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作者：Kleinman, Benny; Liu, Ernest; Redding, Stephen J.
作者单位：Princeton University; Princeton University
摘要：We incorporate forward-looking capital accumulation into a dynamic discrete choice model of migration. We characterize the steady-state equilibrium; generalize existing dynamic exact-hat algebra techniques to incorporate investment; and linearize the model to provide an analytical characterization of the economy's transition path using spectral analysis. We show that capital and labor dynamics interact to shape the economy's speed of adjustment toward steady state. We implement our quantitativ...
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作者：Lauermann, Stephan; Speit, Andre
作者单位：University of Bonn
摘要：This paper studies a first-price common-value auction in which bidders do not know the number of their competitors. In contrast to the case of common-value auctions with a known number of rival bidders, the inference from winning is not monotone, and a winner's blessing emerges at low bids. As a result, bidding strategies may not be strictly increasing, but instead may contain atoms. Moreover, an equilibrium fails to exist when the expected number of competitors is large and the bid space is c...
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作者：Menzio, Guido
作者单位：New York University; National Bureau of Economic Research
摘要：As search frictions in the market for a consumer product decline, buyers are able to locate and access more and more sellers. In response, sellers choose to design varieties of the product that are more and more specialized in order to take advantage of the heterogeneity in buyers' preferences. I find conditions on the fundamentals of the market under which the increase in specialization exactly offsets the decline in search frictions. Under these conditions, the extent of competition and the ...
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作者：Bronchetti, Erin T.; Kessler, Judd B.; Magenheim, Ellen B.; Taubinsky, Dmitry; Zwick, Eric
作者单位：Swarthmore College; University of Pennsylvania; National Bureau of Economic Research; University of California System; University of California Berkeley; University of Chicago
摘要：This paper develops and deploys a methodology for testing whether people correctly value tools that reduce attention costs. We call these tools bandwidth enhancements (BEs) and characterize how demand for BEs varies with the pecuniary incentives to be attentive, under the null hypothesis of correct perceptions and optimal choice. We examine if the theoretical optimality conditions are satisfied in three experiments. The first is a field experiment (n = 1373) with an online education platform, ...
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作者：Roth, Jonathan; Sant'Anna, Pedro H. C.
作者单位：Brown University; Vanderbilt University
摘要：This paper assesses when the validity of difference-in-differences depends on functional form. We provide a novel characterization: the parallel trends assumption holds under all strictly monotonic transformations of the outcome if and only if a stronger parallel trends-type condition holds for the cumulative distribution function of untreated potential outcomes. This condition for parallel trends to be insensitive to functional form is satisfied if and essentially only if the population can b...
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作者：Leung, Michael P.
摘要：Since network data commonly consists of observations from a single large network, researchers often partition the network into clusters in order to apply cluster-robust inference methods. Existing such methods require clusters to be asymptotically independent. Under mild conditions, we prove that, for this requirement to hold for network-dependent data, it is necessary and sufficient that clusters have low conductance, the ratio of edge boundary size to volume. This yields a simple measure of ...
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作者：Akcigit, Ufuk; Baslandze, Salome; Lotti, Francesca
作者单位：University of Chicago; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Federal Reserve System - USA; Federal Reserve Bank - Atlanta; European Central Bank; Bank of Italy
摘要：How do political connections affect firm dynamics, innovation, and creative destruction? We extend a Schumpeterian growth model with political connections that help firms ease bureaucratic and regulatory burden. The model highlights how political connections influence an economy's business dynamism and innovation, and generates a number of implications guiding our empirical analysis. We construct a new large-scale data set for the period 1993-2014, on the universe of firms, workers, and politi...
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作者：Shi, Liyan
作者单位：Carnegie Mellon University; Center for Economic & Policy Research (CEPR)
摘要：I study regulation of noncompete employment contracts, assessing the trade-off between restricting worker mobility and encouraging firm investment. I develop an on-the-job search model in which firms and workers sign dynamic wage contracts with noncompete clauses and firms invest in their workers' general human capital. Employers use noncompete clauses to enforce buyout payments when their workers depart, ultimately extracting rent from future employers. This rent extraction is socially excess...
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作者：Chen, Jiafeng
作者单位：Harvard University; Harvard University
摘要：This paper notes a simple connection between synthetic control and online learning. Specifically, we recognize synthetic control as an instance of Follow-The-Leader (FTL). Standard results in online convex optimization then imply that, even when outcomes are chosen by an adversary, synthetic control predictions of counterfactual outcomes for the treated unit perform almost as well as an oracle weighted average of control units' outcomes. Synthetic control on differenced data performs almost as...
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作者：Francois, Patrick; Trebbi, Francesco; Xiao, Kairong
作者单位：University of British Columbia; University of California System; University of California Berkeley; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Columbia University
摘要：This paper theoretically and empirically investigates factional arrangements within the Chinese Communist Party (CCP), the governing political party of the People's Republic of China. Using detailed biographical information of political elites in the Central Committee and provincial governments, we present a set of new empirical regularities within the CCP, including systematic patterns of cross-factional balancing at different levels of the political hierarchy and substantial faction premia i...
