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作者：Dessein, Wouter; Prat, Andrea
作者单位：Columbia University
摘要：We argue that economists have studied the role of management from three perspectives: contingency theory (CT), an organization-centric empirical approach (OC), and a leader-centric empirical approach (LC). To reconcile these three perspectives, we augment a standard dynamic firm model with organizational capital, an intangible, slow-moving, productive asset that can be produced only with the direct input of the firm's leadership and that is subject to an agency problem. We characterize the ste...
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作者：Coibion, Olivier; Gorodnichenko, Yuriy; Weber, Michael
作者单位：University of Texas System; University of Texas Austin; University of California System; University of California Berkeley; University of Chicago
摘要：We study how different forms of communication influence inflation expectations in a randomized controlled trial using nearly 20,000 US individuals. We elicit individuals' inflation expectations and then provide eight different forms of information regarding inflation. Reading the actual Federal Open Market Committee (FOMC) statement has about the same average effect on expectations as simply being told about the Federal Reserve's inflation target. Reading news articles about the most recent FO...
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作者：Grenet, Julien; He, YingHua; Kubler, Dorothea
作者单位：Centre National de la Recherche Scientifique (CNRS); Paris School of Economics; Rice University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Technical University of Berlin
摘要：We document quasi-experimental evidence against the common assumption in the matching literature that agents have full information on their own preferences. In Germany's university admissions, the first stages of the Gale-Shapley algorithm are implemented in real time, allowing for multiple offers per student. We demonstrate that nonexploding early offers are accepted more often than later offers, despite not being more desirable. These results, together with survey evidence and a theoretical ...
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作者：Bianchi, Nicola; Giorcelli, Michela
摘要：This paper examines the long-term and spillover effects of management interventions on firm performance. Under the Training Within Industry (TWI) program, the US government provided management training to firms involved in war production between 1940 and 1945. Using a newly collected panel data set on all 11,575 US firms that applied to the program, we find that the TWI training had positive and long-lasting effects on firm performance and the adoption of beneficial managerial practices. Moreo...
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作者：Caplin, Andrew; Dean, Mark; Leahy, John
作者单位：New York University; National Bureau of Economic Research; Columbia University; University of Michigan System; University of Michigan
摘要：We introduce three new classes of attention cost functions: posterior separable, uniformly posterior separable, and invariant posterior separable. As with the Shannon cost function, all can be solved using Lagrangian methods. Uniformly posterior-separable cost functions capture many forms of sequential learning and hence play a key role in many applications. Invariant posterior-separable cost functions make learning strategies depend exclusively on payoff uncertainty. We introduce two behavior...
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作者：Kawai, Kei; Onishi, Ken; Uetake, Kosuke
作者单位：University of California System; University of California Berkeley; Federal Reserve System - USA; Federal Reserve System Board of Governors; Yale University
摘要：We study how signaling affects equilibrium outcomes and welfare in an online credit market, using detailed data on loan characteristics and borrower repayment. We build and estimate an equilibrium model in which a borrower may signal her default risk through the reserve interest rate. Comparing markets with and without signaling relative to the benchmark with no asymmetric information, we find that adverse selection destroys as much as 34% of total surplus, up to 78% of which can be restored w...
