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作者：Pram, Kym
作者单位：Nevada System of Higher Education (NSHE); University of Nevada Reno
摘要：I analyze a model of monopoly insurance contracting where the consumer has access to endogenous, costly evidence of his risk type. I characterize when the consumer is worse off if the insurer is allowed to condition contracts on evidence and when the ability to contract on evidence leads to a Pareto improvement. I compare the results to an analogous setting with perfect competition: Under perfect competition, when evidence acquisition costs are low, the ability to contract on evidence is alway...
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作者：Lee, Eungik; Choi, Andrew; Choi, Syngjoo; Gueron, Yves
作者单位：New York University; University of Chicago; Seoul National University (SNU)
摘要：This article provides experimental evidence on the impacts of irreversibility and imperfect monitoring on the efficiency and the equity of a repeated public goods game. We find that irreversibility and imperfect monitoring both lead to inefficient and unequal outcomes through different channels. Irreversibility lowers public goods contribution in earlier periods and makes the initial-period contribution gap between two players long-lasting. Imperfect monitoring hampers conditional cooperation ...
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作者：Cai, Xiaoming; Gautier, Pieter; Wolthoff, Ronald
作者单位：Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; Vrije Universiteit Amsterdam; Tinbergen Institute; University of Toronto
摘要：This article shows how meeting frictions affect equilibrium trading mechanisms and allocations in an environment where identical sellers post mechanisms to compete for buyers with ex ante heterogeneous private valuations. Multiple submarkets can emerge, each consisting of all sellers posting a particular mechanism and the buyers who visit those sellers. Under mild conditions, high-valuation buyers are all located in the same submarket, and low valuation buyers can be in: (i) the same submarket...
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作者：Nason, James M.; Smith, Gregor W.
作者单位：Australian National University; University of Virginia; Queens University - Canada
摘要：Historians have suggested that there were waves of inflation or price revolutions in the United Kingdom (and earlier England) in the 13th, 16th, and 18th centuries, prior to the ongoing inflation since 1935. We study retail price inflation since 1251 and model its dynamics. The model is an AR(n) but allows for gradually evolving or drifting parameters and stochastic volatility. The long-horizon forecasts suggest only one inflation wave, that of the 20th century. We also use the model to measur...
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作者：Gratton, Gabriele; Morelli, Massimo
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作者：Albrecht, James; Decreuse, Bruno; Vroman, Susan
作者单位：Georgetown University; Aix-Marseille Universite; Georgetown University
摘要：When vacancies are filled, the job ads often remain, creating phantom vacancies. Older listings more likely represent phantoms. We assume job seekers direct their search based on listing age. Forming a match with an age-a vacancy creates an age-a phantom with probability beta and generates an externality affecting vacancies aged a and older. Thus, the externality decreases with the match's listing age. Relative to efficient behavior, job seekers overapply to younger listings. We calibrate usin...
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作者：Ma, Eunseong
作者单位：Yonsei University
摘要：This article studies a labor-supply-side channel affecting the relationship between monetary policy and income inequality. To this end, I build a heterogeneous-agent New Keynesian economy with indivisible labor in which both macro and micro labor supply elasticities are endogenously generated. First, I find that monetary policy shocks have distributional consequences due to a substantial heterogeneity in labor supply elasticity across households. Second, a more equal economy is associated with...
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作者：Sieg, Holger; Yoon, Chamna; Zhang, Jipeng
作者单位：University of Pennsylvania; National Bureau of Economic Research; Seoul National University (SNU); Shandong University
摘要：We develop and estimate a spatial overlapping generations model with heterogeneous households to study the feasibility of a recently proposed reform of internal migration policies that offers the potential of decreasing inequality within China. We find that this policy change significantly increases the college attainment of migrant children born in rural areas and, therefore, promises to increase the number of high-skill workers. However, it requires significant tax increases to offset the re...
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作者：Cao, Melanie; Shi, Shouyong
作者单位：York University - Canada; Queens University - Canada
摘要：Capital reallocation is procyclical and an economic boom has a cleansing effect by shifting the distribution of firms from low quality to high quality. We explain these facts by modeling search frictions for used capital in the business cycle. The article characterizes the stochastic equilibrium analytically to prove that the liquidity and the price of reallocated capital are procyclical endogenously. We calibrate the model and construct proxies in the data for the unemployment rate of capital...
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作者：Irlacher, Michael; Pennerstorfer, Dieter; Renner, Anna-Theresa; Unger, Florian
作者单位：Johannes Kepler University Linz; Technische Universitat Wien; University of Gottingen
摘要：This article provides theory and evidence on the spatial determinants of regional patient flows. We develop a theoretical model that explains a patient's choice to consult a general practitioner by a measure of spatial accessibility. We empirically test this gravity-type model using regional patient flows and detailed data on the spatial distribution of residents and physicians in Austria. Our measure of spatial accessibility is a crucial determinant of patient flows that substantially increas...
