-
作者：Angeletos, George-Marios; Sastry, Karthik A.
作者单位：Northwestern University; Princeton University
摘要：We study the efficiency of inattentive but otherwise frictionless economies by augmenting the Arrow-Debreu framework with a flexible form of rational inattention. If attention costs satisfy an invariance condition embedded in Sims's mutual information specification, a version of the first welfare theorem holds no matter the degree of inattention. More generally, however, a cognitive externality may emerge, and welfare may be improved by regulating and simplifying markets. We discuss how these ...
-
作者：Matouschek, Niko; Powell, Michael; Reich, Bryony
作者单位：Northwestern University; University of Cambridge
摘要：Products are increasingly made by assembling separately produced modules. Motivated by the notion that a firm's production function drives its organization, we explore how modular production shapes a firm's communication structure. Decisions are partitioned into modules and require closer coordination within modules than across. Each agent knows the state his decision must be adapted to. The principal decides whom each agent tells about his state, given that each communication link comes at a ...
-
作者：Boerma, Job; Tsyvinski, Aleh; Zimin, Alexander P.
作者单位：University of Wisconsin System; University of Wisconsin Madison; Yale University; Massachusetts Institute of Technology (MIT)
摘要：We fully solve a sorting problem with heterogeneous firms and multiple heterogeneous workers whose skills are imperfect substitutes. We show that optimal sorting, which we call mixed and countermonotonic, is comprised of two regions. In the first region, mediocre firms sort with mediocre workers and coworkers such that the output losses are equal across all these teams (mixing). In the second region, a high-skill worker sorts with low-skill coworkers and a high-productivity firm (countermonoto...
-
作者：Urgun, Can; Yariv, Leeat
作者单位：Princeton University; Princeton University; National Bureau of Economic Research
摘要：We provide a framework for analyzing search across correlated samples. The agent-a mineral prospecting team, a drug company, a politician-tracks observations over a Brownian path. The agent chooses the search speed and retrospectively picks the best observation when deciding to complete the search. We show that the optimal search speed is U-shaped: it is highest when approaching a breakthrough or when nearing search termination. Unlike search across independent samples, search optimally stops ...
-
作者：Aizawa, Naoki; Ko, Ami
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; Georgetown University
摘要：While the traditional role of insurers is to provide protection against individuals' idiosyncratic risks, insurers themselves face substantial uncertainties due to aggregate shocks. To prevent insurers from passing these aggregate risks onto consumers, governments have increasingly adopted dynamic pricing regulations, which limit insurers' ability to change premiums over time. We evaluate dynamic pricing regulation using an equilibrium model of the US long-term care insurance market, featuring...
-
作者：Ash, Elliott; Morelli, Massimo; Vannoni, Matia
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; Centre for Economic Policy Research - UK; Bocconi University; University of London; King's College London
摘要：This paper analyzes the conditions under which more legislation contributes to economic growth. In the context of US states, we apply natural language processing tools to measure legislative flows for the years 1965-2012. We implement a novel shift-share design for text data, where the instrument for legislation is leave-one-out legal topic flows interacted with pretreatment legal topic shares. We find that at the margin, higher legislative output causes more economic growth. Consistent with m...
-
作者：Maskin, E.; Saari, D. G.
-
作者：Adda, Jerome; Pinotti, Paolo; Tura, Giulia
作者单位：Bocconi University; University of Milano-Bicocca
摘要：We analyze the contribution of legal status incentives on the marriage choices of natives and migrants. Access to legal status reduces the probability of immigrants intermarrying with natives by 40% and increases the hazard rate of separation for intermarriages by 20%. We develop and estimate a multidimensional equilibrium model of marriage, fertility, and separation, where individuals match on observed and unobserved characteristics. Allowing for trade-offs between cultural distance, legal st...
-
作者：Agostinelli, Francesco; Avitabile, Ciro; Bobba, Matteo
作者单位：University of Pennsylvania; The World Bank; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：This paper provides novel insights into the science of scaling by examining an educational mentoring program in Mexico. The empirical analysis encompasses two independent field experiments and seizes a unique opportunity to learn from the government's implementation of the same intervention. While the program originally implemented at scale demonstrates limited effectiveness, the introduction of a new modality with enhanced mentor training significantly improves children's outcomes. Mentor-par...
-
作者：Fagereng, Andreas; Gomez, Matthieu; Gouin-Bonenfant, Emilien; Holm, Martin; Moll, Benjamin; Natvik, Gisle
作者单位：BI Norwegian Business School; Columbia University; University of Oslo; University of London; London School Economics & Political Science
摘要：Asset valuations across many asset classes have increased substantially over the past several decades. While these rising valuations had important effects on the distribution of wealth, little is known regarding their redistributive effects in terms of welfare. To make progress on this question, we develop a sufficient statistic for the money-metric welfare gain of deviations in asset valuations. This welfare gain depends on the present value of an individual's net asset sales rather than asse...
