-
作者：Buchmann, Nina; Dupas, Pascaline; Ziparo, Roberta
作者单位：Yale University; Princeton University; National Bureau of Economic Research; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS)
摘要：We study reputation dynamics within the household in a setting where women regularly receive transfers from their husbands for household purchases. We propose a signaling model in which wives try to maintain a good reputation in the eyes of their husbands to receive high transfers. This leads them to (i) avoid risky purchases (goods with unknown returns) and (ii) knowingly overuse low-return goods to hide bad purchase decisions-we call this the intrahousehold sunk cost effect. We present suppo...
-
作者：Cattan, Sarah; Salvanes, Kjell G.; Tominey, Emma
作者单位：University of London; London School Economics & Political Science; Norwegian School of Economics (NHH); University of York - UK
摘要：High school students from non-elite backgrounds are less likely to have peers with elite-educated parents than their elite counterparts. This difference in social capital is a key driver of the high intergenerational persistence in elite education. We identify a positive elite peer effect on enrollment in elite programs and labor market earnings, then disentangle underlying mechanisms. Exploiting a lottery in assessment, a causal mediation analysis shows the overall positive peer effect reflec...
-
作者：Bayer, Patrick; Casey, Marcus; Ben McCartney, W.; Orellana-Li, John; Zhang, Calvin
作者单位：Duke University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Virginia; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Oregon
摘要：We study neighborhood choice using a novel research design that contrasts the move rate of homeowners who receive a new different-race neighbor immediately next-door versus slightly farther away on the same block. This approach isolates a component of preferences directly attributable to neighbors' identities. Both Black and White homeowners are more likely to move after receiving a new different-race neighbor. Findings are robust to additional controls (e.g., income) and alternative research ...
-
作者：Fong, Meng-Jhang; Lin, Po-Hsuan; Palfrey, Thomas R.
作者单位：Max Planck Society; University of Virginia; California Institute of Technology
摘要：This paper develops a framework to extend the strategic form analysis of cursed equilibrium (CE) developed by Eyster and Rabin (2005) to multistage games. The approach uses behavioral strategies rather than normal form mixed strategies and imposes sequential rationality. We define and characterize properties of cursed sequential equilibrium (CSE) and apply it to four canonical economic applications: signaling games, reputation building, durable goods monopoly, and the dirty faces game. These a...
-
作者：Gershkov, Alex; Moldovanu, Benny; Strack, Philipp; Zhang, Mengxi
作者单位：Hebrew University of Jerusalem; Hebrew University of Jerusalem; University of Surrey; University of Bonn; Yale University
摘要：We use the tools of mechanism design combined with the theory of risk measures to analyze how a cash-constrained owner of an asset with known, stochastic returns raises capital from a population of investors who differ in their risk aversion and budget constraints. The issuer partitions the asset's cash flow into several asset-backed securities, one for each type of investor. The optimal partition conforms to the commonly observed practice of tranching into senior debt, junior debt, and equity...
-
作者：Bornstein, Gideon; Peter, Alessandra
作者单位：University of Pennsylvania; National Bureau of Economic Research; New York University; Center for Economic & Policy Research (CEPR)
摘要：This paper studies the effect of nonlinear pricing on markups and misallocation. In a general equilibrium model in which firms are allowed to set a quantity-dependent pricing schedule, markup heterogeneity is not a sign of misallocation. Instead, we point to a new source of misallocation: high-taste consumers are allocated too much of each good, low-taste consumers too little. Using micro data from the retail sector, we show that nonlinear pricing is prevalent and quantify the model. Welfare l...
-
作者：Greenwald, Daniel l.; Guren, Adam
作者单位：New York University; National Bureau of Economic Research; Boston University
摘要：Did credit drive the 2000s housing cycle? The existing literature's findings range from credit having no effect to credit explaining most of the cycle. We show that these disparate results hinge on the extent to which landlords absorb credit-driven demand, which depends on the degree of housing market segmentation. We develop a model that nests cases between the extremes of no segmentation and perfect segmentation typically considered, estimate an elasticity that pins down the degree of segmen...
-
作者：Kantor, Shawn; Whalley, Alexander
作者单位：State University System of Florida; Florida State University; National Bureau of Economic Research; University of Calgary; Western University (University of Western Ontario); University Western Ontario Hospital
摘要：We estimate the long-term effect of public R&D on growth in manufacturing by analyzing new data from the Cold War-era space race. We develop a novel empirical strategy that leverages US-Soviet rivalry in space technology to isolate windfall R&D spending. Our results demonstrate that public R&D conducted by NASA contractors increased manufacturing value added, employment, and capital accumulation in space-related sectors. While migration responses were important, they were not sufficient to gen...
-
作者：Allen, Franklin; Barlevy, Gadi; Gale, Douglas
作者单位：Imperial College London; Federal Reserve System - USA; Federal Reserve Bank - Chicago; New York University
摘要：Gall (2014) showed that a monetary policy rule that raises rates when bubbles exceed some steady-state benchmark can paradoxically lead to larger deviations from steady state. Nevertheless, this comment shows that a central bank can always dampen a bubble by setting a higher-than-expected rate, although it may have to raise the rate aggressively. This is a different point from the Miao, Shen, and Wang (2019) comment on Gall (2014). They showed that when the central bank targets a different ste...
-
作者：Acampora, Michelle; Casaburi, Lorenzo; Willis, Jack
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; University of Zurich; Columbia University
摘要：Do land market frictions cause misallocation in agriculture? In a field experiment in western Kenya, we randomly subsidize owners to rent out land. Induced rentals mostly persist after the subsidy ends and increase output and value added, consistent with misallocation. Gains from trade arise from renters choosing higher-value crops, having higher productivity, and adopting more nonlabor inputs, while renters use similar quantities of labor as owners. Induced rentals are not those with the larg...
