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作者：Ewerhart, Christian; Reny, Philip J.
作者单位：University of Zurich; University of Chicago
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作者：Callander, Steven; Foarta, Dana; Sugaya, Takuo
作者单位：Stanford University
摘要：The operation of markets and of politics are in practice deeply intertwined. Political decisions set the rules of the game for market competition and, conversely, market competitors participate in and influence political decisions. We develop an integrated model to capture the circularity between the two domains. We show that a positive feedback loop emerges such that market power begets political power, and political power begets market power, but that this feedback loop is bounded. With too ...
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作者：Mendez, Esteban; Van Patten, Diana
作者单位：Yale University; National Bureau of Economic Research
摘要：This paper studies the role of private sector companies in the development of local amenities. We use evidence from one of the largest multinationals of the 20th century: the United Fruit Company (UFCo). The firm was given a large land concession in Costa Rica-one of the so-called Banana Republics-from 1899 to 1984. Using administrative census data with census-block geo-references from 1973 to 2011, we implement a geographic regression discontinuity design that exploits a land assignment that ...
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作者：Imbens, Guido W. W.
摘要：This essay describes the evolution and recent convergence of two methodological approaches to causal inference. The first one, in statistics, started with the analysis and design of randomized experiments. The second, in econometrics, focused on settings with economic agents making optimal choices. I argue that the local average treatment effects framework facilitated the recent convergence by making key assumptions transparent and intelligible to scholars in many fields. Looking ahead, I disc...
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作者：Armstrong, Timothy B.; Kolesar, Michal; Plagborg-Moller, Mikkel
作者单位：University of Southern California; Princeton University
摘要：We construct robust empirical Bayes confidence intervals (EBCIs) in a normal means problem. The intervals are centered at the usual linear empirical Bayes estimator, but use a critical value accounting for shrinkage. Parametric EBCIs that assume a normal distribution for the means (Morris (1983b)) may substantially undercover when this assumption is violated. In contrast, our EBCIs control coverage regardless of the means distribution, while remaining close in length to the parametric EBCIs wh...
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作者：Bassi, Vittorio; Muoio, Raffaela; Porzio, Tommaso; Sen, Ritwika; Tugume, Esau
作者单位：University of Southern California; Centre for Economic Policy Research - UK; Columbia University; National Bureau of Economic Research; Northwestern University
摘要：Many firms in developing countries could be too small to adopt modern technology embodied in expensive production machines. This paper shows that rental market interactions allow these small firms to increase their effective scale and mechanize production. We conduct a survey of manufacturing firms in Uganda, which uncovers an active rental market for large machines between small firms in informal clusters. We then build an equilibrium model of firm behavior and estimate it with our data. We f...
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作者：Moll, Benjamin; Rachel, Lukasz; Restrepo, Pascual
作者单位：University of London; London School Economics & Political Science; University of London; University College London; Boston University
摘要：The benefits of new technologies accrue not only to high-skilled labor but also to owners of capital in the form of higher capital incomes. This increases inequality. To make this argument, we develop a tractable theory that links technology to the distribution of income and wealth-and not just that of wages-and use it to study the distributional effects of automation. We isolate a new theoretical mechanism: automation increases inequality by raising returns to wealth. The flip side of such re...
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作者：Bloise, Gaetano; Siconolfi, Paolo
作者单位：University of Rome Tor Vergata; Columbia University
摘要：In this paper, we argue that a large class of recursive contracts can be studied by means of the conventional Negishi method. A planner is responsible for prescribing current actions along with a distribution of future utility values to all agents, so as to maximize their weighted sum of utilities. Under convexity, the method yields the exact efficient frontier. Otherwise, the implementation requires contracts be contingent on publicly observable random signals uncorrelated to fundamentals. We...
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作者：Gouin-Bonenfant, Emilien
作者单位：Columbia University
摘要：I study the effect of labor market imperfections on the labor share in a tractable model that emphasizes the interaction between productivity dispersion and firm competition for workers. I calibrate the model using administrative data covering the universe of firms in Canada from 2000 to 2015. As in the data, most firms have a high labor share, yet the aggregate labor share is low due to the disproportionate effect of a small fraction of large, highly productive firms. I find that a rise in th...
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作者：Acemoglu, Daron; Makhdoumi, Ali; Malekian, Azarakhsh; Ozdaglar, Asuman
作者单位：Massachusetts Institute of Technology (MIT); Duke University; University of Toronto; Massachusetts Institute of Technology (MIT)
摘要：This paper develops a model of Bayesian learning from online reviews and investigates the conditions for learning the quality of a product and the speed of learning under different rating systems. A rating system provides information about reviews left by previous customers. observe the ratings of a product and decide whether to purchase and review it. We study learning dynamics under two classes of rating systems: full history, where customers see the full history of reviews, and summary stat...
