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作者：Kumar, Pradeep; Zhang, Hongsong
作者单位：University of Exeter; University of Hong Kong
摘要：We investigate the roles played by unexpected demand shocks, besides productivity, on firms' capital investment and exit decisions. We propose a practical approach to recover unexpected firm-level demand shocks using inventory data. The recognition of demand shocks and inventory also improves the productivity estimation. The empirical results indicate that although productivity and demand shocks are both significant factors determining firm behavior, the former is more dominant for investment ...
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作者：Ma, Lala
作者单位：University of Kentucky
摘要：Incomplete information in property value hedonic models can bias estimates of marginal willingness to pay (MWTP). Using brownfield remediation as an application, this article recovers hedonic values from a dynamic neighborhood choice framework that allows households to learn about brownfield contamination in a Bayesian fashion before choosing where to live. I find that ignoring learning yields nontrivial biases to the MWTP estimate. This has important implications for hedonic valuation if agen...
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作者：Monge-Naranjo, Alexander
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Washington University (WUSTL)
摘要：Inflows of foreign knowledge are key for developing countries to catch up with the world technology frontier. I construct a model to analyze the entry decisions of foreign firms and the incentives of domestic firms to invest in their own know-how, given the exposure to foreign ideas and competition. The model embeds two diffusion mechanisms typically considered separately in the literature: externalities and markets. I find that openness allows developing countries to fully catch up only when ...
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作者：Gilles, Robert P.
作者单位：Queens University Belfast
摘要：I consider a general equilibrium model of a competitive market economy in which production is conducted through an endogenous social division of labor. I represent economic decision makers as consumer-producers, who consume as well as produce commodities. In this approach, the emergence of a nontrivial social division of labor is guided by Increasing Returns to Specialization (IRSpec) in production. Under IRSpec, I show existence of competitive equilibria, the two fundamental theorems of welfa...
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作者：Silva, Francisco
作者单位：Pontificia Universidad Catolica de Chile
摘要：I consider a scenario where a social planner suspects that a crime has been committed. There are many suspects and at most one of them is guilty. I characterize the optimal mechanism for the social planner under different assumptions with respect to her commitment power. I find that the optimal mechanism is a confession inducing mechanism: Before an investigation, each agent can confess to being guilty in exchange for a reduced punishment. I find that these mechanisms do better than the tradit...
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作者：Letina, Igor; Schmutzler, Armin
作者单位：University of Bern; University of Zurich
摘要：This article analyzes the design of innovation contests when the quality of an innovation depends on the research approach, but the best approach is unknown. Inducing a variety of research approaches generates an option value. We show that suitable contests can induce such variety. The buyer-optimal contest is a bonus tournament, where suppliers can choose only between a low bid and a high bid. This contest implements the socially optimal variety for a suitable parameter range. Finally, we com...
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作者：Bellora, Cecilia; Bourgeon, Jean-Marc
作者单位：INRAE; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：Pests create biodiversity effects that increase food production risks and decrease productivity when agricultural production is specialized. Pesticides contain these effects, but damage the environment and human health. When opening to trade, governments are tempted to restrict pesticide use because, with more food being imported, less pesticide is needed for domestic consumption. However, pesticide restrictions hinder the competitiveness of their agricultural sector on international markets. ...
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作者：Boel, Paola; Waller, Christopher J.
作者单位：Sveriges Riksbank; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Deakin University
摘要：We construct a monetary economy with aggregate liquidity shocks and heterogeneous idiosyncratic preference shocks. In this environment, not all agents are satiated at the zero lower bound (ZLB) even when the Friedman rule is the best interest-rate policy the central bank can implement. As a consequence, central bank stabilization policy, which takes the form of repo arrangements in response to aggregate demand shocks, temporarily relaxes the liquidity constraint of impatient agents at the ZLB....
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作者：Boone, Jan; Schottmueller, Christoph
作者单位：Tilburg University; University of Cologne
摘要：We provide a modeling framework to analyze selective contracting in the health-care sector. Two health-care providers differ in quality and costs. When buying health insurance, consumers observe neither provider quality nor costs. We derive an equilibrium where health insurers signal provider quality through their choice of provider network. Selective contracting focuses on low-cost providers. Contracting both providers signals high quality. Market power reduces the scope for signaling, thereb...
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作者：Gorry, Aspen; Gorry, Devon; Trachter, Nicholas
作者单位：Clemson University; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：Individuals experience frequent occupational switches during their lifetime, and initial worker characteristics are predictive of future patterns of occupational switching. We construct a quantitative model of occupational choices with worker learning and occupation-specific productivity shocks to match life cycle patterns of occupational transitions and quantify the value of occupational mobility and learning. For the average 18-year-old worker, the value of being able to switch occupations i...
