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作者：Aragones, Enriqueta; Xefteris, Dimitrios
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics; University of Cyprus
摘要：We analyze a two-candidate Downsian model considering that voters use shortcuts (e.g., interest-group/media endorsements) to infer candidates' policy platforms. That is, voters do not observe candidates' exact platforms but only which candidate offers the more leftist/rightist platform (relative positions). In equilibrium, candidates' behavior tends to maximum extremism, but it may converge or diverge depending on how voters behave when indifferent policywise between the candidates. When the t...
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作者：Yang, Chun-Lei; Xu, Mao-Long; Meng, Juanjuan; Tang, Fang-Fang
作者单位：Nanjing Audit University; Tilburg University; Peking University
摘要：Efficient coordination in large groups is a fundamental issue in economic organizations. We consider the weak-link game with the feature of economies of scale that is necessary for voluntary group growth, in a minimal setup with exit and merger options. We show that large groups with efficient outcomes prevail in most communities. Seed groups form that seem to set a norm of both maximal effort level and mutual trust that there will be no panic when seeing noisy dips. Initial doubters are event...
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作者：Yoon, Chamna
作者单位：Sungkyunkwan University (SKKU)
摘要：This article develops and estimates a new dynamic spatial equilibrium model to study the regional transition dynamics and its impact on individual and aggregate welfare. The model consists of a multiregion, multisector economy comprised of overlapping generations of individuals with heterogeneous skills and mobility costs. The empirical findings suggest that a large fraction of the decline of the Rust Belt can be attributed to the reduction in its region-specific comparative advantage in the g...
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作者：Fosgerau, Mogens; Small, Kenneth
作者单位：Technical University of Denmark; University of California System; University of California Irvine; Resources for the Future
摘要：We consider the timing of activities through a dynamic model of commuting with congestion, in which workers care solely about leisure and consumption. Implicit preferences for the timing of the commute form endogenously due to temporal agglomeration economies. Equilibrium exists uniquely and is indistinguishable from that of a generalized version of the classical Vickrey bottleneck model, based on exogenous trip-timing preferences, but optimal policies differ: the Vickrey model will misstate t...
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作者：Xiao, Junji; Zhou, Xiaolan; Hu, Wei-Min
作者单位：Chinese University of Hong Kong; East China Normal University; Shanghai University of Finance & Economics; National Chengchi University
摘要：This article presents a welfare analysis of the vehicle quota system of Shanghai, China. The empirical findings suggest that the quota system leads to both welfare loss as a result of reduction in vehicle transactions and welfare gain because of less externality of auto consumption. The net effect depends on the shadow price of the marginal externality, the assumption of vehicle lifetime, and market conditions such as consumers' intrinsic preference for vehicles. Compared to a progressive tax ...
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作者：Mailath, George J.; Nocke, Volker; White, Lucy
作者单位：University of Pennsylvania; Australian National University; University of California System; University of California Los Angeles; University of Mannheim; Centre for Economic Policy Research - UK; Boston University
摘要：In repeated normal-form (simultaneous-move) games, simple penal codes (Abreu, Journal of Economic Theory 39(1) (1986), 191-225; and Econometrica 56(2) (1988), 383-96) permit an elegant characterization of the set of subgame-perfect outcomes. We show that in repeated extensive-form games such a characterization no longer obtains. By means of examples, we identify two types of settings in which a subgame-perfect outcome may be supported only by a profile with the property that the continuation p...
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作者：Strulik, Holger
作者单位：University of Gottingen
摘要：This study investigates the interaction of the use of modern contraceptives, fertility, education, and long-run growth. It develops an economic model that takes into account that sexual intercourse is utility enhancing and that birth control by modern contraceptives is more efficient but more costly than traditional methods. The study shows how a traditional economy, in which modern contraceptives are not used, gradually converges toward a high growth regime, in which modern contraceptives are...
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作者：Grochulski, Borys; Zhang, Yuzhe
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Texas A&M University System; Texas A&M University College Station
摘要：In this article, we study market-induced, external incentives similar to career concerns jointly with standard, contractual incentives linking compensation to performance. We consider a dynamic principal-agent problem in which the agent's outside option is determined endogenously in a competitive labor market. In equilibrium, strong performance increases the agent's market value. When this value becomes sufficiently high, the threat of the agent quitting forces the principal to increase the ag...
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作者：Santos-Pinto, Luis; Dell'Era, Michele
作者单位：University of Lausanne; Bocconi University
摘要：This article analyzes the impact of entrepreneurial optimism on the market for new issues. We find that the existence of optimists generates a new reason for entrepreneurs to own equity in their firms. We show that optimism is a natural explanation for why some new issues are underpriced and others overpriced. We also show that the impact of optimism on entrepreneurs' equity holdings depends on the number of optimists, absolute risk aversion, and cash flow variance. Optimism makes entrepreneur...
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作者：Chen, Kong-Pin; Ho, Szu-Hsien; Liu, Chi-Hsiang; Wang, Chien-Ming
作者单位：Academia Sinica - Taiwan; National Taiwan University; Hubei University of Economics
摘要：This article proposes a unified framework to completely characterize the seller's optimal listing strategy in the online auction as a function of her rate of time impatience. Specifically, the fixed-price listing, the regular auction, and the buy-it-now (BIN) auction are each a solution of the seller's single optimization problem under different values of the rate of intertemporal discount: The perfectly patient seller adopts the regular auction, the sellers with a medium range of time impatie...
