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作者：Du, Songzi
作者单位：Simon Fraser University
摘要：I construct an informationally robust auction to sell a common-value good. I examine the revenue guarantee of an auction over all information structures of bidders and all equilibria. As the number of bidders gets large, the revenue guarantee of my auction converges to the full surplus, regardless of how information changes as more bidders are added. My auction also maximizes the revenue guarantee when there is a single bidder.
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作者：Feng, Tangren; Ke, Shaowei
作者单位：University of Michigan System; University of Michigan
摘要：The most critical issue in evaluating policies and projects that affect generations of individuals is the choice of social discount rate. This paper shows that there exist social discount rates such that the planner can simultaneously be (i) an exponential discounting expected utility maximizer; (ii) intergenerationally Pareto-that is, if all individuals from all generations prefer one policy/project to another, the planner agrees; and (iii) strongly non-dictatorial-that is, no individual from...
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作者：Baillon, Aurelien; Huang, Zhenxing; Selim, Asli; Wakker, Peter P.
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Shanghai University of Finance & Economics
摘要：Measurements of ambiguity attitudes have so far focused on artificial events, where (subjective) beliefs can be derived from symmetry of events and can be then controlled for. For natural events as relevant in applications, such a symmetry and corresponding control are usually absent, precluding traditional measurement methods. This paper introduces two indexes of ambiguity attitudes, one for aversion and the other for insensitivity/perception, for which we can control for likelihood beliefs e...
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作者：Baqaee, David Rezza
作者单位：University of California System; University of California Los Angeles
摘要：This paper analyzes a general equilibrium economy featuring input-output connections, imperfect competition, and external economies of scale owing to entry and exit. The interaction of input-output networks with industry-level market structure affects the amplification of shocks and the pattern of diffusion in the model, generating cascades of firm entry and exit across the economy. In this model, sales provide a poor measure of the systemic importance of industries. Unlike the relevant notion...
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作者：Angeletos, George-Marios; Collard, Fabrice; Dellas, Harris
作者单位：Massachusetts Institute of Technology (MIT); Centre National de la Recherche Scientifique (CNRS); Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; University of Bern
摘要：We develop a tractable method for augmenting macroeconomic models with autonomous variation in higher-order beliefs. We use this to accommodate a certain type of waves of optimism and pessimism that can be interpreted as the product of frictional coordination and, unlike the one featured in the news literature, regards the short-term economic outlook rather than the medium- to long-run prospects. We show that this enrichment provides a parsimonious explanation of salient features of the data; ...
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作者：Pons, Vincent; Tricaud, Clemence
作者单位：Harvard University; National Bureau of Economic Research; Institut Polytechnique de Paris; Ecole Polytechnique; ENSAE Paris
摘要：In French parliamentary and local elections, candidates ranked first and second in the first round automatically qualify for the second round, while a third candidate qualifies only when selected by more than 12.5 percent of registered citizens. Using a fuzzy RDD around this threshold, we find that the third candidate's presence substantially increases the share of registered citizens who vote for any candidate and reduces the vote share of the top two candidates. It disproportionately harms t...
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作者：Babus, Ana; Kondor, Peter
作者单位：Washington University (WUSTL); University of London; London School Economics & Political Science
摘要：We propose a model of trade in over-the-counter (OTC) markets in which each dealer with private information can engage in bilateral transactions with other dealers, as determined by her links in a network. Each dealer's strategy is represented as a quantity-price schedule. We analyze the effect of trade decentralization and adverse selection on information diffusion, expected profits, trading costs, and welfare. Information diffusion through prices is not affected by dealers' strategic trading...
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作者：Chen, Xiaohong; Santos, Andres
作者单位：Yale University; University of California System; University of California Los Angeles
摘要：In the unconditional moment restriction model of Hansen (1982), specification tests and more efficient estimators are both available whenever the number of moment restrictions exceeds the number of parameters of interest. We show that a similar relationship between potential refutability of a model and existence of more efficient estimators is present in much broader settings. Specifically, a condition we name local overidentification is shown to be equivalent to both the existence of specific...
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作者：Miravete, Eugenio J.; Seim, Katja; Thurk, Jeff
作者单位：University of Texas System; University of Texas Austin; Center for Economic & Policy Research (CEPR); University of Pennsylvania; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Notre Dame
摘要：We study commodity taxation and characterize the Laffer curve, a trade-off between tax rates and revenue, in noncompetitive markets. Pricing in these markets leads to incomplete tax pass-through and agents re optimize their purchase and pricing decisions in response to any tax change. We use detailed data from Pennsylvania, a state that monopolizes retail sales of alcoholic beverages, to estimate a model of demand for horizontally differentiated products that ties consumers' demographic charac...
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作者：Mogstad, Magne; Santos, Andres; Torgovitsky, Alexander
作者单位：University of Chicago; National Bureau of Economic Research; University of California System; University of California Los Angeles; University of Chicago
摘要：We propose a method for using instrumental variables (IV) to draw inference about causal effects for individuals other than those affected by the instrument at hand. Policy relevance and external validity turn on the ability to do this reliably. Our method exploits the insight that both the IV estimand and many treatment parameters can be expressed as weighted averages of the same underlying marginal treatment effects. Since the weights are identified, knowledge of the IV estimand generally pl...
