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作者：Calabrese, Stephen; Epple, Dennis; Romano, Richard
作者单位：University of Sussex; Carnegie Mellon University; State University System of Florida; University of Florida
摘要：Beginning in the 1970s, many state courts declared the widespread inequality in education spending across schools a violation of their state's constitution. Funding systems then emerged providing differing approaches to state and local support of education. We develop a theoretical framework and characterize outcomes under alternative systems. Our framework has voting over policies in both state and local elections. A counterpart computational model compares equilibrium outcomes under the alte...
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作者：Li, Jiangtao; Wang, Kexin
作者单位：Singapore Management University; Capital University of Economics & Business
摘要：We study contract design when the principal has limited information about the output distributions induced by the agent's actions. In a baseline model where only the means are known, we show that increasing affine contracts are robustly optimal. The mean restrictions accommodate a wide range of output distributions, including extreme cases that help establish this optimality. We then extend the analysis to environments with additional constraints on the distributions. Our main result shows tha...
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作者：Cotoc, Johnny; Johri, Alok; Sosa-Padilla, Cesar
作者单位：McMaster University; University of Notre Dame; National Bureau of Economic Research
摘要：Nations with a higher propensity to elect left governments tend to pay higher and more volatile sovereign spreads. We build a sovereign default model with elections between left and right policymakers. Reelection probabilities increase with government spending, with the left having a small advantage (consistent with the data). We use variation in election efficiency to create model economies that elect the left more (left leaning) or less frequently (right leaning) in equilibrium. The left-lea...
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作者：Lu, Dong; Puzzello, Daniela; Zhu, Aiyong
作者单位：Renmin University of China; Indiana University System; Indiana University Bloomington; Southwestern University of Finance & Economics - China
摘要：This paper integrates theory and transaction-level data from China's interbank over-the-counter (OTC) FX market to examine how search frictions affect prices, asset distributions, and welfare. We document that: (1) larger banks face lower transaction costs, decreasing with trade size; (2) easing search frictions increases dispersion in asset holdings; and (3) search frictions distort counterparty selection. These patterns follow naturally from an OTC model with heterogeneous investor search ab...
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作者：Decreuse, Bruno; Wilemme, Guillaume
作者单位：Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite; Aix-Marseille Universite; University of Leicester
摘要：Recent papers use regression discontinuity designs (RDDs) based on age discontinuity to evaluate social assistance (SA) and unemployment insurance (UI) extension policies. Job search theory predicts that such designs generate biased estimates of the policy-relevant treatment effect. Owing to market frictions, people below the age threshold modify their search behavior in expectation of future eligibility. We use a job search model to quantify the biases on various datasets in the literature. T...
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作者：Zhang, Qian; Wang, Jianxin; Houser, Daniel
作者单位：Central South University; George Mason University
摘要：Academic cheating can detrimentally impact students' learning outcomes and increase the likelihood they will later behave unethically. To improve student learning outcomes, it is important to understand why students choose to cheat. Here we develop a model, based on guilt aversion and disappointment aversion, that predicts parent-child differences in educational expectations promote children's dishonesty. We test this prediction using a nationally representative survey of secondary school stud...
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作者：Li, Wenli; Meghir, Costas; Oswald, Florian
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Yale University; National Bureau of Economic Research; IZA Institute Labor Economics; Centre for Economic Policy Research - UK; University of Turin
摘要：We specify and estimate a life-cycle model of consumption, housing demand, and labor supply in an environment where individuals can file for bankruptcy and/or default on their mortgages in the presence of house price shock, income shock, and catastrophic expenditure events. A key feature of the model is that individuals differ by education, which dictates their income process and preference. We estimate the model using data on credit reports and mortgages combined with Census data. Our model d...
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作者：Vandenbroucke, Guillaume
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：How do war-related expenditures affect economically relevant outcomes at a war's conclusion (e.g., prevailing side, duration, and casualties)? I present a model of attrition and characterize the effects of resources at a military conclusion (one side cannot fight anymore) and a political conclusion (one side quits). I analyze the Pacific War through the lenses of the model, both theoretically and empirically. I find that a parsimonious parameterization reproduces the aggregate patterns of dest...
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作者：Kamranzadeh, Ali; Zheng, Charles Z.
作者单位：Koc University; Western University (University of Western Ontario)
摘要：A mediator proposes a settlement between two contestants to avoid a conflict where the cost each contestant bears is inversely related to the contestant's privately known strength. Their strength levels are identically distributed, and their welfares weigh equally in the mediator's objective. However, the optimal proposal offers one contestant much more than it does the other so that the former accepts it always, whereas the latter only occasionally. This unequal treatment improves the prospec...
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作者：Chen, Xiaohong; Ju, Gaosheng; Li, Qi
作者单位：Yale University; Fudan University; Shanghai Institute of International Finance & Economics; Texas A&M University System; Texas A&M University College Station
摘要：This paper introduces a new location-scale quantile regression model aimed at examining the effects of macroeconomic variables on the distribution of microeconomic outcomes using repeated cross-sectional data. The model can be converted into an equivalent mean regression, enabling quantile coefficient estimation through least squares. This transformation improves computational efficiency, simplifies statistical inference for large data sets, and maintains robustness against model misspecificat...
