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作者：Berger, David; Dew-Becker, Ian; Giglio, Stefano
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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...
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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...
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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...
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作者：Preonas, Louis
作者单位：University System of Maryland; University of Maryland College Park
摘要：Economists have widely endorsed pricing CO2 emissions to internalize climate change-related externalities. Doing so would significantly affect coal, the most carbon-intensive energy source. However, U.S. coal markets exhibit an additional distortion: the railroads that transport coal to power plants can exert market power. This article estimates how coal-by-rail markups respond to changes in coal demand. I identify markups in a major intermediate goods market using both reduced-form and struct...
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作者：Liu, Qingmin; Wong, Yu Fu
作者单位：Columbia University; University of Warwick
摘要：This paper analyses a model of strategic exploration in which competing players independently explore a set of alternatives. The model features a multiple-player multiple-armed bandit problem and captures a strategic trade-off between pre-emption-covert exploration of alternatives that the opponent will explore in the future-and prioritization-exploration of the most promising alternatives. Our results explain how the strategic trade-off shapes equilibrium behaviours and outcomes, for example,...
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作者：Broadbent, Ben; Di Pace, Federico; Drechsel, Thomas; Harrison, Richard; Tenreyro, Silvana
作者单位：Bank of England; University of London; London School Economics & Political Science
摘要：The U.K. economy experienced significant macroeconomic adjustments following the 2016 referendum on its withdrawal from the European Union. To understand these adjustments, this paper presents empirical facts using novel U.K. macroeconomic data and estimates a small open economy model with tradable and non-tradable sectors. We demonstrate that the referendum outcome can be interpreted as news about a future decline in productivity growth in the tradable sector. An immediate fall in the relativ...
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作者：Fitzgerald, Doireann; Haller, Stefanie; Yedid-Levi, Yaniv
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University College Dublin; Reichman University
摘要：We use customs data for Irish firms to show that in successful episodes of export market entry, there are statistically and economically significant post-entry dynamics of quantities, but not of mark-ups. To match these moments, we structurally estimate a model where firms can invest in future customer base through two channels: by selling more today, and by spending on marketing and advertising. Our estimates suggest that customer base is insensitive to lagged sales, so firms have no incentiv...
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作者：Berry, Steven T.; Compiani, Giovanni
作者单位：Yale University; National Bureau of Economic Research; University of Chicago
摘要：We present a new class of methods for identification and inference in dynamic models with serially correlated unobservables, which typically imply that state variables are econometrically endogenous. In the context of Industrial Organization, these state variables often reflect econometrically endogenous market structure. We propose the use of Generalized Instrument Variables methods to identify those dynamic policy functions that are consistent with instrumental variable (IV) restrictions. Ex...
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作者：Azar, Jose; Huet-Vaughn, Emiliano; Marinescu, Ioana; Taska, Bledi; von Wachter, Till
作者单位：University of Navarra; IESE Business School; Claremont Colleges; Pomona College; University of Pennsylvania; National Bureau of Economic Research; University of California System; University of California Los Angeles
摘要：This paper shows that more highly concentrated labour markets experience more positive employment effects of the minimum wage. In the most concentrated labour markets, employment rises following a minimum wage increase. The paper establishes its main findings by studying the effects of local minimum wage increases on a key low-wage retail sector, and using data on labour market concentration that covers the entirety of the U.S. with fine spatial variation at the occupation level. The results c...
