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作者：Blake, Thomas; Nosko, Chris; Tadelis, Steven
作者单位：eBay Inc.; University of Chicago; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Internet advertising has been the fastest growing advertising channel in recent years, with paid search ads comprising the bulk of this revenue. We present results from a series of large-scale field experiments done at eBay that were designed to measure the causal effectiveness of paid search ads. Because search clicks and purchase intent are correlated, we show that returns from paid search are a fraction of non-experimental estimates. As an extreme case, we show that brand keyword ads have n...
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作者：[Anonymous]
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作者：Berger, David; Vavra, Joseph
作者单位：Northwestern University; University of Chicago; National Bureau of Economic Research
摘要：Are there times when durable spending is less responsive to economic stimulus? We argue that aggregate durable expenditures respond more sluggishly to economic shocks during recessions because microeconomic frictions lead to declines in the frequency of households' durable adjustment. We show this by first using indirect inference to estimate a heterogeneous agent incomplete markets model with fixed costs of durable adjustment to match consumption dynamics in PSID microdata. We then show that ...
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作者：Costa-Gomes, Miguel A.; Shimoji, Makoto
作者单位：University of St Andrews; University of York - UK
摘要：Ivanov, Levin, and Niederle (2010) use a common-value second-price auction experiment to reject beliefs-based explanations for the winner's curse. ILN's conclusion, however, stems from the misuse of theoretical arguments. Beliefs-based models are even compatible with some observations from ILN's experiment.
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作者：Halevy, Yoram
作者单位：University of British Columbia
摘要：A sequence of experiments documents static and dynamic preference reversals between sooner-smaller and later-larger rewards, when the sooner reward could be immediate. The theoretically motivated design permits separate identification of time consistent, stationary, and time invariant choices. At least half of the subjects are time consistent, but only three-quarters of them exhibit stationary choices. About half of subjects with time inconsistent choices have stationary preferences. These res...
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作者：Acemoglu, Daron; Einav, Liran; Hansen, Lars Peter; Jackson, Matthew O.; Jehiel, Philippe; Sobel, Joel; Tamer, Elie
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作者：Afonso, Gara; Lagos, Ricardo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; New York University
摘要：We develop a model of the market for federal funds that explicitly accounts for its two distinctive features: banks have to search for a suitable counterparty, and once they meet, both parties negotiate the size of the loan and the repayment. The theory is used to answer a number of positive and normative questions: What are the determinants of the fed funds rate? How does the market reallocate funds? Is the market able to achieve an efficient reallocation of funds? We also use the model for t...
