-
作者：Compiani, Giovanni; Haile, Philip; Sant'Anna, Marcelo
作者单位：University of Chicago; Yale University
摘要：Although an auction of drilling rights is often cited as an example of common values, formal evidence has been limited by the problem of auction-level unobserved heterogeneity. We develop an empirical approach for first-price sealed-bid auctions with affiliated values, unobserved heterogeneity, and endogenous bidder entry. We show that important features of the model are nonparametrically identified and apply a semiparametric estimation approach to data from US offshore oil and gas lease aucti...
-
作者：Martellini, Paolo; Menzio, Guido
作者单位：University of Pennsylvania; New York University; National Bureau of Economic Research
摘要：For a search-theoretic model of the labor market, we seek conditions for the existence of a balanced growth path (BGP), where unemployment, vacancy, and worker's transitions rates remain constant in the face of improvements in the production and search technologies. A BGP exists iff firm-worker matches are inspection goods and the quality of a match is drawn from a Pareto distribution. Declining search frictions contribute to growth with an intensity determined by the tail coefficient of the P...
-
作者：Aizawa, Naoki; Fang, Hanming
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; University of Pennsylvania; ShanghaiTech University
摘要：We present and empirically implement an equilibrium labor market search model where risk-averse workers facing medical expenditure shocks are matched with firms making health insurance coverage decisions. We use our estimated model to evaluate the equilibrium impact of many health care reform proposals, including the 2010 Affordable Care Act (ACA). We use the estimates of the early impact of the ACA as a model validation. We find that income-based subsidies for health insurance premiums are cr...
-
作者：Cappelen, Alexander; List, John; Samek, Anya; Tungodden, Bertil
作者单位：Norwegian School of Economics (NHH); University of Chicago; Australian National University; National Bureau of Economic Research; University of Southern California
摘要：We present results from the first study to examine the causal impact of early-childhood education on the social preferences of children. We compare children who, at 3-4 years old, were randomized into either a full-time preschool, a parenting program, or a control group. We returned to the children when they reached 6-8 years of age and conducted a series of incentivized experiments to elicit their social preferences. We find that early-childhood education has a strong causal impact on social ...
-
作者：Ito, Koichiro; Zhang, Shuang
作者单位：University of Chicago; National Bureau of Economic Research; University of Colorado System; University of Colorado Boulder
摘要：We develop a framework to estimate willingness to pay for clean air from defensive investments on differentiated products. Applying this framework to scanner data on air purifier sales in China, we find that a household is willing to pay $1.34 annually to remove 1 mu g/m(3) of air pollution (PM10) and $32.7 annually to eliminate the pollution induced by the Huai River heating policy. Substantial heterogeneity is explained by income and exposure to information on air pollution. Using these esti...
-
作者：Epple, Dennis; Quintero, Luis; Sieg, Holger
作者单位：Carnegie Mellon University; National Bureau of Economic Research; Johns Hopkins University; University of Pennsylvania
摘要：We provide a new estimator for a broad class of equilibrium models of metropolitan housing markets with housing differentiated by quality. Quality is a latent variable that captures all features of a dwelling and its environment. We estimate the model for Chicago and New York, obtaining hedonic housing price functions for each quality level for each metropolitan area, stocks of each quality, and compensating variations required for a household of a given income in Chicago to be equally well of...
-
作者：Calsamiglia, Caterina; Fu, Chao; Guell, Maia
作者单位：ICREA; Centre for Economic Policy Research - UK; University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; University of Edinburgh; IZA Institute Labor Economics
摘要：We model household choice of schools under the Boston mechanism (BM) and develop a new method, applicable to a broad class of mechanisms, to fully solve the choice problem even if it is infeasible via the traditional method. We estimate the joint distribution of household preferences and sophistication types, using administrative data from Barcelona. Counterfactual policy analyses show that a change from BM in Barcelona to the deferred-acceptance mechanism would decrease average welfare by eur...
-
作者：Chiappori, Pierre-Andre; Oreffice, Sonia; Quintana-Domeque, Climent
作者单位：Columbia University; University of Exeter; IZA Institute Labor Economics
-
作者：Kosse, Fabian; Deckers, Thomas; Pinger, Pia; Schildberg-Hoerisch, Hannah; Falk, Armin
作者单位：University of Munich; University of Bonn; University of Bonn
摘要：This study presents evidence on the role of social environment for the formation of prosociality. We show that socioeconomic status (SES) as well as intensity of mother-child interaction and mothers' prosocial attitudes are related to elementary school children's prosociality. We also present evidence on a randomly assigned variation of the social environment, providing children with a mentor for 1 year. Our data reveal a significant and persistent increase in prosociality in the treatment rel...
-
作者：Mermelstein, Ben; Nocke, Volker; Satterthwaite, Mark A.; Whinston, Michael D.
作者单位：University of Mannheim; Center for Economic & Policy Research (CEPR); Northwestern University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We study merger policy in a dynamic computational model in which firms can reduce costs through investment or through mergers. Firms invest or propose mergers according to the profitability of these strategies. An antitrust authority can block mergers at some cost. We examine the optimal policy for an antitrust authority that cannot commit to its future policy and approves mergers as they are proposed. We find that the optimal policy can differ substantially from a policy based on static welfa...
