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作者：Cerreia-Vioglio, Simone; Dillenberger, David; Ortoleva, Pietro
作者单位：Bocconi University; University of Pennsylvania; Princeton University
摘要：We introduce Cautious Utility, a new model based on the idea that individuals are unsure of trade-offs between goods and apply caution. The model yields an endowment effect, even when gains and losses are treated symmetrically. Moreover, it implies either loss aversion or loss neutrality for risk, but in a way unrelated to the endowment effect, and it captures the certainty effect, providing a novel unified explanation of all three phenomena. Cautious Utility can help organize empirical eviden...
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作者：Breunig, Christoph; Chen, Xiaohong
作者单位：University of Bonn; Yale University
摘要：We propose a new adaptive hypothesis test for inequality (e.g., monotonicity, convexity) and equality (e.g., parametric, semiparametric) restrictions on a structural function in a nonparametric instrumental variables (NPIV) model. Our test statistic is based on a modified leave-one-out sample analog of a quadratic distance between the restricted and unrestricted sieve two-stage least squares estimators. We provide computationally simple, data-driven choices of sieve tuning parameters and Bonfe...
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作者：Graham, Bryan S.
作者单位：University of California System; University of California Berkeley
摘要：Consider a bipartite network where N consumers choose to buy or not to buy M different products. This paper considers the properties of the logit fit of the N x M array of i-buys-j purchase decisions, Y=[Yij]1 <= i <= N,1 <= j <= M, onto a vector of known functions of consumer and product attributes under asymptotic sequences where (i) both N and M grow large, (ii) the average number of products purchased per consumer is finite in the limit, (iii) there exists dependence across elements in the...
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作者：Kala, Namrata
作者单位：Massachusetts Institute of Technology (MIT)
摘要：The allocation of decision-making power is a critical choice that organizations make to mitigate agency problems and information frictions. This paper investigates the role of delegation for organizations where the agency problem is both pervasive and has potentially high welfare consequences: state-owned enterprises (SOEs). I use a natural experiment in India to uncover the causal effects of granting SOE managers more autonomy over strategic decisions. Managers meaningfully exercise this auto...
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作者：Miyauchi, Yuhei
作者单位：Boston University
摘要：This paper shows that matching frictions and a thick market externality in firm-to-firm trade shape the agglomeration of economic activity. Using panel data of firm-to-firm trade in Japan, I demonstrate that firms gradually match with alternative suppliers following an unanticipated supplier bankruptcy, and that the rate of rematching increases in the geographic density of alternative suppliers. Motivated by these empirical findings, I develop a general equilibrium model of firm-to-firm matchi...
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作者：Strack, Philipp; Yang, Kai Hao
作者单位：Yale University; Yale University
摘要：A signal is privacy-preserving with respect to a collection of privacy sets if the posterior probability assigned to every privacy set remains unchanged conditional on any signal realization. We characterize the privacy-preserving signals for arbitrary state space and arbitrary privacy sets. A signal is privacy-preserving if and only if it is a garbling of a reordered quantile signal. Furthermore, distributions of posterior means induced by privacy-preserving signals are exactly mean-preservin...
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作者：Levy, Raphael; Peski, Marcin; Vieille, Nicolas
作者单位：Hautes Etudes Commerciales (HEC) Paris; University of Toronto
摘要：We consider social learning in a changing world. With changing states, societies can be responsive only if agents regularly act upon fresh information, which significantly limits the value of observational learning. When the state is close to persistent, a consensus whereby most agents choose the same action typically emerges. However, the consensus action is not perfectly correlated with the state, because societies exhibit inertia following state changes. When signals are precise enough, lea...
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作者：Qin, Bei; Stromberg, David; Wu, Yanhui
作者单位：Hong Kong Baptist University; Stockholm University; University of Hong Kong
摘要：This paper studies how social media affects the dynamics of protests and strikes in China during 2009-2017. Based on 13.2 billion microblog posts, we use tweets and retweets to measure social media communication across cities and exploit its rapid expansion for identification. We find that, despite strict government censorship, Chinese social media has a sizeable effect on the geographical spread of protests and strikes. Furthermore, social media communication considerably expands the scope of...
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作者：Chiplunkar, Gaurav; Goldberg, Pinelopi Koujianou
作者单位：University of Virginia; Yale University
摘要：We develop a framework for quantifying barriers to labor force participation (LFP) and entrepreneurship faced by women in India. We find substantial barriers to LFP, and higher costs of expanding businesses through hiring workers for women entrepreneurs. However, there is one area where female entrepreneurs have an advantage: the hiring of female workers. We show that this is not driven by the sectoral composition of female employment. Consistent with this pattern, policies promoting female en...
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作者：Dutting, Paul; Feldman, Michal; Peretz, Daniel; Samuelson, Larry
作者单位：Alphabet Inc.; Google Incorporated; Tel Aviv University; Yale University
摘要：We explore the deliberate infusion of ambiguity into the design of contracts. We show that when the agent is ambiguity-averse and hence chooses an action that maximizes their minimum utility, the principal can strictly gain from using an ambiguous contract, and this gain can be arbitrarily high. We characterize the structure of optimal ambiguous contracts, showing that ambiguity drives optimal contracts toward simplicity. We also provide a characterization of ambiguity-proof classes of contrac...
