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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...
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作者：Bhattacharya, Debopam; Shvets, Julia
作者单位：University of Cambridge
摘要：How do elite universities balance diversity and academics during admissions? We develop a theory-based empirical framework to identify and quantify this potential trade-off, using postentry outcomes. We apply this to matched admission and exam-performance data from Cambridge. Comparing first- versus second-round admits from different demographic groups yields bounds on the trade-off magnitude, which (a) hold irrespective of whether we observe all applicant characteristics and (b) require no in...
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作者：Verboven, Frank; Yontcheva, Biliana
作者单位：KU Leuven; Centre for Economic Policy Research - UK; University of Hamburg
摘要：We study entry restrictions in a private monopoly: the Latin notary system. Under this widespread system, the state grants notaries exclusive rights to certify important economic transactions, including real estate. To uncover the current policy goals behind the geographic entry restrictions, we develop an empirical entry model that incorporates a spatial demand model and a multioutput production model. We find that the entry restrictions serve primarily producer interests and give only a smal...
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作者：D'Arcy, Michelle; Nistotskaya, Marina; Olsson, Ola
作者单位：Trinity College Dublin; University of Gothenburg
摘要：Cadasters are public records of land ownership that facilitate clear assignment of property rights and land demarcation, thereby reducing transaction costs for economic agents and strengthening the state's capacity to tax. Macro-level research on the evolution of formal land registration has largely been lacking. Using a novel dataset on the emergence and development of state-administered cadasters in 159 countries over the past millennium, we analyze empirically the association between the de...
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作者：Brunnermeier, Markus K.; Merkel, Sebastian; Sannikov, Yuliy
作者单位：Princeton University; University of Bristol; Stanford University
摘要：The price of a safe asset reflects not only the expected discounted future cash flows but also future service flows, since retrading allows partial insurance of idiosyncratic risk in an incomplete markets setting. This lowers the issuers' interest burden. As idiosyncratic risk rises during recessions, so does the value of the service flows bestowing the safe asset with a negative beta. The resulting exorbitant privilege resolves government debt valuation puzzles and allows the government to ru...
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作者：Gul, Faruk; Pesendorfer, Wolfgang; Zhang, Mu
作者单位：Princeton University
摘要：We provide conditions under which a market mechanism can be used to allocate indivisible goods efficiently. We consider an economy with no transfers and show the existence and efficiency of Walrasian equilibria in the corresponding pseudomarket with stochastic consumption. We demonstrate that constraints on minimum and maximum levels of individual consumption and aggregate constraints of the kind that are relevant in combinatorial allocation problems can be accommodated either by incorporating...
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作者：Chan, Alex; Roth, Alvin E.
作者单位：Harvard University; Stanford University
摘要：We conduct a lab experiment that shows that current rules regulating transplant centers (TCs) and organ-procurement organizations (OPOs) create perverse incentives that inefficiently reduce both organ recovery and beneficial transplantations. We model the decision environment with a two-player multiround game between an OPO and a TC. In the condition that simulates current rules, OPOs recover only the highest-quality kidneys and forgo valuable recovery opportunities, and TCs decline some benef...
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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...
