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Old money: Campaign finance and gerontocracy in the United States 老钱：美国的竞选资金和老年政治
IF 3.4 1区 经济学
Journal of Public Economics Pub Date : 2025-09-01 Epub Date: 2025-07-31 DOI: 10.1016/j.jpubeco.2025.105451
Adam Bonica , Jacob M. Grumbach
{"title":"Old money: Campaign finance and gerontocracy in the United States","authors":"Adam Bonica ,&nbsp;Jacob M. Grumbach","doi":"10.1016/j.jpubeco.2025.105451","DOIUrl":"10.1016/j.jpubeco.2025.105451","url":null,"abstract":"<div><div>Politicians in the United States rank among the oldest globally. This study examines how money in politics contributes to age inequality in political representation. Using record-linkage to construct a novel data set combining the ages of voters, donors, and candidates, we find that the median dollar in US elections comes from a 66-year-old — significantly older than the median voter, candidate, or elected official. Results from within-district and within-donor analyses confirm that age proximity with candidates increases contributions on the extensive and intensive margins. Finally, we simulate candidate fundraising by age under a hypothetical campaign finance voucher policy.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"249 ","pages":"Article 105451"},"PeriodicalIF":3.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144749193","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Vote and trade: An efficient mechanism for common-pool resource management with stock externalities 投票与交易：具有存量外部性的公共资源管理的有效机制
IF 4.8 1区 经济学
Journal of Public Economics Pub Date : 2025-09-01 Epub Date: 2025-07-24 DOI: 10.1016/j.jpubeco.2025.105448
Hao Zhao , David Porter
{"title":"Vote and trade: An efficient mechanism for common-pool resource management with stock externalities","authors":"Hao Zhao ,&nbsp;David Porter","doi":"10.1016/j.jpubeco.2025.105448","DOIUrl":"10.1016/j.jpubeco.2025.105448","url":null,"abstract":"<div><div>The efficiency of inter-temporal resource allocation in a rights-based common-pool resource management system can be compromised by a <em>stock externality</em>. This occurs when one user’s extraction depletes the resource stock and then raises future harvesting costs for all users. This paper introduces a vote-and-trade (VAT) mechanism, an enhancement to standard cap-and-trade (CAT), to correct this inefficiency. VAT operates in two stages: first, resource users <em>vote</em> to set a binding, period-specific extraction cap; second, they <em>trade</em> the resulting rights in a within-period market. Our theoretical model demonstrates that while standard CAT is dynamically inefficient, VAT can achieve the social optimum under mild conditions by using voting to aggregate agents’ private information and collectively choose the optimal inter-temporal extraction path. Laboratory experiments confirm this prediction, showing that VAT substantially outperforms CAT in aggregate economic efficiency.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"249 ","pages":"Article 105448"},"PeriodicalIF":4.8,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144696700","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Climate and migration in the United States 美国的气候和移民
IF 3.4 1区 经济学
Journal of Public Economics Pub Date : 2025-09-01 Epub Date: 2025-07-30 DOI: 10.1016/j.jpubeco.2025.105446
Patrick Baylis , Prashant Bharadwaj , Jamie T. Mullins , Nick Obradovich
{"title":"Climate and migration in the United States","authors":"Patrick Baylis ,&nbsp;Prashant Bharadwaj ,&nbsp;Jamie T. Mullins ,&nbsp;Nick Obradovich","doi":"10.1016/j.jpubeco.2025.105446","DOIUrl":"10.1016/j.jpubeco.2025.105446","url":null,"abstract":"<div><div>We study whether households engage in climate-related migration in the United States, a country where most of the population does not regularly experience natural disasters or work in climate-exposed industries. With comprehensive, long-run data from both the Census and tax filings, we document that warm temperatures induce net out-migration, while cooler temperatures do not. By comparing estimates from models using different lengths of temporal variation, we further show that migration is a medium-run response to high temperatures: decadal and longer shifts in weather have larger annualized impacts than year-over-year changes. Finally, comparisons across county types suggest amenity value is an important mechanism behind climate-related migration in the United States.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"249 ","pages":"Article 105446"},"PeriodicalIF":3.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144723790","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Prices vs quantities with risk aversion 风险规避下的价格vs数量
IF 3.4 1区 经济学
Journal of Public Economics Pub Date : 2025-09-01 Epub Date: 2025-08-29 DOI: 10.1016/j.jpubeco.2025.105463
Edward E. Schlee
{"title":"Prices vs quantities with risk aversion","authors":"Edward E. Schlee","doi":"10.1016/j.jpubeco.2025.105463","DOIUrl":"10.1016/j.jpubeco.2025.105463","url":null,"abstract":"<div><div><span><span>Weitzman (1974)</span></span> asks whether we should regulate a good by fixing quantity or by fixing price when cost and benefit are uncertain. His welfare criterion—expected aggregate surplus—tacitly imposes two strong <em>quasilinearity</em> assumptions on a consumer’s preferences: neutrality with respect to income risk; and absence of income effects on the valuation of the good. Both are matters of first-order importance for the evaluation of allocations under uncertainty. Here I ask how risk aversion affects the choice between the two when the regulated good is a public good. I give conditions for welfare—in the form of the sum of certainty equivalents—to be higher for a fixed price; the conditions allow arbitrarily-high levels of risk aversion, even though consumers bear no uncertainty about quantity or income with a fixed quantity. The conclusion depends crucially on <em>benefit</em> uncertainty, present but irrelevant in Weitzman. An unintended consequence is a surprising new argument against quantity regulation: risk aversion.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"249 ","pages":"Article 105463"},"PeriodicalIF":3.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144911860","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Discrimination and assimilation: Evidence from anti-Chinese sentiments in the United States 歧视与同化：来自美国反华情绪的证据
IF 3.4 1区 经济学
Journal of Public Economics Pub Date : 2025-09-01 Epub Date: 2025-08-18 DOI: 10.1016/j.jpubeco.2025.105450
Gianandrea Lanzara , Sara Lazzaroni , Paolo Masella , Mara P. Squicciarini
{"title":"Discrimination and assimilation: Evidence from anti-Chinese sentiments in the United States","authors":"Gianandrea Lanzara ,&nbsp;Sara Lazzaroni ,&nbsp;Paolo Masella ,&nbsp;Mara P. Squicciarini","doi":"10.1016/j.jpubeco.2025.105450","DOIUrl":"10.1016/j.jpubeco.2025.105450","url":null,"abstract":"<div><div>This paper studies the interactions between members of a discriminated minority, members of the majority group, and political leaders. We construct a novel dataset of all tweets posted by “White American” and Chinese users located in the United States from January to August 2020. Using a variety of supervised and unsupervised text-analysis techniques, we show that anti-Chinese discrimination on Twitter significantly increased following (i) the COVID-19 outbreak, and (ii) Donald Trump’s tweet referring to COVID-19 as the “Chinese virus.\" We then study the reaction of the Chinese minority and find that, after Trump’s tweet, Chinese users were significantly more likely to (i) tweet assimilation-related content, and (ii) tweet criticism against the Chinese Communist Party. The rise in assimilation-related content is generally stronger for users who were more integrated before the shock.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"249 ","pages":"Article 105450"},"PeriodicalIF":3.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144860321","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The value of private business in the United States 美国私营企业的价值
IF 3.4 1区 经济学
Journal of Public Economics Pub Date : 2025-09-01 Epub Date: 2025-08-29 DOI: 10.1016/j.jpubeco.2025.105466
Richard Cole Campbell, Jacob A. Robbins
{"title":"The value of private business in the United States","authors":"Richard Cole Campbell,&nbsp;Jacob A. Robbins","doi":"10.1016/j.jpubeco.2025.105466","DOIUrl":"10.1016/j.jpubeco.2025.105466","url":null,"abstract":"<div><div>Private companies account for almost half of aggregate sales and profits of the US economy, but valuing them is difficult due to lack of public market data. This paper uses two databases of private business transactions to estimate valuation ratios and applies them to private business aggregates. We estimate aggregate private business wealth of $14.1 trillion in 2018, twice as large as measured in the Financial Accounts. Our estimates of partnership wealth are six times larger than Financial Accounts estimates, which value partnerships at book value with no adjustment from market based multiples.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"249 ","pages":"Article 105466"},"PeriodicalIF":3.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144911858","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Frictions in recovering unclaimed property: Evidence from a large-scale natural field experiment 回收无人认领财产的摩擦：来自大规模自然田野实验的证据
IF 3.4 1区 经济学
Journal of Public Economics Pub Date : 2025-09-01 DOI: 10.1016/j.jpubeco.2025.105449
Alejandro Zentner , Justin Holz
{"title":"Frictions in recovering unclaimed property: Evidence from a large-scale natural field experiment","authors":"Alejandro Zentner ,&nbsp;Justin Holz","doi":"10.1016/j.jpubeco.2025.105449","DOIUrl":"10.1016/j.jpubeco.2025.105449","url":null,"abstract":"<div><div>Governments hold billions of dollars in assets abandoned or forgotten by their owners. We conducted a large-scale natural field experiment to understand the role of filing frictions preventing claims of this property. Overall, increasing awareness and providing instructions increased claims substantially. We also study unequal access. In the control group, Hispanic property owners are 64 % less likely to claim their property than White owners, leading to unequal access to one’s own property. Hispanic subjects are also less responsive to aid. We discuss policy implications and how the setting we introduce can be used to conduct natural field experiments without the biases and restrictions that may arise when conducting experiments with a partner organization.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"249 ","pages":"Article 105449"},"PeriodicalIF":3.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144921517","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The undoing of economic sanctions: Evidence from the Russia–Ukraine conflict 经济制裁的解除：来自俄乌冲突的证据
IF 3.4 1区 经济学
Journal of Public Economics Pub Date : 2025-09-01 Epub Date: 2025-09-03 DOI: 10.1016/j.jpubeco.2025.105470
Raymond Fisman , Giovanna Marcolongo , Meng Wu
{"title":"The undoing of economic sanctions: Evidence from the Russia–Ukraine conflict","authors":"Raymond Fisman ,&nbsp;Giovanna Marcolongo ,&nbsp;Meng Wu","doi":"10.1016/j.jpubeco.2025.105470","DOIUrl":"10.1016/j.jpubeco.2025.105470","url":null,"abstract":"<div><div>We examine the effects of Ukraine’s economic blockade of the anthracite-rich Donbas region, to demonstrate how trade sanctions’ efficacy can be undermined by trade through non-participatory nations. We document that after the blockade was imposed in March 2017, Russia reported a sharp increase in anthracite imports from Ukraine, while Ukraine reported no exports to Russia at all. We interpret this gap in “mirror statistics” as reflecting a shift in Donbas trade through Russia. Concurrently, Ukraine’s anthracite imports from Russia increased sharply (from near-zero), indicating that some of the increased supply of anthracite in Russia was exported back to Ukraine. We provide suggestive evidence that Russian traders benefited from monopsony rents, buying low-priced anthracite from Donbas while Russia sold anthracite to Ukraine at prices comparable to other export markets. Overall, our findings highlight some of the economic and geographic features that may raise the cost and limit the efficacy of sanctions.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"249 ","pages":"Article 105470"},"PeriodicalIF":3.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144932347","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
VAT incidence in real VAT systems 实际增值税制度中的增值税发生率
IF 3.4 1区 经济学
Journal of Public Economics Pub Date : 2025-09-01 Epub Date: 2025-07-31 DOI: 10.1016/j.jpubeco.2025.105447
Giacomo Brusco , Tejaswi Velayudhan
{"title":"VAT incidence in real VAT systems","authors":"Giacomo Brusco ,&nbsp;Tejaswi Velayudhan","doi":"10.1016/j.jpubeco.2025.105447","DOIUrl":"10.1016/j.jpubeco.2025.105447","url":null,"abstract":"<div><div>This paper studies the price impacts of Value Added Tax (VAT) in the presence of size-based exemptions, which are set relatively high in the firm-size distribution in developing contexts. In addition to the standard determinants of tax incidence, we show that pass-through of VAT to consumer prices will depend on the substitutability of registered and unregistered varieties of taxed goods, on pass-through at upstream stages, and on the extent of segregation between registered and unregistered supply chains. The exemption can also distort the quality of goods produced. We show that these mechanisms are empirically important in the context of a VAT in India, where those who consume at unregistered firms nevertheless bear some of the tax burden.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"249 ","pages":"Article 105447"},"PeriodicalIF":3.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144749192","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How does medicaid managed care affect provider behavior? New evidence from spillovers on private health care 医疗补助管理如何影响提供者的行为？私营医疗保健溢出效应的新证据
IF 4.8 1区 经济学
Journal of Public Economics Pub Date : 2025-08-01 Epub Date: 2025-06-18 DOI: 10.1016/j.jpubeco.2025.105434
Ajin Lee
{"title":"How does medicaid managed care affect provider behavior? New evidence from spillovers on private health care","authors":"Ajin Lee","doi":"10.1016/j.jpubeco.2025.105434","DOIUrl":"10.1016/j.jpubeco.2025.105434","url":null,"abstract":"<div><div>Medicaid is increasingly provided by private managed care plans. I examine the direct effect of Medicaid privatization on health care utilization of Medicaid beneficiaries as well as the indirect effect on non-Medicaid privately insured individuals. Exploiting the staggered rollout of the Medicaid managed care (MMC) mandate across counties in New York, I find evidence of quality improvements under MMC, such as increased routine office visits and child immunizations. MMC also expanded Medicaid beneficiaries’ access to physicians by increasing the number of providers treating Medicaid patients. I find that routine office visits similarly increased for non-Medicaid privately insured individuals, and the same-signed spillover effect is larger in low-income areas. My findings suggest that physicians may have updated their overall practice styles when the mandate affected a large share of their patients.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"248 ","pages":"Article 105434"},"PeriodicalIF":4.8,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144312797","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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