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作者：Michelman, Valerie; Price, Joseph; Zimmerman, Seth D.
作者单位：University of Chicago; Brigham Young University; National Bureau of Economic Research; Yale University
摘要：This article studies how exclusive social groups shape upward mobility and whether interactions between low- and high-status peers can integrate the top rungs of the economic and social ladders. Our setting is Harvard University in the 1920s and 1930s, where new groups of students arriving on campus encountered a social system centered on exclusive old boys' clubs. Combining archival and census records, we first show that students from prestigious private feeder schools are overrepresented in ...
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作者：Einav, Liran; Finkelstein, Amy; Ji, Yunan; Mahoney, Neale
作者单位：Stanford University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); Harvard University
摘要：Government programs are often offered on an optional basis to market participants. We explore the economics of such voluntary regulation in the context of a Medicare payment reform, in which one medical provider receives a single, predetermined payment for a sequence of related healthcare services, instead of separate service-specific payments. This bundled payment program was originally implemented as a five-year randomized trial, with mandatory participation by hospitals assigned to the new ...
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作者：Frydman, Cary; Jin, Lawrence J.
作者单位：University of Southern California; California Institute of Technology
摘要：We experimentally test a theory of risky choice in which the perception of a lottery payoff is noisy due to information processing constraints in the brain. We model perception using the principle of efficient coding, which implies that perception is most accurate for those payoffs that occur most frequently. Across two preregistered laboratory experiments, we manipulate the distribution from which payoffs in the choice set are drawn. In our first experiment, we find that risk taking is more s...
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作者：Kermani, Amir; Ma, Yueran
作者单位：University of California System; University of California Berkeley; University of Chicago
摘要：We develop a new data set to study asset specificity among nonfinancial firms. Our data cover the liquidation values of each category of assets on firms' balance sheets and provides information across major industries. First, we find that nonfinancial firms have high asset specificity. For example, the liquidation value of fixed assets is 35% of the net book value in the average industry. Second, we analyze the determinants of asset specificity and document that assets' physical attributes (e....
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作者：Hazell, Jonathon; Herreno, Juan; Nakamura, Emi; Steinsson, Jon
作者单位：University of London; London School Economics & Political Science; University of California System; University of California San Diego; University of California System; University of California Berkeley
摘要：We estimate the slope of the Phillips curve in the cross section of U.S. states using newly constructed state-level price indices for nontradeable goods back to 1978. Our estimates indicate that the slope of the Phillips curve is small and was small even during the early 1980s. We estimate only a modest decline in the slope of the Phillips curve since the 1980s. We use a multiregion model to infer the slope of the aggregate Phillips curve from our regional estimates. Applying our estimates to ...
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作者：Biasi, Barbara; Sarsons, Heather
作者单位：Yale University; National Bureau of Economic Research; University of Chicago
摘要：Does flexible pay increase the gender wage gap? To answer this question, we analyze the wages of public school teachers in Wisconsin, where a 2011 reform allowed school districts to set teachers' pay more flexibly and engage in individual negotiations. Using quasi-exogenous variation in the timing of the introduction of flexible pay, driven by the expiration of preexisting collective-bargaining agreements, we show that flexible pay lowered the salaries of women compared with men with the same ...
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作者：Arteaga, Felipe; Kapor, Adam J.; Neilson, Ciiristopiier A.; Zimmerman, Seth D.
作者单位：University of California System; University of California Berkeley; Princeton University; National Bureau of Economic Research; Yale University
摘要：Many school districts with centralized school choice adopt strategy-proof assignment mechanisms to relieve applicants from needing to strategize based on beliefs about their own admissions chances. This article shows that beliefs about admissions chances shape choice outcomes even when the assignment mechanism is strategy-proof by influencing how applicants search for schools and that smart matching platforms that provide live feedback on admissions chances help applicants search more effectiv...
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作者：Bilk, Alexander; Blandin, Adam; Rogerson, Richard
作者单位：Arizona State University; Arizona State University-Tempe; Virginia Commonwealth University; Princeton University
摘要：We document two robust features of the cross-sectional distribution of usual weekly hours and hourly wages. First, usual weekly hours are heavily concentrated around 40 hours, while at the same time a substantial share of total hours come from individuals who work more than 50 hours. Second, mean hourly wages are nonmonotonic across the usual hours distribution, with a peak at 50 hours. We develop and estimate a model of labor supply to account for these features. The novel feature of our mode...
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作者：Meyer, Josefin; Reinhart, Carmen M.; Trebesch, Christoph
作者单位：Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Harvard University; National Bureau of Economic Research
摘要：This article studies external sovereign bonds as an asset class. We compile a new database of 266,000 monthly prices of foreign-currency government bonds traded in London and New York between 1815 (the Battle of Waterloo) and 2016, covering up to 91 countries. Our main insight is that, as in equity markets, the returns on external sovereign bonds have been sufficiently high to compensate for risk. Real ex post returns average more than 6% annually across two centuries, including default episod...
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作者：Bleemer, Zachary
作者单位：University of California System; University of California Berkeley
摘要：Proposition 209 banned race-based affirmative action at California public universities in 1998. Using a difference-in-differences research design and a newly constructed longitudinal database linking all 1994-2002 University of California applicants to their educational experiences and wages, I show that ending affirmative action caused underrepresented minority (URM) freshman applicants to cascade into lower-quality colleges. The mismatch hypothesis implies that this cascade would provide net...
