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作者：Booij, Adam S.; Leuven, Edwin; Oosterbeek, Hessel
作者单位：University of Amsterdam; University of Oslo
摘要：This article estimates peer effects originating from the ability composition of tutorial groups for undergraduate students in economics. We manipulated the composition of groups to achieve a wide range of support, and assigned students-conditional on their prior ability-randomly to these groups. The data support a specification in which the impact of group composition on achievement is captured by the mean and standard deviation of peers' prior ability, their interaction, and interactions with...
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作者：Melosi, Leonardo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We develop a dynamic general equilibrium model in which the policy rate signals the central bank's view about macroeconomic developments to price setters. The model is estimated with likelihood methods on a U.S. data set that includes the Survey of Professional Forecasters as a measure of price setters' inflation expectations. This model improves upon existing perfect information models in explaining why, in the data, inflation expectations respond with delays to monetary impulses and remain d...
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作者：Madarasz, Kristof; Prat, Andrea
作者单位：University of London; London School Economics & Political Science; Columbia University
摘要：Principals often operate on misspecified models of their agents' preferences. When preferences are such that non-local incentive constraints may bind in the optimum, even slight misspecification of the preferences can lead to large and non-vanishing losses. Instead, we propose a two-step scheme whereby the principal: (1) identifies the model-optimal menu; and (2) modifies prices by offering to share with the agent a fixed proportion of the profit she would receive if an item were sold at the m...
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作者：Bonatti, Alessandro; Cisternas, Gonzalo; Toikka, Juuso
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：We consider learning and signalling in a dynamic Cournot oligopoly where firms have private information about their production costs and only observe the market price, which is subject to unobservable demand shocks. An equilibrium is Markov if play depends on the history only through the firms' beliefs about costs and calendar time. We characterize symmetric linear Markov equilibria as solutions to a boundary value problem. In every such equilibrium, given a long enough horizon, play converges...
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作者：Pagel, Michaela
作者单位：Columbia University
摘要：This study incorporates a recent preference specification of expectations-based loss aversion, which has been applied broadly in microeconomics, into a classic macro model to offer a unified explanation for three empirical observations about life-cycle consumption. First, loss aversion explains excess smoothness and sensitivity-that is, the empirical observation that consumption responds to income shocks with a lag. Intuitively, such lagged responses allow the agent to delay painful losses in ...
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作者：Vives, Xavier
作者单位：University of Navarra; IESE Business School
摘要：This article performs a welfare analysis of markets with private information in which agents condition on prices in the rational expectations tradition. Price-contingent strategies introduce two externalities in the use of private information: a pecuniary externality and a learning externality. The pecuniary externality induces agents to put too much weight on private information and in the standard case, when the allocation role of the price prevails over its informational role, overwhelms th...
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作者：Fort, Teresa C.
作者单位：Dartmouth College; National Bureau of Economic Research
摘要：This article provides direct empirical evidence on the relationship between technology and firms' global sourcing strategies. Using new data on U.S. firms' decisions to contract for manufacturing services from domestic or foreign suppliers, I show that a firm's adoption of communication technology between 2002 and 2007 is associated with a 3.1 point increase in its probability of fragmentation. The effect of firm technology also differs significantly across industries; in 2007, it is 20% highe...
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作者：Cheremukhin, Anton; Golosov, Mikhail; Guriev, Sergei; Tsyvinski, Aleh
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; Princeton University; Institut d'Etudes Politiques Paris (Sciences Po); Yale University
摘要：This article studies the structural transformation of Russia in 1885-1940 from an agrarian to an industrial economy through the lens of a two-sector neoclassical growth model. We construct a data set that covers Tsarist Russia during 1885-1913 and Soviet Union during 1928-1940. We develop a methodology that allows us to identify the types of frictions and economic mechanisms that had the largest quantitative impact on Russian economic development. We find that entry barriers and monopoly power...
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作者：Booij, A. S.; Leuvene; Osterbeek, H.
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作者：Gershkov, Alex; Moldovanu, Benny; Shi, Xianwen
作者单位：Hebrew University of Jerusalem; University of Surrey; University of Bonn; University of Toronto
摘要：We derive the incentive compatible and ex-ante welfare maximizing (i.e. utilitarian) mechanism for settings with an arbitrary number of agents and alternatives where the privately informed agents have single-crossing and single-peaked preferences. The optimal outcome can be implemented by modifying a sequential voting scheme that is used in many legislatures and committees. The modification uses a flexible majority threshold for each of several alternatives, and allows us to replicate, via a s...
