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作者：Staiger, Robert W.; Sykes, Alan O.
作者单位：Dartmouth College; National Bureau of Economic Research; Stanford University
摘要：The existing economics literature on international trade agreements focuses on tariff agreements covering trade in goods and explains core features of the General Agreement on Tariffs and Trade (GATT). Tariffs play almost no role in services markets, however, and the literature cannot account for the strikingly different approach to trade liberalization in agreements such as the World Trade Organization's General Agreement on Trade in Services (GATS). We develop a model through which key featu...
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作者：Prat, Julien; Walter, Benjamin
作者单位：Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; ENSAE Paris; Institut Polytechnique de Paris; Ecole Polytechnique; Universite Paris Saclay
摘要：We propose a model that uses the exchange rate of Bitcoin against the US dollar to predict the computing power of Bitcoin's network. We show that free entry places an upper bound on mining revenues and explain how it can be identified. Calibrating the model's parameters allows us to accurately forecast the evolution of the network computing power over time. We find that a significant share of mining rewards was invested in mining equipment and that the seigniorage income of miners was limited.
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作者：Hungerman, Daniel M.; Ottoni-Wilhelm, Mark
作者单位：University of Notre Dame; National Bureau of Economic Research; Purdue University System; Purdue University; Purdue University in Indianapolis
摘要：We present a new model of charitable giving where individuals regard out-of-pocket donations and the matches they induce as different. We show that match-price elasticities combine conventional price effects with the strength of warm glow, so that a match-price elasticity alone is insufficient to characterize preferences for giving. Match- and rebate-price elasticities will be different, but together they lead to new tests of underlying giving preferences. We estimate, for the first time, a ma...
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作者：Jacquet, Nicolas L.
作者单位：Singapore Management University
摘要：This paper proposes a theory of endogenous differences in liquidity of assets based on the interaction between differences in their risk and differences in liquidity needs of agents. An equilibrium of the model displays a class structure, where agents sort themselves across different types of assets according to their types. High-liquidity-need agents hold on to safer portfolios than lower-liquidity-need agents whenever the variation in the value of liquidity across states raises the value of ...
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作者：Ayres, Andrew B.; Meng, Kyle C.; Plantinga, Andrew J.
作者单位：University of California System; University of California Santa Barbara; National Bureau of Economic Research
摘要：Environmental markets are widely prescribed as an alternative to open access regimes for natural resources. We develop a model of dynamic groundwater extraction to demonstrate how a spatial regression discontinuity design that exploits a spatially incomplete market for groundwater rights recovers a lower bound on the market's net benefit. We apply this estimator to a major aquifer in water-scarce southern California and find that a groundwater market generated substantial net benefits, as capi...
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作者：Kang, Karam; Silveira, Bernardo S.
作者单位：Carnegie Mellon University; University of California System; University of California Los Angeles
摘要：This paper quantifies the benefits of discretion in the enforcement of environmental regulations. We identify and estimate a structural model of regulator-discharger interactions, exploiting an increase in the enforcement stringency of water pollution regulations in California. Our estimates indicate that most of the heterogeneity in punishments for observably similar violations is due to heterogeneity in discharger compliance costs rather than heterogeneity in regulator preferences. We find t...
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作者：Combes, Pierre-Philippe; Duranton, Gilles; Gobillon, Laurent
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); University of Pennsylvania; Institut d'Etudes Politiques Paris (Sciences Po); Centre National de la Recherche Scientifique (CNRS)
摘要：We propose a new nonparametric approach to estimate the production function for housing. Our estimation treats output as a latent variable and relies on a first-order condition for profit maximization combined with a zero-profit condition. More desirable locations command higher land prices and, in turn, more capital to build houses. For parcels of a given size, we compute housing production by summing across the marginal products of capital. For newly built single-family homes in France, the ...
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作者：Bryan, Kevin A.; Lemus, Jorge
作者单位：University of California System; University of California Los Angeles; University of Warwick
摘要：How are resources allocated across different R&D areas (i.e., problems to be solved)? As a result of dynamic congestion externalities, the competitive market allocates excessive resources into those of high return, being those with higher private (and social) payoffs. Good problems are tackled too soon, and as a result the distribution of open research problems in the socially optimal solution stochastically dominates that of the competitive equilibrium. A severe form of rent dissipation occur...
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作者：Boyarchenko, Nina; Lucca, David O.; Veldkamp, Laura
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Center for Economic & Policy Research (CEPR); Columbia University; National Bureau of Economic Research
摘要：The use of order-flow information by financial firms has come to the forefront of the regulatory debate. Should a dealer who acquires information by taking client orders be allowed to use or share that information? We explore how information sharing affects dealers, clients, and issuer revenues in US Treasury auctions, in a model calibrated to auction results data, which we use to quantify counterfactuals. Sharing information reduces uncertainty about future value. With less uncertainty, risk-...
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作者：Bergman, Peter
作者单位：Columbia University
摘要：This paper studies information frictions between parents and children and their effect on human capital investments. I provide biweekly information to a random sample of parents about their child's missed assignments. Parents have upwardly biased beliefs about their child's effort. Providing information attenuates this bias and improves student achievement. Using data from the experiment, I estimate a persuasion game between parents and their children that shows that the treatment effect is du...
