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作者：Almas, Ingvild; Attanasio, Orazio; Jervis, Pamela
作者单位：Stockholm University; Norwegian School of Economics (NHH); Yale University; Norwegian School of Economics (NHH); National Bureau of Economic Research; Universidad de Chile; University of London; London School Economics & Political Science
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作者：Dilme, Francesc
作者单位：University of Bonn
摘要：This paper introduces and analyzes sequentially stable outcomes in extensive-form games. An outcome omega is sequentially stable if, for any epsilon > 0 and any small enough perturbation of the players' behavior, there is an epsilon-perturbation of the players' payoffs and a corresponding equilibrium with outcome close to omega. Sequentially stable outcomes exist for all finite games and are outcomes of sequential equilibria. They are closely related to stable sets of equilibria and satisfy ve...
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作者：Jiang, Zhengyang; Lustig, Hanno; Van Nieuwerburgh, Stijn; Xiaolan, Mindy Z.
作者单位：Northwestern University; National Bureau of Economic Research; National Bureau of Economic Research; Stanford University; Columbia University; Center for Economic & Policy Research (CEPR); University of Texas System; University of Texas Austin
摘要：The government budget constraint ties the market value of government debt to the expected present discounted value of fiscal surpluses. We find evidence that U.S. Treasury investors fail to impose this no-arbitrage restriction in the United States. Both cyclical and long-run dynamics of tax revenues and government spending make the surplus claim risky. In a realistic asset pricing model, this risk in surpluses creates a large gap between the market value of debt and its fundamental value, the ...
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作者：Boudreau, Laura
作者单位：Columbia University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Annually, work-related mortality is responsible for 5-7% of all global deaths, and at least 1-in-9 workers experience nonfatal occupational accidents (ILO (2019a,b)). Occupational Safety and Health (OSH) committees are considered the key worker voice institution through which to improve workplace safety and health (ILO (1981)). I present evidence of OSH committees' causal effects on workers and on factories. To do so, I collaborated with 29 multinational apparel buyers that committed to enforc...
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作者：Mu, Xiaosheng; Pomatto, Luciano; Strack, Philipp; Tamuz, Omer
作者单位：Princeton University; California Institute of Technology; Yale University
摘要：The expectation is an example of a descriptive statistic that is monotone with respect to stochastic dominance, and additive for sums of independent random variables. We provide a complete characterization of such statistics, and explore a number of applications to models of individual and group decision-making. These include a representation of stationary monotone time preferences, extending the work of Fishburn and Rubinstein (1982) to time lotteries. This extension offers a new perspective ...
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作者：Berry, Steven T.; Haile, Philip A.
作者单位：Yale University; National Bureau of Economic Research
摘要：We examine identification of differentiated products demand when one has micro data linking the characteristics and choices of individual consumers. Our model nests standard specifications featuring rich observed and unobserved consumer heterogeneity as well as product/market-level unobservables that introduce the problem of econometric endogeneity. Previous work establishes identification of such models using market-level data and instruments for all prices and quantities. Micro data provides...
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作者：Shapiro, Jesse M.
作者单位：Harvard University; National Bureau of Economic Research
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作者：Caplin, Andrew
作者单位：New York University
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作者：Kartik, Navin; Lee, Sangmok; Liu, Tianhao; Rappoport, Daniel
作者单位：Columbia University; Washington University (WUSTL); University of Chicago
摘要：When does society eventually learn the truth, or take the correct action, via observational learning? In a general model of sequential learning over social networks, we identify a simple condition for learning dubbed excludability. Excludability is a joint property of agents' preferences and their information. We develop two classes of preferences and information that jointly satisfy excludability: (i) for a one-dimensional state, preferences with single-crossing differences and a new informat...
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作者：Agarwal, Sumit; Grigsby, John; Hortacsu, Ali; Matvos, Gregor; Seru, Amit; Yao, Vincent
作者单位：National University of Singapore; National University of Singapore; Princeton University; National Bureau of Economic Research; University of Chicago; Northwestern University; Stanford University; University System of Georgia; Georgia State University; University System of Georgia; Georgia State University
摘要：This paper theoretically and empirically studies the interaction of search and application approval in credit markets. Risky borrowers internalize the probability that their application is rejected and behave as if they had high search costs. Thus, overpayment may be a poor proxy for consumer sophistication since it partly represents rational search in response to rejections. Contrary to standard search models, our model implies (1) endogenous adverse selection through the search and applicati...
