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作者：Williams, Kevin R.
作者单位：Yale University; National Bureau of Economic Research
摘要：Airfares fluctuate due to demand shocks and intertemporal variation in willingness to pay. I estimate a model of dynamic airline pricing accounting for both sources of price adjustments using flight-level data. I use the model estimates to evaluate the welfare effects of dynamic airline pricing. Relative to uniform pricing, dynamic pricing benefits early-arriving, leisure consumers at the expense of late-arriving, business travelers. Although dynamic pricing ensures seat availability for busin...
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作者：Noor, Jawwad; Takeoka, Norio
作者单位：Boston University; Hitotsubashi University
摘要：The agent is modeled as a current self that optimally incurs a cognitive cost of empathizing with future selves. The model unifies well-known experimental and empirical findings in intertemporal choice and enriches the multiple selves model with a notion of self-control. The defining feature of the model is magnitude-decreasing impatience: greater patience toward larger rewards. Two behavioral definitions of magnitude-decreasing impatience are provided and the model is characterized under each...
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作者：Akcigit, Ufuk; Hanley, Douglas; Stantcheva, Stefanie
作者单位：University of Chicago; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Harvard University
摘要：We study the optimal design of corporate taxation and R&D policies as a dynamic mechanism design problem with spillovers. Firms have heterogeneous research productivity, and that research productivity is private information. There are non-internalized technological spillovers across firms, but the asymmetric information prevents the government from correcting them in the first best way. We highlight that key parameters for the optimal policies are (i) the relative complementarities between obs...
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作者：Bonhomme, Stephane; Lamadon, Thibaut; Manresa, Elena
作者单位：University of Chicago; New York University
摘要：We study discrete panel data methods where unobserved heterogeneity is revealed in a first step, in environments where population heterogeneity is not discrete. We focus on two-step grouped fixed-effects (GFE) estimators, where individuals are first classified into groups using kmeans clustering, and the model is then estimated allowing for group-specific heterogeneity. Our framework relies on two key properties: heterogeneity is a function-possibly nonlinear and time-varying-of a low-dimensio...
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作者：Denti, Tommaso; Pomatto, Luciano
作者单位：Cornell University; California Institute of Technology
摘要：Smooth ambiguity preferences (Klibanoff, Marinacci, and Mukerji (2005)) describe a decision maker who evaluates each act f according to the twofold expectation V(f)=integral P phi(integral omega u(f)dp)d mu(p) defined by a utility function u, an ambiguity index phi, and a belief mu over a set P of probabilities. We provide an axiomatic foundation for the representation, taking as a primitive a preference over Anscombe-Aumann acts. We study a special case where P is a subjective statistical mod...
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作者：Morelli, Juan M.; Ottonello, Pablo; Perez, Diego J.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Michigan System; University of Michigan; National Bureau of Economic Research; New York University
摘要：We study the role of global financial intermediaries in international lending. We construct a model of the world economy, in which heterogeneous borrowers issue risky securities purchased by financial intermediaries. Aggregate shocks transmit internationally through financial intermediaries' net worth. The strength of this transmission is governed by the degree of frictions intermediaries face in financing their risky investments. We provide direct empirical evidence on this mechanism showing ...
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作者：Elliott, Graham; Kudrin, Nikolay; Wuthrich, Kaspar
作者单位：University of California System; University of California San Diego
摘要：We theoretically analyze the problem of testing for p-hacking based on distributions of p-values across multiple studies. We provide general results for when such distributions have testable restrictions (are non-increasing) under the null of no p-hacking. We find novel additional testable restrictions for p-values based on t-tests. Specifically, the shape of the power functions results in both complete monotonicity as well as bounds on the distribution of p-values. These testable restrictions...
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作者：Caicedo, Santiago; Espinosa, Miguel; Seibold, Arthur
作者单位：Clemson University; Pompeu Fabra University; Bocconi University; University of Mannheim
摘要：We study firm responses to a large-scale change in apprenticeship regulation in Colombia. The reform requires firms to train, setting apprentice quotas that vary discontinuously in firm size. We document strong heterogeneity in responses across sectors, where firms in sectors with high skill requirements tend to avoid training apprentices, while firms in low-skill sectors seek apprentices. Guided by these reduced-form findings, we structurally estimate firms' training costs. Especially in high...
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作者：Miao, Jianjun; Wu, Jieran; Young, Eric R.
作者单位：Boston University; Zhejiang University; Zhejiang University; University of Virginia; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：We study optimal control problems in the multivariate linear-quadratic-Gaussian framework under rational inattention. We propose a three-step procedure to solve this problem using semidefinite programming and derive the optimal signal structure without strong prior restrictions. We analyze both the transition dynamics of the optimal posterior covariance matrix and its steady state. We characterize the optimal information structure for some special cases and develop numerical algorithms for gen...
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作者：Andrews, Isaiah; Mikusheva, Anna
作者单位：Harvard University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：This paper studies optimal decision rules, including estimators and tests, for weakly identified GMM models. We derive the limit experiment for weakly identified GMM, and propose a theoretically-motivated class of priors which give rise to quasi-Bayes decision rules as a limiting case. Together with results in the previous literature, this establishes desirable properties for the quasi-Bayes approach regardless of model identification status, and we recommend quasi-Bayes for settings where ide...
