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作者：Haggag, Kareem; Pope, Devin G.; Bryant-Lees, Kinsey B.; Bos, Maarten W.
作者单位：Carnegie Mellon University
摘要：When judging the value of a good, people may be overly influenced by the state in which they previously consumed it. For example, someone who tries out a new restaurant while very hungry may subsequently rate it as high quality, even if the food is mediocre. We produce a simple framework for this form of attribution bias that embeds a standard model of decision making as a special case. We test for attribution bias across two consumer decisions. First, we conduct an experiment in which we rand...
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作者：Garrett, Daniel F.; Gomes, Renato; Maestri, Lucas
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Centre National de la Recherche Scientifique (CNRS); Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Getulio Vargas Foundation
摘要：We study the interplay between informational frictions and second-degree price discrimination. Our theory recognizes that consumers differ in their tastes for quality as well as in the information they possess about available offers, which leads to dispersion over price-quality menus in equilibrium. While firms are ex ante identical, we show that their menus are ordered so that more generous menus leave more surplus to consumers of all valuations. We explore the cross-section of equilibrium me...
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作者：Augenblick, Ned; Rabin, Matthew
作者单位：University of California System; University of California Berkeley; Harvard University
摘要：We experimentally investigate the time-inconsistent taste for immediate gratification and future-preference misprediction. Across 7 weeks, 100 participants choose the number of unpleasant transcription tasks given various wages to complete immediately and at different future dates. Participants preferred 10-12% fewer tasks in the present compared to any future date, leading to an estimated beta of 0.83. Comparing predictions with actual immediate-work choices provides evidence against substant...
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作者：Caplin, Andrew; Dean, Mark; Leahy, John
作者单位：New York University; Columbia University; University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：We unite two basic approaches to modelling limited attention in choice by showing that the rational inattention model implies the formation of consideration sets-only a subset of the available alternatives will be considered for choice. We provide necessary and sufficient conditions for rationally inattentive behaviour which allow the identification of consideration sets. In simple settings, chosen options are those that are best on a stand-alone basis. In richer settings, the consideration se...
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作者：Ali, S. Nageeb; Bernheim, B. Douglas; Fan, Xiaochen
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Stanford University; New York University
摘要：The rules and procedures of legislatures often provide legislators with information bearing on the identities of upcoming proposers. For a broad class of legislative bargaining games, we establish that Markovian equilibria necessarily deliver all economic surplus to the first proposer whenever the information structure permits the legislators to rule out some minimum number of proposers one round in advance. This result holds regardless of the recognition process and even if players vary in pa...
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作者：Crockett, Sean; Duffy, John; Izhakian, Yehuda
作者单位：City University of New York (CUNY) System; City University of New York (CUNY) System; Baruch College (CUNY); University of California System; University of California Irvine
摘要：We implement a dynamic asset pricing experiment in the spirit of Lucas (1978) with storable assets and non-storable cash. In the first treatment, we impose diminishing marginal returns to cash to incentivize consumption smoothing across periods. We find that subjects use the asset to smooth consumption, although the asset trades at a discount relative to the risk-neutral fundamental price. This under-pricing is a departure from the asset price bubbles observed in the large experimental asset p...
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作者：Azoulay, Pierre; Zivin, Joshua S. Graff; Li, Danielle; Sampat, Bhaven N.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of California System; University of California San Diego; Columbia University
摘要：We quantify the impact of scientific grant funding at the National Institutes of Health (NIH) on patenting by pharmaceutical and biotechnology firms. Our article makes two contributions. First, we use newly constructed bibliometric data to develop a method for flexibly linking specific grant expenditures to private-sector innovations. Second, we take advantage of idiosyncratic rigidities in the rules governing NIH peer review to generate exogenous variation in funding across research areas. Ou...
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作者：Cordoba, Juan Carlos; Ripoll, Marla
作者单位：Iowa State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Dynastic models common in macroeconomics use a single parameter to control the willingness of individuals to substitute consumption both intertemporally, or across periods, and intergenerationally, or across parents and their children. This article defines the concept of elasticity of intergenerational substitution (EGS), and extends a standard dynastic model in order to disentangle the EGS from the EIS, or elasticity of intertemporal substitution. A calibrated version of the model lends stron...
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作者：Gavazza, Alessandro; Nardotto, Mattia; Valletti, Tommaso M.
作者单位：University of London; London School Economics & Political Science; KU Leuven; Imperial College London; University of Rome Tor Vergata
摘要：We empirically study the effects of broadband internet diffusion on local election outcomes and on local government policies using rich data from the U.K. Our analysis shows that the internet has displaced other media with greater news content (i.e. radio and newspapers), thereby decreasing voter turnout, most notably among less-educated and younger individuals. In turn, we find suggestive evidence that local government expenditures and taxes are lower in areas with greater broadband diffusion...
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作者：Carroll, Gabriel; Segal, Ilya
作者单位：Stanford University
摘要：The standard revenue-maximizing auction discriminates against a priori stronger bidders so as to reduce their information rents. We show that such discrimination is no longer optimal when the auction's winner may resell to another bidder, and the auctioneer has non-Bayesian uncertainty about such resale opportunities. We identify a worst-case resale scenario, in which bidders' values become publicly known after the auction and losing bidders compete Bertrand-style to buy the object from the wi...
