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作者：Battaglia, Marianna; Gulesci, Selim; Madestam, Andreas
作者单位：Universitat d'Alacant; Trinity College Dublin; Stockholm University
摘要：A widely held view is that small firms in developing countries are prevented from making profitable investments by lack of access to credit and insurance markets. One solution is to provide repayment flexibility in credit contracts. Repayment flexibility eases both the credit constraint, as it allows for increased spending during the start-up phase, and offers insurance, in case of fluctuations in income. In a field experiment among traditional microfinance clients and larger collateralized bo...
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作者：Dutta, Rohan
作者单位：McGill University; Universite de Montreal
摘要：The strategic importance of commitment in bargaining is widely acknowledged. Yet disentangling its role from key features of canonical models, such as proposal power and reputational concerns, is difficult. This paper introduces a model of bargaining with strategic commitment at its core. Following Schelling (1956, The American Economic Review, vol. 46, 281-306), commitment ability stems from the costly nature of concession and is endogenously determined by players' demands. Agreement is immed...
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作者：Barczyk, Daniel; Fahle, Sean; Kredler, Matthias
作者单位：McGill University; Eberhard Karls University of Tubingen; Universidad Carlos III de Madrid
摘要：How do housing and family shape the savings, spending, and inter-generational transfer behaviour of the elderly? Using the Health and Retirement Study, we document that inter-generational transfers to children are substantially backloaded, that homeowners dis-save much more slowly than renters but often sell their houses when entering a nursing home, and that care by children slows down nursing home entry and is linked to larger bequests, particularly of housing. To rationalise these facts, we...
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作者：Tabord-Meehan, Max
作者单位：University of Chicago
摘要：This paper proposes an adaptive randomisation procedure for two-stage randomised controlled trials. The method uses data from a first-wave experiment in order to determine how to stratify in a second wave of the experiment, where the objective is to minimise the variance of an estimator for the average treatment effect. We consider selection from a class of stratified randomisation procedures which we call stratification trees: these are procedures whose strata can be represented as decision t...
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作者：Auer, Raphael; Burstein, Ariel; Lein, Sarah; Vogel, Jonathan
作者单位：Bank for International Settlements (BIS); University of California System; University of California Los Angeles; University of Basel; Centre for Economic Policy Research - UK; University of California System; University of California Los Angeles
摘要：What are the unequal effects of changes in consumer prices on the cost of living? In the context of changes in import prices (driven by, e.g. changes in trade costs or exchange rates), most analyses focus on variation across households in initial expenditure shares on imported goods. However, the unequal welfare effects of non-marginal foreign price changes also depend on differences in how consumers substitute between imported and domestic goods, on which there is scant evidence. Using data f...
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作者：Raval, Devesh
摘要：Under the production approach to markup estimation, any flexible input should recover the markup. I test this implication using manufacturing datasets from Chile, Colombia, India, Indonesia, the U.S., and Southern Europe, as well as store-level data from a major U.S. retailer, and overwhelmingly reject that markups estimated using labour and materials have the same distribution. For every dataset, markups estimated using labour are negatively correlated with markups estimated using materials, ...
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作者：Esponda, Ignacio; Vespa, Emanuel
作者单位：University of California System; University of California San Diego
摘要：We present an experimental framework to study the extent to which failures of contingent thinking explain classic anomalies in a broad class of environments, including overbidding in auctions and the Ellsberg paradox. We study environments in which the subject's choices affect payoffs only in some states but not in others. We find that anomalies are in large part driven by incongruences between choices in the standard presentation of each problem and a contingent presentation, which focuses th...
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作者：Costinot, Arnaud; Werning, Ivan
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Technological change, from the advent of robots to expanded trade opportunities, creates winners and losers. How should government policy respond? We provide a general theory of optimal technology regulation in a second-best world, with rich heterogeneity across households, linear taxes on the subset of firms affected by technological change, and a non-linear tax on labour income. Our first set of results consists of optimal tax formulas, with minimal structural assumptions, involving sufficie...
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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...
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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...
