H Fang, MP Keane… - 2006 - nber.org
We provide strong evidence of advantageous selection in the Medigap insurance market,
and analyze its sources. Using Medicare Current Beneficiary Survey (MCBS) data, we find
that, conditional on controls for the price of Medigap, medical expenditures for senior ...
H Fang… - Brookings Papers on Economic Activity, 2004 - JSTOR
THE PERSONAL RESPONSIBILITY and Work Opportunity Reconciliation Act (PRWORA),
signed into law in 1996, transformed the US welfare system. PRWORA replaced the Aid to
Families with Dependent Children (AFDC) program with Temporary Assistance for Needy ...
S Anwar… - 2005 - nber.org
We propose a simple model of trooper behavior to design empirical tests for whether
troopers of different races are monolithic in their search behavior, and whether they exhibit
relative racial prejudice in motor vehicle searches. Our test of relative racial prejudice ...
H Fang… - International Economic Review, 2009 - Wiley Online Library
We empirically implement a dynamic structural model of labor supply and welfare program
participation for agents with potentially time-inconsistent preferences. Using panel data on
the choices of single women with children from the National Longitudinal Surveys (NLSY) ...
H Fang - American Economic Review, 2001 - JSTOR
The connection between obtaining higher paying jobs and undertaking some seemingly
irrelevant activity is interpreted as" social culture." In the context of a society trying to adopt a
new technology, I show that by allowing the firms to give preferential treatment to workers ...
H Cai, H Fang… - 2005 - nber.org
Entertainment and Travel Costs (ETC) is a standard expenditure item for Chinese firms with
an annual amount equal to about 20 percent of total wage bills. We use this objective
accounting measure as a basis to analyze the composition of ETC and the effect of ETC ...
H Fang, G Moscarini - Journal of Monetary Economics, 2005 - Elsevier
We interpret workers' confidence in their own skills as their morale, and investigate the
implication of worker overconfidence on the firm's optimal wage-setting policies. In our
model, wage contracts both provide incentives and affect worker morale, by revealing ...
H Fang, P Norman - The RAND Journal of Economics, 2006 - Wiley Online Library
Comparing monopoly bundling with separate sales is relatively straightforward in an
environment with a large number of goods. We show that results similar to those for the
asymptotic case can be obtained in the more realistic case with a given finite number of ...
DJ Cooper… - The Economic Journal, 2008 - Wiley Online Library
We present results from second price private value auction (SPA) experiments where
bidders may receive noisy signals about their opponents' value. Such signals change
bidders' perception about the 'strength'of their opponent, and the relationship between ...
H Fang - International Economic Review, 2006 - Wiley Online Library
This article proposes and empirically implements a structural model of education choices
and wage determination to quantitatively evaluate the contributions of productivity
enhancement and ability signaling in the college wage premium. The model is estimated ...
H Fang - Public Choice, 2002 - Springer
I first provide a complete characterizationof the unique equilibrium of thelottery game by n
lobbyists with asymmetricvaluations, and then compare the lotteryand the all-pay auction
models of lobbying. I show that the exclusion principlediscovered by Baye, Kovenock and ...
H Cai, Y Chen… - 2007 - nber.org
We present results about the effects of observing others' choices, called observational
learning, on individuals' behavior and subjective well-being in the context of restaurant
dining from a randomized natural field experiment. Our experimental design aims to ...
H Fang, S Morris - Journal of Economic Theory, 2006 - Elsevier
We consider parametric examples of symmetric two-bidder private value auctions in which
each bidder observes her own private valuation as well as noisy signals about her
opponent's private valuation. We show that, in such environments, the revenue ...
H Fang… - The American economic review, 2005 - JSTOR
Understanding the nature and sources of human identity is an important objective in the
study of a variety of social problems. Scholarly and popular writing on the cultural
determinants of economic disadvantage underscores this point. Some analysts (eg, ...
H Fang, SO Parreiras - Games and Economic Behavior, 2002 - Elsevier
We study affiliated value second price auctions with two financially constrained bidders. We
prove the existence of a symmetric equilibrium under quite general conditions. Comparative
static results are provided. Journal of Economic Literature Classification Number: D44.
H Cai, Y Chen, H Fang… - 2009 - nber.org
We report results from a large randomized natural field experiment conducted in
southwestern China in the context of insurance for sows. Our study sheds light on two
important questions about microinsurance. First, how does access to formal insurance ...
H Fang, P Norman - 2003 - papers.ssrn.com
Abstract: This paper studies the optimal provision mechanism for multiple excludable public
goods when agents' valuations are private information. For a parametric class of problems
with binary valuations, we characterize the optimal mechanism, and show that it involves ...
H Fang… - 2007 - nber.org
We investigate how the employment-based health insurance system in the US affects
individuals' life-cycle health-care decisions. We take the viewpoint that health is a form of
human capital that affects workers' productivities on the job, and derive implications of ...
P Bayer, H Fang… - 2005 - nber.org
This paper hypothesizes that segregation in US cities increases as racial inequality narrows
due to the emergence of middle-class black neighborhoods. Employing a novel research
design based on life-cycle variations in the relationship between segregation and ...
H Fang… - Journal of Public Economics, 2004 - Elsevier
Supporters of recent welfare reforms argue that time limits and other eligibility restrictions
serve recipients. We present a simple model of agents with present-biased preferences to
investigate the theoretical validity of this claim. We first identify four types of outcome that ...
H Fang, GC Loury… - 2004 - papers.ssrn.com
Abstract: We advance a novel choice-theoretic model of identity based on the notions of
categories and narratives. Identity is conceived as a matter of" reflexive perception"-how
people understand themselves. Choosing an identity is equivalent to making a ...
H Fang, P Norman - 2008 - nber.org
This paper studies the optimal provision mechanism for multiple excludable public goods
when agents' valuations are private information. For a parametric class of problems with
binary valuations, we demonstrate that the optimal mechanism involves bundling if a ...
H Fang, SO Parreiras - Journal of Economic Theory, 2003 - Elsevier
This paper provides a class of examples of two-bidder common value second price auctions
in which bidders may be financially constrained and the seller has access to information
about the common value. We show that the seller's expected revenue under a revelation ...
H Fang, M Keane, A Khwaja, M Salm… - The American economic …, 2007 - JSTOR
A well-known method of validating econometric models (structural or otherwise) is to
examine their performance in out-of-sample prediction. That is, given a change in the policy
environment, do the key endogenous variables of the model move in ways that are in ...
H Fang… - 2010 - nber.org
We extend the semi-parametric estimation method for dynamic discrete choice models using
Hotz and Miller's (1993) conditional choice probability (CCP) approach to the setting where
individuals may have hyperbolic discounting time preferences and may be naive about ...
H Fang, P Norman - Cowles Foundation Discussion Paper No. …, 2005 - papers.ssrn.com
Abstract: This paper shows that linking a sufficiently large number of independent but
unrelated social decisions can achieve approximate efficiency. We provide regularity
conditions under which a Groves mechanism amended with a veto game implements an ...
H Fang… - 2010 - nber.org
This chapter surveys the theoretical literature on statistical discrimination and affirmative
action. This literature suggests different explanations for the existence and persistence of
group inequality. This survey highlights such differences and describes in these contexts ...
P Arcidiacono, EM Aucejo, H Fang… - Quantitative …, 2011 - Wiley Online Library
We argue that once we take into account the students' rational enrollment decisions,
mismatch in the sense that the intended beneficiaries of affirmative action admission policies
are made worse off ex ante can only occur if selective universities possess private ...
H Cai, H Fang… - Journal of Law and Economics, 2005 - papers.ssrn.com
Abstract: Entertainment and Travel Costs (ETC), an expenditure item in standard accounting
books of firms in China, amount to about 20% of total wage bills in a sample of 3470
Chinese firms. Using a detailed dataset of these firms, we analyze the composition of ETC ...
H Fang, P Norman - International Economic Review, 2006 - Wiley Online Library
We study an economy with private and public sectors in which workers invest in imperfectly
observable skills that are important to the private sector but not to the public sector.
Government regulation allows native majority workers to be employed in the public sector ...
H Fang, G Moscarini - Cowles Foundation Discussion Paper, 2002 - public.econ.duke.edu
Abstract Psychologists have consistently documented people's tendency to be overconfident
about their own ability. We interpret workers' confidence in their own skills as their morale,
and investigate the implication of worker overconfidence on the firm's optimal wage- ...
H Fang - Manuscript. Philadelphia: Univ. Pennsylvania, Dept. …, 1998 - econ.upenn.edu
Abstract Welfare implications of name trading market are studied in an extension of Tadelis
(1998). We find that in a two period economy name trading never decreases social welfare
and strictly improves it for a positive measure set of economies. Full and partial reputation ...
H Fang… - Unpublished manuscript, Department of …, 2004 - Citeseer
Abstract This paper applies a model of potentially time-inconsistent preferences to the
problem of dynamic labor supply and welfare program participation. From panel data on the
choices of single women with children, we provide estimates of the degree of time- ...
H Fang - Manuscript, Department of Economics, Yale University, 1998 - econ.upenn.edu
Abstract We study a model in which workers choose group identities and make human capM
ital investments. Firms compete for workers, based on the workersG observable group
identities and imperfect but informative signals of the workersG qualifications. AssumM ing ...
H Cai, Y Chen, H Fang… - 2010 - porter.ssc.upenn.edu
Abstract Lack of access to formal insurance market may prevent farmers from pursuing risky
production activities with potentially large returns. How does access to formal
microinsurance affect production and economic development? We report results from a ...
[CITATION] Forthcoming.“Eat, Drink, Firms, Government: An Investigation of Corruption from Entertainment and Travel Costs of Chinese Firms.”
H Cai, H Fang… - Journal of Law and Economics
H Fang, R Fryer - 2003 - economics.harvard.edu
Abstract This paper investigates the optimal timing of affirmative action in a dynamic model
of education and employment. The equilibria of the model exhibit inequitable outcomes due
to asymmetries in agents' initial conditions. Those who attend low quality grade schools ...
H Fang… - … Public Finance, edited by Edward J. …, 2006 - public.econ.duke.edu
Abstract As economists introduce more and more cognitive biases into economic models, an
important question is whether we can distinguish these biases empirically. We present a
simple model of welfare program participation that nests two well&documented cognitive ...
H Fang, E Kung - 2010 - nber.org
We study the effect of the life settlement market on the structure of long term contracts offered
by the primary market for life insurance, as well as the effect on consumer welfare, using a
dynamic model of life insurance with one sided commitment and bequest-driven lapsation. ...
H Fang… - Behavioral public finance, 2006 - books.google.com
ECONOMISTS have recently taken increased interest in a number of cognitive biases and
heuristics first documented by psychologists. 1 In theoretical studies, economists typically
introduce such biases and heuristics into stylized models with a goal of understanding ...
H Fang… - 2007 - acemsjtu.com
Abstract Rotating Savings and Credit Associations (Roscas) is an important informal
financial institution in many parts of the world. Existing models of Roscas assume that their
participants do not have access to formal financial markets and predict that the implicit ...
H Fang, SO Parreiras - 2000 - unc.edu
Abstract The linkage principle may fail when bidders are financially constrained. The
intuition is as follows. In the presence of financial constraints, the bidders' upward response
to seller's good signals is limited by the financial constraints, while their downward ...
H Fang, E Kung - Manuscript, University of Pennsylvania, 2010 - porter.ssc.upenn.edu
A life settlement is a financial transaction in which a life insurance policyholder sells the policy
to a third party for more cash than the cash value offered by the original insurer. The third party
is then responsible for maintaining premium payments to the insurance company, but is ...
[CITATION] QTime Inconsistency and Welfare Program Participation: Ev idence from the NLSY, R 2oo4
H Fang… - Cowles Foundation Discussion …
[CITATION] An Alternative Test of Racial Prejudice in
S Anwar… - 2006
[CITATION] VEstimating Dynamic Discrete Choice Models with Hyperbolic Discounting with an Application to Mammog'raphy DecisionsV
H Fang… - NBER Working Paper, 2009
H Fang, E Kung - 2012 - papers.ssrn.com
Abstract: Previous research has shown that the reasons for lapsation have important
implications regarding the effects of the emerging life settlement market on consumer
welfare. We present and empirically implement a dynamic discrete choice model of life ...
[CITATION] Does Affirmative Action Lead to Mismatch? A New Test and Evidence” forthcoming in Quantitative Economics
P Arcdiacono, E Aucejo, H Fang… - 2011
[CITATION] The Welfare Effect of Life Settlement Market: The Case of Income Shocks
H Fang, E Kung - Work in Progress, 2011
[CITATION] To bundle or not to bundle
P Norman, H Fang - Rand Journal of Economics, forthcoming, 2003
[CITATION] Externality vs. Public Goods
H Fang - Duke University
H Fang - Unpublished Paper, 2001 - econ.duke.edu
Abstract This paper provides an instrumental explanation of why people actively manage
their self-confidence and others' confidence in them. In a simple team production problem
where self and others' confidence in one's ability can affect the agents' incentives to exert ...
H Fang, P Norman - 2008 - nber.org
This paper shows that public provision of private goods may be justified on pure efficiency
grounds in an environment where individuals consume both public and private goods. The
government's involvement in the provision of private goods provides it with information ...
H Fang, P Norman… - 2001 - cepr.eu
Abstract This paper provides a simple explanation for why some minority groups are
economically successful, despite being subject to government-mandated discriminatory
policies. We study an economy with private and public sectors in which workers invest in ...
[CITATION] How does the life settlements market affect the primary market for life insurance?
H Fang, E Kung - 2010 - … , 2010a. and,“The Welfare Effect of …
H Fang,
L Nicholas… - Ann Arbor, 2010 - papers.ssrn.com
Abstract: Prior research indicates that retirees with less cognitive ability are at greater
financial risk because they have lower incomes yet higher medical expenditures. Linking
HRS data to administrative records, we evaluate two hypotheses about why this group ...
S Anwar… - 2011 - nber.org
We propose and empirically implement a test for the presence of racial prejudice among
emergency department (ED) physicians based on the bounceback rates of the patients who
were discharged after receiving diagnostic tests during their initial ED visits. A ...
P Bayer, H Fang, R McMillan… - NBER Working …, 2005 - aida.econ.yale.edu
Abstract Standard intuition suggests that as income and education differences across race
decline, so racial segregation in the United States will fall. In this paper, we argue that the
very opposite should be expected. First, we identify a powerful mechanism underlying the ...
[CITATION] Economics of Discrimination: Theory
H Fang - Empirical Methods and Evidence.[“The Book Project”]
H Fang, P Norman - 2005 - idei.fr
Abstract This paper shows that public provision of private goods may be justified on pure effi
ciency grounds in an environment where consumers consume both public and private
goods. The idea is that public provision of a bundle that consists of a private and a public ...
H Fang, P Norman - 2007 - econ.upenn.edu
Abstract This paper shows that public provision of private goods may be justified on pure effi
ciency grounds in an environment where consumers consume both public and private
goods. The idea is that public provision of a bundle that consists of a private and a public ...
H Fang - 2001 - econ.upenn.edu
The best example to illustrate coordination games is to consider the fascinating example
discussed by Schelling (1960) in which two individuals must independently decide where to
locate, at point A or point B. Assume that the players are better off locating at point B than ...
H Fang, DA Shapiro… - 2011 - nber.org
We experimentally study the effect of alternative campaign finance systems–as
characterized by different information structure about donors–on donations, election
outcomes, political candidates' policy choices, and welfare. Three alternative campaign ...
H Fang… - 2007 - papers.ssrn.com
Abstract: Employer-financed health insurance systems, like that used in the United States,
distort firms labor demand and adversely affect the economy. Since such costs vary with
employment rather than hours worked, firms have an incentive to increase output by ...
R Ke… - CHINA ECONOMIC QUARTERLY-BEIJING-, 2004 - en.cnki.com.cn
This paper formalizes a rotating bidding mechanism for allocating the common pool
resource (CPR) with the presence of private information. It is shown that through the competi-
tion for the priority of using the CPR, the elaborated mechanism will motivate the agents to ...
H Cai, Y Chen, H Fang… - 2011 - iies.su.se
Abstract Lack of access to formal insurance market may prevent farmers from pursuing risky
production activities with potentially large returns. How does access to formal
microinsurance affect production and economic development? We report results from a ...
H Cai, H Fang… - 2005 - econ.duke.edu
Abstract We use a comprehensive dataset with a large sample of Chinese firms to identify
corruption and its causes. We focus our analysis on an expenditure item in the accounting
books of Chinese firms called “Entertainment Expenditures (ETC).” Relying on a simple ...
P Norman, H Fang - 2004 Meeting Papers, 2004 - ideas.repec.org
We consider an environment with asymmetric information about preferences for a public
good and a private good. If the public good must be financed from contributions made by
participants and if participants must be given incentives to participate in the mechanism, ...
R Inderst, E Papaioannou, G Siourounis… - The Economic …, 2008 - res.org.uk
We present a simple model of personal finance in which an incumbent lender has an
information advantage vis-à-vis both potential competitors and households. In order to
extract more consumer surplus, a lender with sufficient market power may engage in' ...
S Morris, H Fang - Yale School of Management Working Papers, 2004 - ideas.repec.org
We consider parametric examples of two-bidder private value auctions in which each bidder
observes her own private valuation as well as noisy signals about her opponent's private
valuation. In such multidimensional private value auction environments, we show that the ...
H Fang… - economics.sas.upenn.edu
Abstract Biddersmrisk attitudes have important implications for sellers seeking to maximize
expected revenues. In ascending auctions, auction theory predicts bid distributions in
Bayesian Nash equilibrium does not convey any information about biddersmrisk ...
H Fang - 2006 - econ.duke.edu
1.1 Summary This research topic originated in my 2000 University of Pennsylvania Ph. D.
dissertation titled “Discrimination with Endogenous Group Choices and its Empirical
Application.” The main motivation for this research project is the following observation: in ...
H Fang - 2000 - econ.upenn.edu
Abstract How can participation in seemingly irrelevant activities become the distinguishing
chracteristic of elites? I study a simple equilibrium model in which workers decide whether to
undertake an a priori irrelevant activity as well as whether to invest in imperfectly ...
H Fang - 1999 - economics.sas.upenn.edu
Abstract The traditional retailing method has been dominantly posted prices. However, with
the emergence of eMcommerce, consumers can buy more and more goods from internet
auction sites. This paper asks in a stylized model the following questions: Can the two ...
[CITATION] NAME AFFILIATION TITLE*
H Fang, S Imai, M Keane, S Seitz, B Shearer… - Economic Policy, 2000
H Fang, P Norman - American Economic Journal: …, 2011 - econ.upenn.edu
In Fang and Norman (2010), we incorrectly represented Case 2 in Table 1 (p. 21). The inequality
in defining Case 2 should have been a ≤ (less than or equal to). We apologize for our
mistake. ... Fang, Hanming, and Peter Norman. 2010. “Optimal Provision of Multiple ...
H Fang, D Shapiro… - 2010 - belkcollegeofbusiness.uncc.edu
Abstract We experimentally study the impact of donations to a political candidate on the
candidate's subsequent policy choice. There are two politicians, one being computerized,
and one to three large donors. Donors can donate funds to the human candidate thereby ...
H Fang - Science - economics.sas.upenn.edu
1. [#] George Akerlof (1970). lThe Market for jLemonsk: Quality Uncertainty and the Market
Mecha% nism,mQuarterly Journal of Economics (August l970). ... 2. [#] Michael Rothschild and
Joseph Stiglitz (1976). lEquilibrium in Competitive Insurance Markets: An Essay on the ...
JC Ely, EJ Green, BL Lipman, D Ray, S Athey… - Wiley Online Library
Skip to Main Content. ...
H Fang - 2001 - economics.sas.upenn.edu
Abstract People actively manage their self-confidence and others' confidence in them, and
they also care about the self-confidence of those with whom they interact. This paper
provides an instrumental reason for confidence management. We show that judicious ...
[CITATION] Time-inconsistency and Welfare Program Participation: Evidence from the NLSY (preliminary)
H Fang… - 2003
P Norman, H Fang - 2001 - papers.ssrn.com
Abstract: This paper provides a simple explanation for why some minority groups are
economically successful, despite being subject to government-mandated discriminatory
policies. We study an economy with private and public sectors in which workers invest in ...
[CITATION] The Department of Economics is pleased to announce that the following faculty will join the Department in fall of 2007
H Fang - 2007 - Northwestern University
M Battaglini, W Dessein, H Fang… - Wiley Online Library
The Review of Economic Studies administers a travel fund to provide financial support for
economists and econometricians who are at an early stage in their careers and are
travelling to or from Europe to present papers at conferences, workshops, etc. This fund is ...
P Norman, H Fang - Econometric Society 2004 North American …, 2004 - ideas.repec.org
This paper studies the role of bundling in the efficient provision of excludable public goods.
We show that bundling in the provision of unrelated public goods can enhance social
welfare. With a large number of goods and agents, first best can be approximated with ...
H Fang - 2000 - repository.upenn.edu
Abstract Discrimination with endogenous group choices. We investigate the possibility of
discrimination based on whether a worker undertakes some seemingly irrelevant activity.
We study a model in which workers choose group identities and make human capital ...
H Fang, SO Parreiras - 2000 - econ.duke.edu
Abstract We study an affiliated value Vickery auction model with two financially constrained
bidders. We prove the existence and uniqueness of a symmetric equilibrium under quite
general conditions. Comparative static results are provided.
H Fang… - The American Economic Review, 2011 - ingentaconnect.com
Abstract: We investigate the effects of the institutional settings of the US health care system
on individuals' life-cycle medical expenditures. Health is a form of general human capital;
labor turnover and labor-market frictions prevent an employer-employee pair from ...
H Fang - Journal of Economics - cema.cufe.edu.cn
1. George Akerlof (1970). “The Market for 'Lemons': Quality Uncertainty and the Market
Mechanism,” Quarterly Journal of Economics (August l970). ... 2. Michael Rothschild and Joseph
Stiglitz (1976). “Equilibrium in Competitive Insurance Markets: An Essay on the ...
H Fang… - 2007 - nber.org
Abstract We investigate how the employment-based health insurance system in the US
affects individuals' life-cycle health-care decisions. We take the viewpoint that health is a
form of human capital that affects workers' productivities on the job, and derive ...
DJ Cooper… - The Economic Journal, 2008 - res.org.uk
We present results from second price private value auction (SPA) experiments where
bidders may receive noisy signals about their opponents' value. Such signals change
bidders' perception about the'strength'of their opponent, and the relationship between ...
J Hörner, BL Lipman, D Ray, S Athey, T Bergstrom… - Wiley Online Library
Skip to Main Content. Wiley Online Library will be disrupted 3
Dec from 10-12 GMT for monthly maintenance. ...
K Rongzhu… - unirule.org.cn
Abstract This paper formalizes a new mechanism used to allocate the common pool
resource (CPR) under the circumstance of private information. It is shown that through
mutually competing for using order of CPR, the present elaborated institution will motivate ...
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