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作者：Lewis, Randall A.; Rao, Justin M.
作者单位：Alphabet Inc.; Google Incorporated
摘要：Twenty-five large field experiments with major U.S. retailers and brokerages, most reaching millions of customers and collectively representing $2.8 million in digital advertising expenditure, reveal that measuring the returns to advertising is difficult. The median confidence interval on return on investment is over 100 percentage points wide. Detailed sales data show that relative to the per capita cost of the advertising, individual-level sales are very volatile; a coefficient of variation ...
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作者：Baicker, Katherine; Mullainathan, Sendhil; Schwartzstein, Joshua
作者单位：Harvard University; Harvard University
摘要：A fundamental implication of standard moral hazard models is overuse of low-value medical care because copays are lower than costs. In these models, the demand curve alone can be used to make welfare statements, a fact relied on by much empirical work. There is ample evidence, though, that people misuse care for a different reason: mistakes, or behavioral hazard.'' Much high-value care is underused even when patient costs are low, and some useless care is bought even when patients face the ful...
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作者：Squicciarini, Mara P.; Voigtlaender, Nico
作者单位：KU Leuven; University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：While human capital is a strong predictor of economic development today, its importance for the Industrial Revolution has typically been assessed as minor. To resolve this puzzling contrast, we differentiate average human capital (literacy) from upper-tail knowledge. As a proxy for the historical presence of knowledge elites, we use city-level subscriptions to the famous Encyclopedie in mid-18th century France. We show that subscriber density is a strong predictor of city growth after the onse...
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作者：Callander, Steven; Harstad, Bard
作者单位：Stanford University; University of Oslo
摘要：We develop a model of policy experimentation in federal systems in which heterogeneous districts choose both whether to experiment and the policies to experiment with. The prospect of informational spillovers implies that in the first best the districts converge in their policy choice. Strikingly, when authority is decentralized, the equilibrium predicts the opposite. The districts use their policy choice to discourage other districts from free-riding on them, thereby inefficiently minimizing ...
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作者：Wantchekon, Leonard; Klasnja, Marko; Novta, Natalija
作者单位：Princeton University; Princeton University; African School of Economics; International Monetary Fund
摘要：Using a unique data set on students from the first regional schools in colonial Benin, we investigate the effect of education on living standards, occupation, and political participation. Since both school locations and student cohorts were selected with very little information, treatment and control groups are balanced on observables. We can therefore estimate the effect of education by comparing the treated to the untreated living in the same village, as well as those living in villages wher...
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作者：Dal Bo, Ernesto; Finan, Frederico; Rossi, Martín A.
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作者：Bloom, Nicholas; Liang, James; Roberts, John; Ying, Zhichun Jenny
作者单位：Stanford University; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Peking University; Stanford University; Cornerstone Research
摘要：A rising share of employees now regularly engage in working from home (WFH), but there are concerns this can lead to shirking from home. We report the results of a WFH experiment at Ctrip, a 16,000-employee, NASDAQ-listed Chinese travel agency. Call center employees who volunteered to WFH were randomly assigned either to work from home or in the office for nine months. Home working led to a 13% performance increase, of which 9% was from working more minutes per shift (fewer breaks and sick day...
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作者：Farber, Henry S.
作者单位：Princeton University
摘要：I replicate and extend the seminal work of Camerer et al. (Labor Supply of New York City Cabdrivers: One Day at a Time,'' Quarterly Journal of Economics, 112 [1997], 407-441), who find that the wage elasticity of daily hours of work for New York City taxi drivers is negative and conclude that their labor supply behavior is consistent with reference dependence. In contrast, my analysis of the complete record of all trips taken in NYC taxi cabs from 2009 to 2013 shows that drivers tend to respon...
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作者：Bartling, Bjorn; Weber, Roberto A.; Yao, Lan
作者单位：University of Zurich; Shanghai University of Finance & Economics
摘要：This article studies socially responsible behavior in markets. We develop a laboratory product market in which low-cost production creates a negative externality for third parties, but where alternative production with higher costs mitigates the externality. Our first study, conducted in Switzerland, reveals a persistent preference among many consumers and firms for avoiding negative social impact in the market, reflected both in the composition of product types and in a price premium for soci...
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作者：Ivashina, Victoria; Scharfstein, David S.; Stein, Jeremy C.
作者单位：Harvard University; National Bureau of Economic Research
摘要：A large share of dollar-denominated lending is done by non-U.S. banks, particularly European banks. We present a model in which such banks cut dollar lending more than euro lending in response to a shock to their credit quality. Because these banks rely on wholesale dollar funding, while raising more of their euro funding through insured retail deposits, the shock leads to a greater withdrawal of dollar funding. Banks can borrow in euros and swap into dollars to make up for the dollar shortfal...
