-
作者：McGranaghan, Christina; Nielsen, Kirby; O'Donoghue, Ted; Somerville, Jason; Sprenger, Charles d.
作者单位：University of Delaware; California Institute of Technology; Cornell University; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Without strong assumptions about how noise manifests in choices, we can infer little from existing empirical observations of the common ratio effect (CRE) about whether there exists an underlying common ratio preference (CRP). We propose to solve this inferential challenge using paired valuations, which yield valid inference under common assumptions. Using this approach in an online experiment with 900 participants, we find no evidence of a systematic CRP. To reconcile our findings with existi...
-
作者：De Ridder, Maarten
作者单位：University of London; London School Economics & Political Science
摘要：This paper offers a unified explanation for the slowdown of productivity growth, the decline in business dynamism, and the rise of market power. Using a quantitative framework, I show that the rise of intangible inputs, such as software, can explain these trends. Intangibles reduce marginal costs and raise fixed costs, which gives firms with high -intangible adoption a competitive advantage, in turn deterring other firms from entering. I structurally estimate the model on French and US micro d...
-
作者：Haltiwanger, John; Hyatt, Henry R.; Spletzer, James R.
作者单位：University System of Maryland; University of Maryland College Park
摘要：Most of the rise in overall earnings inequality from 1996 to 2018 is accounted for by rising between-industry dispersion. The contribution of industries is right-skewed with the top 10 percent of four-digit NAICS industries dominating. The top 10 percent are clustered in high-paying high-tech and low-paying retail sectors. In the top industries, , high-wage workers are increasingly sorted to high-wage industries with rising industry premia. In the bottom industries, , low-wage workers are incr...
-
作者：Angelucci, Charles; Prat, Andrea
作者单位：Massachusetts Institute of Technology (MIT); Columbia University
摘要：To investigate general patterns in news information in the United States, we combine a protocol for identifying major political news stories, 11 monthly surveys with 15,000 participants, and a model of news discernment. When confronted with a true and a fake news story, 47 percent of subjects confidently choose the true story, 3 percent confidently choose the fake story, and the remaining half are uncertain. Socioeconomic differences are associated with large variations in the probability of s...
-
作者：Grossman, Gene M.; Helpman, Elhanan; Redding, Stephen J.
作者单位：Princeton University; National Bureau of Economic Research; Harvard University
摘要：We study unanticipated tariffs in a setting with firm-to-firm supply relationships. Firms conduct costly searches and negotiate with potential suppliers that pass a reservation level of match productivity. Global supply chains form in anticipation of free trade. Then, the home government surprises with an input tariff. This can lead to renegotiation with initial suppliers or search for replacements. Calibrating the model's parameters to match initial import shares and the estimated responses t...
-
作者：Buntaine, Mark T.; Greenstone, Michael; He, Guojun; Liu, Mengdi; Wang, Shaoda; Zhang, Bing
作者单位：University of California System; University of California Santa Barbara; University of Chicago; National Bureau of Economic Research; University of Hong Kong; University of International Business & Economics; Nanjing University of Finance & Economics; Nanjing University
摘要：We conducted a nationwide field experiment in China to evaluate the direct and indirect impacts of assigning firms to public or private citizen appeals when they violate pollution standards. There are three main findings. First, public appeals to the regulator through social media substantially reduce violations and pollution emissions, while private appeals cause more modest environmental improvements. Second, public appeals appear to tilt regulators' focus away from facilitating economic gro...
-
作者：Aoyagi, Masaki; Frechette, Guillaume r.; Yuksel, Sevgi
作者单位：University of Osaka; New York University
摘要：This paper uses a laboratory experiment to study beliefs and their relationship to action and strategy choices in finitely and indefinitely repeated prisoners' dilemma games. We find subjects' elicited beliefs about the other player's action are generally accurate despite some systematic deviations, and anticipate the evolution of behavior differently between the finite and indefinite games. We also use the elicited beliefs over actions to recover beliefs over supergame strategies played by th...
-
作者：Barwick, Panle jia; Li, Shanjun; Waxman, Andrew; Wu, Jing; Xia, Tianli
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; National Bureau of Economic Research; Cornell University; University of Texas System; University of Texas Austin; Tsinghua University; University of Rochester
摘要：We estimate an equilibrium sorting model of housing location and commuting mode choice with endogenous trafic congestion to evaluate urban transportation policies. Leveraging ine-scale data from travel diaries and housing transactions identifying residents' home and work locations, , we recover rich preference heterogeneity over both travel mode and residential location decisions. While different policies produce the same congestion reduction, , their impacts on social welfare differ drastical...
-
作者：Ilzetzki, Ethan
作者单位：University of London; London School Economics & Political Science
摘要：This paper studies how firms adapt to demand shocks when facing capacity constraints. I show that increases in government purchases raise total factor productivity in quantity units at the production line level. Productivity gains are concentrated in plants facing tighter capacity constraints, , a phenomenon I call learning by necessity. Evidence is based on newly digitized archival data on US World War II aircraft production. Shifts in demand across aircraft with different strategic roles pro...
-
作者：Bartling, Bjorn; Valero, Vanessa; Weber, Roberto A.; Yao, Lan
作者单位：University of Zurich; University of Leicester; Shanghai University of Finance & Economics; Shanghai University of Finance & Economics
摘要：We investigate the causal impact of public discourse on socially having market participants engage in public discourse generally increases market social responsibility. These positive impacts are robust to variation in several characteristics of the discourse. We provide evidence that discourse strengthens beliefs that others support socially responsible exchange. However, relaxing requirements to engage in discourse sharply reduces its effectiveness. Our findings suggest that campaigns encour...
