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作者：Awaya, Yu; Fukai, Hiroki; Watanabe, Makoto
作者单位：University of Rochester; Chukyo University; Vrije Universiteit Amsterdam
摘要：This article presents a simple equilibrium model in which collateralized credit emerges endogenously. In a frictional world, where commitment is limited and agent's actions are not publicly observable, we show that collateral can serve as a credible device that prevents the participating parties from reneging. Our theory provides a microfoundation to justify the borrowing constraints that are widely used in the existing macroeconomic models. Using the model, we explain the payment puzzle. We a...
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作者：Mengel, Friederike
作者单位：University of Essex; Lund University
摘要：Gender biases have been documented in many areas including hiring, promotion, or performance evaluations. Many of these decisions are made by committees. We experimentally investigate whether committee deliberation contributes to gender biases. In our experiments, participants perform a real effort task and then rate the task performance of other participants. Across treatments we vary the extent of deliberation possible. We find that deliberation increases gender biases. We explore several me...
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作者：Lee, Sanghoon; Lee, Seung Hoon; Lin, Jeffrey
作者单位：University of British Columbia; University System of Georgia; Georgia Institute of Technology
摘要：The limitations of GDP as a measure of welfare are well known. We propose a new method of estimating the well-being of nations. Using gross bilateral international migration flows and a discrete choice model in which everyone in the world chooses a country in which to live, we estimate each country's overall quality of life. Our estimates, by relying on revealed preference, complement previous estimates of well-being that consider only income or a small number of factors, or rely on structural...
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作者：Coen-Pirani, Daniele
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：I study the effect of progressive taxation on internal migration and welfare using a quantitative dynamic model of geographic mobility. The model, which is analytically tractable, predicts that a more progressive tax-transfer scheme reduces internal migration rates. The magnitude of this relationship is consistent with reduced-form evidence for OECD countries. The internal migration channel contributes to significantly lower optimal tax progressivity relative to the one-location version of the...
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作者：Naito, Takumi
作者单位：Waseda University
摘要：Can the optimal tariff be zero for a growing large country? To pursue the possibility, we extend the Rivera-Batiz-Romer lab-equipment model of endogenous technological change to include asymmetric countries, import tariffs, and either homogeneous or heterogeneous firms. Each country's domestic revenue share is a sufficient statistic for its long-run growth rate, but it is not for its long-run welfare. A unilateral tariff reduction by either country always increases the balanced growth rate. A ...
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作者：Ma, Chao
作者单位：Xiamen University; Xiamen University
摘要：Investigating a unique large data set, we find that automobile insurance policyholders are more likely to encounter accidents during the last month of the insurance policy term than during any other month. Our interpretation is that this effect is driven by the sunk cost fallacy held by policyholders, which exacerbates their moral hazard. The explanation is that in the last month, policyholders may become concerned that they may waste the premiums paid upfront if they have not encountered an a...
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作者：Ronayne, David
摘要：The large and growing industry of price comparison websites (PCWs) or web aggregators is poised to benefit consumers by increasing competitive pricing pressure on firms by acquainting shoppers with more prices. However, these sites also charge firms for sales, which feeds back to raise prices. I find that introducing any number of PCWs to a market increases prices for all consumers, both those who use the sites, and those who do not. I then use my framework to identify ways in which a more com...
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作者：Hamilton, Barton H.; Hincapie, Andres; Miller, Robert A.; Papageorge, Nicholas W.
作者单位：Washington University (WUSTL); University of North Carolina; University of North Carolina Chapel Hill; Carnegie Mellon University; Johns Hopkins University; National Bureau of Economic Research; Johns Hopkins University
摘要：We develop and estimate a dynamic structural model of demand in a setting where product characteristics endogenously evolve in response to aggregate consumer choices. The direction and speed of innovation are inefficient because individuals do not account for their influence on innovation, creating an externality. Our application focuses on drugs invented to combat human immunodeficiency virus; they differ in their efficacy and propensity to cause side effects. We find that the externality is ...
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作者：Kaas, Leo; Kimasa, Bihemo
作者单位：Goethe University Frankfurt; University of Konstanz
摘要：We analyze the joint dynamics of prices, productivity, and employment across firms, building a dynamic equilibrium model of heterogeneous firms who compete for workers and customers in frictional labor and product markets. Using panel data on prices and output for German manufacturing firms, the model is calibrated to evaluate the quantitative contributions of productivity and demand for the labor market. Product market frictions decisively dampen the firms' employment adjustments to productiv...
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作者：Gao, Wenzheng; Zhang, Daiqiang; Zhao, Naibao
作者单位：Nankai University; State University of New York (SUNY) System; University at Albany, SUNY; Southwestern University of Finance & Economics - China
摘要：This article studies cost-plus-time (A+B) procurement contracting with time incentives in the highway construction industry. In the presence of construction uncertainty, the contractor's actual completion time may deviate from the bid completion time, and the A+B contract design is not ex post efficient. Using data from highway procurement contracts in California, we show that an ex post efficient lane rental contract would reduce the social cost by $41.39 million (43.11%) on average. Moreover...
