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作者：Bauer, Christian; Mora, Jose V. Rodriguez
作者单位：University of Munich; Alan Turing Institute; University of Edinburgh; Centre for Economic Policy Research - UK
摘要：We present a model of heterogeneous firms and misallocation in which financial frictions are partially overcome if more human resources are devoted to intermediation, at the cost of having fewer resources employed in directly productive activities. Not only does an inefficient financial sector result in an inefficient final good sector; an inefficient final good sector results in an inefficient financial sector. Exogenous inefficiencies in the productive sector generate decreased demand for fi...
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作者：Machin, Stephen; Sandi, Matteo
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science
摘要：This article studies whether pupil performance gains in autonomous schools in England can be attributed to the strategic exclusion of poorly performing pupils. England has had two phases of academy school introduction-the first, in the 2000s, being a school improvement programme for poorly performing schools and the second a mass academisation programme from 2010 for better-performing schools. Overall, exclusion rates are higher in academies, with the earlier programme featuring much higher ra...
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作者：McCausland, William J.; Davis-Stober, Clintin; Marley, A. A. J.; Park, Sanghyuk; Brown, Nicholas
作者单位：Universite de Montreal; Universite de Montreal; University of Victoria; University of South Australia; University of Missouri System; University of Missouri Columbia
摘要：We test a set of inequalities in choice probabilities, shown to be necessary and sufficient for random utility by Falmagne (1978). We run an experiment in which each of 141 participants chooses six times from each doubleton or larger subset of a universe of five lotteries. We compute Bayes factors in favour of random utility, versus an alternative with unrestricted choice probabilities. There is strong evidence that a large majority of participants satisfy random utility; however, there is str...
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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：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：Osborne, Martin J.; Rosenthal, Jeffrey S.; Stewart, Colin
作者单位：University of Toronto; University of Toronto
摘要：A group of privately informed individuals with common interests chooses a binary option. Each individual chooses whether to reveal her signal, at a cost. If the group is large and cannot commit to a decision rule then it takes the correct decision with high probability in one state but with probability bounded away from one in the other. It cannot do better by committing to an anonymous decision rule without transfers, but can achieve the first best if transfers between individuals are possibl...
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作者：Jann, Ole; Schottmueller, Christoph
作者单位：Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Charles University Prague; University of Cologne; Tilburg University
摘要：Privacy of consumers or citizens is often seen as an inefficient information asymmetry. We challenge this view by showing that privacy can increase welfare in an informational sense. It can also improve information aggregation and prevent inefficient statistical discrimination. We show how and when the different informational effects of privacy line up to make privacy efficient or even Pareto-optimal. Our theory can be applied to decide who should have which information and how privacy and inf...
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作者：Bar, Revital; Zussman, Asaf
作者单位：Hebrew University of Jerusalem
摘要：How does one's identity affect the evaluation of others? To shed light on this question, we analyse the universe of driving tests conducted in Israel between 2006 and 2015, leveraging the effectively random assignment of students and testers to tests. We find strong and robust evidence of both ethnic (Arab/Jewish) in-group bias and gender out-group bias. While the first result is in line with the typical finding in the literature, the second is novel. Analyses of administrative and survey data...
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作者：Damiano, Ettore; Li, Hao; Suen, Wing
作者单位：University of Toronto; University of British Columbia; University of Hong Kong
摘要：An agent performing risky experimentation can benefit from suspending it to learn directly about the state. 'Positive' information acquisition seeks news that would confirm the state that favours experimentation. It is used as a last-ditch effort when the agent is pessimistic about the risky arm before abandoning it. 'Negative' information acquisition seeks news that would demonstrate that experimentation is futile. It is used as an insurance strategy to avoid wasteful experimentation when the...
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作者：Kreiner, Claus Thustrup; Leth-Petersen, Soren; Willerslev-Olsen, Louise Charlotte
作者单位：University of Copenhagen
摘要：This article uses administrative data with longitudinal information about defaults for the entire Danish population to analyse the driving forces behind financial problems. Non-parametric evidence shows that the default propensity is more than four times higher for individuals with parents in default compared with that for individuals with parents not in default. This intergenerational relationship is apparent soon after children move into adulthood and become legally able to borrow, and is re...
