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作者：Helsley, Robert W.; Strange, William C.
作者单位：University of British Columbia; University of Toronto
摘要：Cities are neither completely specialized nor completely diverse. However, prior research has focused almost entirely on the polar cases of complete specialization and complete diversity. This paper develops a model that can also generate the intermediate case of cities that feature the coagglomeration of some but not all industries, thus giving theoretical foundations to the analysis of business clusters. The analysis sharply challenges the conventional wisdom that the size and composition of...
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作者：Mookherjee, Dilip; Tsumagari, Masatoshi
作者单位：Boston University; Keio University
摘要：We consider mechanism design in which message sets are restricted owing to communication costs, preventing full revelation of information. A principal contracts with multiple agents each supplying a one-dimensional good at a privately known cost. We characterize optimal mechanisms subject to incentive and communication constraints, without imposing arbitrary restrictions on the number of communication rounds. We show that mechanisms that centralize production decisions are strictly dominated b...
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作者：Hansen, Lars Peter
作者单位：University of Chicago
摘要：We must infer what the future situation would be without our interference, and what changes will be wrought by our actions. Fortunately, or unfortunately, none of these processes is infallible, or indeed ever accurate and complete. (Knight 1921, 201-2)
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作者：Asker, John; Collard-Wexler, Allan; De Loecker, Jan
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Duke University; Princeton University
摘要：We investigate the role of dynamic production inputs and their associated adjustment costs in shaping the dispersion of static measures of capital misallocation within industries (and countries). Across nine data sets spanning 40 countries, we find that industries exhibiting greater time-series volatility of productivity have greater cross-sectional dispersion of the marginal revenue product of capital. We use a standard investment model with adjustment costs to show that variation in the vola...
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作者：Kremer, Ilan; Mansour, Yishay; Perry, Motty
作者单位：University of Warwick; Hebrew University of Jerusalem; Tel Aviv University
摘要：We study a novel mechanism design model in which agents each arrive sequentially and choose one action from a set of actions with unknown rewards. The information revealed by the principal affects the incentives of the agents to explore and generate new information. We characterize the optimal disclosure policy of a planner whose goal is to maximize social welfare. One interpretation of our result is the implementation of what is known as the wisdom of the crowd. This topic has become increasi...
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作者：Adda, Jerome; McConnell, Brendon; Rasul, Imran
作者单位：European University Institute; University of London; University College London
摘要：We evaluate the impact on crime of a localized policing experiment that depenalized the possession of small quantities of cannabis in the London borough of Lambeth. We find that depenalization policy caused the police to reallocate effort toward nondrug crime. Despite the overall fall in crime attributable to the policy, we find that the total welfare of local residents likely fell, as measured by house prices. We shed light on what would be the impacts on crime of a citywide depenalization po...
