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作者：Crawford, Gregory S.; Shcherbakov, Oleksandr; Shum, Matthew
作者单位：University of Zurich; Bank of Canada; California Institute of Technology
摘要：We measure the welfare distortions from endogenous quality choice in imperfectly competitive markets. For US cable television markets between 1997-2006, prices are 33 percent to 74 percent higher and qualities 23 percent to 55 percent higher than socially optimal. Such quality overprovision contradicts classic results in the literature and our analysis shows that it results from the presence of competition from high-end satellite TV providers: without the competitive pressure from satellite co...
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作者：Hortacsu, Ali; Luco, Fernando; Puller, Steven L.; Zhu, Dongni
作者单位：University of Chicago; National Bureau of Economic Research; Texas A&M University System; Texas A&M University College Station; Shanghai University of Finance & Economics
摘要：Oligopoly models of price competition predict that strategic firms exercise market power and generate inefficiencies. However, heterogeneity in firms' strategic ability also generates inefficiencies. We study the Texas electricity market where firms exhibit significant heterogeneity in how they deviate from Nash equilibrium bidding. These deviations, in turn, increase the cost of production. To explain this heterogeneity, we embed a cognitive hierarchy model into a structural model of bidding ...
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作者：Ascari, Guido; Bonomolo, Paolo; Lopes, Hedibert F.
作者单位：University of Oxford; University of Pavia; Bank of Finland; European Central Bank; De Nederlandsche Bank NV; Insper
摘要：We propose a generalization of the rational expectations framework to allow for temporarily unstable paths. Our approach introduces multiplicative sunspot shocks and it yields drifting parameters and stochastic volatility. Then, we provide an econometric strategy to estimate this generalized model on the data. The methodology allows the data to choose between different possible alternatives: determinacy, indeterminacy, and temporary instability. We apply our methodology to US inflation dynamic...
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作者：Brandt, Loren; Van Biesebroeck, Johannes; Wang, Luhang; Zhang, Yifan
作者单位：University of Toronto; KU Leuven; Xiamen University; Chinese University of Hong Kong
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作者：Galperti, Simone
作者单位：University of California System; University of California San Diego
摘要：Persuaders often face the task of changing their listeners' worldview, which may involve conveying evidence that disconfirms that view. It has been shown, however, that people are often reluctant to change their worldviews. These aspects of persuasion cannot be captured in the standard Bayesian framework. The paper identifies the constraints, opportunities, and trade-offs of persuading people to change worldview. It finds necessary and sufficient conditions under which it is optimal for persua...
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作者：Boomhower, Judson
作者单位：University of California System; University of California San Diego
摘要：This paper measures the effects of bankruptcy protection on industry structure and environmental outcomes in oil and gas extraction. Using administrative data from Texas, I exploit variation in an insurance requirement that reduced firms' ability to avoid liability through bankruptcy. Among small firms, the policy substantially improved environmental outcomes and reduced production. Most production was reallocated to larger firms with better environmental records, but high-cost production wher...
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作者：Kessler, Judd B.; Low, Corinne; Sullivan, Colin D.
作者单位：University of Pennsylvania; Stanford University
摘要：We introduce a new experimental paradigm to evaluate employer preferences, called incentivized resume rating (IRR). Employers evaluate resumes they know to be hypothetical in order to be matched with real job seekers, preserving incentives while avoiding the deception necessary in audit studies. We deploy IRR with employers recruiting college seniors from a prestigious school, randomizing human capital characteristics and demographics of hypothetical candidates. We measure both employer prefer...
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作者：Singleton, John D.
作者单位：University of Rochester
摘要：Charter school funding is typically set by formulas that provide the same amount for students regardless of advantage or need. I present evidence that this policy skews the distribution of students served by charters toward low-cost populations by influencing where charter schools open and whether they survive. To do this, I develop and estimate an equilibrium model of charter school supply and competition to evaluate the effects of funding policies that aim to correct these incentives. The re...
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作者：Ho, Kate; Lee, Robin S.
作者单位：Princeton University; National Bureau of Economic Research; Harvard University
摘要：We evaluate the consequences of narrow hospital networks in commercial health care markets. We develop a bargaining solution, Nash-in-Nash with Threat of Replacement, that captures insurers' incentives to exclude, and combine it with California data and estimates from Ho and Lee (2017) to simulate equilibrium outcomes under social, consumer, and insurer-optimal networks. Private incentives to exclude generally exceed social incentives, as the insurer benefits from substantially lower negotiate...
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作者：Charoenwong, Ben; Kwan, Alan; Umar, Tarik
作者单位：National University of Singapore; University of Hong Kong; Rice University
摘要：The Dodd-Frank Act shifted regulatory jurisdiction over midsize investment advisers from the SEC to state-securities regulators. Client complaints against midsize advisers increased relative to those continuing under SEC oversight by 30 to 40 percent of the unconditional probability. Complaints increasingly cited fiduciary violations and rose more where state regulators had fewer resources. Advisers responding more to weaker oversight had past complaints, were located farther from regulators, ...
