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作者：Cabrales, Antonio; Calvo-Armengol, Antoni; Pavoni, Nicola
作者单位：Universidad Carlos III de Madrid; ICREA; Autonomous University of Barcelona; University of London; University College London; University of London; London School Economics & Political Science
摘要：We study the earning structure and the equilibrium assignment of workers to firms in a model in which workers have social preferences, and skills are perfectly substitutable in production. Firms offer long-term contracts, and we allow for frictions in the labour market in the form of mobility costs. The model delivers specific predictions about the nature of worker flows, about the characteristics of workplace skill segregation, and about wage dispersion both within and across firms. We show t...
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作者：Telyukova, Irina A.; Wright, Randall
作者单位：University of California System; University of California San Diego; University of Pennsylvania
摘要：Many individuals simultaneously have significant credit card debt and money in the bank. The credit card debt puzzle is as follows: given high interest rates on credit cards and low rates on bank accounts, why not pay down debt? While some economists go to elaborate lengths to explain this, we argue it is a special case of the rate of return dominance puzzle from monetary economics. We extend standard monetary theory to incorporate consumer debt, which is interesting in its own right since dev...
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作者：Alonso, Ricardo; Matouschek, Niko
作者单位：Northwestern University; University of Southern California
摘要：We analyse the design of decision rules by a principal who faces an informed but biased agent and who is unable to commit to contingent transfers. The contracting problem reduces to a delegation problem in which the principal commits to a set of decisions from which the agent chooses his preferred one. We characterize the optimal delegation set and perform comparative statics on the principal's willingness to delegate and the agent's discretion. We also provide conditions for interval delegati...
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作者：Magnac, Thierry; Maurin, Eric
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Paris School of Economics
摘要：We investigate identification in semi-parametric binary regression models, y = 1(x beta + upsilon + epsilon > 0) when upsilon is either discrete or measured within intervals. The error term epsilon is assumed to be uncorrelated with a set of instruments z, epsilon is independent of upsilon conditionally on x and z, and the support of - (x beta + epsilon) is finite. We provide a sharp characterization of the set of observationally equivalent parameters beta. When there are as many instruments z...
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作者：Goldstein, Itay; Guembel, Alexander
作者单位：University of Pennsylvania; University of Oxford; University of Oxford
摘要：It is commonly believed that prices in secondary financial markets play an important allocational role because they contain information that facilitates the efficient allocation of resources. This paper identifies a limitation inherent in this role of prices. It shows that the presence of a feedback effect from the financial market to the real value of a firm creates an incentive for an uninformed trader to sell the firm's stock. When this happens the informativeness of the stock price decreas...
