-
作者：Garcia-Jimeno, Camilo
作者单位：University of Pennsylvania
摘要：The U.S. Prohibition experience shows a remarkable policy reversal. In only 14 years, a drastic shift in public opinion required two constitutional amendments. I develop and estimate a model of endogenous law enforcement, determined by beliefs about the Prohibition-crime nexus and alcohol-related moral views. In turn, the policy outcomes shape subsequent learning about Prohibition enforcement costs. I estimate the model through maximum likelihood on Prohibition Era city-level data on police en...
-
作者：Olszewski, Wojciech; Siegel, Ron
作者单位：Northwestern University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We consider contests with many, possibly heterogeneous, players and prizes, and show that the equilibrium outcomes of such contests are approximated by the outcomes of mechanisms that implement the assortative allocation in an environment with a single agent that has a continuum of possible types. This makes it possible to easily approximate the equilibria of contests whose exact equilibrium characterization is complicated, as well as the equilibria of contests for which there is no existing e...
-
作者：Abadie, Alberto; Imbens, Guido W.
作者单位：National Bureau of Economic Research; Stanford University
摘要：Propensity score matching estimators (Rosenbaum and Rubin (1983)) are widely used in evaluation research to estimate average treatment effects. In this article, we derive the large sample distribution of propensity score matching estimators. Our derivations take into account that the propensity score is itself estimated in a first step, prior to matching. We prove that first step estimation of the propensity score affects the large sample distribution of propensity score matching estimators, a...
-
作者：Nevo, Aviv; Turner, John L.; Williams, Jonathan W.
作者单位：Northwestern University; National Bureau of Economic Research; University System of Georgia; University of Georgia; University of North Carolina; University of North Carolina Chapel Hill
摘要：We estimate demand for residential broadband using high-frequency data from subscribers facing a three-part tariff. The three-part tariff makes data usage during the billing cycle a dynamic problem, thus generating variation in the (shadow) price of usage. We provide evidence that subscribers respond to this variation, and we use their dynamic decisions to estimate a flexible distribution of willingness to pay for different plan characteristics. Using the estimates, we simulate demand under al...
-
作者：Kacperczyk, Marcin; Van Nieuwerburgh, Stijn; Veldkamp, Laura
作者单位：Imperial College London; New York University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; New York University
摘要：The question of whether and how mutual fund managers provide valuable services for their clients motivates one of the largest literatures in finance. One candidate explanation is that funds process information about future asset values and use that information to invest in high-valued assets. But formal theories are scarce because information choice models with many assets are difficult to solve as well as difficult to test. This paper tackles both problems by developing a new attention alloca...
-
作者：He, Zhiguo; Kondor, Peter
作者单位：University of Chicago; National Bureau of Economic Research; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：We show that firms' individually optimal liquidity management results in socially inefficient boom-and-bust patterns. Financially constrained firms decide on the level of their liquid resources facing cash-flow shocks and time-varying investment opportunities. Firms' liquidity management decisions generate simultaneous waves in aggregate cash holdings and investment, even if technology remains constant. These investment waves are not constrained efficient in general, because the social and pri...
-
作者：Chetverikov, Denis; Larsen, Bradley; Palmer, Christopher
作者单位：University of California System; University of California Los Angeles; Stanford University; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：We present a methodology for estimating the distributional effects of an endogenous treatment that varies at the group level when there are group-level unobservables, a quantile extension of Hausman and Taylor, 1981. Because of the presence of group-level unobservables, standard quantile regression techniques are inconsistent in our setting even if the treatment is independent of unobservables. In contrast, our estimation technique is consistent as well as computationally simple, consisting of...
-
作者：Chetty, Raj; Szeidl, Adam
作者单位：Stanford University; National Bureau of Economic Research; Central European University; Centre for Economic Policy Research - UK
摘要：We analyze the implications of household-level adjustment costs for the dynamics of aggregate consumption. We show that an economy in which agents have consumption commitments is approximately equivalent to a habit formation model in which the habit stock is a weighted average of past consumption if idiosyncratic risk is large relative to aggregate risk. Consumption commitments can thus explain the empirical regularity that consumption is excessively sensitive and excessively smooth, findings ...
-
作者：De Loecker, Jan; Goldberg, Pinelopi K.; Khandelwal, Amit K.; Pavcnik, Nina
作者单位：Princeton University; Yale University; Columbia University; Dartmouth College
摘要：This paper examines how prices, markups, and marginal costs respond to trade liberalization. We develop a framework to estimate markups from production data with multi-product firms. This approach does not require assumptions on the market structure or demand curves faced by firms, nor assumptions on how firms allocate their inputs across products. We exploit quantity and price information to disentangle markups from quantity-based productivity, and then compute marginal costs by dividing obse...
-
作者：Arieli, Itai; Young, H. Peyton
作者单位：Technion Israel Institute of Technology; University of Oxford
摘要：We study how long it takes for large populations of interacting agents to come close to Nash equilibrium when they adapt their behavior using a stochastic better reply dynamic. Prior work considers this question mainly for 2 x 2 games and potential games; here we characterize convergence times for general weakly acyclic games, including coordination games, dominance solvable games, games with strategic complementarities, potential games, and many others with applications in economics, biology,...
