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最新文章

• On the Faustian Dynamics of Policy and Political Power AI翻译
  作者：Bai, Jinhui H.; Lagunoff, Roger
  作者单位：Georgetown University
  摘要：This paper examines the Faustian dynamics of policy and power. We posit a general class of dynamic games in which current policies affect the future distribution of political power, resulting in the following Faustian trade-off: if the current ruler chooses his preferred policy, he then sacrifices future political power; yet if he wants to preserve his future power, he must sacrifice his present policy objectives. The trade-off comes from the fact that the current political ruler/pivotal voter...
• Adverse Selection and Convertible Bonds AI翻译
  作者：Chakraborty, Archishman; Yilmaz, Bilge
  作者单位：York University - Canada; University of Pennsylvania
  摘要：Informational asymmetries between a firm and investors may lead to adverse selection in capital markets. This paper demonstrates that when the market obtains noisy information about a firm over time, this adverse selection problem can be costlessly solved by issuing callable convertible bonds with restrictive call provisions. Such securities can be designed to make the payoff to new claimholders independent of the private information of the manager. This eliminates the possibility of any dilut...
• A Multiplier Approach to Understanding the Macro Implications of Household Finance AI翻译
  作者：Chien, Yili; Cole, Harold; Lustig, Hanno
  作者单位：Purdue University System; Purdue University; University of Pennsylvania; University of California System; University of California Los Angeles; National Bureau of Economic Research
  摘要：Our paper examines the impact of heterogeneous trading technologies for households on asset prices and the distribution of wealth. We distinguish between passive traders who hold fixed portfolios of stocks and bonds, and active traders who adjust their portfolios to changes in expected returns. To solve the model, we derive an optimal consumption sharing rule that does not depend on the trading technology, and we derive an aggregation result for state prices. This allows us to solve for equili...
• Learning and Complementarities in Speculative Attacks AI翻译
  作者：Goldstein, Itay; Ozdenoren, Emre; Yuan, Kathy
  作者单位：University of Pennsylvania; University of London; London Business School; University of London; London School Economics & Political Science
  摘要：We study a model where the aggregate trading of currency speculators reveals new information to the central bank and affects its policy decision. We show that the learning process gives rise to coordination motives among speculators leading to large currency attacks and introducing non-fundamental volatility into exchange rates and policy decisions. We show that the central bank can improve the ex ante effectiveness of its policy by committing to put a lower weight ex post on the information f...
• Semiparametric Estimation of First-Price Auctions with Risk-Averse Bidders AI翻译
  作者：Campo, Sandra; Guerre, Emmanuel; Perrigne, Isabelle; Vuong, Quang
  作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of London; Queen Mary University London; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：In view of the non-identification of the first-price auction model with risk-averse bidders, this paper proposes some parametric identifying restrictions and a semiparametric estimator for the risk aversion parameter(s) and the latent distribution of private values. Specifically, we exploit heterogeneity across auctioned objects to establish semiparametric identification under a conditional quantile restriction of the bidders' private value distribution and a parameterization of the bidders' u...
• On the Justice of Decision Rules AI翻译
  作者：Apesteguia, Jose; Ballester, Miguel A.; Ferrer, Rosa
  作者单位：Pompeu Fabra University; Autonomous University of Barcelona
  摘要：Which decision rules are the most efficient? Which are the best in terms of maximin or maximax? We study these questions for the case of a group of individuals faced with a collective choice from a set of alternatives. A key message from our results is that the set of optimal decision rules is well defined, particularly simple, and well known: the class of scoring rules. We provide the optimal scoring rules for the three different ideals of justice under consideration: utilitarianism (efficien...
• Social Learning and Peer Effects in Consumption: Evidence from Movie Sales AI翻译
  作者：Moretti, Enrico
  作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Centre for Economic Policy Research - UK; IZA Institute Labor Economics
  摘要：Using box-office data for all movies released between 1982 and 2000, I quantify how much the consumption decisions of individuals depend on information they receive from their peers, when quality is ex ante uncertain. In the presence of social learning, we should see different box-office sales dynamics depending on whether opening weekend demand is higher or lower than expected. I use a unique feature of the movie industry to identify ex ante demand expectations: the number of screens dedicate...
• Identification and Estimation of Auction Models with Unobserved Heterogeneity AI翻译
  作者：Krasnokutskaya, Elena
  作者单位：University of Pennsylvania
  摘要：In many procurement auctions, the bidders' unobserved costs depend both on a common shock and on idiosyncratic private information. Assuming a multiplicative structure, I derive sufficient conditions under which the model is identified and propose a non-parametric estimation procedure that results in uniformly consistent estimators of the cost components' distributions. The estimation procedure is applied to data from Michigan highway procurement auctions. Private information is estimated to a...
• Globalization and Risk Sharing AI翻译
  作者：Broner, Fernando; Ventura, Jaume
  作者单位：Pompeu Fabra University
  摘要：We study the effects of globalization on risk sharing and welfare. Like the previous literature, we assume that governments cannot commit to enforce the repayment of debts owed by their citizens. Unlike the previous literature, we assume that governments cannot discriminate between domestic and foreign creditors when enforcing debt payments. This creates novel interactions between domestic and international trade in assets. (i) Increases in domestic trade raise the benefits of enforcement and ...
• The Revealed Preference Approach to Collective Consumption Behaviour: Testing and Sharing Rule Recovery AI翻译
  作者：Cherchye, Laurens; De Rock, Bram; Vermeulen, Frederic
  作者单位：Tilburg University; KU Leuven; Universite Libre de Bruxelles
  摘要：We present a revealed preference methodology for empirically analysing collective consumption behaviour. First, we introduce an integer programming (IP) methodology for testing data consistency with collective consumption models that account for publicly as well as privately consumed goods. This IP methodology can include information on assignable quantities for private goods. Next, we show that the IP methodology allows for recovering the personalized (Lindahl) prices for the public goods and...