-
作者：Wiswall, Matthew; Zafar, Basit
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Michigan System; University of Michigan
摘要：We conducted a survey of high-ability college students and elicited beliefs about how their choice of major, and of whether to complete their degree, would affect an array of future events: earnings, employment, marriage prospects, potential spousal characteristics, and fertility. We find that students perceive large returns to human capital not only in their own future earnings but also in other dimensions (e.g., potential spouse's earnings and fertility). We find evidence of students sorting...
-
作者：Foster, Dean P.; Hart, Sergiu
作者单位：Amazon.com; Hebrew University of Jerusalem
摘要：Calibration means that forecasts and average realized frequencies are close. We develop the concept of forecast hedging, which consists of choosing the forecasts so as to guarantee that the expected track record can only improve. This yields all the calibration results by the same simple basic argument while differentiating between them by the forecast-hedging tools used: deterministic and fixed point based versus stochastic and minimax based. Additional contributions are an improved definitio...
-
作者：Sugaya, Takuo; Wolitzky, Alexander
作者单位：Stanford University; Massachusetts Institute of Technology (MIT)
摘要：We study the repeated prisoner's dilemma with random matching, a canonical model of community enforcement with decentralized information. We assume that (1) with small probability, each player is a bad type who never cooperates, (2) players observe and remember their partners' identities, and (3) each player interacts with others frequently but meets any particular partner infrequently. We show that these assumptions preclude cooperation in the absence of explicit communication but that introd...
-
作者：Colas, Mark; Findeisen, Sebastian; Sachs, Dominik
作者单位：University of Oregon; University of Konstanz; University of Munich
摘要：We study the optimal design of student financial aid as a function of parental income. We derive optimal financial aid formulas in a general model. We estimate a model of selection into college for the United States that comprises multidimensional heterogeneity, endogenous parental transfers, dropout, labor supply in college, and uncertain returns. We quantify optimal financial aid in the estimated model and find it is strongly declining in parental income even without distributional concerns....
-
作者：Sarsons, Heather; Gerxhani, Klarita; Reuben, Ernesto; Schram, Arthur
作者单位：University of Chicago; European University Institute; New York University; New York University Abu Dhabi; University of Amsterdam
摘要：We study whether gender influences credit attribution for group work using observational data and two experiments. We use data from academic economists to test whether coauthorship matters differently for tenure for men and women. We find that, conditional on quality and other observables, men are tenured similarly regardless of whether they coauthor or solo author. Women, however, are less likely to receive tenure the more they coauthor. We then conduct two experiments that demonstrate that b...
-
作者：Hassler, John; Krusell, Per; Olovsson, Conny
作者单位：Stockholm University; Sveriges Riksbank
摘要：We develop a quantitative macroeconomic theory of input-saving technical change to analyze how markets economize on scarce natural resources, with an application to fossil fuel. We find that aggregate US data call for a very low short-run substitution elasticity between energy and the capital/labor inputs. Our estimates imply that energy-saving technical change took off when the oil shocks hit in the 1970s. This response implies significant substitutability with the other inputs in the long ru...
-
作者：Bergemann, Dirk; Brooks, Benjamin; Morris, Stephen
作者单位：Yale University; University of Chicago; Massachusetts Institute of Technology (MIT)
摘要：Consider a market with identical firms offering a homogeneous good. For any given ex ante distribution of the price count (the number of firms from which a consumer obtains a quote), we derive a tight upper bound on the equilibrium distribution of sales prices. The bound holds across all models of firms' common-prior higher-order beliefs about the price count, including the extreme cases of full information and no information. One implication of our results is that a small ex ante probability ...
-
作者：Behrer, A. Patrick; Glaeser, Edward L.; Ponzetto, Giacomo A. M.; Shleifer, Andrei
作者单位：Stanford University; Harvard University; National Bureau of Economic Research; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Centre for Economic Policy Research - UK
摘要：A central challenge in securing property rights is the subversion of justice. We present a model of a polluter whose discharges harm multiple owners, and we compare property rules, liability rules, and regulation on efficiency grounds. We provide conditions under which property rules are preferred to liability rules, thus verifying the Calabresi-Melamed conjecture. Regulation that enforces partial abatement may be preferred to either of the extreme rules. An empirical analysis of water quality...
-
作者：Cunningham, Colleen; Ederer, Florian; Ma, Song
作者单位：University of London; London Business School; Yale University
摘要：This paper argues that incumbent firms may acquire innovative targets solely to discontinue the target's innovation projects and preempt future competition. We call such acquisitions killer acquisitions. We develop a model illustrating this phenomenon. Using pharmaceutical industry data, we show that acquired drug projects are less likely to be developed when they overlap with the acquirer's existing product portfolio, especially when the acquirer's market power is large because of weak compet...
-
作者：Atkin, David; Colson-Sihra, Eve; Shayo, Moses
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Hebrew University of Jerusalem
摘要：Are identities fungible? How do people come to identify with specific groups? This paper proposes a revealed preference approach, using food consumption to uncover ethnic and religious identity choices in India. We first show that consumption of identity goods responds to forces suggested by social identity research: group status and group salience. Moreover, identity choices respond to the cost of following the group's prescribed behaviors. We propose and estimate a demand system to quantify ...
