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作者：Ryan, Nicholas
作者单位：Yale University
摘要：The integration of markets may improve efficiency by lowering costs or reducing local market power. India, seeking to reduce electricity shortages, set up a new power market, in which transmission constraints sharply limit trade between regions. During congested hours, measures of market competitiveness fall and firms raise bid prices. I use confidential bidding data to estimate the costs of power supply and simulate market outcomes with more transmission capacity. Counterfactual simulations s...
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作者：Maniquet, Francois; Neumann, Dirk
作者单位：Universite Catholique Louvain
摘要：In a model where agents differ in wages and preferences over labor time-consumption bundles, we study labor income tax schemes that alleviate poverty. To avoid conflict with individual well-being, we require redistribution to take place between agents on both sides of the poverty line provided they have the same labor time. This requirement is combined with efficiency and robustness properties. Maximizing the resulting social preferences under incentive compatibility constraints yields the fol...
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作者：Guo, Huiyi; Yannelis, Nicholas C.
作者单位：Texas A&M University System; Texas A&M University College Station; University of Iowa
摘要：This paper introduces the maxmin expected utility framework into the problem of fully implementing a social choice set as ambiguous equilibria. Our model incorporates the Bayesian framework and the Wald-type maxmin preferences as special cases and provides insights beyond the Bayesian implementation literature. We establish necessary and almost sufficient conditions for a social choice set to be fully implementable. Under the Wald-type maxmin preferences, we provide easy-to-check sufficient co...
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作者：Fishman, Arthur; Jovanovic, Boyan
作者单位：Ariel University; Bar Ilan University; New York University
摘要：The prospect of capital obsolescence inhibits investment. Investors thus become more optimistic when the obsolescence of their capital slows down. We propose a model with no fixed costs of investment, and random technological progress that induces obsolescence of capital in place. Spikes occur precisely when technological progress slows down. Moreover, the more variable the progress, the larger are the spikes. Cross-industry data show that where price of capital declines are more variable, inv...
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作者：Hestermann, Nina; Le Yaouanq, Yves
作者单位：University of St Andrews; University of Munich; Centre for Economic Policy Research - UK
摘要：We study an experimentation problem in a situation where the outcomes depend on the decision-maker's intrinsic ability and on an external variable. We analyze the mistakes made by individuals who hold inaccurate prior beliefs about their ability. Overconfident individuals take too much credit for their successes and excessively blame external factors if they fail. They are too easily dissatisfied with their environment, which leads them to experiment in variable environments and revise their s...
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作者：Lach, Saul; Neeman, Zvika; Schankerman, Mark
作者单位：Hebrew University of Jerusalem; Centre for Economic Policy Research - UK; Tel Aviv University; University of London; London School Economics & Political Science
摘要：We study how to design an optimal government loan program for risky R&D projects with positive externalities. With adverse selection, the optimal government contract involves a high interest rate but nearly zero cofinancing by the entrepreneur. This contrasts sharply with observed loan schemes. With adverse selection and moral hazard, allowing for two levels of effort by the entrepreneur, the optimal policy consists of a menu of at most two contracts, one with high interest and zero self-finan...
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作者：Anesi, Vincent; Bowen, T. Renee
作者单位：University of Nottingham; University of California System; University of California San Diego; National Bureau of Economic Research
摘要：We study optimal policy experimentation by a committee. We consider a dynamic bargaining game in which committee members choose either a risky reform or a safe alternative each period. When no redistribution is allowed, the unique equilibrium outcome is generically inefficient. When redistribution is allowed (even small amounts), there always exists an equilibrium that supports optimal experimentation for any voting rule without veto players. With veto players, however, optimal policy experime...
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作者：Song, Minjae
作者单位：The Brattle Group
摘要：In two-sided markets, two groups of agents interact through platforms. Because agents' decision to join a platform is affected by the presence of agents on the other side, their interactions create indirect network externalities and make platforms' strategies different from those of firms in one-sided markets. In this paper, I use a structural model to show that platforms may take a loss on one side of the market to make a profit on the other side and that platform mergers may benefit some age...
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作者：Carbonell-nicolau, Oriol; Llavador, Humberto
作者单位：Rutgers University System; Rutgers University New Brunswick; Pompeu Fabra University; Barcelona School of Economics
摘要：The steady rise in income and wealth inequality in the last four decades,together with the evolution of a vanishing middle class, has raised concerns about potentially pernicious effects of these trends on social stability and economic growth. This paper evaluates the possibility of designing tax systems aimed at reducing income inequality and bipo-larization. Using two fundamentally different metrics, we provide a unified foundation of tax progressivity whereby, roughly, taxes are progressive...
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作者：Mullin, Wallace P.; Snyder, Christopher M.
作者单位：George Washington University; Dartmouth College
摘要：We propose a simple method, requiring only minimal data, for bounding demand elasticities in growing, homogeneous-product markets. Since growing demand curves cannot cross, shifts in market equilibrium over time can be used to funnel the demand curve into a narrow region, bounding its slope. Our featured application assesses the antitrust remedy in the 1952 DuPont decision, ordering incumbents to license patents for commercial plastics. We bound the demand elasticity significantly below 1 in m...
