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作者：Attar, Andrea; Mariotti, Thomas; Salanie, Francois
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Centre National de la Recherche Scientifique (CNRS); Universite de Toulouse; Universite Toulouse 1 Capitole; University of Rome Tor Vergata; INRAE
摘要：We study resource allocation under private information when the planner cannot prevent bilateral side trading between consumers and firms. Adverse selection and side trading severely restrict feasible trades: each marginal quantity must be fairly priced given the consumer types who purchase it. The resulting social costs are twofold. First, second-best efficiency and robustness to side trading are in general irreconcilable requirements. Second, there actually exists only one budget-feasible al...
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作者：Calvano, Emilio; Polo, Michele
作者单位：Bocconi University; Bocconi University
摘要：Broadcasting markets are marked by the coexistence of outlets with radically different business models, some offering content free of charge and relying on advertising, others charging for access and airing few ads. We develop a model with competing broadcasters that leads to endogenous differentiation in business models. Differentiation is not driven by the heterogeneity of agents as in classic works. Rather it relates to the 'two-sided' nature of these markets. A key driver is a strong form ...
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作者：Caria, A. Stefano; Fafchamps, Marcel
作者单位：University of Warwick; Stanford University
摘要：We investigate how individuals form social connections to access information. In our link formation game of one-way flows, the myopic best response is to link to the node with the highest informational reach, which depends on indirect links. This strategy leads to the efficient circle network. We find that myopic best response predicts the links that subjects form. However, some subjects target high-degree nodes instead, neglecting indirect connections. This reduces network efficiency. We obta...
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作者：Carrere, Celine; Mrazova, Monika; Neary, J. Peter
作者单位：Leibniz Association; Ifo Institut
摘要：Gravity as both fact and theory is one of the great success stories of recent research on international trade, and has featured prominently in the policy debate over Brexit. We first review the facts, noting the overwhelming evidence that trade tends to fall with distance. We then introduce some expository tools for understanding constant-elasticity-of-substitution theories of gravity as a simple general-equilibrium system. Next, we point out some anomalies with the theory: mounting evidence a...
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作者：Maltz, Amnon
作者单位：University of Haifa
摘要：We develop a model in the presence of categories that creates a link between the agent's exogenous endowment and an endogenous reference point. The reference point is the best feasible alternative in the endowment's category. This reference generates a constraint set from which the final choice is made according to utility maximisation. The model predicts category bias, which generalises the status quo bias by attracting the agent to her endowment's category but not necessarily to the endowmen...
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作者：Fehrler, Sebastian; Fischbacher, Urs; Schneider, Maik T.
作者单位：University of Konstanz; University of Bremen; University of Bath
摘要：In many situations, people can lie strategically, for their own benefit. Since individuals differ with respect to their willingness to lie, the credibility of statements will crucially depend on who self-selects into such cheap-talk situations. We study this process in a two-stage political competition setting. At the entry stage, potential candidates compete in a contest to become their party's candidate in an election. At the election stage, the nominated candidates campaign by making promis...
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作者：Luo, Yulei; Nie, Jun; Young, Eric R.
作者单位：University of Hong Kong; Federal Reserve System - USA; Federal Reserve Bank - Kansas City; University of Virginia; Zhejiang University
摘要：Macroeconomists failed to predict the Great Recession, suggesting that the existing macroeconomic models may have been misspecified. Bearing in mind this potential misspecification or 'model uncertainty', how do agents' optimal decisions change? Furthermore, how large are the welfare costs of model misspecification? To shed light on these questions, we develop a tractable continuous-time general equilibrium model to show that a fear of model misspecification reduces both the equilibrium intere...
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作者：Feng, Andy; Graetz, Georg
作者单位：Uppsala University
摘要：We analyse how job training requirements interact with engineering complexity in shaping firms' automation decisions. A model that distinguishes between a task's engineering complexity and its training requirements predicts that when two tasks are equally complex, firms automate the task that requires more training. Under plausible conditions this leads to job polarisation, and in particular to polarisation of employment by initial training requirements. US data provide empirical support for t...
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作者：Harding, Torfinn; Stefanski, Radoslaw; Toews, Gerhard
作者单位：Norwegian School of Economics (NHH); University of St Andrews; New Economic School
摘要：We estimate the effect of giant oil and gas discoveries on bilateral real exchange rates. A giant discovery with the value of 10% of a country's GDP appreciates the real exchange rate by 1.5% within ten years following the discovery. The appreciation starts before production begins and the non-traded component of the real exchange rate drives the appreciation. Labour reallocates from the traded goods sector to the non-traded goods sector, leading to changes in labour productivity. These findin...
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作者：Badel, Alejandro; Huggett, Mark; Luo, Wenlan
作者单位：Georgetown University; Tsinghua University
摘要：An established view is that the revenue maximising top tax rate for the US is approximately 73%. In contrast, the revenue maximising top tax rate is approximately 49% in our quantitative human capital model. The key reason for the lower top tax rate is the presence of two new forces not captured by the model underlying the established view. These new forces are strengthened by the endogenous response of top earners' human capital to a change in the top tax rate.
