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作者：Sentana, Enrique
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作者：Perego, Jacopo; Yuksel, Sevgi
作者单位：Columbia University; University of California System; University of California Santa Barbara
摘要：We study the competitive provision and endogenous acquisition of political information. Our main result identifies a natural equilibrium channel through which a more competitive market decreases the efficiency of policy outcomes. A critical insight we put forward is that competition among information providers leads to informational specialization: firms provide relatively less information on issues that are of common interest and relatively more information on issues on which agents' preferen...
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作者：Dell, Melissa
作者单位：Harvard University
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作者：Imbens, Guido W.; Bandiera, Oriana; Donaldson, Dave; Ho, Kate; Jones, Charles, I; Lipman, Barton L.; Lizzeri, Alessandro; Wolinsky, Asher
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作者：Bianchi, Javier; Bigio, Saki
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：We develop a tractable model of banks' liquidity management with an over-the-counter interbank market to study the credit channel of monetary policy. Deposits circulate randomly across banks and must be settled with reserves. We show how monetary policy affects the banking system by altering the trade-off between profiting from lending and incurring greater liquidity risk. We present two applications of the theory, one involving the connection between the implementation of monetary policy and ...
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作者：DellaVigna, Stefano; Linos, Elizabeth
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：Nudge interventions have quickly expanded from academic studies to larger implementation in so-called Nudge Units in governments. This provides an opportunity to compare interventions in research studies, versus at scale. We assemble a unique data set of 126 RCTs covering 23 million individuals, including all trials run by two of the largest Nudge Units in the United States. We compare these trials to a sample of nudge trials in academic journals from two recent meta-analyses. In the Academic ...
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作者：Abdulkadiroglu, Atila; Angrist, Joshua D.; Narita, Yusuke; Pathak, Parag
作者单位：Duke University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); Yale University
摘要：Many schools in large urban districts have more applicants than seats. Centralized school assignment algorithms ration seats at over-subscribed schools using randomly assigned lottery numbers, non-lottery tie-breakers like test scores, or both. The New York City public high school match illustrates the latter, using test scores and other criteria to rank applicants at the city's screened schools, combined with lottery tie-breaking at the rest. We show how to identify causal effects of school a...
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作者：Li, Z. Merrick; Linton, Oliver
作者单位：Chinese University of Hong Kong; University of Cambridge
摘要：We introduce the Realized moMents of Disjoint Increments (ReMeDI) paradigm to measure microstructure noise (the deviation of the observed asset prices from the fundamental values caused by market imperfections). We propose consistent estimators of arbitrary moments of the microstructure noise process based on high-frequency data, where the noise process could be serially dependent, endogenous, and nonstationary. We characterize the limit distributions of the proposed estimators and construct c...
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作者：Armstrong, Mark; Vickers, John
作者单位：University of Oxford; University of Oxford
摘要：We explore patterns of price competition in an oligopoly where consumers vary in the set of firms they consider for their purchase and buy from the lowest-priced firm they consider. We study a pattern of consideration, termed symmetric interactions, that generalizes models used in existing work (duopoly, symmetric firms, and firms with independent reach). Within this class, equilibrium profits are proportional to a firm's reach, firms with a larger reach set higher average prices, and a reduct...
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作者：Auerbach, Eric
作者单位：Northwestern University
摘要：I study a regression model in which one covariate is an unknown function of a latent driver of link formation in a network. Rather than specify and fit a parametric network formation model, I introduce a new method based on matching pairs of agents with similar columns of the squared adjacency matrix, the ijth entry of which contains the number of other agents linked to both agents i and j. The intuition behind this approach is that for a large class of network formation models the columns of ...
