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作者：Andrews, Isaiah; Gentzkow, Matthew; Shapiro, Jesse M.
作者单位：Harvard University; National Bureau of Economic Research; Stanford University; Brown University
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作者：Galeotti, Andrea; Golub, Benjamin; Goyal, Sanjeev
作者单位：University of London; London Business School; Harvard University; University of Cambridge; University of Cambridge
摘要：We study games in which a network mediates strategic spillovers and externalities among the players. How does a planner optimally target interventions that change individuals' private returns to investment? We analyze this question by decomposing any intervention into orthogonal principal components, which are determined by the network and are ordered according to their associated eigenvalues. There is a close connection between the nature of spillovers and the representation of various princi...
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作者：Kitamura, Yuichi
作者单位：Yale University
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作者：Detemple, Jerome; Rindisbacher, Marcel; Robertson, Scott
作者单位：Boston University
摘要：We study equilibria in multi-asset and multi-agent continuous-time economies with asymmetric information and bounded rational noise traders. We establish the existence of two equilibria. First, a full communication equilibrium where the informed agents' signal is disclosed to the market and static policies are optimal. Second, a partial communication equilibrium where the signal disclosed is affine in the informed and noise traders' signals, and dynamic policies are optimal. Here, information ...
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作者：Backus, Matthew
作者单位：Columbia University
摘要：The correlation between productivity and competition is an oft observed but incompletely understood result. Some suggest that there is a treatment effect of competition on measured productivity, for example, through a reduction of managerial slack. Others argue that greater competition makes unproductive establishments exit by reallocating demand to their productive rivals, raising observed average productivity via selection. I study the ready-mix concrete industry and offer three perspectives...
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作者：Koh, Dongya; Santaeulalia-Llopis, Rauel; Zheng, Yu
作者单位：University of Arkansas System; University of Arkansas Fayetteville; Autonomous University of Barcelona; Barcelona School of Economics; University of London; Queen Mary University London; Centre for Economic Policy Research - UK
摘要：We study the behavior of the U.S. labor share over the past 90 years. We find that the observed decline of the labor share is entirely explained by the capitalization of intellectual property products in the national income and product accounts.
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作者：Andrews, Isaiah; Gentzkow, Matthew; Shapiro, Jesse M.
作者单位：Harvard University; National Bureau of Economic Research; Stanford University; Brown University
摘要：We propose a way to formalize the relationship between descriptive analysis and structural estimation. A researcher reports an estimate (c) over cap of a structural quantity of interest c that is exactly or asymptotically unbiased under some base model. The researcher also reports descriptive statistics (gamma) over cap that estimate features gamma of the distribution of the data that are related to c under the base model. A reader entertains a less restrictive model that is local to the base ...
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作者：Frick, Mira; Iijima, Ryota; Ishii, Yuhta
作者单位：Yale University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We exhibit a natural environment, social learning among heterogeneous agents, where even slight misperceptions can have a large negative impact on long-run learning outcomes. We consider a population of agents who obtain information about the state of the world both from initial private signals and by observing a random sample of other agents' actions over time, where agents' actions depend not only on their beliefs about the state but also on their idiosyncratic types (e.g., tastes or risk at...
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作者：Costinot, Arnaud; Rodriguez-Clare, Andres; Werning, Ivan
作者单位：Massachusetts Institute of Technology (MIT); University of California System; University of California Berkeley
摘要：The empirical observation that large firms tend to export, whereas small firms do not has transformed the way economists think about the determinants of international trade. Yet, it has had surprisingly little impact on how economists think about trade policy. Under very general conditions, we show that from the point of view of a country that unilaterally imposes trade taxes to maximize domestic welfare, the self-selection of heterogeneous firms into exports calls for import subsidies on the ...
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作者：Doval, Laura; Ely, Jeffrey C.
作者单位：California Institute of Technology; Northwestern University
摘要：We study games of incomplete information as both the information structure and the extensive form vary. An analyst may know the payoff-relevant data but not the players' private information, nor the extensive form that governs their play. Alternatively, a designer may be able to build a mechanism from these ingredients. We characterize all outcomes that can arise in an equilibrium of some extensive form with some information structure. We show how to specialize our main concept to capture the ...
