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作者：Fernandez, Jose M.
作者单位：University of Louisville
摘要：This article presents a two-dimensional structural model of learning under ambiguity in the context of clinical trials. Clinical trials offer an ideal environment to study learning under ambiguity. The randomization process found in these studies leaves patients uncertain to their actual group assignment. Therefore, patients cannot immediately attribute changes in health to the experimental drug. The article proposes the use of learning instrumental variables to simultaneously update patients'...
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作者：Nicholas, Tom
作者单位：Harvard University
摘要：Japan's hybrid innovation system during the Meiji era provides a useful laboratory for examining the effectiveness of complementary incentives to patents. Patents were introduced in 1885, and by 1911 1.2 million mostly nonpecuniary prizes were awarded at 8,503 competitions. Prizes provided a strong boost to patents, especially in less developed prefectures, and they also induced large spillovers of technical knowledge in prefectures adjacent to those with prizes, relative to distant control pr...
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作者：Albrecht, James; Postel-Vinay, Fabien; Vroman, Susan
作者单位：Georgetown University; IZA Institute Labor Economics; University of Bristol; Institut d'Etudes Politiques Paris (Sciences Po); Center for Economic & Policy Research (CEPR)
摘要：We demonstrate the existence of periodic nonstationary equilibria with self-generating cycles in a simple model of random search. Our results provide a theory of synchronized sales based on product market search by heterogeneous consumers. That is, our model explains how it can be optimal for all sellers to follow a repeated pattern of posting a high price for several periods and then posting a low price for one period.
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作者：Badunenko, Oleg; Romero-Avila, Diego
作者单位：University of Cologne; Universidad Pablo de Olavide
摘要：We extend the deterministic, nonparametric production frontier framework by incorporating financial development. Our analysis convincingly shows that (1) failure to account for financial development overstates the role of physical capital accumulation in labor productivity growth, (2) most of this overstated contribution stems from the efficiency-enhancing role of well-functioning financial institutions, (3) international polarization is solely driven by efficiency changes, and (4) increased d...
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作者：Djajic, Slobodan
摘要：A guest-worker program provides an appealing way of addressing labor shortages in an advanced country. It requires, however, that foreign workers are willing to return home when their work permit expires. I examine how immigration policies, enforcement measures, and opportunities available in various markets at home and abroad affect the behavior of program participants. Welfare of a migrant who obeys the rules of the program is compared with that of workers who choose other options in order t...
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作者：Egger, Hartmut; Kreickemeier, Udo
作者单位：University of Bayreuth; Leibniz Association; Ifo Institut; Leibniz Association; Leibniz Institute for Solid State & Materials Research Dresden; Eberhard Karls University of Tubingen
摘要：We develop a two-country model with heterogeneous producers and rent-sharing at the firm level. We identify two sources of a multinational wage premium: A composition effect because multinational firms are more productive, make higher profits, and pay higher wages, and a firm-level wage effect, because a firm makes higher global profits and thus pays higher wages in its home market when becoming multinational. With two identical countries, the wage premium is fully explained by firm characteri...
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作者：Haufler, Andreas; Staehler, Frank
作者单位：University of Munich; Eberhard Karls University of Tubingen
摘要：We set up a simple two-country model of tax competition where firms with different productivity decide in which location to produce and sell output. In this model, a unique, asymmetric Nash equilibrium is shown to exist, provided that countries are sufficiently different with respect to their exogenous market size. Sorting of firms occurs in equilibrium, as the smaller country levies the lower tax rate and attracts the low-cost firms. A simultaneous expansion of both markets that raises the pr...
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作者：Demuynck, Thomas; Verriest, Ewout
作者单位：KU Leuven
摘要：We provide a revealed preference analysis of the habits as durables model. This approach avoids the need to impose a functional form on the underlying utility function. We show that our characterization is testable by means of linear programming methods, and we demonstrate its practical usefulness by means of an application to cigarette consumption using a Spanish household consumption data set. We find that the habits as durables model has better empirical fit in terms of predictive success c...
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作者：Spearot, Alan C.
作者单位：University of California System; University of California Santa Cruz
摘要：This article presents a model of international trade in which heterogeneous firms can expand through capital acquisitions. I show that demand elasticities are a crucial element in predicting which firms invest, in what location, and for what reason. High-productivity firms, who tend to sell goods at a low elasticity, invest for market access (tariff jumping). Middle productivity firms, who tend to sell at a higher elasticity, invest for productivity improvement. The relative value of trade cos...
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作者：Yang, Huanxing
作者单位：University System of Ohio; Ohio State University
摘要：I develop a model of nonstationary relational contracts in order to study internal wage dynamics. Workers are heterogeneous, and each worker's ability is both private information and fixed for all time. Learning therefore occurs within employment relationships. The inferences, however, are confounded by moral hazard. Incentive provision is restricted by an inability to commit to long-term contracts. Relational contracts, which must be self-enforcing, must therefore be used. The wage dynamics i...
