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作者：Diercks, Anthony M.; Hsu, Alex; Tamoni, Andrea
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University System of Georgia; Georgia Institute of Technology; Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark
摘要：The effects of uncertainty shocks are superadditive. On the basis of local projections, we find that the combination of nearby positive shocks can be multiple times more powerful than the sum of their stand-alone effects. In a standard New Keynesian dynamic stochastic general equilibrium model, uncertainty shocks are proven to be superadditive only when the model is solved under fourth- (or higher-)order perturbation. The fourth-order solution unlocks the fourth derivative of marginal utility,...
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作者：Hornbeck, Richard; Rotemberg, Martin
作者单位：University of Chicago; New York University
摘要：We examine aggregate economic gains in the United States as the railroad network expanded in the nineteenth century. Using data from the Census of Manufactures, we estimate relative increases in county aggregate productivity from relative increases in county market access. In general equilibrium, we find that the railroads substantially increased national aggregate productivity. By accounting for input distortions, we estimate much larger aggregate economic gains from the railroads than previo...
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作者：Carrell, Scott; Figlio, David; Lusher, Lester
作者单位：National Bureau of Economic Research; University of Texas System; University of Texas Austin; National Bureau of Economic Research; University of Rochester; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; IZA Institute Labor Economics
摘要：We study how author connections influence paper outcomes at the Journal of Human Resources. Authors who attended the same PhD program, worked with, affiliate with the same National Bureau of Economic Research program(s), or are closely linked via coauthorship networks as the handling editor are more likely to avoid a desk rejection. Reviewer recommendations are similarly influenced by PhD and employment matches. Matching on signals of ability-such as top five publishing, attending a high-ranke...
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作者：Banerjee, Abhijit; Compte, Olivier
作者单位：Massachusetts Institute of Technology (MIT); Paris School of Economics; Institut Polytechnique de Paris; Ecole des Ponts ParisTech
摘要：We explore a model of non-Bayesian information aggregation in networks. Agents noncooperatively choose among Friedkin-Johnsen-type aggregation rules to maximize payoffs. The DeGroot rule is chosen in equilibrium if and only if there is noiseless information transmission, leading to consensus. With noisy transmission, while some disagreement is inevitable, the optimal choice of rule amplifies the disagreement: even with little noise, individuals place substantial weight on their own initial opi...
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作者：Akbarpour, Mohammad; Dworczak, Piotr; Kominers, Scott Duke
作者单位：Stanford University; Northwestern University; Harvard University
摘要：Many scarce public resources are allocated at below-market-clearing prices and sometimes for free. Such nonmarket mechanisms sacrifice some surplus, yet they can potentially improve equity. We develop a model of mechanism design with redistributive concerns. Agents are characterized by a privately observed willingness to pay for quality, a publicly observed label, and a social welfare weight. A market designer controls allocation and pricing of a set of objects of heterogeneous quality and max...
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作者：Carneiro, Pedro; Galasso, Emanuela; Garcia, Italo Lopez; Bedregal, Paula; Cordero, Miguel
作者单位：University of London; London School Economics & Political Science; University College London; Norwegian School of Economics (NHH); The World Bank; University of Southern California; IZA Institute Labor Economics; Pontificia Universidad Catolica de Chile; Universidad del Desarrollo; University of Bristol
摘要：We present results from a large-scale experimental evaluation of a national parenting program in Chile. The program is low cost: it lasts only 6-8 weeks, and it is administered to groups of eight to 12 parents. It is implemented by the national health system, taking advantage of its existing physical infrastructure and human resources. We find that 3 years after the interventions ends, children whose parents are offered the opportunity to participate in this program increase their vocabulary a...
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作者：Assad, Stephanie; Clark, Robert; Ershov, Daniel; Xu, Lei
作者单位：Queens University - Canada; University of London; University College London; University of Navarra; IESE Business School
摘要：We provide the first empirical analysis of the relationship between algorithmic pricing (AP) and competition by studying the impact of adoption in Germany's retail gasoline market, where software became widely available in 2017. Because adoption dates are unknown, we identify adopting stations by testing for structural breaks in AP markers, finding most breaks to be around the time of widespread AP introduction. Because station adoption is endogenous, we instrument using headquarter adoption. ...
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作者：Lillebo, Otto Sevaldson; Markussen, Simen; Roed, Knut; Zhao, Yuejun
作者单位：University of Edinburgh
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作者：Ortner, Juan; Sugaya, Takuo; Wolitzky, Alexander
作者单位：Boston University; Stanford University; Massachusetts Institute of Technology (MIT)
摘要：Cartels and bidding rings are often facilitated by intermediaries, who recommend prices/bids to firms and can impose penalties (such as reverting to competitive behavior in future interactions) if these recommendations are not followed. Motivated by such cases, we study correlated equilibria in first-price procurement auctions with complete information, where bidders who disobey their recommendations are penalized. Cartel-optimal profit is greater when more information about submitted bids is ...
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作者：Jagelka, Tomas
作者单位：University of Bonn; Institut Polytechnique de Paris; ENSAE Paris
摘要：I propose a method for mapping psychological personality traits to economic preferences. I use factor analysis to extract information on individuals' cognitive ability and personality and embed it within a random preference model to estimate distributions of risk and time preferences and parameters related to choice inconsistency. I explain up to 60% of variation in average risk and time preferences and individuals' capacity to make consistent choices using factors related to cognitive ability...
