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作者：Boehm, Christoph E.; Pandalai-Nayar, Nitya
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research
摘要：We provide evidence that industries' supply curves are convex. To guide our empirical analysis, we develop a model in which capac-ity constraints at the firm level generate supply curves that are convex in logs at the industry level. The industry's capacity utili-zation rate is a sufficient statistic for the supply elasticity. Using data on capacity utilization and three different instruments, we estimate the supply curve and find robust evidence for an econom-ically sizable degree of convexit...
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作者：Jovanovic, Boyan; Tsyrennikov, Viktor
摘要：In a model with multiple Pareto-ranked equilibria, we show that the set of equilibria shrinks if we allow trade in assets that pay based on the realization of a sunspot acting as an equilibrium-selection device. When the probability of a low-output outcome is high, the desire to insure against it leads the poor to promise large transfers to the rich in the high-output state. The rich then lose the incentive to exert the effort needed to sustain the high output. Thus the opening of financial ma...
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作者：Leshno, Jacob D.
作者单位：University of Chicago
摘要：This paper introduces a stylized model to capture distinctive features of waiting list allocation mechanisms. First, agents choose among items with associated expected wait times. Waiting times serve a sim-ilar role to that of monetary prices in directing agents' choices and rationing items. Second, the expected wait for an item is endoge-nously determined and randomly fluctuates over time. We evaluate welfare under these endogenously determined waiting times and find that waiting time fluctua...
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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...
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作者：Kapon, Sam
作者单位：Princeton University
摘要：A regulator faces a stream of agents engaged in crimes with stochas-tic returns. The regulator designs an amnesty program, committing to a time path of punishments for criminals who report their crimes. In an optimal program, time variation in the returns from crime can generate time variation in the generosity of amnesty. I construct an optimal time path and show that it exhibits amnesty cycles. Amnesty becomes increasingly generous over time until it hits a bound, after which the cycle reset...
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作者：Bai, Y. U. E. H. A. O.
作者单位：University of Michigan System; University of Michigan
摘要：In randomized controlled trials, treatment is often assigned by strat-ified randomization. I show that among all stratified randomiza-tion schemes that treat all units with probability one half, a certain matched-pair design achieves the maximum statistical precision for estimating the average treatment effect. In an important special case, the optimal design pairs units according to the baseline outcome. In a simulation study based on datasets from ten randomized controlled trials, this desig...
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作者：Engbom, Niklas; Moser, Christian
作者单位：National Bureau of Economic Research; New York University; Center for Economic & Policy Research (CEPR); New York University; Columbia University; Centre for Economic Policy Research - UK
摘要：Increases in the minimum wage can substantially reduce earnings inequality. To demonstrate this, we combine administrative and sur-vey data with an equilibrium model of the Brazilian labor market. We find that a 128 percent increase in the real minimum wage in Brazil between 1996 and 2018 had far-reaching spillover effects on wages higher up in the distribution. The increased minimum wage accounts for 45 percent of a large fall in earnings inequality over this period. At the same time, the eff...
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作者：Ekmekci, Mehmet; Gorno, Leandro; Maestri, Lucas; Sun, Jian; Wei, Dong
作者单位：Boston College; Getulio Vargas Foundation; Singapore Management University; University of California System; University of California Santa Cruz
摘要：We study a dynamic stopping game between a principal and an agent. The principal gradually learns about the agent's private type from a noisy performance measure that can be manipulated by the agent via a costly and hidden action. We fully characterize the unique Markov equilibrium of this game. We find that terminations/market crashes are often preceded by a spike in manipulation intensity and (expected) performance. Moreover, due to endogenous signal manipulation, too much transparency can i...
