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作者：Hammond, Robert G.; Liu, Bin; Lu, Jingfeng; Riyanto, Yohanes E.
作者单位：North Carolina State University; The Chinese University of Hong Kong, Shenzhen; National University of Singapore; Nanyang Technological University
摘要：Entry fees are widely observed in contests. We study the effect of a prize-augmenting entry fee on expected total effort in an all-pay auction setting where the contestants' abilities are private information. An entry fee reduces equilibrium entry but can enhance the entrants' effort supply. Our theoretical model demonstrates that the optimal entry fee is strictly positive and finite. In a laboratory experiment, we empirically test the effect of entry fees on effort supply. Our results provide...
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作者：D'Alessandro, Antonello; Fella, Giulio; Melosi, Leonardo
作者单位：European Central Bank; Bank of Italy; University of London; Queen Mary University London; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：Using a Bayesian structural vector autoregression analysis, we document that an increase in government purchases raises private consumption, the real wage, and total factor productivity (TFP) while reducing inflation. These three facts are hard to reconcile with both neoclassical and New Keynesian models. We extend a standard New Keynesian model to allow for skill accumulation through past work experience. An increase in government spending increases hours and induces skill accumulation and hi...
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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：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：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：Jin, Gu; Zhu, Tao
作者单位：Central University of Finance & Economics; Hong Kong University of Science & Technology
摘要：For a class of standard and widely used preferences, a one-shot money injection in a standard matching model can induce a significant and persistent output response by dispersing the distribution of wealth. Decentralized trade matters for both persistence and significance. Following the injection, the price response may be sluggish, the markup may move up with output, and both the interest rate and the inflation rate may drop below their trend levels.
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作者：Cooper, Russell; Liu, Huacong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; European University Institute; National Bureau of Economic Research; University of Hamburg
摘要：This article studies the allocation of heterogeneous agents to levels of educational attainment. The goal is to understand the magnitudes and sources of mismatch in this assignment, both in theory and in the data. The article presents evidence of substantial mismatch between ability and educational attainment across 21 OECD countries, with a main focus on Germany, Italy, Japan, and the United States. Model parameters are estimated using a simulated method of moments approach. The main empirica...
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作者：Ketcham, Jonathan D.; Kuminoff, Nicolai V.; Powers, Christopher A.
作者单位：Arizona State University; Arizona State University-Tempe; National Bureau of Economic Research
摘要：We develop a method that embeds signals about consumers' knowledge to evaluate prospective choice architecture policies. We analyze three proposals for U.S. Medicare prescription drug insurance markets: (i) menu restrictions, (ii) personalized information, and (iii) defaulting consumers to cheap plans. We link administrative and survey data to identify informed enrollment decisions that proxy for preferences of observationally similar misinformed consumers. Results suggest that each policy yie...
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作者：Peterman, William B.; Sommer, Kamila
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Using a computational life cycle model, this article assesses how Social Security affects the welfare of different types of individuals during the Great Recession. Overall, we find that Social Security reduces the average welfare losses for agents alive at the time of the Great Recession by the equivalent of 1.4% of expected future lifetime consumption. Moreover, we show that although the program mitigates some of the welfare losses for most agents, it is particularly effective at mitigating t...
