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作者：Rustichini, Aldo; Iacono, William G.; Lee, James J.; Mcgue, Matt
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：We extend a standard model of parental investment and intergenerational mobility to include a fully specified genetic analysis of skill transmission. The model's predictions differ substantially from the standard model's. The coefficient of intergenerational income elasticity (IGE) may be larger than that in the standard model and depends on the distribution of the genotype. The distribution of genetic endowments may be stratified according to income. The model is tested on data, including gen...
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作者：Akcigit, Ufuk; Ates, Sina T.
作者单位：Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Chicago; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We attempt to understand potential common forces behind rising market concentration and a slowdown in business dynamism in the US economy, through a micro-founded general equilibrium model of endogenous firm dynamics. The model captures the strategic behavior between competing firms, its effect on their innovation decisions, and the resulting best-versus-the-rest dynamics. We consider multiple potential mechanisms that can drive the observed changes and use the calibrated model to assess their...
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作者：Nocke, Volker; Strausz, Roland
作者单位：University of Mannheim; University of Surrey; Centre for Economic Policy Research - UK; Humboldt University of Berlin
摘要：We develop a theory of collective brand reputation for markets in which product quality is jointly determined by local and global players. In a repeated game of imperfect public monitoring, we model collective branding as an aggregation of quality signals generated in different markets. Such aggregation yields a beneficial informativeness effect for incentivizing the global player. It however also induces harmful free-riding by local, market-specific players. The resulting trade-off yields a t...
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作者：Kjelsrud, Anders; Kotsadam, Andreas; Rogeberg, Ole
作者单位：Oslo Metropolitan University (OsloMet)
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作者：Diamond, Douglas W.
作者单位：University of Chicago; National Bureau of Economic Research
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作者：Hebert, Benjamin; La'O, Jennifer
作者单位：Stanford University; National Bureau of Economic Research; Columbia University
摘要：We analyze efficiency and nonfundamental volatility in a class of generalized beauty-contest economies with endogenous information. As in models of rational-expectations equilibria, agents learn about exogenous states and endogenous aggregate actions. As in models of rational inattention, agents choose their information structures subject to a cost. We identify conditions on information costs that guarantee the existence of efficient or inefficient equilibria; we further identify conditions th...
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作者：Kiarsi, Mehrab
作者单位：Henan University
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作者：Ji, Yan; Teng, Songyuan; Townsend, Robert M.
作者单位：Hong Kong University of Science & Technology; Yale University; Massachusetts Institute of Technology (MIT)
摘要：We propose a model with local spatial markets and heterogeneous agents to understand and evaluate the geographic expansion of bank branches after banking deregulation in Thailand. The model features heterogeneity in financial frictions across regions, with the costs of accessing credit and deposits depending on the distance from the nearest branch. Disciplined by micro estimates of the effects of branch openings, the model reproduces salient regional and aggregate patterns concerning occupatio...
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作者：Hegde, Deepak; Herkenhoff, Kyle; Zhu, Chenqi
作者单位：New York University; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; University of California System; University of California Irvine
摘要：We measure how patent publication affects innovation by exploiting the American Inventor's Protection Act of 1999 (AIPA), which accelerated public disclosure of US patents by about 1.5 years. We obtain causal estimates by comparing US patents subject to AIPA with twin European patents that were not. Post-AIPA, US patents receive more and faster follow-on citations, indicating greater technology diffusion. Technological overlap increases between distant but related patents and decreases between...
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作者：Ostrovsky, Michael; Schwarz, Michael
作者单位：Stanford University; National Bureau of Economic Research; Microsoft
摘要：We present the results of a large field experiment on setting reserve prices in auctions for online advertisements, guided by the theory of optimal auction design suitably adapted to the sponsored search setting. Consistent with the theory, revenues increased substantially after the new reserve prices were introduced.
