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作者：Huang, Yangguang; He, Ming
作者单位：Hong Kong University of Science & Technology; University of Technology Sydney
摘要：We study the econometrics of an asymmetric Tullock contest model with incomplete information. Identification results are established for parameters in the asymmetric contest success function and for the quantile functions of players' private costs. We propose the corresponding estimators, derive the asymptotic properties, and demonstrate their good finite sample performances by simulation. We also propose an easy-to-implement parametric estimation method that can incorporate contest-specific c...
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作者：Burlando, Alfredo; Canidio, Andrea; Selby, Rebekah
作者单位：University of Oregon; IMT School for Advanced Studies Lucca
摘要：Millions of households worldwide rely on savings groups (SGs) to satisfy their financial needs, yet important gaps remain in our understanding of this novel financial institution. We show theoretically that, within an SG, the supply of funds could fall short or be in excess of its demand. Then, we use week-by-week records from 46 Ugandan SGs to show that most groups do not generate sufficient loanable funds. We conclude by proposing three interventions that, in light of our model, should ease ...
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作者：Larsen, Vegard Hoghaug
作者单位：Norges Bank; BI Norwegian Business School
摘要：Uncertainty is acknowledged to be a source of economic fluctuations. But, does the type of uncertainty matter for the economy's response to an uncertainty shock? This article offers a novel identification strategy to disentangle different types of uncertainty. It uses machine learning techniques to classify different types of news instead of specifying a set of keywords. The article finds that, depending on its source, the effects of uncertainty on a macroeconomic variable may differ. I find t...
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作者：Freitag, Andreas; Roux, Catherine; Thoeni, Christian
作者单位：University of Basel; University of Lausanne
摘要：We study the role of communication in collusive market sharing. In a series of Cournot oligopoly experiments with multiple markets, we vary the information that firms can exchange: hard information-verifiable information about past conduct-and soft information-unbinding information about future conduct. We find that the effect of communication on the firms' ability to collude depends on the type of information available: Whereas market prices increase only slightly with hard information, the p...
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作者：Beshkar, Mostafa; Park, Jee-Hyeong
作者单位：Indiana University System; Indiana University Bloomington; Seoul National University (SNU)
摘要：The literature on pretrial dispute settlement has focused on the effect of first-order uncertainty on bargaining, while assuming common knowledge about higher-order beliefs. We study the effect of higher-order uncertainty and show that the existence of such uncertainty improves the efficiency of settlement bargaining by expanding the set of strategies implementable in the equilibrium. We introduce uncertainty about higher-order beliefs by assuming that one player privately observes an imperfec...
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作者：Crockett, Sean; Friedman, Daniel; Oprea, Ryan
作者单位：Chapman University System; Chapman University; University of California System; University of California Santa Cruz; University of Essex; University of California System; University of California Santa Barbara
摘要：We examine whether economies constructed using experimentally measured preferences (for risk) tend to suffer from aggregation pathologies (like nonexistence and multiplicity of equilibrium) cautioned by the Sonnenschein-Mantel-Debreu theorem. We show that aggregation pathologies should be expected to arise frequently in homogeneous exchange economies, but dwindle and eventually disappear as economies grow diverse. When subjects actually trade, general equilibrium predictions are accurate in mo...
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作者：Che, Jiahua; Chung, Kim-Sau; Qiao, Xue
作者单位：China Europe International Business School; Hong Kong Baptist University; Renmin University of China
摘要：The China model is increasingly viewed by developing countries as a viable alternative to democracy. China's allegedly merit-based promotion system is lauded as a secret ingredient of the China model. However, once being promoted to the top, Chinese leaders are as unconstrained as other autocrats. If there are fundamental reasons why other autocrats cannot commit to such a promotion system, why are Chinese leaders any different? We provide a unified theory that accommodates both China and othe...
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作者：Rodriguez-Lopez, Antonio
作者单位：University of California System; University of California Irvine
摘要：I present a model to study the linkages between the market for liquidity and the international allocation of economic activity. Private assets' liquidity properties affect interest rates, with consequences on entry, production, and market capitalization. In a closed economy, the liquidity market increases the size and productivity of the sector that generates liquid assets. In an open economy, cross-country differences in financial development generate an allocation of economic activity favori...
