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作者：Igami, Mitsuru
作者单位：Yale University
摘要：This paper studies strategic industry dynamics of creative destruction in which firms and technologies experience turnover. Theories predict that cannibalization between existing and new products delays incumbents' innovation, whereas preemptive motives accelerate it. Incumbents' cost (dis)advantage relative to that of entrants would further reinforce these tendencies. To empirically assess these three forces, I estimate a dynamic oligopoly model using a unique panel data set of hard disk driv...
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作者：Cestau, Dario; Epple, Dennis; Sieg, Holger
作者单位：IE University; Carnegie Mellon University; National Bureau of Economic Research; University of Pennsylvania
摘要：Minority and disadvantaged students are typically underrepresented in selective programs that use merit-based admission. Urban school districts may set different referral and admission thresholds based on income and race (affirmative action), and they may exploit differences in achievement relative to ability across race and income groups (profiling). We develop and estimate a model that provides a unified treatment of affirmative action and profiling. We find profiling by race and income and ...
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作者：Bekaert, Geert; Engstrom, Eric
作者单位：Columbia University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We introduce a bad environment-good environment (BEGE) technology for consumption growth in a consumption-based asset pricing model with external habit formation. The model generates realistic non-Gaussian features of consumption growth and fits standard salient features of asset prices including the means and volatilities of equity returns and a low risk-free rate. BEGE dynamics additionally allow the model to generate realistic properties of equity index options prices and their comovements ...
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作者：Passarelli, Francesco; Tabellini, Guido
作者单位：University of Turin; Bocconi University; Bocconi University; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; Canadian Institute for Advanced Research (CIFAR)
摘要：How does political unrest influence public policy? We assume that protests are an emotional reaction to unfair treatment. Individuals have a consistent view of fairness that internalizes government constraints. Individuals accept lower welfare if the government is more constrained. This resignation effect induces a benevolent government to delay unpleasant choices and accumulate public debt to mitigate social unrest. More radical and homogeneous groups are more prone to unrest and hence more i...
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作者：Andreoni, James; Rao, Justin M.; Trachtman, Hannah
作者单位：University of California System; University of California San Diego; National Bureau of Economic Research; Yale University
摘要：If people enjoy giving, then why do they avoid fund-raisers? Partnering with the Salvation Army at Christmastime, we conducted a randomized field experiment placing bell ringers at one or both main entrances to a supermarket, making it easy or difficult to avoid the ask. Additionally, bell ringers either were silent or said please give. Making avoidance difficult increased both the rate of giving and donations. Paradoxically, the verbal ask dramatically increased giving but also led to dramati...
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作者：Isen, Adam; Rossin-Slater, Maya; Walker, W. Reed
作者单位：United States Department of the Treasury; University of California System; University of California Santa Barbara; National Bureau of Economic Research; IZA Institute Labor Economics; University of California System; University of California Berkeley
摘要：This paper examines the long-term impacts of early childhood exposure to air pollution on adult outcomes using US administrative data. We exploit changes in air pollution driven by the 1970 Clean Air Act to analyze the difference in outcomes between cohorts born in counties before and after large improvements in air pollution relative to those same cohorts born in counties that had no improvements. We find a significant relationship between pollution exposure in the year of birth and later-lif...
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作者：Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; Chomsisengphet, Souphala; Piskorski, Tomasz; Seru, Amit
作者单位：National University of Singapore; Federal Reserve System - USA; Federal Reserve Bank - Chicago; University System of Ohio; Ohio State University; National Bureau of Economic Research; United States Department of the Treasury; Office of the Comptroller of the Currency; Columbia University; University of Chicago
摘要：We evaluate the effects of the 2009 Home Affordable Modification Program (HAMP) that provided intermediaries with sizable financial incentives to renegotiate mortgages. HAMP increased intensity of renegotiations and prevented a substantial number of foreclosures but reached just one-third of its targeted indebted households. This shortfall was in large part due to low renegotiation intensity of a few large intermediaries and was driven by intermediary-specific factors. Exploiting regional vari...
