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作者：Nakamura, Emi; Sigurdsson, Josef; Steinsson, Jon
作者单位：University of California System; University of California Berkeley; Norwegian School of Economics (NHH)
摘要：We exploit a volcanic experiment to study the costs and benefits of geographic mobility. In our experiment, a third of the houses in a town were covered by lava. People living in these houses were much more likely to move away permanently. For the dependents in a household (children), our estimates suggest that being induced to move by the lava shock dramatically raised lifetime earnings and education. While large, these estimates come with a substantial amount of statistical uncertainty. The ...
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作者：Igami, Mitsuru; Sugaya, Takuo
作者单位：Stanford University
摘要：Do mergers help or hinder collusion? This article studies the stability of the vitamin cartels in the 1990s and presents a repeated-games approach to quantify coordinated effects of a merger. We use data and direct evidence from American courts and European agencies to show the collusive incentive of the short-lived vitamin C cartel was likely to be negative when it actually collapsed in 1995, whereas the incentives of the long-lived cartels (vitamins A and E, and beta carotene) were unambiguo...
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作者：Allcott, Hunt; Kim, Joshua; Taubinsky, Dmitry; Zinman, Jonathan
作者单位：Microsoft; National Bureau of Economic Research; Facebook Inc
摘要：It is often argued that people might take on too much high-cost debt because they are present focused and/or over-optimistic about how soon they will repay. We measure borrowers' present focus and over-optimism using an experiment with a large payday lender. Although the most inexperienced quartile of borrowers under-estimate their likelihood of future borrowing, the more experienced three quartiles predict correctly on average. This finding contrasts sharply with priors we elicited from 103 p...
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作者：Boar, Corina; Gorea, Denis; Midrigan, Virgiliu
作者单位：New York University; National Bureau of Economic Research
摘要：We study the severity of liquidity constraints in the U.S. housing market using a life-cycle model with uninsurable idiosyncratic risks in which houses are illiquid, but agents can extract home equity by refinancing their mortgages. The model implies that four-fifths of homeowners are liquidity constrained and willing to pay an average of 13 cents to extract an additional dollar of liquidity from their home. Most homeowners value liquidity for precautionary reasons, anticipating the possibilit...
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作者：Celebi, Oguzhan; Flynn, Joel P.
作者单位：Massachusetts Institute of Technology (MIT)
摘要：In many centralized matching markets, agents' property rights over objects are derived from a coarse transformation of an underlying score. Prominent examples include the distance-based system employed by Boston Public Schools, where students who lived within a certain radius of each school were prioritized over all others, and the income-based system used in New York public housing allocation, where eligibility is determined by a sharp income cutoff. Motivated by this, we study how to optimal...
