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作者：Lu, Jingfeng; Ye, Lixin; Feng, X. I. N.
作者单位：National University of Singapore; University System of Ohio; Ohio State University; The Chinese University of Hong Kong, Shenzhen; Nanjing University
摘要：We study how to orchestrate information acquisition in an environment where bidders endowed with original estimates (types ) about their private values can acquire further information by incurring a cost. We consider both single-round and fully sequential shortlisting rules. The optimal single-round shortlisting rule admits the set of most efficient bidders that maximizes expected virtual surplus adjusted by the second-stage signal and information acquisition cost. When shortlisting is fully s...
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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：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...
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作者：Piveteau, Paul
作者单位：Johns Hopkins University
摘要：This paper develops a dynamic structural model of trade in which firms slowly accumulate consumers in foreign markets. Estimating the model using export data from individual firms and a particle Markov chain Monte Carlo estimator, the model predicts lower survival rates for new exporters and estimates low entry costs of exporting-less than half of those estimated in the absence of consumer accumulation. Using simulations and out-of-sample predictions, I show that the introduction of such frict...
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作者：Barkley, Aaron
作者单位：University of Melbourne
摘要：This paper investigates the how government outsourcing affects efficiency and expenditures by considering how outsourcing decisions are determined along two dimensions: (i) cost differences between private firms and government suppliers of public goods and (ii) dynamics arising from cost complementarities and capacity constraints. I formulate and estimate a dynamic model of government outsourcing using project-level data from the dredging industry. Model estimates indicate substantial cost sav...
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作者：Kawai, K. E., I; Toyama, Yuta; Watanabe, Yasutora
作者单位：University of California System; University of California Berkeley; Waseda University; University of Tokyo
摘要：We study how voter turnout affects the aggregation of preferences in elections. Under voluntary voting, election outcomes disproportionately aggregate the preferences of voters with low voting cost and high preference intensity. We show identification of the correlation structure among preferences, costs, and perceptions of voting efficacy, and explore how the correlation affects preference aggregation. Using 2004 US presidential election data, we find that young, low-income, less-educated, an...
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作者：Araujo, Felipe A.; Wang, Stephanie W.; Wilson, Alistair J.
作者单位：Lehigh University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We examine a common value dynamic matching environment where adverse selection accrues slowly over time. Theoretical best responses are therefore time varying, and the prior experimental literature suggests that sequential environments might lead to greater understanding of adverse selection in this dynamic setting. However, while a sophisticated minority in our experiment do condition on time and are close to a best response, the majority use a stationary response, even after extended experie...
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作者：Engl, Florian; Riedl, Arno; Weber, Roberto
作者单位：University of Cologne; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Tilburg University; Maastricht University; University of Zurich
摘要：Most institutions are limited in scope. We study experimentally how enforcement institutions affect behavior, preferences, and beliefs beyond their direct influence over the behaviors they control. Groups play two identical public good games, with cooperation institutionally enforced in one game. Institutions generally have economically significant positive spillover effects to the unregulated game. We also observe that institutions enhance conditional cooperation preferences and beliefs about...
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作者：Biasi, Barbara; Moser, Petra
作者单位：Yale University; National Bureau of Economic Research; New York University
摘要：Copyrights, which establish intellectual property in music, science, and other creative goods, are intended to encourage creativity. Yet, copyrights also raise the cost of accessing existing work-potentially discouraging future innovation. This paper uses an exogenous shift toward weak copyrights (and low access costs) during World War II to examine the potentially adverse effects of copyrights on science. Using two alternative identification strategies, we show that weaker copyrights encourag...
