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作者：Loertscher, Simon; Marx, Leslie M.
作者单位：University of Melbourne; Duke University
摘要：We analyze the competitive effects of mergers in markets with buyer power. Using mechanism design arguments, we show that without cost synergies, mergers harm buyers, regardless of buyer power. However, buyer power mitigates the harm to a buyer from a merger of symmetric suppliers. With buyer power, a merger increases incentives for entry, increases investment incentives for rivals, and can increase investment incentives for merging parties. Because buyer power reduces the profitability of a m...
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作者：Finkelstein, Amy; Hendren, Nathaniel; Luttmer, Erzo F. P.
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; Dartmouth College
摘要：We develop frameworks for welfare analysis of Medicaid and apply them to the Oregon Health Insurance Experiment. Across different approaches, we estimate low-income uninsured adults' willingness to pay for Medicaid between $0.5 and $1.2 per dollar of the resource cost of providing Medicaid; estimates of the expected transfer Medicaid provides to recipients are relatively stable across approaches, but estimates of its additional value from risk protection are more variable. We also estimate tha...
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作者：Kiyotaki, Nobuhiro; Moore, John
作者单位：Princeton University; University of Edinburgh; University of London; London School Economics & Political Science
摘要：This paper presents a model of a monetary economy where there are differences in liquidity across assets. Money circulates because it is more liquid than other assets, not because it has any special function. The model is used to investigate how aggregate activity and asset prices fluctuate with shocks to productivity and liquidity and to examine what role government policy might have through open-market operations that change the mix of assets held by the private sector.
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作者：Cai, Yongyang; Lontzek, Thomas S.
作者单位：University System of Ohio; Ohio State University; RWTH Aachen University
摘要：Uncertainty about future economic and climate conditions substantially affects the choice of policies for managing interactions between the climate and the economy. We develop a framework of dynamic stochastic integration of climate and economy, and show that the social cost of carbon is substantially affected by both economic and climate risks and is a stochastic process with significant variation. We examine a wide but plausible range of values for critical parameters with robust results and...
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作者：Chen, M. Keith; Rossi, Peter E.; Chevalier, Judith A.; Oehlsen, Emily
作者单位：University of California System; University of California Los Angeles; Yale University; Uber Technologies, Inc.
摘要：Technology has facilitated new, nontraditional work arrangements, including the ride-sharing company Uber. Uber drivers provide rides anytime they choose. Using data on hourly earnings and driving, we document driver utilization of this real-time flexibility. We propose that the value of flexibility can be measured as deriving from time variation in the drivers' reservation wage. Measuring time variation in drivers' reservation wages allows us to estimate the surplus and labor supply implicati...
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作者：Rey, Patrick; Tirole, Jean
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：The paper analyzes the impact of price caps agreed upon by industry participants. Price caps, like mergers, allow firms to solve Cournot's multiple-marginalization problem, but unlike mergers, they do not stifle price competition in case of substitutes or facilitate foreclosure in case of complements. The paper first demonstrates this for nonrepeated interaction and general demand and cost functions. It then shows that allowing price caps has no impact on investment and entry in case of substi...
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作者：Zhou, Xiang; Xie, Yu
作者单位：Harvard University; Princeton University
摘要：We offer a propensity score perspective to interpret and analyze the marginal treatment effect (MTE). Specifically, we redefine MTE as the expected treatment effect conditional on the propensity score and a latent variable representing unobserved resistance to treatment. As with the original MTE, the redefined MTE can be used as a building block for constructing standard causal estimands. The weights associated with the new MTE, however, are simpler, more intuitive, and easier to compute. More...
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作者：Eika, Lasse; Mogstad, Magne; Zafar, Basit
作者单位：Statistics Norway; University of Chicago; National Bureau of Economic Research; Arizona State University; Arizona State University-Tempe
摘要：We use data from Denmark, Germany, Norway, the United Kingdom, and the United States to document the degree of educational assortative mating, how it evolves over time, and the extent to which it differs between countries. This descriptive analysis motivates and guides a decomposition analysis in which we quantify the contribution of various factors to the distribution of household income. We find that assortative mating accounts for a nonnegligible part of the cross-sectional inequality in ho...
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作者：Galichon, Alfred; Kominers, Scott Duke; Weber, Simon
作者单位：New York University; Harvard University; National Bureau of Economic Research; University of York - UK
摘要：We introduce an empirical framework for models of matching with imperfectly transferable utility and unobserved heterogeneity in tastes. Our framework allows us to characterize matching equilibrium in a flexible way that includes as special cases fully and nontransferable utility models, collective models, and settings with taxes on transfers. We allow for the introduction of a general class of additive unobserved heterogeneity on agents' preferences. We show existence and uniqueness of an equ...
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作者：Abbott, Brant; Gallipoli, Giovanni; Meghir, Costas; Violante, Giovanni L.
作者单位：Queens University - Canada; University of British Columbia; Yale University; National Bureau of Economic Research; Princeton University
摘要：We examine the equilibrium effects of college financial aid policies building an overlapping-generations life cycle model with education, labor supply, and saving decisions. Cognitive and noncognitive skills of children depend on parental education and skills and affect education and labor market outcomes. Education is funded by parental transfers that supplement grants, loans, and student labor supply. Crowding out of parental transfers by government programs is sizable and cannot be ignored....
