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作者：Fleurbaey, Marc; Ponthiere, Gregory
作者单位：Paris School of Economics; Centre National de la Recherche Scientifique (CNRS); Universite PSL; Ecole Normale Superieure (ENS)
摘要：The stakeholder (or responsible) firm maximizes the (weighted or unweighted) sum of the surpluses of its customers and suppliers (including workers). Although this objective is hard to empirically measure, it can be pursued by simple management rules that rely on constrained profit maximization. Unconstrained profit maximization gives a competitive edge to ordinary firms, but stakeholder firms are better for social welfare and internalize several important effects of their activities on societ...
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作者：Bardhi, Arjada; Bobkova, Nina
作者单位：Duke University; Rice University
摘要：A policymaker selects a minipublic-a group of citizens from a demographically diverse citizenry with access to local evidence about the impact of a policy. Citizens face uncertainty about the policymaker's eventual policy bias, which is shown to discourage the most marginally informative minipublic citizens from discovering their evidence. We fully characterize the optimal minipublic composition. Relative to the most demographically representative minipublic, the optimal minipublic overreprese...
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作者：Cetemen, Doruk; Urgun, Can; Yariv, Leeat
作者单位：City St Georges, University of London; Princeton University; Princeton University; National Bureau of Economic Research
摘要：We study a model of collective search by teams. Discoveries beget discoveries and correlated search results are governed by a Brownian path. Search results' variation at any point -- the search scope -- is jointly controlled. Agents individually choose when to cease search and implement their best discovery. We characterize equilibrium and optimal policies. Search scope is constant and independent of search outcomes as long as no member leaves. It declines after departures. A simple drawdown s...
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作者：McGuirk, Eoin F.; Hilger, Nathaniel; Miller, Nicholas
作者单位：Tufts University; National Bureau of Economic Research; Chan Zuckerberg Initiative (CZI); Dartmouth College
摘要：We study agency frictions in the US Congress. We examine the long-standing hypothesis that political elites engage in conflict because they fail to internalize the associated costs. We compare the voting behavior of legislators with draft age sons versus draft age daughters during the conscription-era wars of the twentieth century. We estimate that having a draft age son reduces proconscription voting by 7-11 percentage points. Support for conscription recovers when a legislator's son ages out...
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作者：Farrokhi, Farid; Pellegrina, Heitor S. S.
作者单位：Purdue University System; Purdue University; New York University; New York University Abu Dhabi
摘要：We examine the contribution of trade to the rise of modern agriculture, taking into account interactions between trade, input requirements, and technology adoption. We develop and estimate a new multicountry general equilibrium model that incorporates producers' choices of which crops to produce and with which technologies at the level of grid cells covering the earth's surface. We find that trade cost reductions in agricultural inputs and the international transmission of productivity growth ...
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作者：Alviarez, Vanessa; Cravino, Javier; Ramondo, Natalia
作者单位：Inter-American Development Bank; University of Michigan System; University of Michigan; Boston University; National Bureau of Economic Research
摘要：We measure the contribution of firm-embedded productivity to cross-country income differences. By firm-embedded productivity we refer to firm-specific components of productivity, such as blueprints, management practices, and other intangible capital. Using micro-level data for multinational enterprises (MNEs), we compare market shares of the same MNE in different countries and document that they are systematically larger in less developed countries. This indicates that MNEs face less competiti...
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作者：Bianchi, Javier; Ottonello, Pablo; Presno, Ignacio
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Michigan System; University of Michigan; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：What is the optimal fiscal policy response to a recession when the government is subject to sovereign risk? We study this question in a model of endogenous sovereign default with nominal rigidities. Increasing spending in a recession reduces unemployment, but it exposes the government to a debt crisis. We quantitatively analyze this trade-off between stimulus and austerity and find that expanding government spending may be undesirable, even in the presence of sizable Keynesian stabilization ga...
