage
There is evidence that the introduction of unilateral divorce legislation (UDL) starting in the late 1960s increased US divorce rates. We ask whether making divorce easier affected the educational ...
Inflation inequality in the Czech Republic
Adunts, Davit; Kurylo, Bohdana; Špeciánová, J.
2022 - anglický
This project employs Czech Household Budget Survey and Consumer Price Index data to create consumer price indices for various population subgroups in the Czech Republic. We find that subgroup-specific inflation rates are very similar to the inflation rate for all the non-elderly population, with the exception of single-parent households, which experienced a higher inflation rate in 2022 than did the other subgroups. However, the difference was reasonably modest. Importantly, we found that inflation issuing from housing, water, electricity, gas and other fuels is significantly higher for low-income and single-parent households than for high-income and two-parent households. The difference is particularly significant for single-parent households, for which inflation due to increases in housing, water, electricity, gas and other fuel costs represents 40.15 percent of their overall inflation burden compared to 28.44 percent for two-parent households. This finding suggests that the recent increases in electricity and gas prices may exert particularly harmful effects on single-parent households unless the government provides the support necessary to mitigate the adverse effects of rising prices. While all households are being affected by rising living costs, single-parent and low-income households should be prioritized in terms of support. In addition, we calculated that for low-income and single-parent households, the total loss of purchasing power due to inflation amounts to CZK 15,179 and CZK 20,445, respectively.
Klíčová slova:
inflation; households; Czech Republic
Plné texty jsou dostupné na jednotlivých ústavech Akademie věd ČR.
Inflation inequality in the Czech Republic
This project employs Czech Household Budget Survey and Consumer Price Index data to create consumer price indices for various population subgroups in the Czech Republic. We find that subgroup-specific ...
Inattentive price discovery in ETFs
Kosar, Mariia; Mikhalishchev, Sergei
2022 - anglický
This paper studies the information choice of exchange-traded funds (ETF) investors, and its impact on the price efficiency of underlying stocks. First, we show that the learning of stock-specific information can occur at the ETF level. Our results suggest that ETF investors respond endogenously to changes in the fundamental value of underlying stocks, in line with the rational inattention theory. Second, we provide evidence that ETFs facilitate propagation of idiosyncratic shocks across its constituents.
Klíčová slova:
exchange-traded fund; ETF; price efficiency
Dokument je dostupný na externích webových stránkách.
Inattentive price discovery in ETFs
This paper studies the information choice of exchange-traded funds (ETF) investors, and its impact on the price efficiency of underlying stocks. First, we show that the learning of stock-specific ...
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