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作者：Jagadeesan, Ravi; Vocke, Karolina
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作者：Calvo, Paula; Lindenlaub, Ilse; Reynoso, Ana
作者单位：Arizona State University; Arizona State University-Tempe; Yale University; University of Michigan System; University of Michigan
摘要：We develop a new equilibrium model in which households' labour supply choices form the link between sorting on the marriage market and sorting on the labour market. We first show that in theory, the nature of home production-whether partners' hours are complements or substitutes-shapes equilibrium labour supply as well as marriage and labour market sorting. We then estimate our model using German data to empirically assess the nature of home production, and find that spouses' home hours are co...
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作者：Caldwell, Sydnee; Danieli, Oren
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Tel Aviv University
摘要：This paper develops a method to estimate workers' outside employment opportunities. We outline a matching model with two-sided heterogeneity, from which we derive a sufficient statistic, the outside options index (OOI), for the effect of outside options on earnings, holding worker productivity constant. The OOI uses the cross-sectional concentration of similar workers across job types to quantify workers' outside options as a function of workers' commuting costs, preferences, and skills. Using...
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作者：Galanis, Spyros; Ioannou, Christos A.; Kotronis, Stelios
作者单位：Durham University
摘要：We study information aggregation in a dynamic trading model. We show theoretically that separable securities, introduced by Ostrovsky in the context of Expected Utility, no longer aggregate information if some traders have imprecise beliefs and are ambiguity averse. Moreover, these securities are prone to manipulation as the degree of information aggregation can be influenced by the initial price set by the uninformed market maker. These observations are also confirmed in our laboratory experi...
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作者：Barelli, Paulo; Govindan, Srihari; Wilson, Robert
作者单位：University of Rochester; Stanford University
摘要：We study an economy with traders whose payoffs are quasilinear and whose private signals are informative about an unobserved state parameter. The limit economy has infinitely many traders partitioned into a finite set of symmetry classes called types. Market mechanisms in a class that includes auctions yield the same outcome as the Walrasian rational expectations equilibrium if and only if the efficient allocation has a monotonicity property. Examples illustrate cases where they differ. Monoto...
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作者：Bonaldi, Pietro
作者单位：Carnegie Mellon University
摘要：Libor is an estimate of interbank borrowing costs computed daily from rates reported by a fixed panel of banks. Evidence suggests that banks have manipulated Libor in recent years by misreporting their borrowing costs. I estimate a strategic reporting model that identifies banks' borrowing costs as well as their motives for misreporting. The estimation places a lower bound on the value that Libor would have had if banks had truthfully reported their borrowing costs. The model is identified eve...
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作者：Ewerhart, Christian; Lareida, Julia
作者单位：University of Zurich; University of Zurich
摘要：This article studies the incentives for interim voluntary disclosure of verifiable information in probabilistic all-pay contests with two-sided incomplete information. Private information may concern marginal cost, valuations, and ability. Our main result says that, if the contest is uniformly asymmetric, then full revelation is the unique perfect Bayesian equilibrium outcome. This is so because the weakest type of the underdog reveals her type in an attempt to moderate the favourite, while th...
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作者：Borusyak, Kirill; Jaravel, Xavier; Spiess, Jann
作者单位：University of California System; University of California Berkeley; University of London; London School Economics & Political Science; Stanford University
摘要：We develop a framework for difference-in-differences designs with staggered treatment adoption and heterogeneous causal effects. We show that conventional regression-based estimators fail to provide unbiased estimates of relevant estimands absent strong restrictions on treatment-effect homogeneity. We then derive the efficient estimator addressing this challenge, which takes an intuitive imputation form when treatment-effect heterogeneity is unrestricted. We characterize the asymptotic behavio...
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作者：Davis, Morris A.; Ghent, Andra C.; Gregory, Jesse
作者单位：Rutgers University System; Rutgers University New Brunswick; Utah System of Higher Education; University of Utah; University of Wisconsin System; University of Wisconsin Madison
摘要：We study the impact of widespread adoption of work-from-home (WFH) technology using an equilibrium model where people choose where to live, how to allocate their time between working at home and at the office, and how much space to use in production. Motivated by cross-sectional evidence on WFH, we model WFH as a complement to work at the office. Simulations of the model indicate that the pandemic induced a large change to the relative productivity of WFH that substantially increased home pric...
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作者：He, Xiaoqi; Song, Kyungchul
作者单位：Central University of Finance & Economics; University of British Columbia
摘要：This article introduces a measure of the diffusion of binary outcomes over a large, sparse network, when the diffusion is observed in two time periods. The measure captures the aggregated spillover effect of the state-switches in the initial period on their neighbours' outcomes in the second period. This article introduces a causal network that captures the causal connections among the cross-sectional units over the two periods. It shows that when the researcher's observed network contains the...
