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作者：Quincy, Sarah
作者单位：Vanderbilt University; National Bureau of Economic Research
摘要：This paper identifies how bank branching benefited local economies during the Great Depression. Using archival data and narrative evidence, I show how Bank of America's branch network in 1930s California created an internal capital market that diversified away local liquidity shortfalls, allowing the bank to maintain 49 percent higher credit growth from 1929 to 1933 than competing banks. The bank's presence mitigated cites' property value contractions and strengthened their recovery through 19...
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作者：Braghieri, Luca
作者单位：Bocconi University
摘要：A prominent argument in the political correctness debate is that people feel pressure to publicly espouse sociopolitical views they do not privately hold, and that such misrepresentations might render public discourse less vibrant and informative. This paper formalizes the argument in terms of social image and evaluates it experimentally in the context of college campuses. The results show that (i) social image concerns drive a wedge between the sensitive sociopolitical attitudes that college ...
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作者：De La Sierra, Raul Sanchez; Titeca, Kristof; Xie, Haoyang (Stan ); Lameke, Aimable amani; Malukisa, A. L. B. E. R. T. JoLINo
作者单位：University of Chicago; National Bureau of Economic Research; University of Antwerp
摘要：This paper provides insight into a corruption scheme in Kinshasa's traffic police agency. First, various data collection branches show that the agency's revenue is five times that from fines and is derived from a coalition of traffic police officials, their managers, and judicial police officers scheming to extort drivers. Second, the analysis of an experiment suggests that the scheme subverts service. Third, the scheme appears to be a rational response to the context, but its logic is widespr...
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作者：Goldsmith-pinkham, Paul; Hull, Peter; Kolesar, Michal
作者单位：Yale University; Brown University; Princeton University
摘要：We study regressions with multiple treatments and a set of controls that is flexible enough to purge omitted variable bias. We show these regressions generally fail to estimate convex averages of heterogeneous treatment effects-instead, estimates of each treatment's effect are contaminated by nonconvex averages of the effects of other treatments. We discuss three estimation approaches that avoid such contamination bias, including the targeting of easiest-to-estimate weighted average effects. A...
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作者：Deb, Joyee; Ory, Aniko; Williams, Kevin R.
作者单位：New York University; Carnegie Mellon University; Yale University
摘要：We study a dynamic contribution game where investors seek private benefits offered in exchange for contributions, and a single, publicly minded donor values project success. We show that donor contributions serve as costly signals that encourage socially productive contributions by investors who face a coordination problem. Investors and the donor prefer different equilibria, but all benefit in expectation from the donor's ability to dynamically signal his valuation. We explore various context...
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作者：Oprea, Ryan
作者单位：University of California System; University of California Santa Barbara
摘要：We provide evidence that classic lottery anomalies like probability weighting and loss aversion are not special phenomena of risk. They also arise (and often with equal strength) when subjects evaluate deterministic, positive monetary payments that have been disaggregated to resemble lotteries. Thus, we find, e.g., apparent probability weighting in settings without probabilities and loss aversion in settings without scope for loss. Across subjects, anomalies in these deterministic tasks strong...
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作者：Huo, Zhen; Pedroni, Marcelo; Pei, Guangyu
作者单位：Yale University; University of Amsterdam; Vrije Universiteit Amsterdam; Tinbergen Institute; Chinese University of Hong Kong
摘要：This paper characterizes the effects of ambiguity aversion under dispersed information. The equilibrium outcome is observationally equivalent to a Bayesian forecast of the fundamental with increased sensitivity to signals and a pessimistic bias. This equivalence result takes a simple form that accommodates dynamic information and strategic interactions. Applying the result, we show that ambiguity aversion helps rationalize the joint empirical pattern between the bias and persistence of inflati...
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作者：Hager, Sebastian; Schwarz, Carlo; Waldinger, Fabian
作者单位：University of Oxford; Bocconi University; Bocconi University; Centre for Economic Policy Research - UK; University of Munich; Leibniz Association; Ifo Institut
摘要：We study how performance metrics affect the allocation of talent by exploiting the introduction of the first citation database in science. For technical reasons, it only covered citations from certain journals and years, creating quasi-random variation: some citations became visible, while others remained invisible. We identify the effects of citation metrics by comparing the predictiveness of visible to invisible citations. Citation metrics increased assortative matching between scientists an...
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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...
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作者：Barnwal, Prabhat
作者单位：Michigan State University
摘要：Targeted price subsidies create a gap between subsidized and unsub- sidized prices. The resulting dual pricing can lead to arbitrage oppor- tunities where intermediaries divert subsidized goods to unintended beneficiaries via the black market. I study India's Direct Benefit Transfer policy for cooking fuel subsidies, , which altered the existing subsidy program by transferring subsidies directly to beneficiaries' bank accounts. The policy decreased subsidized fuel purchases, , indi- cating a r...
