-
作者：Manea, Mihai
作者单位：Stanford University
摘要：I study intermediation via sequential bilateral bargaining in markets with a network structure. A partition of the network into layers captures intermediation power. Competition governs trade within layers, and hold-ups generate intermediation rents in transactions between layers. Each trader's intermediation power reflects the competition among intermediation chains as measured by the number of layers separating the trader from buyers. Trade does not maximize welfare or minimize intermediatio...
-
作者：Magnac, Thierry; Pistolesi, Nicolas; Roux, Sebastien
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; European Central Bank; Bank of France
摘要：We propose an original model of human capital investments after leaving school in which individuals differ in their initial human capital obtained at school, their rates of return and costs of human capital investments, and their terminal values of human capital at an arbitrary date in the future. We derive a tractable reduced-form Mincerian model of log earnings profiles along the life cycle that is written as a linear factor model in which levels, growth, and curvature of earnings profiles a...
-
作者：Fisman, Raymond; Shi, Jing; Wang, Yongxiang; Xu, Rong
作者单位：Boston University; Jiangxi University of Finance & Economics; Macquarie University; University of Southern California; Renmin University of China
摘要：We study favoritism via hometown ties, a common source of favor exchange in China, in fellow selection of the Chinese Academies of Sciences and Engineering. Hometown ties to fellow selection committee members increase candidates' election probability by 39 percent, coming entirely from the selection stage involving an in-person meeting. Elected hometown-connected candidates are half as likely to have a high-impact publication as elected fellows without connections. CAS/CAE membership increases...
-
作者：Anderson, Soren T.; Kellogg, Ryan; Salant, Stephen W.
作者单位：Michigan State University; National Bureau of Economic Research; University of Chicago; University System of Maryland; University of Maryland College Park; Resources for the Future
摘要：We show that oil production from existing wells in Texas does not respond to oil prices, while drilling activity and costs respond strongly. To explain these facts, we reformulate Hotelling's classic model of exhaustible resource extraction as a drilling problem: firms choose when to drill, but production from existing wells is constrained by reservoir pressure, which decays as oil is extracted. The model implies a modified Hotelling rule for drilling revenues net of costs, explains why the pr...
-
作者：Durante, Ruben; Zhuravskaya, Ekaterina
作者单位：Pompeu Fabra University; Centre for Economic Policy Research - UK; Paris School of Economics
摘要：Politicians may strategically time unpopular measures to coincide with newsworthy events that distract the media and the public. We test this hypothesis in the context of the Israeli-Palestinian conflict. We find that Israeli attacks are more likely to occur when US news on the following day is dominated by important predictable events. Strategic timing applies to attacks that bear risk of civilian casualties and are not too costly to postpone. Content analysis suggests that Israel's strategy ...
-
作者：Guren, Adam M.
作者单位：Boston University
摘要：House prices exhibit substantially more momentum, positive autocorrelation in price changes, than existing theories can explain. I introduce an amplification mechanism to reconcile this discrepancy. Sellers do not set a unilaterally high or low list price because they face a concave demand curve: increasing the price of an above-average-priced house rapidly reduces its sale probability, but cutting the price of a below-average-priced house only slightly improves its sale probability. The resul...
-
作者：Desmet, Klaus; Krisztian Nagy, David; Rossi-Hansberg, Esteban
作者单位：Southern Methodist University; Centre de Recerca en Economia Internacional (CREI); Princeton University
摘要：We develop a dynamic spatial growth theory with realistic geography. We characterize the model and its balanced-growth path and propose a methodology to analyze equilibria with different levels of migration frictions. Different migration scenarios change local market size, innovation incentives, and the evolution of technology. We bring the model to the data for the whole world economy at a 1 degrees x 1 degrees geographic resolution. We then use the model to quantify the gains from relaxing m...
-
作者：Doraszelski, Ulrich; Jaumandreu, Jordi
作者单位：University of Pennsylvania; Boston University
摘要：Technological change can increase the productivity of the various factors of production in equal terms, or it can be biased toward a specific factor. We directly assess the bias of technological change by measuring, at the level of the individual firm, how much of it is labor augmenting and how much is factor neutral. To do so, we develop a framework for estimating production functions when productivity is multidimensional. Using panel data from Spain, we find that technological change is bias...
-
作者：Nicita, Alessandro; Olarreaga, Marcelo; Silva, Peri
作者单位：University of Geneva; University of Geneva; Kansas State University
摘要：This paper examines the extent to which tariff cooperation is observed among World Trade Organization members. With the help of a simple political economy model, we show that tariffs are positively correlated with the importer's market power when they are set noncooperatively but negatively correlated when set cooperatively. We use this prediction to empirically identify the extent of cooperation in the WTO and find that more than three-quarters of WTO members' tariffs are set noncooperatively.
