-
作者：Dasaratha, Krishna
作者单位：Yale University
摘要：We study a model of innovation with a large number of firms that create new technologies by combining several discrete ideas. These ideas are created via private investment and spread between firms. Firms face a choice between secrecy, which protects existing intellectual property, and openness, which facilitates learning from others. Their decisions determine interaction rates between firms, and these interaction rates enter our model as link probabilities in a learning network. Higher intera...
-
作者：Allen, Jason; Clark, Robert; Hickman, Brent; Richert, Eric
作者单位：Bank of Canada; Queens University - Canada; Washington University (WUSTL); University of Chicago
摘要：The FDIC resolves insolvent banks with scoring auctions. Although the structure of the scoring rule is known to bidders, they are uncertain about how the FDIC trades off different bid components. Scoring-rule uncertainty motivates bidders to submit multiple bids for the same failed bank. To evaluate the effects of uncertainty and multiple bidding for FDIC costs, we develop a methodology for analysing multidimensional bidding when the auctioneer's scoring weights are unknown to bidders. We esti...
-
作者：Berger, David; Dew-Becker, Ian; Giglio, Stefano
-
作者：Curello, Gregorio; Sinander, Ludvig
作者单位：University of Bonn; University of Oxford
摘要：We study the susceptibility of committee governance (e.g. by boards of directors), modelled as the collective determination of a ranking of a set of alternatives, to manipulation of the order in which pairs of alternatives are voted on-agenda-manipulation. We exhibit an agenda strategy called insertion sort that allows a self-interested committee chair with no knowledge of how votes will be cast to do as well as if she had complete knowledge. Strategies with this regret-freeness property are c...
-
作者：Jin, Lawrence; Tang, Rui; Ye, Han; Yi, Junjian; Zhong, Songfa
作者单位：National University of Singapore; Hong Kong University of Science & Technology; Lingnan University; Peking University
摘要：We examine path dependency in physician decisions in an emergency department setting, and find that physicians' treatment decisions for the current and previous patients are positively correlated. We show that the positive autocorrelation is higher when the current patient is of greater medical uncertainty or more similar to the previous patient in terms of observed characteristics and when the physician is less experienced or more fatigued. We then show that these patterns are highly consiste...
-
作者：Cestone, Giacinta; Fumagalli, Chiara; Kramarz, Francis; Pica, Giovanni
作者单位：City St Georges, University of London; University of London; London Business School; Bocconi University; Bocconi University; Institut Polytechnique de Paris; ENSAE Paris; Universita della Svizzera Italiana
摘要：We explore how business groups use internal labour markets (ILMs) in response to changing economic conditions. We show that following the exit of a large industry competitor, group-affiliated firms expand, and gain market share by increasing their reliance on the ILM to ensure swift hiring, especially of technical managers and skilled blue collar workers. The ability to take advantage of this shock to growth opportunities is greater in firms with closer access to their affiliates' human capita...
-
作者：Enke, Benjamin; Rodriguez-Padilla, Ricardo; Zimmermann, Florian
作者单位：Harvard University; National Bureau of Economic Research; University of Bonn; University of Bonn
摘要：Throughout the Western world, people's policy views are correlated across domains in a strikingly similar fashion. This article proposes that what partly explains the structure of ideology is moral universalism: the extent to which people exhibit the same level of altruism and trust towards strangers as towards in-group members. In new large-scale multinational surveys, heterogeneity in universalism descriptively explains why some people support redistribution, health care, environmental prote...
-
作者：Rogoff, Kenneth; You, Yang
作者单位：Harvard University; University of Hong Kong
摘要：Can massive online retailers such as Amazon and Alibaba issue digital tokens that potentially compete with bank debit accounts? There is a long history of trading stamps and loyalty points, but new technologies are poised to sharply raise the significance of redeemable assets as a store of value. Here, we develop a simple stylized model of redeemable tokens that can be used to study sales and pricing strategies for issuing tokens, including ICOs. Our central finding is that platforms can poten...
-
作者：Calderon, Alvaro; Fouka, Vasiliki; Tabellini, Marco
作者单位：Stanford University; Stanford University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Harvard University; IZA Institute Labor Economics
摘要：Between 1940 and 1970, more than 4 million African Americans moved from the South to the North of the US, during the Second Great Migration. This same period witnessed the struggle and eventual success of the civil rights movement in ending institutionalized racial discrimination. This article shows that the Great Migration and support for civil rights are causally linked. Predicting Black inflows with a shift-share instrument, we find that the Great Migration raised support for the Democratic...
-
作者：Bernard, Benjamin
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：This paper studies two-player games in continuous time with imperfect public monitoring, in which information may arrive both gradually and continuously, governed by a Brownian motion, and abruptly and discontinuously, according to Poisson processes. For this general class of two-player games, we characterize the equilibrium payoff set via a convergent sequence of differential equations. The differential equations characterize the optimal trade-off between value burnt through incentives relate...
