-
作者：Aydin, Deniz
作者单位：Washington University (WUSTL)
摘要：In a field experiment that constructs a randomized credit limit shock, participants borrow to spend 11 cents on the dollar in the first quarter and 28 cents by the third year. Effects extend to those far from the limit, those who had the new limits as available credit, and those with a liquid asset buffer. In the short-run, flexible and installment contracts are used in tandem, with unconstrained using installments more. Long-run borrowing is predominantly using installments. Near limits, part...
-
作者：Cai, Zhifeng; Heathcote, Jonathan
作者单位：Rutgers University System; Rutgers University New Brunswick; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：This paper evaluates the role of rising income inequality in explaining observed growth in college tuition. We develop a competitive model of the college market, in which college quality depends on instructional expenditure and the average ability of admitted students. An innovative feature of our model is that it allows for a continuous distribution of college quality. We find that observed increases in US income inequality can explain more than half of the observed rise in average net tuitio...
-
作者：Corno, Lucia; Ferrara, Eliana La; Burns, Justine
作者单位：Catholic University of the Sacred Heart; Bocconi University; Bocconi University; University of Cape Town
摘要：We exploit a policy designed to randomly allocate roommates in a large South African university to investigate whether interracial interaction affects stereotypes, attitudes and performance. Using implicit association tests, we find that living with a roommate of a different race reduces White students' negative stereotypes towards Black students and increases interracial friendships. Interaction also affects academic outcomes: Black students improve their GPA, pass more exams and have lower d...
-
作者：Sviatschi, Maria Micaela
作者单位：National Bureau of Economic Research
摘要：This paper shows how deportation policies can backfire by dis-seminating not only ideas between countries but also criminal networks, spreading gangs, in this case, across El Salvador, and spurring migration back to the United States. In 1996, the US Illegal Immigration Responsibility Act increased the number of criminal deportations. In particular, the members of large Salvadoran gangs developed in Los Angeles were sent back to El Salvador. Using varia-tion in criminal deportations over time ...
-
作者：de Clippel, Geoffroy; Fanning, Jack; Rozen, Kareen
作者单位：Brown University
摘要：We study bargaining over contingent contracts in problems where private information becomes public or verifiable when the time comes to implement the agreement. We suggest a simple, two-stage game that incorporates important aspects of bargaining. We characterize equilibria in which parties always reach agreement, and study their limits as bargaining frictions vanish. Under mild regularity conditions, we show all interim-efficient limits belong to Myerson' s (1984) axiomatic solution. Furtherm...
-
作者：Sweeting, Andrew; Jia, Dun; Hui, Shen; Yao, Xinlu
作者单位：University System of Maryland; University of Maryland College Park; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; The Chinese University of Hong Kong, Shenzhen
摘要：We examine how strategic buyer behavior affects equilibrium outcomes in a model of dynamic price competition where sellers benefit from learning-by-doing by allowing each buyer to expect to capture a share of future buyer surplus. Many equilibria that exist when buyers consider only their immediate payoffs are eliminated when buyers expect to capture even a modest share of future surplus, and the equilibria that survive are those where long-run market competition is more likely to be preserved...
-
作者：Taylor, Charles A.; Druckenmiller, Hannah
作者单位：Columbia University; Resources for the Future
摘要：In 2020 the Environmental Protection Agency narrowed the definition of waters of the United States, significantly limiting wetland protection under the Clean Water Act. Current policy debates center on the uncertainty around wetland benefits. We estimate the value of wetlands for lood mitigation across the United States using detailed lood claims and land use data. We find the average hectare of wetland lost between 2001 and 2016 cost society $1,840 annually, and over $8,000 in developed areas...
-
作者：Cicala, Steve
作者单位：Tufts University
摘要：This paper evaluates changes in electricity generation costs caused by the introduction of market mechanisms to determine production in the United States. I use the staggered transition to markets from 1999 to 2012 to estimate the causal impact of liberalization using a differences-in-difference design on a comprehensive hourly panel of electricity demand, generators' costs, capacities, and output. I find that markets reduce production costs by 5 percent by reallocating production: gains from ...
-
作者：Garcia-Jimeno, Camilo; Iglesias, Angel; Yildirim, Pinar
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of Pennsylvania; University of Pennsylvania
摘要：How do social interactions shape collective action, and how are they mediated by networked information technologies? We answer these questions studying the Temperance Crusade, a wave of anti-liquor protest activity spreading across 29 states between 1873 and 1874. Relying on exogenous variation in network links generated by rail -road accidents, we provide causal evidence of social interactions driving the diffusion of the movement, mediated by rail and telegraph information about neighboring ...
-
作者：Ambuehl, Sandro; Bernheim, B. Douglas; Lusardi, Annamaria
作者单位：University of Zurich; George Washington University
摘要：We examine methods for evaluating interventions designed to improve decision-making quality when people misunderstand the consequences of their choices. In an experiment involving financial education, conventional outcome metrics ( financial literacy and directional behavioral responses) imply that two interventions are equally beneficial even though only one reduces the average severity of errors. We trace these failures to violations of the assumptions embedded in the conventional metrics. W...
