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作者：Bronnenberg, Bart J.; Dube, Jean-Pierre; Gentzkow, Matthew; Shapiro, Jesse M.
作者单位：Tilburg University; University of Chicago; National Bureau of Economic Research; Stanford University; Brown University
摘要：We estimate the effect of information and expertise on consumers' willingness to pay for national brands in physically homogeneous product categories. In a detailed case study of headache remedies, we find that more informed or expert consumers are less likely to pay extra to buy national brands, with pharmacists choosing them over store brands only 9 percent of the time, compared to 26 percent of the time for the average consumer. In a similar case study of pantry staples such as salt and sug...
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作者：Akerman, Anders; Gaarder, Ingvil; Mogstad, Magne
作者单位：Stockholm University; University of Chicago; National Bureau of Economic Research
摘要：Does adoption of broadband internet in firms enhance labor productivity and increase wages? Is this technological change skill biased or factor neutral? We combine several Norwegian data sets to answer these questions. A public program with limited funding rolled out broadband access points and provides plausibly exogenous variation in the availability and adoption of broadband internet in firms. Our results suggest that broadband internet improves (worsens) the labor market outcomes and produ...
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作者：Fillat, Jose L.; Garetto, Stefania
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston; Boston University
摘要：This article starts by unveiling a strong empirical regularity: multinational corporations exhibit higher stock market returns and earning yields than nonmultinational firms. Within nonmultinationals, exporters exhibit higher earning yields and returns than firms selling only in their domestic market. To explain this pattern, we develop a real option value model where firms are heterogeneous in productivity and have to decide whether and how to sell in a foreign market where demand is risky. S...
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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：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：Budish, Eric; Cramton, Peter; Shim, John
作者单位：University of Chicago; University System of Maryland; University of Maryland College Park
摘要：The high-frequency trading arms race is a symptom of flawed market design. Instead of the continuous limit order book market design that is currently predominant, we argue that financial exchanges should use frequent batch auctions: uniform price double auctions conducted, for example, every tenth of a second. That is, time should be treated as discrete instead of continuous, and orders should be processed in a batch auction instead of serially. Our argument has three parts. First, we use mill...
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作者：Adena, Maja; Enikolopov, Ruben; Petrova, Maria; Santarosa, Veronica; Zhuravskaya, Ekaterina
作者单位：Pompeu Fabra University; Barcelona School of Economics; ICREA; New Economic School; University of Michigan System; University of Michigan
摘要：How do the media affect public support for democratic institutions in a fragile democracy? What role do they play in a dictatorial regime? We study these questions in the context of Germany of the 1920s and 1930s. During the democratic period, when the Weimar government introduced progovernment political news, the growth of Nazi popularity slowed down in areas with access to radio. This effect was reversed during the campaign for the last competitive election as a result of the pro-Nazi radio ...
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作者：Aguiar, Mark; Amador, Manuel; Farhi, Emmanuel; Gopinath, Gita
作者单位：Princeton University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Harvard University
摘要：We study fiscal and monetary policy in a monetary union with the potential for rollover crises in sovereign debt markets. Member-country fiscal authorities lack commitment to repay their debt and choose fiscal policy independently. A common monetary authority chooses inflation for the union, also without commitment. We first describe the existence of a fiscal externality that arises in the presence of limited commitment and leads countries to overborrow; this externality rationalizes the impos...
