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作者：Nordhaus, William
作者单位：Yale University
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作者：Fack, Gabrielle; Grenet, Julien; He, Yinghua
作者单位：Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); Institut de Recherche pour le Developpement (IRD); Laboratoire dEconomie de Dauphine LEDa; Paris School of Economics; Centre National de la Recherche Scientifique (CNRS); Paris School of Economics; Rice University
摘要：We propose novel approaches to estimating student preferences with data from matching mechanisms, especially the Gale-Shapley deferred acceptance. Even if the mechanism is strategy-proof, assuming that students truthfully rank schools in applications may he restrictive. We show that when students are ranked strictly by some ex ante known priority index (e.g., test scores), stability is a plausible and weaker assumption, implying that every student is matched with her favorite school/college am...
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作者：Byrne, David P.; de Roos, Nicolas
作者单位：University of Melbourne; University of Sydney
摘要：This paper studies equilibrium selection in the retail gasoline industry. We exploit a unique dataset that contains the universe of station-level prices for an urban market for 15 years, and that encompasses a coordinated equilibrium transition mid-sample. We uncover a gradual, three-year equilibrium transition, whereby dominant firms use price leadership and price experiments to create focal points that coordinate market prices, soften price competition, and enhance retail margins. Our result...
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作者：Sampat, Bhaven; Williams, Heidi L.
作者单位：Columbia University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：We investigate whether patents on human genes have affected follow-on scientific research and product development. Using administrative data on successful and unsuccessful patent applications submitted to the US Patent and Trademark Office, we link the exact gene sequences claimed in each application with data measuring follow-on scientific research and commercial investments. Using these data, we document novel evidence of selection into patenting: patented genes appear more valuable-prior to...
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作者：Bassetto, Marco; Galli, Carlo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of London; University College London
摘要：We study the information sensitivity of government debt denominated in domestic versus foreign currency: the former is subject to inflation risk and the latter to default. Default only affects sophisticated bond traders, whereas inflation concerns a larger and less informed group. Within a - two-period Bayesian trading game, differential information manifests itself in the secondary market, and we display conditions under which debt prices are more resilient to bad news even in the primary mar...
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作者：Cloyne, James; Huber, Kilian; Ilzetzki, Ethan; Kleven, Henrik
作者单位：University of California System; University of California Davis; University of Chicago; University of London; London School Economics & Political Science; Princeton University
摘要：We investigate the effect of house prices on household borrowing using administrative mortgage data from the United Kingdom and a new empirical approach. The data contain household-level information on house prices and borrowing in a panel of homeowners, who refinance at regular and quasi-exogenous intervals. The data and setting allow us to develop an empirical approach that exploits house price variation coming from the idiosyncratic and exogenous timing of refinance events around the Great ...
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作者：Asker, John; Collard-Wexler, Allan; De Loecker, Jan
作者单位：Columbia University; Duke University; National Bureau of Economic Research; KU Leuven
摘要：We propose an approach to measuring the misallocation of production in a market that compares actual industry cost curves to undistorted (counterfactual) supply curves. As compared to traditional, TFPR-based, misallocation measures, this approach leverages cost data, such. that results are readily mapped to welfare metrics. As an application, we analyze global crude oil extraction and quantifj the extent of misallocation therein, together with the proportion attributable to market power. From ...
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作者：Rampini, Adriano A.
作者单位：Duke University
摘要：This paper studies how the durability of assets affects financing. We show that more durable assets require larger down payments making them harder to finance, because durability affects the price of assets and hence the overall financing need more than their collateral value. Durability affects technology adoption, the choice between new and used capital, and the rent versus buy decision. Constrained firms invest in less durable assets and buy used assets. More durable assets are more likely ...
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作者：Martinez-Marquina, Alejandro; Niederle, Muriel; Vespa, Emanuel
作者单位：Stanford University; National Bureau of Economic Research; University of California System; University of California Santa Barbara
摘要：We propose a new channel to account for the difficulties of individuals with contingent reasoning: the presence of uncertainty. When moving from an environment with one state of known value to one with multiple possible values, two changes occur. First, the number of values to consider increases. Second, the value of the state is uncertain. We show in an experiment that this lack of certainty, or the loss of the Power of Certainty, impedes payoff maximization and that it accounts for a substan...
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作者：Ganong, Peter; Noel, Pascal
摘要：Using de-identified bank account data, we show that spending drops sharply at the large and predictable decrease in income arising from the exhaustion of unemployment insurance (UI) benefits. We use the high-frequency response to a predictable income decline as a new test to distinguish between alternative consumption models. The sensitivity of spending to income we document is inconsistent with rational models of liquidity-constrained households, but is consistent with behavioral models with ...
