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作者：Borovicka, Jaroslav
作者单位：New York University; National Bureau of Economic Research
摘要：I analytically characterize the long-run behavior of an economy with two types of agents who differ in their beliefs and are endowed with homothetic recursive preferences. Agents with more incorrect beliefs dominate, or agents with different accuracy of their beliefs coexist in the long run, for broad ranges of plausible parameterizations when risk aversion is greater than the inverse of the intertemporal elasticity of substitution. The results highlight a crucial interaction between risk shar...
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作者：Boppart, Timo; Krusell, Per
作者单位：Center for Economic & Policy Research (CEPR); University of Gothenburg; National Bureau of Economic Research
摘要：The absence of a trend in hours worked in the postwar United States is an exception: across countries and historically, hours fall steadily by a little below 0.5% per year. Are steadily falling hours consistent with a stable utility function over consumption and leisure under balanced growth of the macroeconomic aggregates? Yes. We fully characterize the class of such functions and thus generalize the well-known balanced-growth preferences that demand constant (as opposed to falling) long-run ...
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作者：Fort, Margherita; Ichino, Andrea; Zanella, Giulio
作者单位：University of Bologna; Leibniz Association; Ifo Institut; University of Bologna; European University Institute; University of Adelaide; University of Bologna; IZA Institute Labor Economics
摘要：Exploiting admission thresholds to the Bologna day care system, we show using a regression discontinuity (RD) design that one additional day care month at age 0-2 reduces intelligence quotient by 0.5% (4.7% of a standard deviation) at age 8-14 in a relatively affluent population. The magnitude of this negative effect increases with family income. Similar negative impacts are found for personality traits. These findings are consistent with the hypothesis from psychology that children in day car...
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作者：de la Sierra, Raul Sanchez
作者单位：University of Chicago
摘要：A positive demand shock for coltan, a mineral whose bulky output cannot be concealed, leads armed actors to create illicit customs and provide protection at coltan mines, where they settle as stationary bandits. A similar shock for gold, easy to conceal, leads to stationary bandits in the villages where income from gold is spent, where they introduce illicit mining visas, taxes, and administrations. Having a stationary bandit from a militia or the Congolese army increases welfare. These findin...
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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...
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作者：Noe, Thomas
作者单位：University of Oxford; Bank of Finland
摘要：Consider a decision maker who selects between paired random draws from two unconditional distributions, always selecting the larger draw in the pair. When will the resulting selection-conditioned distributions be ordered by first-order stochastic or monotone likelihood ratio dominance? In various guises, this question arises in many economic contexts-tournaments, contests, auctions, cheap-talk games, announcement returns, qualitative choice models, and treatment effects under self-selection. T...
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作者：Persson, Petra
作者单位：Stanford University; National Bureau of Economic Research
摘要：Social insurance is often linked to marriage. Existing evidence suggests small marital responses to financial incentives and stems from settings where benefits are realized in the near future. I analyze how linking survivors insurance to marriage affects the marriage market. Exploiting Sweden's elimination of survivors insurance, I demonstrate that severing this link (1) affected entry into marriage up to 50 years before expected payout, (2) raised the divorce rate by 10%, and (3) raised the a...
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作者：Krasnokutskaya, Elena; Song, Kyungchul; Tang, Xun
作者单位：Johns Hopkins University; University of British Columbia; Rice University
摘要：In online procurement markets, projects are often allocated through a mechanism that allows buyers to take into account a seller's nonprice characteristics as well as his bid. We design a methodology to recover primitives of the environment in the presence of unobserved seller heterogeneity while accommodating two important features of such markets: buyer-specific choice sets and the high turnover of sellers. We apply our method to data from an online market for programming services, to assess...
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作者：Milgrom, Paul; Segal, Ilya
作者单位：Stanford University
摘要：We study the class of multiround, multiproduct clock procurement auctions that reduce offered prices at each round. When prices stop declining, the remaining bidders become the winning sellers. For single-minded bidders, each such auction has five properties not shared by Vickrey auctions: each is obviously strategy-proof and group-strategy-proof, sets prices that are Nash equilibrium winning bids in the related first-price auction, preserves winner privacy about values, and can be extended to...
