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作者：Board, Simon; Meyer-ter-Vehn, Moritz
作者单位：University of California System; University of California Los Angeles
摘要：We propose a model of strategic experimentation on social networks in which forward-looking agents learn from their own and neighbors' successes. In equilibrium, , private discovery is followed by social diffusion. Social learning crowds out own experimentation, , so total information decreases with network density; we determine density thresholds below which agents' asymptotic learning is perfect. By contrast, , agent welfare is single peaked in network density and achieves a second-best benc...
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作者：Lashkari, Danial; Bauer, Arthur; Boussard, Jocelyn
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Institut Polytechnique de Paris; ENSAE Paris
摘要：What are the implications of the dramatic fall in IT prices for aggregate technology? When firm-level technologies are continuously differentiable , a factor price shock leads to ( i ) a substitution between factors and / or ( ii ) an endogenous response of returns to scale. The second channel is governed by the output elasticity of relative factor demand. Using detailed firm-level data from France , we estimate this elasticity to be positive for IT factor demand. A quantitative exercise accou...
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作者：Sher, Itai
作者单位：University of Massachusetts System; University of Massachusetts Amherst
摘要：This paper concerns Saez and Stantcheva's ( 2016 ) generalized social marginal welfare weights, which aggregate losses and gains due to tax policies while incorporating nonutilitarian ethical considerations. The approach evaluates local tax changes without a global social objective. I show that local tax policy comparisons implicitly entail global comparisons. Moreover, whenever welfare weights do not have a utilitarian structure, these implied global comparisons are inconsistent. I argue that...
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作者：Frank, Eyal; Sudarshan, Anant
作者单位：University of Chicago; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Warwick; Centre for Economic Policy Research - UK
摘要：Scientific evidence has documented we are undergoing a mass extinction of species, caused by human activity. However, allocating conservation resources is difficult due to scarce evidence on damages from losing individual species. This paper studies the collapse of vultures in India, triggered by the expiry of a patent on a painkiller. Our results suggest the functional extinction of vultures-efficient scavengers that removed carcasses from the environment-increased human mortality by over 4 p...
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作者：Cattaneo, Matias d.; Crump, Richard k.; Farrell, Max h.; Feng, Yingjie
作者单位：Princeton University; Federal Reserve System - USA; Federal Reserve Bank - New York; University of California System; University of California Santa Barbara; Tsinghua University
摘要：Binscatter is a popular method for visualizing bivariate relationships and conducting informal specification testing. We study the properties of this method formally and develop enhanced visualization and econometric binscatter tools. These include estimating conditional means with optimal binning and quantifying uncertainty. We also highlight a methodological problem related to covariate adjustment that can yield incorrect conclusions. We revisit two applications using our methodology and fin...
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作者：Greenberg, Kyle; Pathak, Parag a.; Sonmez, Tayfun
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Boston College
摘要：We present a proof-of-concept for minimalist market design (Sonmez 2023) as an effective methodology to enhance an institution based on stakeholders'desiderata with minimal interference. Four objectivesrespecting merit, increasing retention, aligning talent, and enhancing trust-guided reforms to the US Army's centralized branching process of cadets to military specialties since 2006. USMA's mechanism for the class of 2020 exacerbated challenges in implementing these objectives. Formulating the...
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作者：Kinnan, Cynthia; Samphantharak, Krislert; Townsend, Robert; Vera-cossio, Diego
作者单位：Tufts University; National Bureau of Economic Research; University of California System; University of California San Diego; Massachusetts Institute of Technology (MIT); Inter-American Development Bank
摘要：Firms in developing countries are embedded in supply chains and labor networks. These linkages may propagate or attenuate shocks. Using panel data from Thai villages, we document three facts: as households facing idiosyncratic shocks adjust their production, these shocks propagate to other households on both the production and consumption sides; propagation is greater via labor than supply chain links; and shocks in denser networks and to more central households propagate more, while access to...
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作者：Van Doornik, Bernardus; Gomes, Armando; Schoenherr, David; Skrastins, Janis
作者单位：Bank for International Settlements (BIS); Washington University (WUSTL); Seoul National University (SNU)
摘要：We assess the employment and income effects of access to credit dedicated to investment in individual mobility by exploiting time -series variation in access to credit through lotteries for participants in a group -lending mechanism in Brazil. We find that access to credit for investment in individual mobility increases formal employment rates and salaries , yielding an annual rate of return of 12 to 15 percent. Consistent with a geographically broader job search , individuals transition to jo...
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作者：Kline, Patrick; Rose, Evan k.; Walters, Christopher r.
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of Chicago
摘要：We develop an empirical Bayes ranking procedure that assigns ordinal grades to noisy measurements, , balancing the information content of the assigned grades against the expected frequency of ranking errors. Applying the method to a massive correspondence experiment, , we grade the race and gender contact gaps of 97 US employers, , the identities of which we disclose for the first time. The grades are presented alongside measures of uncertainty about each firm's contact gap in an accessible re...
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作者：Bollerslev, Tim; Li, Jia; Ren, Yuexuan
作者单位：Duke University; National Bureau of Economic Research; Singapore Management University
摘要：Betas from return regressions are commonly used to measure systematic financial market risks. Good beta measurements are essential for a range of empirical inquiries in finance and macroeconomics. We introduce a novel econometric framework for the nonparametric estimation of time -varying betas with high -frequency data. The local Gaussian property of the generic continuous -time benchmark model enables optimal finite -sample inference in a well-defined sense. It also affords more reliable in...
