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作者：Han, Bing; Han, Lu; Zhu, Guozhong
作者单位：University of Toronto; Peking University; University of Alberta
摘要：This article develops a dynamic rational expectations general equilibrium framework that links house value to fundamental economic variables such as income growth, demographics, migration, and land supply. Our framework handles nonstationary dynamics as well as structural changes in fundamentals that are commonplace in transition economies. Applying the framework to Beijing, we find that the equilibrium house price and rent under reasonable parameterizations of the model are substantially lowe...
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作者：Maican, Florin G.; Orth, Matilda
作者单位：KU Leuven; University of Gothenburg; Research Institute of Industrial Economics (IFN)
摘要：Welfare effects of entry regulations are theoretically ambiguous in differentiated product markets. We use a dynamic oligopoly model of entry and exit with store-type differentiation and static price setting to evaluate how entry regulations affect long-run profitability, market structure, and welfare. Based on unique data for all retail food stores in Sweden, we estimate demand, recover variable profits, and estimate entry costs and fixed costs by store type. Counterfactual policy experiments...
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作者：Rachedi, Omar
作者单位：Banco de Espana
摘要：Can households' inattention to the stock market quantitatively account for the inertia in portfolio rebalancing? I address this question by introducing an observation cost into a production economy with heterogeneous agents. In this environment, inattention changes endogenously over time and across agents. I find that inattention explains the inertia in portfolio rebalancing and its heterogeneity across households. Inattention also rationalizes the limited stock market participation observed i...
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作者：Hong, Fuhai; Hossain, Tanjim; List, John A.; Tanaka, Migiwa
作者单位：Lingnan University; Nanyang Technological University; University of Toronto; University of Chicago; Charles River Associates
摘要：Using a natural field experiment, we quantify the impact of one-dimensional performance-based incentives on incentivized (quantity) and nonincentivized (quality) dimensions of output for factory workers with a flat-rate or a piece-rate base salary. In particular, we observe output quality by hiring quality inspectors unbeknownst to the workers. We find that workers trade off quality for quantity, but the effect is statistically significant only for workers under a flat-rate base salary. This v...
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作者：Cooper, David J.; Sutter, Matthias
作者单位：State University System of Florida; Florida State University; University of East Anglia; Max Planck Society; University of Cologne; University of Innsbruck
摘要：We study how the mechanism used for assigning roles within teams affects team performance. Subjects play the takeover game in buyer-seller teams. Understanding optimal play is demanding for buyers and trivial for sellers, so teams should perform better if the buyer is the abler teammate. When teammates are allowed to jointly choose their roles, abler teammates tend to become buyers, but this is more than offset by disruptions to the learning process. We examine two potential sources for the la...
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作者：Gao, Ming
作者单位：Tsinghua University
摘要：When a consumer can appear on both sides of a two-sided market, such as a user who both buys and sells on eBay, the platform may want to bundle the services it provides to two sides. I develop a general model for such mixed two-sided markets and show that a monopolist platform's incentive to bundle and its optimal pricing strategy are determined by simple formulas using familiar price elasticities of demand, which embody the bundling effect, and price-cost margins adjusted for network external...
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作者：Gomes, Pedro
作者单位：Universidad Carlos III de Madrid; University of London; Birkbeck University London
摘要：A model with search and matching frictions and heterogeneous workers was established to evaluate a reform of the public sector wage policy in steady state. The model was calibrated to the U.K. economy based on Labour Force Survey data. A review of the pay received by all public sector workers to align the distribution of wages with the private sector reduces steady-state unemployment by 1.4 percentage points.
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作者：Rong, Kang
作者单位：Shanghai University of Finance & Economics
摘要：This article studies the public good provision problem, in which the principal faces a constitutional constraint in the sense that in order for a public good provision mechanism to be implemented, it must first be approved by agents under a prespecified voting rule. I find that as long as the voting rule is not the unanimity rule, the principal can propose a mechanism such that first-best efficiency of provision of the public good is achieved. I also consider various constraints, such as prohi...
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作者：da Costa, Carlos E.; Santos, Marcelo R.
作者单位：Getulio Vargas Foundation; Insper
摘要：We assess the gains attained by the introduction of age-dependent labor income taxes in an overlapping generations economy where individuals live a meaningful life cycle and endogenously accumulate human capital. The model is sufficiently rich to isolate the role of general equilibrium effects, credit market imperfections, and different forms of human capital accumulation. The large welfare gains we obtain cannot be attained without age dependence, nor can they be attained with age-dependent t...
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作者：Levintal, Oren
作者单位：Reichman University
摘要：This article presents a new solution method for dynamic equilibrium models. The solution is approximated by polynomials that zero the residual function and its derivatives at a given point x(0). The algorithm is essentially a type of projection but is significantly faster, since the problem is highly sparse and can be easily solved by a Newton solver. The obtained solution is accurate locally in the neighborhood of x(0). Importantly, a local solution can be obtained at any point of the state s...
