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作者：Gossner, Olivier; Kuzmics, Christoph
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Centre National de la Recherche Scientifique (CNRS); Ecole Polytechnique; University of London; London School Economics & Political Science; University of Graz
摘要：A decision maker (DM) makes choices from different sets of alternatives. The DM is initially ignorant of the payoff associated with each alternative and learns these payoffs only after a large number of choices have been made. We show that, in the presence of an outside option, once payoffs are learned, the optimal choice rule from sets of alternatives can be rationalized by a DM with strict preferences over all alternatives. Under this model, the DM has preferences for preferences while being...
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作者：Nevo, Aviv; Wong, Arlene
作者单位：University of Pennsylvania; National Bureau of Economic Research; Princeton University
摘要：We document a change in household shopping behavior during the Great Recession. Households purchased more on sale, larger sizes, and generic products and increased coupon usage and shopping at discount stores. We estimate a decline in returns to shopping during the recession. Therefore, the increase in shopping behavior implies a significant decrease in households' opportunity cost of time. Using the estimated cost of time and time use data, we estimate a high elasticity of substitution betwee...
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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：Esponda, Ignacio; Pouzo, Demian
作者单位：University of California System; University of California Santa Barbara; University of California System; University of California Berkeley
摘要：We provide a new and favorable perspective on voter naivete and party polarization. We contrast sophisticated (Nash) versus retrospective voting in a model where two parties commit to policies. Retrospective voters do not understand the mapping between states and outcomes induced by a policy; instead, they simply vote for the party that delivers the highest observed performance, as determined in equilibrium. We show that parties have an incentive to polarize under retrospective, compared to Na...
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作者：Kim, Kyungmin; Kim, Sun Hyung
作者单位：University of Miami; University of Iowa
摘要：We consider a seller who has private information about the quality of her good but is uncertain about buyer arrivals. Assuming that the high-quality seller insists on a price, we show that the low-quality seller's surplus and pricing strategy crucially depend on buyers' knowledge about the demand state. If they are also uncertain about demand, then demand uncertainty increases the low-quality seller's expected payoff, and her optimal strategy is to lower the price after some time. If buyers kn...
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作者：Merkurieva, Irina
作者单位：University of St Andrews
摘要：This article provides an empirical analysis of the effect of involuntary job loss on the lifetime income and labor supply of older workers. I develop and estimate a dynamic programming model of retirement with savings, costly job search, and exogenous layoffs. The average cost of job loss is equivalent to one year of predisplacement earnings, 70% due to the wage reduction and 30% to the search frictions. Displaced workers on average retire 14 months earlier. Workers who approached retirement d...
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作者：Cronin, Christopher J.
作者单位：University of Notre Dame
摘要：This study quantifies the moral hazard effect of health insurance on medical expenditure by estimating a dynamic model of within-year medical care consumption that allows for insurance selection, endogenous health transitions, and individual uncertainty about medical care prices in an environment where insurance has nonlinear cost-sharing features. The results suggest that moral hazard accounts for 53.1%, on average, of total annual medical expenditure when insured. This estimate is significan...
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作者：Paciello, Luigi; Pozzi, Andrea; Trachter, Nicholas
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：Using microdata from a U.S. retailer we document that customer turnover responds to pricing. We study the optimal price setting of a firm when its demand has an extensive margin that is elastic to price due to customers' opportunity to search for an alternative supplier. The price pass-through of idiosyncratic productivity shocks is incomplete, with the most productive firms passing through more. Firm demand is more persistent than price. Higher demand is associated with lower markups due to h...
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作者：Chang, Yongsung; Kim, Sun-Bin; Kwon, Kyooho; Rogerson, Richard
作者单位：Seoul National University (SNU); Yonsei University; Korea Development Institute (KDI); Princeton University; National Bureau of Economic Research
摘要：We study business cycle fluctuations in heterogeneous agent general equilibrium models featuring intensive and extensive margins of labor supply. A nonlinear mapping from time devoted to work to labor services generates operative extensive and intensive margins. Our model captures the salient features of the empirical distribution of hours worked, including how individuals transit within this distribution. We study how various specifications influence labor supply responses to aggregate techno...
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作者：Chen, Zhiqi
作者单位：Nanjing University; Carleton University
摘要：This article analyzes the impact of retailer buyer power on a supplier's incentive to conduct innovation, with a focus on the supplier's investment in product variety and quality improvement. The analysis shows that an increase in buyer power, manifested through either a weakening of the supplier's bargaining position or a strengthening of a large retailer's bargaining power, leads to greater product variety and higher quality if the elasticity of demand is not too large. Increased buyer power...
