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作者：Geruso, Michael; Layton, Timothy
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research; Harvard University; Harvard Medical School
摘要：In most US health insurance markets, plans face strong incentives to upcode the patient diagnoses they report to the regulator, as these affect the risk-adjusted payments that plans receive. We show that enrollees in private Medicare plans generate 6%-16% higher diagnosis-based risk scores than they would under fee-for-service Medicare, where diagnoses do not affect most provider payments. Our estimates imply that upcoding generates billions in excess public spending and significant distortion...
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作者：Sweeting, Andrew; Roberts, James W.; Gedge, Chris
作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; Duke University
摘要：We develop a dynamic limit pricing model where an incumbent repeatedly signals information relevant to a potential entrant's expected profitability. The model is tractable, with a unique equilibrium under refinement, and dynamics contribute to large equilibrium price changes. We show that the model can explain why incumbent airlines cut prices dramatically on routes threatened with entry by Southwest, presenting new reduced-form evidence and a calibration that predicts a pattern of price chang...
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作者：Kogan, Leonid; Papanikolaou, Dimitris; Stoffman, Noah
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Northwestern University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We develop a general equilibrium model of asset prices in which benefits of technological innovation are distributed asymmetrically. Financial market participants do not capture all economic gains from innovation even when they own shares in innovating firms. Such gains accrue partly to the innovators, who cannot sell claims on proceeds from their future ideas. We show how the resulting inequality among agents can give rise to a high risk premium on the aggregate stock market, return comovemen...
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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...
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作者：Exley, Christine L.; Niederle, Muriel; Vesterlund, Lise
作者单位：Harvard University; Stanford University; National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Women's reluctance to negotiate is often used to explain the gender wage gap, popularizing the push for women to lean in and negotiate more. Examining an environment in which women achieve positive profits when they choose to negotiate, we find that increased negotiations are not helpful. Women know when to ask: they enter negotiations resulting in positive profits and avoid negotiations resulting in negative profits. While the findings are similar for men, we find no evidence that men are mor...
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作者：Akbarpour, Mohammad; Li, Shengwu; Gharan, Shayan Oveis
作者单位：Stanford University; Harvard University; University of Washington; University of Washington Seattle
摘要：We introduce a simple model of dynamic matching in networked markets, where agents arrive and depart stochastically and the composition of the trade network depends endogenously on the matching algorithm. If the planner can identify agents who are about to depart, then waiting to thicken the market substantially reduces the fraction of unmatched agents. If not, then matching agents greedily is close to optimal. We specify conditions under which local algorithms that choose the right time to ma...
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作者：Caucutt, Elizabeth M.; Lochner, Lance
作者单位：Western University (University of Western Ontario); National Bureau of Economic Research
摘要：We develop a dynastic human capital investment framework to study the importance of family borrowing constraints and uninsured labor market risk, as well as the process of intergenerational ability transmission, in determining human capital investments in children at different ages. We calibrate our model to data from the Children of the National Longitudinal Survey of Youth. While the effects of relaxing any borrowing limit at a single stage are modest, eliminating all life-cycle borrowing li...
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作者：Sobel, Joel
作者单位：University of California System; University of California San Diego
摘要：This article proposes definitions of lying, deception, and damage in strategic settings. Lying depends on the existence of accepted meanings for messages but does not require a model of how the audience responds to messages. Deception does require a model of how the audience interprets messages but does not directly refer to consequences. Damage requires consideration of the consequences of messages. Lies need not be deceptive. Deception does not require lying. Lying and deception are compatib...
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作者：Angeletos, George-Marios; La'O, Jennifer
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Columbia University
摘要：We study optimal policy in a business-cycle setting in which firms hold dispersed private information about, or are rationally inattentive to, the state of the economy. The informational friction is the source of both nominal and real rigidity. Because of the latter, the optimal monetary policy does not target price stability. Instead, it targets a negative relation between the nominal price level and real economic activity. Such leaning against the wind helps maximize production efficiency. A...
