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作者：Fosgerau, Mogens; Melo, Emerson; De Palma, Andre; Shum, Matthew
作者单位：University of Copenhagen; Indiana University System; Indiana University Bloomington; CY Cergy Paris Universite; Institut Polytechnique de Paris; ENSAE Paris; California Institute of Technology
摘要：This article establishes a general equivalence between discrete choice and rational inattention models. Matejka and McKay (2015) showed that when information costs are modeled using the Shannon entropy, the choice probabilities in the rational inattention (RI) model take the multinomial logit form. We show that, for one given prior over states, RI choice probabilities may take the form of any additive random utility discrete choice model (ARUM) when the information cost is a Bregman informatio...
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作者：Au, Pak Hung; Fong, Yuk-Fai; Li, Jin
作者单位：Hong Kong University of Science & Technology; University of Hong Kong
摘要：We investigate the impact of corporate governance on customers' trust using a dynamic model of experience-goods firm. In the optimal equilibrium, customers' trust in the firm is linked to its behavior in the market for corporate control, so that the controlling shareholder has incentives to ensure high product quality while noncontrolling shareholders' interests are protected. Following a trust-damaging event, turnover of the controlling share block restores customers' trust and enhances total...
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作者：Shiller, Benjmian Reed
作者单位：Brandeis University
摘要：A consumer's web-browsing history, now readily available, may be much more useful than demographics for both targeting advertisements and personalizing prices. Using a method that combines economic modeling and machine learning methods, I find a striking difference. Personalizing prices based on web-browsing histories increases profits by 12.99%. Using demographics alone to personalize prices raises profits by only 0.25%, suggesting the percent profit gain from personalized pricing has increas...
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作者：Al-Ubaydli, Omar; List, John A.; Suskind, Dana
作者单位：George Mason University; George Mason University; University of Chicago; National Bureau of Economic Research; University of Chicago
摘要：Policymakers are increasingly facing the challenge of scaling empirical insights. This study provides a theoretical lens into the science of how to use science. Through a simple model, we highlight three elements of the scale-up problem: (1) when does evidence become actionable; (2) properties of the population; and (3) properties of the situation. Until these three areas are fully understood, the threats to scalability will render any scaling exercise as particularly vulnerable. Accordingly, ...
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作者：Nakajima, Makoto; Telyukova, Irina A.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Retired homeowners dissave more slowly than renters, which suggests that homeownership affects retirees' saving decisions. We investigate empirically and theoretically the life-cycle patterns of homeownership, housing, and nonhousing assets in retirement. Using an estimated structural model of saving and housing decisions, we find first that homeowners dissave slowly because they prefer to stay in their house as long as possible but cannot easily borrow against it. Second, the 1996-2006 housin...
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作者：Miao, Jianjun; Wang, Pengfei; Zha, Tao
作者单位：Boston University; Hong Kong University of Science & Technology; Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen); Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Emory University; National Bureau of Economic Research
摘要：The price-rent ratio in commercial real estate is highly volatile and its variation comoves with the business cycle. To account for these facts, we develop a dynamic general equilibrium model that introduces a rental market and incorporates the liquidity constraint on an individual firm's production as a key ingredient. Our estimation identifies the discount shock as the most important factor in driving price-rent dynamics and linking the dynamics in the real estate market to those in the real...
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作者：Feri, Francesco; Pin, Paolo
作者单位：University of London; Royal Holloway University London; University of Trieste; University of Siena; Bocconi University; Bocconi University
摘要：We generalize the results on the monotonicity of equilibria for network games with incomplete information. We show that not only the distinction betweenstrategic complementsandstrategic substitutesis important in determining the nature of the Bayesian Nash equilibria, but the nature of the statistic itself is also determinant. We show that understanding the underlying forces behind people's choices may be of fundamental importance for a policymaker that wants to incentivize efficient behavior.
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作者：Gu, Chao; Han, Han; Wright, Randall
作者单位：University of Missouri System; University of Missouri Columbia; Peking University; Zhejiang University; University of Wisconsin System; University of Wisconsin Madison
摘要：We analyze the impact of news (information shocks) in economies where liquidity matters, including those with endogenous credit limits, and those with assets serving as collateral or media of exchange. Although we also consider news about productivity and credit conditions, a leading case concerns monetary policy announcements. Real or monetary news has big effects on markets, potentially causing cyclic or boom-bust responses, even though we focus on the unique transition consistent with stati...
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作者：Jeitschko, Thomas D.; Tremblay, Mark J.
作者单位：Michigan State University; University System of Ohio; Miami University
摘要：We consider two-sided markets in which consumers and firms endogenously determine whether they single-home, multi-home, or exit the market. We find that the competitive bottleneck allocation in which consumers single-home and firms multi-home is always an equilibrium. In addition, we find equilibria with multi-homing and single-homing on each side of the market. However, unlike the standard pricing result where the side that multi-homes faces higher prices, we find that lower prices coincide w...
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作者：Haering, Alexander; Heinrich, Timo; Mayrhofer, Thomas
作者单位：Leibniz Association; RWI - Leibniz Institut fur Wirtschaftsforschung; Durham University; Harvard University
摘要：This study measures higher order risk preferences and their consistency. We explore the role of country differences, the variation of stakes, and the framing of lotteries. We observe a robust dichotomous pattern of choice behavior in China, the United States, and Germany. The majority of choices are consistent with mixed risk aversion or mixed risk-loving behavior. We also find this pattern after a 10-fold increase in the stakes. Finally, our results reveal that this pattern is strengthened if...
