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作者：Durlauf, Steven N.; Heckman, James J.
作者单位：University of Chicago
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作者：Glover, Andrew; Heathcote, Jonathan; Krueger, Dirk; Rios-Rull, Jose-Victor
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Center for Economic & Policy Research (CEPR); University of Pennsylvania; National Bureau of Economic Research; University of London; University College London
摘要：The Great Recession saw sharp drops in labor earnings and even larger declines in asset prices. How were the welfare losses from these declines distributed across different age groups? To address this question we construct an overlapping-generations general equilibrium model in which households face large aggregate shocks. A calibrated version of the model replicates observed dynamics for asset prices. Younger households experience larger earnings losses in a model Great Recession, but benefit...
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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...
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作者：Hatfield, John William; Kominers, Scott Duke; Lowery, Richard; Barry, Jordan M.
作者单位：University of Texas System; University of Texas Austin; Harvard University; National Bureau of Economic Research; University of San Diego
摘要：Many markets are syndicated, including those for initial public offerings, club deal leveraged buyouts, and debt issuances; in such markets, each winning bidder invites competitors to join a syndicate to complete production. We show that in syndicated markets, collusion may become easier as market concentration falls and market entry may facilitate collusion. In particular, firms can sustain collusion by refusing to syndicate with any firm that undercuts the collusive price, thereby raising th...
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作者：Enke, Benjamin
作者单位：Harvard University; National Bureau of Economic Research
摘要：This paper studies the supply of and demand for moral values in recent US presidential elections. Using a combination of large-scale survey data and text analyses, I find support for the hypothesis that both voters and politicians exhibit heterogeneity in their emphasis on universalist relative to communal moral values and that politicians' vote shares partly reflect the extent to which their moral appeal matches the values of the electorate. Over the last decade, Americans' values have become...
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作者：Fryer, Roland G., Jr.
作者单位：Harvard University
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作者：Somaini, Paulo
作者单位：Stanford University; National Bureau of Economic Research
摘要：This paper provides a nonparametric identification result for procurement models with asymmetric bidders, dependent private information, and interdependent costs. For risk-neutral bidders, the model's payoff-relevant primitives are the joint distribution of private information and each bidder's full-information expected cost. The joint distribution of bids identifies the joint distribution of signals. First-order conditions identify the expected cost conditional on tying with at least one comp...
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作者：McGuirk, Eoin; Burke, Marshall
作者单位：Tufts University; Stanford University; National Bureau of Economic Research
摘要：We study the impact of global food price shocks on local violence across Africa. In food-producing areas, higher prices reduce conflict over the control of territory (factor conflict) and increase conflict over the appropriation of surplus (output conflict). We argue that this difference arises because higher prices increase the opportunity cost of soldiering for producers while simultaneously inducing consumers to appropriate surplus as real wages fall. In areas without crop agriculture, high...
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作者：Chew, Soo Hong; Huang, Wei; Zhao, Xiaojian
作者单位：Southwestern University of Finance & Economics - China; National University of Singapore; The Chinese University of Hong Kong, Shenzhen; Monash University
摘要：People often forget and sometimes fantasize. This paper reports a large-scale experiment on memory errors and their relation to preferential traits including time preference, attitudes toward risk and ambiguity, and psychological characteristics such as anticipatory feelings. We observe systematic incidences of false memory in favor of positive events and positive amnesia in forgetting past negative events. Both positive delusion and positive confabulation significantly relate to present bias,...
