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作者：Bloom, Nick; Bond, Stephen; Van Reenen, John
作者单位：Stanford University; National Bureau of Economic Research; University of Oxford; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：This paper shows that with (partial) irreversibility higher uncertainty reduces the responsiveness of investment to demand shocks. Uncertainty increases real option values making firms more cautious when investing or disinvesting. This is confirmed both numerically for a model with a rich mix of adjustment costs, time-varying uncertainty, and aggregation over investment decisions and time and also empirically for a panel of manufacturing firms. These cautionary effects of uncertainty are large...
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作者：Nagypal, Eva
作者单位：Northwestern University
摘要：Understanding the accumulation of match-specific capital is crucial in shedding light on the reasons for the prevalence of long-term employment relationships and on the welfare consequences of turnover in the labour market. One of the most important sources of match-specific capital is human capital acquired through match-specific learning. Such learning can take on two distinct forms. In the first case, workers accumulate match-specific human capital through learning by doing. In the second c...
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作者：Iyigun, Murat; Walsh, Randall P.
作者单位：University of Colorado System; University of Colorado Boulder; University of Colorado System; University of Colorado Boulder
摘要：We develop a transferable utility model of the household in which the marriage market is characterized by (negative or positive) assortative matching, and spousal allocations are determined by premarital investments. We demonstrate that all sharing rules along the assortative order support efficient outcomes both in terms of premarital investments and intra-household allocations. The efficiency of premarital choices and household allocations then enables us to show that, for each couple, the m...
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作者：Chung, Kim-Sau; Ely, J. C.
摘要：Robert Wilson criticizes applied game theory's reliance on common-knowledge assumptions. In reaction to Wilson's critique, the recent literature of mechanism design has adopted the goal of finding detail-free mechanisms in order to eliminate this reliance. In practice this has meant restricting attention to simple mechanisms such as dominant-strategy mechanisms. However, there has been little theoretical foundation for this approach. In particular it is not clear the search for an optimal mech...
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作者：Blundell, Richard; Chiappori, Pierre-Andre; Magnac, Thierry; Meghir, Costas
作者单位：University of London; University College London; University of Chicago; Columbia University; Universite de Toulouse; Universite Toulouse 1 Capitole; Universite de Toulouse; Universite Toulouse 1 Capitole
摘要：We present identification and estimation results for the collective model of labour supply in which there are discrete choices, censoring of hours, and non-participation in employment. We derive the collective restrictions on labour supply functions and contrast them with restrictions implied by the usual unitary framework. Using the large changes in the wage structure between men and women in the U.K. over the last two decades, we estimate a collective labour supply model for married couples ...
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作者：Rossi-Hansberg, Esteban; Wright, Mark L. J.
作者单位：Princeton University; University of California System; University of California Los Angeles
摘要：Most economic activity occurs in cities. This creates a tension between local increasing returns, implied by the existence of cities, and aggregate constant returns, implied by balanced growth. To address this tension, we develop a general equilibrium theory of economic growth in an urban environment. In our theory, variation in the urban structure through the growth, birth, and death of cities is the margin that eliminates local increasing returns to yield constant returns to scale in the agg...
