-
作者：Nguyen, Thanh; Vohra, Rakesh
作者单位：Purdue University System; Purdue University; University of Pennsylvania
摘要：An obstacle to using market mechanisms to allocate indivisible goods is the lack of competitive equilibria (CEs). Arrow and Hahn introduced social-approximate equilibria: price vectors with small excess demands. We define preferences called Delta-substitutes, where social-approximate equilibria exist with good-by-good excess demand bounded by 2(Delta-1), independent of economy size. For Delta=1, CEs exist even with income effects. A Delta greater than 1 allows for richer substitutability and c...
-
作者：Bordalo, Pedro; Gennaioli, Nicola; La Porta, Rafael; Shleifer, Andrei
作者单位：University of Oxford; Bocconi University; Brown University; Harvard University
摘要：We construct an index of long-term expected earnings growth for S&P 500 firms and show that it has remarkable power to jointly predict future errors in expectations and stock returns, in both the aggregate market and the cross section. The evidence supports a mechanism whereby good news causes investors to become too optimistic about long-term earnings growth. This leads to inflated stock prices and, as beliefs are systematically disappointed, subsequent low returns in the aggregate market. Ov...
-
作者：Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit
作者单位：Northwestern University; National Bureau of Economic Research; Stanford University
摘要：We empirically document two adjustment margins that are usually absent from the predominant bank balance sheet lending view of financial intermediation. For the shadow bank substitution margin, shadow banks substitute for traditional banks among loans that are easily sold. For the balance sheet retention margin, banks switch between balance sheet lending and selling loans based on their balance sheet strength. Estimates from a structural model show that these margins significantly shape policy...
-
作者：Mulligan, Casey B.
作者单位：University of Chicago; National Bureau of Economic Research
摘要：Opioid mortality increases have been linked to both lax and restrictive opioid prescription regulations. Modeling choice between prescription and illicitly manufactured opioid sources helps reconcile the apparently contradictory empirical findings. It also identifies groups responding opposite of the average and applies previous studies to new supply conditions. Organized around the two supply channels, a policy database is assembled that reveals distinct pricing phases during 1999-2021. Consi...
-
作者：Nybom, Martin; Stuhler, Jan
作者单位：Universidad Carlos III de Madrid
摘要：Studying a dynamic model of intergenerational transmission, we show that past events affect contemporaneous trends in intergenerational mobility. Structural changes may generate long-lasting mobility trends that can be nonmonotonic, and declining mobility may reflect past gains rather than a recent deterioration of equality of opportunity. We provide two applications. We first show that changes in the parent generation have partially offset the effect of rising skill premia on income mobility ...
-
作者：Anstreicher, Garrett
作者单位：University of Nebraska System; University of Nebraska Lincoln
摘要：This paper extends a canonical model of intergenerational human capital investment to a geographic context to study the role of migration in influencing income mobility in the United States. The main result is that migration is considerably influential in shaping the high rates of economic mobility observed among children from low-wage areas, with human capital investment behavioral responses being important to consider. Equalizing school quality across locations does more to reduce interstate...
-
作者：Campbell, Arthur; Ushchev, Philip; Zenou, Yves
作者单位：Monash University; Universite Libre de Bruxelles; Centre for Economic Policy Research - UK
摘要：We develop a model of market entry under social learning through word of mouth (WOM). The success of an entrant depends on consumer awareness generated via WOM, modeled as a percolation process on a random graph. The likelihood of an entrant gaining significant awareness depends on network structure, characterized by the first three factorial moments of the degree distribution. We identify three pricing equilibria: blockaded, deterred, and accommodated entry. The model demonstrates that increa...
-
作者：Afrouzi, Hassan
作者单位：Columbia University; National Bureau of Economic Research
摘要：This paper studies how competition affects firms' expectations in a new dynamic general equilibrium model with rational inattention and oligopolistic competition where firms acquire information about their competitors' beliefs. In the model, firms with fewer competitors are less attentive to aggregate variables-a novel prediction supported by survey evidence. A calibrated version of the model matches the relationship between firms' numbers of competitors and their uncertainty about aggregate i...
-
作者：Carvalho, Leandro; Olafsson, Arna; Silverman, Dan
作者单位：University of Southern California; Copenhagen Business School; Danish Finance Institute; Center for Economic & Policy Research (CEPR); Arizona State University; Arizona State University-Tempe; National Bureau of Economic Research
摘要：The appropriateness of many high-cost loan regulations depends on whether demand is driven by financial conditions (misfortunes) or imperfect decisions (mistakes). Bank records from Iceland show that borrowers have especially low liquidity just before getting a loan. Borrowers exhibit lower decision-making ability (DMA) in linked-choice experiments: 45% of loan dollars go to the bottom 20% of the DMA distribution. Standard determinants of demand do not explain this relationship, which is also ...
-
作者：Doval, Laura; Smolin, Alex
作者单位：Columbia University; Center for Economic & Policy Research (CEPR); Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：Information policies such as scores, ratings, and recommendations are increasingly shaping society's choices in high-stakes domains. We provide a framework to study the welfare implications of information policies on a population of heterogeneous individuals. We define and characterize the Bayes welfare set, consisting of the population's utility profiles that are feasible under some information policy. The Pareto frontier of this set can be recovered by a series of standard Bayesian persuasio...
