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作者：Yang, Ming
作者单位：Duke University
摘要：This article studies a security design problem featuring flexible information acquisition. To raise liquidity, a seller issues a security backed by her asset in place at the price she proposes to a buyer. Before deciding whether to accept the offer, the buyer can acquire costly information about the underlying asset. This case differs from the existing literature on security design, in that the buyer has the full flexibility of choosing not only the amount of resources to spend in information ...
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作者：Burdett, Kenneth; Carrillo-Tudela, Carlos; Coles, Melvyn
作者单位：University of Pennsylvania; University of Essex
摘要：This article identifies an equilibrium theory of wage formation and endogenous quit turnover in a labour market with on-the-job search, where risk averse workers accumulate human capital through learning-by-doing and lose skills while unemployed. Optimal contracting implies the wage paid increases with experience and tenure. Indirect inference using German data determines the deep parameters of the model. The estimated model not only reproduces the large and persistent fall in wages and earnin...
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作者：Sahni, Navdeep S.; Nair, Harikesh
摘要：We develop a field experiment that assesses whether advertising can serve as a signal that enhances consumers' evaluations of advertised goods. We implement the experiment on a mobile search platform that provides listings and reviews for an archetypal experience good, restaurants. In collaboration with the platform, we randomize about 200,000 users in 13 Asian cities into exposure of ads for about 600+ local restaurants. Within the exposure group, we randomly vary the disclosure to the consum...
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作者：Stevens, Luminita
作者单位：University System of Maryland; University of Maryland College Park
摘要：The muted volatility of inflation during the Great Recession and its aftermath has refocused attention on the constraints that firms face when adjusting prices. Using new empirical and theoretical results, I argue that each firm's choice of how much information to acquire to set prices plays a central role in determining the patterns of pricing at the product level and the degree of aggregate price rigidity in response to shocks. In support of the information channel, I present product-level e...
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作者：Butikofer, Aline; Salvanes, Kjell G.
作者单位：Norwegian School of Economics (NHH)
摘要：This article examines the economic impact of a tuberculosis control program launched in Norway in 1948. In the 1940s, Norway had one of the highest tuberculosis infection rates in Europe, affecting about 85% of the inhabitants. To lower the disease burden, the Norwegian government launched a largescale tuberculosis testing and vaccination campaign that substantially reduced tuberculosis infection rates among children. We find that cohorts in school during and after the campaign in municipaliti...
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作者：Grobovsek, Jan
作者单位：University of Edinburgh
摘要：I propose a novel general equilibrium framework to quantify the impact of law enforcement on the internal organization of firms and thereby on aggregate outcomes. The model features an agency problem between the firm and its middle managers. Imperfect law enforcement allows middle managers to divert revenue from firms, which reduces delegation and constrains firm size. I use French matched employer-employee data for evidence of the model's pattern of managerial wages. Relative to the French be...
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作者：Lavy, Victor
作者单位：University of Warwick; Hebrew University of Jerusalem; National Bureau of Economic Research
摘要：This article examines the dynamic effects of a teachers' pay for performance experiment on long-term outcomes at adulthood. The program led to a gradual increase in university education of the treated high school students, reaching an increase of 0.25 years of schooling by age 28-30. The effects on employment and earnings were initially negative, coinciding with a higher rate of enrolment in university, but became positive and significant with time. These gains are largely mediated by the posi...
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作者：Sequeira, Sandra; Nunn, Nathan; Qian, Nancy
作者单位：University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR); Harvard University; National Bureau of Economic Research; Fudan University
摘要：We study the effects of European immigration to the U.S. during the Age of Mass Migration (1850-1920) on economic prosperity. Exploiting cross-county variation in immigration that arises from the interaction of fluctuations in aggregate immigrant flows and of the gradual expansion of the railway network, we find that counties with more historical immigration have higher income, less poverty, less unemployment, higher rates of urbanization, and greater educational attainment today. The long-run...
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作者：Igami, Mitsuru; Uetake, Kosuke
作者单位：Yale University
摘要：How far should an industry be allowed to consolidate when competition and innovation are endogenous? We develop a stochastically alternating-move game of dynamic oligopoly and estimate it using data from the hard disk drive industry, in which a dozen global players consolidated into only three in the last 20 years. We find plateau-shaped equilibrium relationships between competition and innovation, with heterogeneity across time and productivity. Our counterfactual simulations suggest the curr...
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作者：Cooley, Thomas; Marimon, Ramon; Quadrini, Vincenzo
作者单位：New York University; National Bureau of Economic Research; University of Southern California; Center for Economic & Policy Research (CEPR)
摘要：We show that a change in organizational structure from partnerships to public companies-which weakens contractual commitment-can lead to higher investment in high return-and-risk activities, higher productivity (value added per employee) and greater income dispersion (inequality). These predictions are consistent with the observed evolution of the financial sector where the switch from partnerships to public companies has been especially important in the decades that preceded the 21st Century ...
