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作者：Herkenhoff, Kyle; Lise, Jeremy; Menzio, Guido; Phillips, Gordon M.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; New York University; Dartmouth College
摘要：To what extent is a worker's human capital growth affected by the quality of his coworkers? To answer this question, we develop and estimate a model in which the productivity and the human capital growth of an individual depend on the average human capital of his coworkers. The measured production function is supermodular: The marginal product of a more knowledgeable individual is increasing in the human capital of his coworkers. The measured human capital accumulation function is convex: An i...
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作者：Boucher, Vincent; Rendall, Michelle; Ushchev, Philip; Zenou, Yves
作者单位：Laval University; Monash University; Centre for Economic Policy Research - UK; Universite Libre de Bruxelles; Monash University; IZA Institute Labor Economics
摘要：There is substantial empirical evidence showing that peer effects matter in many activities. The workhorse model in empirical work on peer effects is the linear-in-means (LIM) model, whereby it is assumed that agents are linearly affected by the mean action of their peers. We develop a new general model of peer effects that relaxes the linear assumption of the best-reply functions and the mean peer behavior and that encompasses the spillover, conformist model, and LIM model as special cases. T...
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作者：Lane, Gregory
作者单位：University of Chicago; National Bureau of Economic Research
摘要：Climate change is increasing the frequency of extreme weather events, with low-income countries being disproportionately impacted. However, these countries often face market frictions that hinder their ability to adopt effective adaptation strategies. In this paper, I explore the role of credit market failures in limiting adaptation. To achieve this, I collaborate with a large microfinance institution and offer a randomly selected group of farmers access to guaranteed credit through an Emergen...
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作者：Georgiadis, George; Ravid, Doron; Szentes, Balazs
作者单位：Northwestern University; University of Chicago; University of Hong Kong; University of London; London School Economics & Political Science
摘要：This paper considers a moral hazard problem where the agent can choose any output distribution with a support in a given compact set. The agent's effort-cost is smooth and increasing in first-order stochastic dominance. To analyze this model, we develop a generalized notion of the first-order approach applicable to optimization problems over measures. We demonstrate each output distribution can be implemented and identify those contracts that implement that distribution. These contracts are ch...
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作者：Basse, Guillaume; Ding, Peng; Feller, Avi; Toulis, Panos
作者单位：University of Chicago
摘要：Measuring the effect of peers on individuals' outcomes is a challenging problem, in part because individuals often select peers who are similar in both observable and unobservable ways. Group formation experiments avoid this problem by randomly assigning individuals to groups and observing their responses; for example, do first-year students have better grades when they are randomly assigned roommates who have stronger academic backgrounds? In this paper, we propose randomization-based permuta...
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作者：Higgins, Ayden; Jochmans, Koen
作者单位：University of Oxford; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：The maximum-likelihood estimator of nonlinear panel data models with fixed effects is asymptotically biased under rectangular-array asymptotics. The literature has devoted substantial effort to devising methods that correct for this bias as a means to salvage standard inferential procedures. The chief purpose of this paper is to show that the (recursive, parametric) bootstrap replicates the asymptotic distribution of the (uncorrected) maximum-likelihood estimator and of the likelihood-ratio st...
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作者：Abreu, Dilip; Manea, Mihai
作者单位：New York University; State University of New York (SUNY) System; Stony Brook University
摘要：A seller trades with q out of n buyers who have valuations a(1) >= a(2) >= center dot center dot center dot >= a(n) > 0 via sequential bilateral bargaining. When q < n, buyer payoffs vary across equilibria in the patient limit, but seller payoffs do not, and converge to max(l <= q+1)[a(1)+a(2)+ center dot center dot center dot+a(l-1)/2+a(l+1)+ center dot center dot center dot+a(q+1)]. If l* is the (generically unique) maximizer of this optimization problem, then each buyer i < l* trades with p...
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作者：Baqaee, David Rezza; Farhi, Emmanuel
作者单位：University of California System; University of California Los Angeles; Harvard University
摘要：We study a flexible class of trade models with international production networks and arbitrary wedge-like distortions like markups, tariffs, or nominal rigidities. We characterize the general equilibrium response of variables to shocks in terms of microeconomic statistics. Our results are useful for decomposing the sources of real GDP and welfare growth, and for computing counterfactuals. Using the same set of microeconomic sufficient statistics, we also characterize societal losses from incre...
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作者：Bardhi, Arjada
作者单位：New York University
摘要：An agent selectively samples attributes of a complex project so as to influence the decision of a principal. The players disagree about the weighting, or relevance, of attributes. The correlation across attributes is modeled through a Gaussian process, the covariance function of which captures pairwise attribute similarity. The key trade-off in sampling is between the alignment of the players' posterior values for the project and the variability of the principal's decision. Under a natural pro...
