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作者：Melo, Emerson; Pogorelskiy, Kirill; Shum, Matthew
作者单位：Indiana University System; Indiana University Bloomington; University of Warwick; California Institute of Technology
摘要：We develop a nonparametric test for consistency of player behavior with the quantal response equilibrium (QRE). The test exploits a characterization of the equilibrium choice probabilities in any structural QRE as the gradient of a convex function; thereby, QRE-consistent choices satisfy the cyclic monotonicity inequalities. Our testing procedure utilizes recent econometric results for moment inequality models. We assess our test using lab experimental data from a series of generalized matchin...
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作者：Anbarci, Nejat; Dutu, Richard; Sun, Ching-Jen
作者单位：Durham University; Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); Institut de Recherche pour le Developpement (IRD); Laboratoire dEconomie de Dauphine LEDa; Deakin University
摘要：In most macroeconomic models inflation tends to be harmful. In this article, we show that by simply changing the timing of production decisions by firms from on demand to in advance, some inflation can boost welfare as long as goods are sufficiently perishable. The main conclusion from this research is that by effectively hiding the strategic interaction between supply and demand, assuming production on demand is not without loss of generality.
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作者：Bengui, Julien; Bianchi, Javier; Coulibaly, Louphou
作者单位：Universite de Montreal; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：We study the optimal design of financial safety nets under limited private credit, asking whether and when it is optimal to restrict ex ante the set of investors that can receive public liquidity support. When the government lacks commitment, we show that the optimally designed safety net covers only a subset of investors. Compared to an economy where all investors are protected, this results in more liquid portfolios, better social insurance, and higher welfare. Our results can rationalize th...
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作者：Cai, Wenbiao
作者单位：University of Winnipeg
摘要：Between 1900 and 2002, mean farm size in the United States tripled; productive resources were increasingly concentrated in large farms. These observations are difficult to explain as results of profit maximization by farmers in a frictionless equilibrium model, given exogenous factor endowment and technology. I show that notable shifts in the farm size distribution coincided with important changes in farm legislation and that farm programs provided larger farms more subsidy per dollar of outpu...
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作者：Lagerlof, Nils-Petter
作者单位：York University - Canada
摘要：In a Malthusian environment, per-capita incomes are stagnant, meaning they cannot exhibit sustained growth. However, they can still display volatility and persistence when hit by shocks. This article simulates a Malthusian model with realistic life-cycle structure and stochastic and accelerating growth in land productivity. We find that differences across simulated economies are quantitatively similar to those found in recently compiled data over GDP per capita for several European countries b...
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作者：Seoane, Hernan D.
作者单位：Universidad Carlos III de Madrid
摘要：This article studies how volatility changes affect sovereign spreads in strategic default models. Volatility changes affect savings and sovereign spreads. However, the impact of volatility shocks is state dependent; when the economy has a low debt, an increase in volatility is prone to generate precautionary savings. Instead, with high debt, an increase in volatility is likely to induce an even further increase in debt and spreads, both in endowment and production economies. I document a posit...
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作者：Guardado, Jose R.; Ziebarth, Nicolas R.
作者单位：American Medical Association; Cornell University
摘要：The theory of compensating wage differentials (CWDs) assumes that firms supply and workers demand workplace safety, predicting a positive relationship between accident risk and wages. This article allows for safety provision by workers, which predicts a countervailing negative relationship between individual risk and wages: Firms pay higher wages for higher safety-related productivity. Using National Longitudinal Survey of Youth panel data and data on fatal and nonfatal accidents, our precise ...
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作者：Huang, Yangguang; Wen, Quan
作者单位：Hong Kong University of Science & Technology; University of Washington; University of Washington Seattle
摘要：This article studies an auction-lottery hybrid mechanism that is widely adopted in allocating new vehicle licenses in China. We characterize individuals' entry and bidding strategies in a symmetric Bayesian Nash equilibrium, structurally estimate individuals' value distribution from a data set of a Guangzhou program, and evaluate the performance of the mechanism. Based on the estimated distribution and counterfactual analysis, our study suggests that a hybrid mechanism preserves 83% efficiency...
