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作者：Goeree, Jacob K.; Lindsay, Luke
作者单位：University of New South Wales Sydney; University of Exeter
摘要：Markets have an exposure problem when getting to the optimal allocation requires a sequence of transactions which if started but not completed leaves at least one trader with losses. We use laboratory experiments to evaluate the effect of the exposure problem on alternative market mechanisms. The continuous double auction performs poorly: efficiency is only 20% when exposure is high and 55% when it is low. Apackage market effectively eliminates the exposure problem: in lowand high-exposure tre...
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作者：Schennach, Susanne M.
作者单位：Brown University
摘要：The traditional approach to obtain valid confidence intervals for non-parametric quantities is to select a smoothing parameter such that the bias of the estimator is negligible relative to its standard deviation. While this approach is apparently simple, it has two drawbacks: first, the question of optimal bandwidth selection is no longer well-defined, as it is not clear what ratio of bias to standard deviation should be considered negligible. Second, since the bandwidth choice necessarily dev...
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作者：Devereux, Michael B.; Yu, Changhua
作者单位：University of British Columbia; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Peking University
摘要：International financial integration helps to diversify risk but also may spread crises across countries. We provide a quantitative analysis of this trade-off in a two-country general equilibrium model with collateral-constrained borrowing using a global solution method. Borrowing constraints bind occasionally, depending upon the state of the economy and levels of inherited debt. We examine different degrees of international financial integration, moving from financial autarky, to bond and equi...
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作者：Hahn, Jinyong; Kuersteiner, Guido; Mazzocco, Maurizio
作者单位：University of California System; University of California Los Angeles; University System of Maryland; University of Maryland College Park
摘要：Aggregate shocks affect most households' and firms' decisions. Using three stylized models, we show that inference based on cross-sectional data alone generally fails to correctly account for decision making of rational agents facing aggregate uncertainty. We propose an econometric framework that overcomes these problems by explicitly parameterizing the agents' decision problem relative to aggregate shocks. Our framework and examples illustrate that the cross-sectional and time-series aspects ...
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作者：Blader, Steven; Gartenberg, Claudine; Prat, Andrea
作者单位：New York University; University of Pennsylvania; Columbia University
摘要：This article investigates how the success of a management practice depends on the underlying values articulated by the management. A large U.S. transportation company is in the process of fitting its trucks with an electronic on-board recorder (EOBR) to provide drivers with information on their driving performance. The company also has commenced a multi-year initiative to remake its internal operations, the first phase of which focuses exclusively on changing values toward a greater emphasis o...
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作者：De Giorgi, Giacomo; Frederiksen, Anders; Pistaferri, Luigi
作者单位：University of Geneva; Center for Economic & Policy Research (CEPR); Aarhus University; Stanford University; National Bureau of Economic Research
摘要：In this article we study consumption network effects. Does the consumption of our peers affect our own consumption? How large is such effect? What are the economic mechanisms behind it? We use administrative panel data on Danish households to construct a measure of consumption based on tax records on income and assets. We combine tax record data with matched employer-employee data to identify peer groups based on workplace, which gives us a much tighter and credible definition of networks than...
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作者：Tabellini, Marco
作者单位：Harvard University
摘要：In this article, I jointly investigate the political and the economic effects of immigration, and study the causes of anti-immigrant sentiments. I exploit exogenous variation in European immigration to U.S. cities between 1910 and 1930 induced by World War I and the Immigration Acts of the 1920s, and instrument immigrants' location decision relying on pre-existing settlement patterns. I find that immigration triggered hostile political reactions, such as the election of more conservative legis...
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作者：Buchheim, Lukas; Ulbricht, Robert
作者单位：University of Munich; Boston College
摘要：We develop a quantitative theory of repeated political transitions driven by revolts and reforms. In the model, the beliefs of disenfranchised citizens play a key role in determining revolutionary pressure, which in interaction with preemptive reforms determine regime dynamics. We study the quantitative implications of the model by fitting it to data on the universe of political regimes existing between 1946 and 2010. The estimated model generates a process of political transitions that looks ...
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作者：Mastrobuoni, Giovanni
作者单位：Collegio Carlo Alberto; University of Turin; University of Essex
摘要：An increasing number of police departments use information technology (IT) to optimize patrolling strategies, yet little is known about its effectiveness in preventing crime. Based on quasi-random access to predictive policing, this study shows that IT improves police productivity as measured by crime clearance rates. Thanks to detailed information on individual incidents and offender-level identifiers it also shows that criminals strategies are predictable. Moreover, the introduction of predi...
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作者：Zacchia, Paolo
作者单位：Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Charles University Prague
摘要：In this article, I directly test the hypothesis that interactions between inventors of different firms drive knowledge spillovers. I construct a network of publicly traded companies in which each link is a function of the relative proportion of two firms' inventors who have former patent collaborators in both organizations. I use this measure to weigh the impact of R&D performed by each firm on the productivity and innovation outcomes of its network linkages. An empirical concern is that the r...
