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作者：Smith, Lones; Sorensen, Peter Norman; Tian, Jianrong
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Copenhagen; University of Hong Kong
摘要：In the standard herding model, privately informed individuals sequentially see prior actions and then act. An identical action herd eventually starts and public beliefs tend to cascade sets where social learning stops. What behaviour is socially efficient when actions ignore informational externalities? We characterize the outcome that maximizes the discounted sum of utilities. Our four key findings are: (1) cascade sets shrink but do not vanish, and herding should occur but less readily as gr...
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作者：Fuster, Andreas; Kaplan, Greg; Zafar, Basit
作者单位：Swiss National Bank (SNB); University of Chicago; National Bureau of Economic Research; University of Michigan System; University of Michigan
摘要：We use survey questions about spending in hypothetical scenarios to investigate features of propensities to consume that are useful for distinguishing between consumption theories. We find that (1) responses to unanticipated gains are vastly heterogeneous (either zero or substantially positive); (2) responses increase in the size of the gain, driven by the extensive margin of spending adjustments; (3) responses to losses are much larger and more widespread than responses to gains; and (4) even...
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作者：Dhyne, Emmanuel; Kikkawa, Ayumu Ken; Mogstad, Magne; Tintelnot, Felix
作者单位：European Central Bank; National Bank of Belgium; University of British Columbia; University of Chicago; National Bureau of Economic Research
摘要：We examine how many and what kind of firms ultimately rely on foreign inputs, sell to foreign markets, and are affected by trade shocks. To capture that firms can trade indirectly by buying from or selling to domestic firms that import or export, we use Belgian data with information on both domestic firm-to-firm sales and foreign trade transactions. We find that most firms use a lot of foreign inputs, but only a small number of firms show that dependence through direct imports. While direct ex...
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作者：Chang, Yongsung; Park, Yena
作者单位：Seoul National University (SNU)
摘要：We derive a fully non-linear optimal income tax schedule in the presence of private insurance. We fill the gap in the literature by studying the optimal tax formula with a comprehensive structure of the private markets-including incomplete markets models-both theoretically and quantitatively. As in the standard taxation literature without private insurance, the optimal tax formula can still be expressed in terms of standard sufficient statistics. With private insurance, however, the formula in...
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作者：Donovan, Kevin
作者单位：Yale University
摘要：I consider the aggregate impact of low intermediate input intensity in the agricultural sector of developing countries. In a dynamic general equilibrium model with idiosyncratic shocks, incomplete markets, and subsistence requirements, farmers in developing countries use fewer intermediate inputs because it limits their exposure to uninsurable shocks. The calibrated model implies that Indian agricultural productivitywould increase by 16% if markets were complete, driven by quantitatively impor...
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作者：Huberman, Gur; Leshno, Jacob D.; Moallemi, Ciamac
作者单位：Columbia University; University of Chicago
摘要：Bitcoin provides its users with transaction-processing services which are similar to those of traditional payment systems. This article models the novel economic structure implied by Bitcoin's innovative decentralized design, which allows the payment system to be reliably operated by unrelated parties called miners. We find that this decentralized design protects users from monopoly pricing. Competition among service providers within the platform and free entry imply no entity can profitably a...
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作者：Iverson, Terrence; Karp, Larry
作者单位：Colorado State University System; Colorado State University Fort Collins; University of California System; University of California Berkeley
摘要：We study the Markov perfect equilibrium in a dynamic game where agents have non-constant time preference, decentralized households determine aggregate savings, and a planner chooses climate policy. The article is the first to solve this problem with general discounting and general functional forms. With time-inconsistent preferences, a commitment device that allows a planner to choose climate policy for multiple periods is potentially very valuable. Nevertheless, our quantitative results show ...
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作者：Bodoh-Creed, Aaron L.; Boehnke, Jorn; Hickman, Brent
作者单位：University of California System; University of California Berkeley; University of California System; University of California Davis; Washington University (WUSTL)
摘要：We model a decentralized, dynamic auction market platform in which a continuum of buyers and sellers participate in simultaneous, single-unit auctions each period. Our model accounts for the endogenous entry of agents and the impact of intertemporal optimization on bids. We estimate the structural primitives of our model using Kindle sales on eBay. We find that just over one-third of Kindle auctions on eBay result in an inefficient allocation with deadweight loss amounting to 14% of total poss...
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作者：Bertrand, Marianne; Cortes, Patricia; Olivetti, Claudia; Pan, Jessica
作者单位：University of Chicago; Boston University; Dartmouth College; National University of Singapore
摘要：In most of the developed world, skilled women marry at a lower rate than less skilled ones. We document heterogeneity across countries in how the marriage gap between skilled and unskilled women has evolved over time. As labour market opportunities for women have improved, the marriage gap has been growing in some countries but shrinking in others. We discuss the comparative statics of a theoretical model in which the (negative) social attitudes toward working women might contribute to the rel...
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作者：Bugni, Federico A.; Bunting, Jackson
作者单位：Duke University
摘要：We study the first-order asymptotic properties of a class of estimators of the structural parameters in dynamic discrete choice games. We consider K-stage policy iteration (PI) estimators, where K denotes the number of PIs employed in the estimation. This class nests several estimators proposed in the literature. By considering a pseudo likelihood criterion function, our estimator becomes the Kpseudo maximum likelihood (PML) estimator in Aguirregabiria and Mira (2002, 2007). By considering a m...
