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作者：Bernard, Benjamin; Capponi, Agostino; Stiglitz, Joseph E.
作者单位：National Taiwan University
摘要：This paper endogenizes intervention in financial crises as the strategic negotiation between a regulator and creditors of distressed banks. Incentives for banks to contribute to a voluntary bail-in arise from their exposure to financial contagion. In equilibrium, a bail-in is possible only if the regulator's threat to not bail out insolvent banks is credible. Contrary to models without intervention or with government bailouts only, sparse networks enhance welfare for two main reasons: they imp...
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作者：Kawai, Kei; Nakabayashi, Jun
作者单位：University of California System; University of California Berkeley; Kindai University (Kinki University)
摘要：We document evidence of widespread collusion among construction firms in Japan using a novel data set covering most of the construction projects procured by the Japanese national government. Our data set contains information on about 42,000 auctions whose award amount sums to about $40 billion. We identify collusion by focusing on rebids that occur for auctions in which all (initial) bids fail to meet the secret reserve price. We identify more than 1,000 firms whose conduct is inconsistent wit...
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作者：Anderson, Stephen J.; McKenzie, David
作者单位：University of Texas System; University of Texas Austin; The World Bank
摘要：Many small firms lack the finance and marketing skills needed for growth. A standard approach is to train the entrepreneur in these skills. However, rather than requiring entrepreneurs to learn everything, an alternative is to move beyond the boundary of the entrepreneur and link firms to these skills in a marketplace through insourcing workers or outsourcing tasks to professionals. We conducted a randomized experiment in Nigeria to test the relative effectiveness of these different approaches...
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作者：Fe, Eduardo; Gill, David; Prowse, Victoria
作者单位：University of Manchester; Purdue University System; Purdue University
摘要：We investigate how childhood cognitive skills affect strategic sophistication and adult outcomes, and we emphasize the importance of childhood theory of mind. Experimental data show that (i) theory-of-mind ability and cognitive ability both predict level k behavior, (ii) older children respond to information about the cognitive ability of their opponent, and (iii) theory of mind (but not cognitive ability) predicts whether children respond to intentions. Using longitudinal data, we find that c...
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作者：Kovach, Matthew; Tserenjigmid, Gerelt
作者单位：Virginia Polytechnic Institute & State University; University of California System; University of California Santa Cruz
摘要：We provide the first behavioral characterization of nested logit, a foundational and widely applied discrete-choice model, through the introduction of a nonparametric version of nested logit that we call nested stochastic choice (NSC). NSC is characterized by a single axiom that weakens independence of irrelevant alternatives on the basis of revealed similarity to allow for the similarity effect. Nested logit is characterized by an additional menu-independence axiom. Our axiomatic characteriza...
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作者：Bernard, Andrew B.; Dhyne, Emmanuel; Magerman, Glenn; Manova, Kalina; Moxnes, Andreas
作者单位：Dartmouth College; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; European Central Bank; National Bank of Belgium; University of Mons; Universite Libre de Bruxelles; European Central Bank; National Bank of Belgium; University of London; University College London; University of Oslo
摘要：We explore firm size heterogeneity in production networks. In comprehensive data for Belgium, firms with more customers have higher total sales but lower sales and lower market shares per customer. Downstream factors, especially the number of customers, explain the vast majority of firm size dispersion. We rationalize these facts with a model of network formation and two-dimensional firm heterogeneity. Higher productivity generates more matches and larger market shares among customers. Higher ...
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作者：Hartley, Robert Paul; Lamarche, Carlos; Ziliak, James P.
作者单位：Columbia University; University of Kentucky
摘要：We investigate the effect of welfare reform on intergenerational welfare participation, using mother-daughter pairs in the Panel Study of Income Dynamics. We find that a mother's Aid to Families with Dependent Children/Temporary Assistance for Needy Families (AFDC/TANF) participation increased her daughter's odds of adult participation in that program by roughly 25 percentage points or more, but that welfare reform attenuated this transmission by at least 50%. However, there is no diminution o...
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作者：Seror, Avner
作者单位：Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite
摘要：I present a model of child development that highlights the effect of parent-child interactions on the formation of skills. Through the parent's affection, the child learns and builds mental representations of the self as loved and competent. These mental representations shape the child's noncognitive skills and foster learning. I show that this model provides a unifying explanation for well-established evidence on child development. The model also sheds light on how early exposure to media dev...
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作者：Justiniano, Alejandro; Primiceri, Giorgio E.; Tambalotti, Andrea
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Northwestern University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We study the interest rates of privately securitized residential mortgages during the credit boom of the early 2000s. They reveal a sharp and persistent drop in the spread between mortgage and Treasury rates starting in the summer of 2003. The emergence of this mortgage rate conundrum immediately followed the collapse of an unprecedented refinancing wave, and it was more pronounced in the regions where that wave had grown faster. These same areas also experienced more originations of the nonco...
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作者：Boehm, Johannes; Dhingra, Swati; Morrow, John
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; King's College London
摘要：Resource-based theories propose that firms grow by diversifying into products that use common capabilities. We provide evidence for common-input capabilities, using a policy that removed entry barriers in input markets to show that the similarity of a firm's and an industry's input mix determines firm production choices. We model industry choice and economies of scope from input capabilities. When the model is estimated for Indian manufacturing, input complementarities make firms 5% more likel...
