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作者：Atkeson, Andrew; Hellwig, Christian; Ordonez, Guillermo
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Centre for Economic Policy Research - UK; University of Pennsylvania
摘要：In all markets, firms go through a process of creative destruction: entry, random growth, and exit. In many of these markets there are also regulations that restrict entry, possibly distorting this process. We study the public interest rationale for entry taxes in a general equilibrium model with free entry and exit of firms in which firm dynamics are driven by reputation concerns. In our model firms can produce high-quality output by making a costly but efficient initial unobservable investme...
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作者：Busse, Meghan R.; Pope, Devin G.; Pope, Jaren C.; Silva-Risso, Jorge
作者单位：Northwestern University; National Bureau of Economic Research; University of Chicago; Brigham Young University; University of California System; University of California Riverside
摘要：When buying durable goods, consumers must forecast how much utility they will derive from future consumption, including consumption in different states of the world. This can be complicated for consumers because making intertemporal evaluations may expose them to a variety of psychological biases such as present bias, projection bias, and salience effects. We investigate whether consumers are affected by such intertemporal biases when they purchase automobiles. Using data for more than 40 mill...
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作者：Caselli, Francesco; Morelli, Massimo; Rohner, Dominic
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Bocconi University; Bocconi University; University of Lausanne
摘要：We establish a theoretical and empirical framework to assess the role of resource endowments and their geographic location in interstate conflict. The main predictions of the theory are that conflict is more likely when at least one country has natural resources, when the resources in the resource-endowed country are closer to the border, and, in the case where both countries have natural resources, when the resources are located asymmetrically vis-A -vis the border. We test these predictions ...
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作者：Greenwood, Robin; Hanson, Samuel G.
作者单位：Harvard University
摘要：We study the link between investment boom and bust cycles and returns on capital in the dry bulk shipping industry. We show that high current ship earnings are associated with high used ship prices and heightened industry investment in new ships, but forecast low future returns. We propose and estimate a behavioral model of industry cycles that can account for the evidence. In our model, firms overextrapolate exogenous demand shocks and partially neglect the endogenous investment response of t...
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作者：Galasso, Alberto; Schankerman, Mark
作者单位：University of Toronto; University of London; London School Economics & Political Science
摘要：Cumulative innovation is central to economic growth. Do patent rights facilitate or impede follow-on innovation? We study the causal effect of removing patent rights by court invalidation on subsequent research related to the focal patent, as measured by later citations. We exploit random allocation of judges at the U.S. Court of Appeals for the Federal Circuit to control for endogeneity of patent invalidation. Patent invalidation leads to a 50% increase in citations to the focal patent, on av...
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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：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：Agarwal, Sumit; Chomsisengphet, Souphala; Mahoney, Neale; Stroebel, Johannes
作者单位：National University of Singapore; United States Department of the Treasury; Office of the Comptroller of the Currency; University of Chicago; New York University
摘要：We analyze the effectiveness of consumer financial regulation by considering the 2009 Credit Card Accountability Responsibility and Disclosure (CARD) Act. We use a panel data set covering 160 million credit card accounts and a difference-in-differences research design that compares changes in outcomes over time for consumer credit cards, which were subject to the regulations, to changes for small business credit cards, which the law did not cover. We estimate that regulatory limits on credit c...
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作者：Giglio, Stefano; Maggiori, Matteo; Stroebel, Johannes
作者单位：University of Chicago; Harvard University; New York University
摘要：We estimate how households trade off immediate costs and uncertain future benefits that occur in the very long run, 100 or more years away. We exploit a unique feature of housing markets in the United Kingdom and Singapore, where residential property ownership takes the form of either leaseholds or freeholds. Leaseholds are temporary, prepaid, and tradable ownership contracts with maturities between 99 and 999 years, while freeholds are perpetual ownership contracts. The price difference betwe...
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作者：Jacob, Brian A.; Kapustin, Max; Ludwig, Jens
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; University of Chicago
摘要：One long-standing motivation for low-income housing programs is the possibility that housing affordability and housing conditions generate externalities, including on children's behavior and long-term life outcomes. We take advantage of a randomized housing voucher lottery in Chicago in 1997 to examine the long-term impact of housing assistance on a wide variety of child outcomes, including schooling, health, and criminal involvement. In contrast to most prior work focusing on families in publ...
