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作者：Lindenlaub, Ilse; Postel-Vinay, Fabien
作者单位：Yale University; National Bureau of Economic Research; University of London; University College London; University of London; London School Economics & Political Science
摘要：We analyze sorting in a frictional labor market when workers and jobs have multidimensional characteristics. We say that matching is positive assortative in dimension (j, k) if workers with higher endowment in skill k are matched to a job distribution with higher values of attribute j in the first-order stochastic dominance sense. Crucial for sorting is a single-crossing property of technology. Sorting is positive between worker-job attributes with strong complementarities but negative in othe...
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作者：Dean, Mark; Neligh, Nathaniel
作者单位：Columbia University; University of Tennessee System; University of Tennessee Knoxville
摘要：We use laboratory experiments to test models of rational inattention, in which people acquire information to maximize utility net of information costs. We show that subjects adjust their attention in response to changes in incentives, in line with the rational inattention model. However, our results are qualitatively inconsistent with information costs that are linear in Shannon entropy, as is often assumed in applied work. Our data are best fit by a generalization of the Shannon model, which ...
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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.
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作者：Allen, Jason; Wittwer, Milena
作者单位：Bank of Canada; Boston College
摘要：In traditional over-the-counter markets, investors trade bilaterally through intermediaries. We assess whether and how to shift trades on a centralized platform with trade-level data on the Canadian government bond market. We document that intermediaries charge a markup when trading with investors and specify a model to quantify price and welfare effects from market centralization. We find that many investors would not use the platform, even if they could, because it is costly, competition for...
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作者：Frick, Mira; Iijima, Ryota; Ishii, Yuhta
作者单位：Yale University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University
摘要：Which information structures are more effective at eliminating first- and higher-order uncertainty and hence at facilitating efficient play in coordination games? We consider a learning setting where players observe many private signals about the state. First, we characterize multiagent learning efficiency, that is, the rate at which players approximate common knowledge. We find that this coincides with the rate at which first-order uncertainty disappears, as higher-order uncertainty vanishes ...
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作者：Grossman, Gene M.; Helpman, Elhanan; Lhuillier, Hugo
作者单位：Princeton University; Harvard University
摘要：Little is known about optimal policy in the face of global supply chain disruptions. Should governments promote resilience by subsidizing backup sources of input supply in multiple countries? Should they encourage firms to source from safer domestic suppliers? We address these questions in a model of production with a critical input and exogenous risks of supply disturbances. With constant elasticity of substitution preferences, a subsidy for diversification achieves the constrained social opt...
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作者：Farboodi, Maryam
作者单位：National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); Centre for Economic Policy Research - UK
摘要：I study a model of the financial sector in which intermediation among debt-financed banks gives rise to an endogenous core-periphery network. Endogenous intermediation generates excessive systemic risk in the financial network. Financial institutions have incentives to capture intermediation spreads through strategic borrowing and lending decisions. By doing so, they tilt the division of surplus along an intermediation chain in their favor, while at the same time reducing aggregate surplus. Th...
