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  <title>EconStor Collection:</title>
  <link rel="alternate" href="https://hdl.handle.net/10419/55149" />
  <subtitle />
  <id>https://hdl.handle.net/10419/55149</id>
  <updated>2026-04-28T11:20:36Z</updated>
  <dc:date>2026-04-28T11:20:36Z</dc:date>
  <entry>
    <title>The demand for and impacts of government housing: Evidence from Ethiopian lotteries</title>
    <link rel="alternate" href="https://hdl.handle.net/10419/324456" />
    <author>
      <name>Franklin, Simon</name>
    </author>
    <id>https://hdl.handle.net/10419/324456</id>
    <updated>2025-08-26T04:21:44Z</updated>
    <published>2025-01-01T00:00:00Z</published>
    <summary type="text">Title: The demand for and impacts of government housing: Evidence from Ethiopian lotteries
Authors: Franklin, Simon
Abstract: The case for government supply of housing hinges on two key questions: do intended beneficiaries value it more than the cost to the state of providing it, and does relocation to remote housing sites impose unintended costs for movers or society? I study a large-scale lottery in Addis Ababa, Ethiopia, which randomly assigned slum residents to housing on the city's outskirts. Leveraging eight years of low-attrition panel survey data alongside market rents, construction costs, and land values, I find that willingness to pay exceeds per-unit production costs for a substantial share of slum households. There is no evidence that housing negatively affects labour market outcomes, education, or household consumption - suggesting that there are neither unanticipated drawbacks for movers nor broader negative externalities. Multiple surveys allow me to track how households adjust to moves and how new mega-neighbourhoods evolve. Although social networks and neighbourhood amenities initially deteriorate for winners, they significantly improve after 8 years. The results differ significantly by randomly assigned location, implying a weaker case for centrally located housing given its higher cost relative to benefits.</summary>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
  </entry>
  <entry>
    <title>Are intraday returns autocorrelated?</title>
    <link rel="alternate" href="https://hdl.handle.net/10419/324457" />
    <author>
      <name>Li, Yufei</name>
    </author>
    <author>
      <name>Giraitis, Luidas</name>
    </author>
    <author>
      <name>Sucarrat, Genaro</name>
    </author>
    <id>https://hdl.handle.net/10419/324457</id>
    <updated>2025-08-26T04:21:41Z</updated>
    <published>2025-01-01T00:00:00Z</published>
    <summary type="text">Title: Are intraday returns autocorrelated?
Authors: Li, Yufei; Giraitis, Luidas; Sucarrat, Genaro
Abstract: The presence of autocorrelated financial returns has major implications for investment decisions. Unsurprisingly, therefore, numerous studies have sought to shed light on whether returns are autocorrelated or not, to what extent, and when. Standard tests for autocorrelation rely on the assumption of strict stationarity of returns, possibly after a suitable transformation. Recent studies, however, reveal that intraday financial returns are often characterised by a subtle form of non-stationarity that cannot be transformed away, namely non-stationary periodicity in the zero-process. Here, we propose tests for autocorrelation that are valid under this (and other forms) of non-stationarity. The tests are simple to implement, and well-sized and powerful as documented in our Monte Carlo simulations. Next, in a study of the intraday returns of stocks and exchange rates, our robust tests document that returns are rarely autocorrelated. This is in sharp contrast to the standard benchmark test, which spuriously detects a substantial number of autocorrelations. Moreover, stability analyses with our robust tests suggest the significance of the autocorrelations is short-lived and very erratic. So it is unclear whether the short-lived autocorrelations can be used to inform decision-making.</summary>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
  </entry>
  <entry>
    <title>Sharing model uncertainty</title>
    <link rel="alternate" href="https://hdl.handle.net/10419/324459" />
    <author>
      <name>Hara, Chiaki</name>
    </author>
    <author>
      <name>Mukerji, Sujoy</name>
    </author>
    <author>
      <name>Riedel, Frank</name>
    </author>
    <author>
      <name>Tallon, Jean-Marc</name>
    </author>
    <id>https://hdl.handle.net/10419/324459</id>
    <updated>2025-08-26T04:21:28Z</updated>
    <published>2025-01-01T00:00:00Z</published>
    <summary type="text">Title: Sharing model uncertainty
Authors: Hara, Chiaki; Mukerji, Sujoy; Riedel, Frank; Tallon, Jean-Marc
Abstract: This paper examines efficient allocations in economies where consumers exhibit heterogeneous smooth ambiguity preferences and face model uncertainty with a common set of identifiable models. Aggregate endowment is ambiguous. We characterize economies where the representative consumer is of the smooth ambiguity type and derive efficient sharing rules. Heterogeneous ambiguity aversion leads to sharing rules that systematically differ from those in vNM-economies. The representative consumer's ambiguity aversion differs from that of the typical consumer; this leads to more compelling asset-pricing predictions. We focus on point-identified models but show that our insights extend to partially-identified models.</summary>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
  </entry>
  <entry>
    <title>Exploitation: Theory and empirics</title>
    <link rel="alternate" href="https://hdl.handle.net/10419/324458" />
    <author>
      <name>Girardi, Daniele</name>
    </author>
    <author>
      <name>Grau, Nicolás</name>
    </author>
    <author>
      <name>Veneziani, Roberto</name>
    </author>
    <author>
      <name>Yoshihara, Naoki</name>
    </author>
    <id>https://hdl.handle.net/10419/324458</id>
    <updated>2025-08-26T04:21:09Z</updated>
    <published>2025-01-01T00:00:00Z</published>
    <summary type="text">Title: Exploitation: Theory and empirics
Authors: Girardi, Daniele; Grau, Nicolás; Veneziani, Roberto; Yoshihara, Naoki
Abstract: This paper develops a novel axiomatic analysis of exploitation as the unequal exchange of labour, derives an empirical exploitation index at the individual level, and provides the first estimation of the distribution of exploitation in the US in 1975-2022. We show that, among possible definitions of exploitation, only one satisfies a small set of formally weak and normatively salient axioms. From this definition, we derive an individual-level exploitation intensity index which provides a new measure of well-being and inequality, complementary to existing ones and able to jointly take into account the distributions of income and work time. In US data, exploitation intensity provides additional information compared with standard income inequality measures and predicts important well-being and political outcomes. Inequality in exploitation increased more than income inequality since 1975.</summary>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
  </entry>
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