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作者：Antill, Samuel; Duffie, Darrell
作者单位：Harvard University; Stanford University; National Bureau of Economic Research
摘要：We explain how the common practice of size-discovery trade detracts from overall financial market efficiency. At each of a series of size-discovery sessions, traders report their desired trades, generating allocations of the asset and cash that rely on the most recent exchange price. Traders can thus mitigate exchange price impacts bywaiting for size-discovery sessions. This waiting causes socially costly delays in the rebalancing of asset positions across traders. As the frequency of size-dis...
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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：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：Leshno, Jacob D.; Lo, Irene
作者单位：University of Chicago; Stanford University
摘要：This article develops a tractable theoretical framework for the Top Trading Cycles (TTC) mechanism for school choice that allows quantifying welfare and optimizing policy decisions. We compute welfare for TTC and Deferred Acceptance (DA) under different priority structures and find that the choice of priorities can have larger welfare implications than the choice of mechanism. We solve for the welfare-maximizing distributions of school quality for parametrized economies and find that optimal i...
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作者：Ambrus, Attila; Elliott, Matt
作者单位：Duke University; University of Cambridge
摘要：This article investigates stable and efficient networks in the context of risk sharing, when it is costly to establish and maintain relationships that facilitate risk sharing. We find a novel trade-off between efficiency and equality: the most stable efficient networks also generate the most inequality. We then suppose that individuals can be split into groups, assuming that incomes across groups are less correlated than within a group but relationships across groups are more costly to form. T...
