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作者：Hassidim, Avinatan; Romm, Assaf; Shorrer, Ran I.
作者单位：Bar Ilan University; Hebrew University of Jerusalem; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
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作者：Moscona, Jacob; Nunn, Nathan; Robinson, James A.
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; University of Chicago
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作者：Partridge, Mark D.; Feng, Bo; Rembert, Mark
作者单位：University System of Ohio; Ohio State University; Jinan University; Gran Sasso Science Institute (GSSI); University System of Ohio; Ohio State University
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作者：Rees-Jones, Alex
作者单位：University of Pennsylvania
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作者：Hassan, Tarek A.; Mertens, Thomas M.
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We show that the stock market may fail to aggregate information even if it appears to be efficient, and that the resulting decrease in the information content of prices may drastically reduce welfare. We solve a macroeconomic model in which information about fundamentals is dispersed and households make small, correlated errors when forming expectations about future productivity. As information aggregates in the market, these errors amplify and crowd out the information content of stock prices...
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作者：Holmstrom, Bengt
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Incentives are often associated with narrow financial rewards such as bonuses or executive stock options. But in general such rewards are just a small part of the design of incentives. Properly designed incentive systems have to take into account the full portfolio of activities that the agent can engage in, the array of instruments, many nonfinancial, that are available to influence individuals and consider the factors that motivate them in different settings. Thinking about incentives as a s...
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作者：Sieg, Holger; Yoon, Chamna
作者单位：University of Pennsylvania; Sungkyunkwan University (SKKU)
摘要：This paper shows how to identify and estimate, using standard semi-parametric techniques, a class of dynamic games with perfect monitoring, that have been at the frontier of recent research in political economy. The empirical analysis provides novel quantitative insights into the trade-off that voters face between ideology and ability, the differences in ability and ideology among parties and states, and the differences in preferences between political candidates and voters. We analyze the con...
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作者：Hornbeck, Richard; Keniston, Daniel
作者单位：University of Chicago; National Bureau of Economic Research; Yale University
摘要：Urban growth requires the replacement of outdated buildings, yet growth may be restricted when landowners do not internalize positive spillover effects from their own reconstruction. The Boston Fire of 1872 created an opportunity for widespread simultaneous reconstruction, initiating a virtuous circle in which building upgrades encouraged further upgrades of nearby buildings. Land values increased substantially among burned plots and nearby unburned plots, capitalizing economic gains comparabl...
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作者：Athey, Susan; Imbens, Guido; Pham, Thai; Wager, Stefan
作者单位：Stanford University; Columbia University
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作者：Auclert, Adrien; Rognlie, Matthew
作者单位：Stanford University; Princeton University
