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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....
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作者：Ashlagi, Itai; Kanoria, Yash; Leshno, Jacob D.
作者单位：Stanford University; Columbia University; University of Chicago
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作者：Aggeborn, Linuz; Ohman, Mattias
作者单位：Uppsala University
摘要：Water fluoridation is a common but debated public policy. In this paper, we use Swedish registry data to study the causal effects of fluoride in drinking water. We exploit exogenous variation in natural fluoride stemming from variation in geological characteristics at water sources to identify its effects. First, we reconfirm the long-established positive effect of fluoride on dental health. Second, we estimate a zero effect on cognitive ability in contrast to several recent debated epidemiolo...
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作者：Aguiar, Mark; Bils, Mark; Charles, Kerwin Kofi; Hurst, Erik
作者单位：Princeton University; University of Rochester; Yale University; University of Chicago
摘要：We propose a methodology exploiting time diary data and leisure Engel curves to infer quality changes across leisure activities and measure the effects on the marginal return to leisure. We study leisure returns for men aged 21-30, who have shifted leisure toward video gaming and recreational computing and have had larger market work hour declines than older men or women since 2004. We show that recreational computing is distinctly a leisure luxury for younger men. By increasing the value of t...
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作者：Curto, Vilsa; Einav, Liran; Levin, Jonathan; Bhattacharya, Jay
作者单位：Harvard University; Stanford University; National Bureau of Economic Research
摘要：We estimate the economic surplus created by the Medicare Advantage program under its reformed competitive bidding rules. We use data on the universe of Medicare beneficiaries and develop a model of plan bidding that accounts for both market power and risk selection. We estimate that the Medicare Advantage program generates substantial surplus to participants (of $217 per enrollee-month), but that approximately two-thirds of this surplus is captured by insurers. We use the model to evaluate the...
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作者：Awaya, Yu; Krishna, Vijay
作者单位：University of Rochester; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study an R&D race between an established firm and a startup under asymmetric information. R&D investment brings success stochastically, but only if the innovation is feasible. The only asymmetry is that the established firm has better information about the feasibility of the innovation. We show that there is an equilibrium in which the poorly informed startup wins more often, and has higher expected profits, than the better-informed incumbent. When the informational asymmetry is large, this...
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作者：Lemus, Jorge; Marshall, Guillermo
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of British Columbia
摘要：Online contests have become a prominent form of innovation procurement. Contest platforms often display a real-time public leaderboard to provide performance feedback. The impact of information disclosure on players' decisions is theoretically ambiguous: some players may get discouraged and quit, while others may decide to keep working to remain competitive. We investigate the impact of a leaderboard on contest outcomes using two complementary approaches. First, we estimate a dynamic model usi...
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作者：Rhodes, Andrew; Watanabe, Makoto; Zhou, Jidong
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Vrije Universiteit Amsterdam; Yale University
摘要：This paper develops a new framework for studying multiproduct intermediaries when consumers demand multiple products and face search frictions. We show that a multiproduct intermediary is profitable even when it does not improve consumer search efficiency. The intermediary optimally stocks high-value products exclusively to attract consumers to visit and then profits by selling nonexclusive products that are relatively cheap to buy from upstream suppliers. Relative to the social optimum, the i...
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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-...
