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作者：Gathergood, John; Mahoney, Neale; Stewart, Neil; Weber, Jorg
作者单位：University of Nottingham; University of Chicago; University of Warwick
摘要：We study how individuals repay their debt using linked data on multiple credit cards. Repayments are not allocated to the higher interest rate card, which would minimize the cost of borrowing. Moreover, the degree of misallocation is invariant to the economic stakes, which is inconsistent with optimization frictions. Instead, we show that repayments are consistent with a balance-matchingheuristic under which the share of repayments on each card is matched to the share of balances on each card....
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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：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：Caselli, Francesco; Ciccone, Antonio
作者单位：University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR); University of Mannheim; Barcelona School of Economics; Pompeu Fabra University
摘要：Jones (2014) examines development accounting with imperfect substitutability between different types of skills in the production of output. He finds that human capital variation can account for the totality of the variation in income across countries. We show that this finding is entirely due to an assumption that the relative wage of skilled workers is solely determined by attributes of workers (once the supply of skilled workers is accounted for). If skill premia are predominantly determined...
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作者：Rao, Gautam
作者单位：Harvard University; National Bureau of Economic Research
摘要：I exploit a natural experiment in Indian schools to study how being integrated with poor students affects the social behaviors and academic outcomes of rich students. Using administrative data, lab and field experiments to measure outcomes, I find that having poor classmates makes rich students (i) more prosocial, generous, and egalitarian; and (ii) less likely to discriminate against poor students, and more willing to socialize with them. These effects are driven by personal interactions betw...
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作者：Henry, Emeric; Ottaviani, Marco
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); Center for Economic & Policy Research (CEPR); Bocconi University; Bocconi University
摘要：An informer sequentially collects and disseminates information through costly research to persuade an evaluator to approve an activity. Payoffs and control rights are split between informer and evaluator depending on the organizational rules governing the approval process. The welfare benchmark corresponds to Wald's classic solution for a statistician with payoff equal to the sum of informer and evaluator. Organizations with different commitment power of informer and evaluator are compared fro...
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作者：Hjort, Jonas; Poulsen, Jonas
作者单位：Columbia University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Uppsala University
摘要：To show how fast Internet affects employment in Africa, we exploit the gradual arrival of submarine Internet cables on the coast and maps of the terrestrial cable network. Robust difference-in-differences estimates from 3 datasets, covering 12 countries, show large positive effects on employment rates-also for less educated worker groups-with little or no job displacement across space. The sample-wide impact is driven by increased employment in higher-skill occupations, but less-educated worke...
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作者：Kremens, Lukas; Martin, Ian
作者单位：University of London; London School Economics & Political Science
摘要：We present a new identity that relates expected exchange rate appreciation to a risk-neutral covariance term, and use it to motivate a currency forecasting variable based on the prices of quanto index contracts. We show via panel regressions that the quanto forecast variable is an economically and statistically significant predictor of currency appreciation and of excess returns on currency trades. Out of sample, the quanto variable outperforms predictions based on uncovered interest parity, o...
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作者：Liu, Qingmin; Mierendorff, Konrad; Shi, Xianwen; Zhong, Weijie
作者单位：Columbia University; University of London; University College London; University of Toronto
摘要：We study the role of limited commitment in a standard auction environment. In each period, the seller can commit to an auction with a reserve price but not to future reserve prices. We characterize the set of equilibrium profits attainable for the seller as the period length vanishes. An immediate sale by efficient auction is optimal when there are at least three buyers. For many natural distributions two buyers is enough. Otherwise, we give conditions under which the maximal profit is attaine...
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作者：Opper, Isaac M.
作者单位：RAND Corporation
摘要：Does the impact of teachers extend beyond the students in their classroom? Using the natural transitions of students from multiple elementary schools into a single middle school, this paper provides a new method for isolating and quantifying peer spillover effects of teaching and shows that ignoring these spillovers underestimates a teacher's value by at least 30 percent. Because the spillovers also affect teacher value-added estimates, I develop a method of moments estimator of teacher value-...
