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作者：Bazzi, Samuel; Gaduh, Arya; Rothenberg, Alexander D.; Wong, Maisy
作者单位：Boston University; University of Arkansas System; University of Arkansas Fayetteville; RAND Corporation; University of Pennsylvania
摘要：We use a natural experiment in Indonesia to provide causal evidence on the role of - location-specific human capital and skill transferability in shaping the spatial distribution of productivity. From 1979-1988, the Transmigration Program relocated two million migrants from rural Java and Bali to new rural settlements in the Outer Islands. Villages assigned migrants from regions with more similar agroclimatic endowments exhibit higher rice productivity and nighttime light intensity one to two ...
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作者：Grenadier, Steven R.; Malenko, Andrey; Malenko, Nadya
作者单位：Stanford University; Massachusetts Institute of Technology (MIT); Boston College
摘要：We consider a problem where an uninformed principal makes a timing decision interacting with an informed but biased agent. Because time is irreversible, the direction of the bias crucially affects the agent's ability to credibly communicate information. When the agent favors late decision making, full information revelation often occurs. In this case, centralized decision making, where the principal retains authority and communicates with the agent, implements the optimal decision-making rule....
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作者：Levin, Jonathan; Skrzypacz, Andrzej
作者单位：Stanford University; Stanford University
摘要：The combinatorial clock auction has become popular for large-scale spectrum awards and other uses, replacing more traditional ascending or clock auctions. We describe some surprising properties of the auction, including a wide range of ex post equilibria with demand expansion, demand reduction, and predation. Our results obtain in a standard homogeneous good setting where bidders have well-behaved linear demand curves, and suggest some practical difficulties with dynamic implementations of the...
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作者：Perry, Motty; Reny, Philip J.
作者单位：University of Warwick; University of Chicago
摘要：Citation indices are regularly used to inform critical decisions about promotion, tenure, and the allocation of billions of research dollars. Nevertheless, most indices (e.g., the h-index) are motivated by intuition and rules of thumb, resulting in undesirable conclusions. In contrast, five natural properties lead us to a unique new index, the Euclidean index, that avoids several shortcomings of the h-index and its successors. The Euclidean index is simply the Euclidean length of an individual...
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作者：Andrews, Isaiah; Barron, Daniel
作者单位：Massachusetts Institute of Technology (MIT); Northwestern University
摘要：We consider how a firm dynamically allocates business among several suppliers to motivate them in a relational contract. The firm chooses one supplier who exerts private effort. Output is non-contractible, and each supplier observes only his own relationship with the principal. In this setting, allocation decisions constrain the transfers that can be promised to suppliers in equilibrium. Consequently, optimal allocation decisions condition on payoff-irrelevant past performance to make strong i...
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作者：Bidder, Rhys; Dew-Becker, Ian
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Northwestern University
摘要：We study an investor who is unsure of the dynamics of the economy. Not only are parameters unknown, but the investor does not even know what order model to estimate. She estimates her consumption process nonparametrically-allowing potentially - infinite-order dynamics-and prices assets using a pessimistic model that minimizes lifetime utility subject to a constraint on statistical plausibility. The equilibrium is exactly solvable and the pricing model always includes long-run risks. With risk ...
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作者：Serrato, Juan Carlos Suarez; Zidar, Owen
作者单位：Duke University; National Bureau of Economic Research; University of Chicago
摘要：This paper estimates the incidence of state corporate taxes on the welfare of workers, landowners, and firm owners using variation in state corporate tax rates and apportionment rules. We develop a spatial equilibrium model with imperfectly mobile firms and workers. Firm owners may earn profits and be inframarginal in their location choices due to differences in - location-specific productivities. We use the - reduced-form effects of tax changes to identify and estimate incidence as well as th...
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作者：Danan, Eric; Gajdos, Thibault; Hill, Brian; Tallon, Jean-Marc
作者单位：Centre National de la Recherche Scientifique (CNRS); CY Cergy Paris Universite; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Centre National de la Recherche Scientifique (CNRS); Universite Paris Saclay; Hautes Etudes Commerciales (HEC) Paris; Centre National de la Recherche Scientifique (CNRS); Paris School of Economics
摘要：We propose and operationalize normative principles to guide social decisions when individuals potentially have imprecise and heterogeneous beliefs, in addition to conflicting tastes or interests. To do so, we adapt the standard Pareto principle to those preference comparisons that are robust to belief imprecision and characterize social preferences that respect this robust principle. We also characterize a suitable restriction of this principle. The former principle provides stronger guidance ...
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作者：Jones, Charles I.; Klenow, Peter J.
作者单位：Stanford University; National Bureau of Economic Research; Stanford University
摘要：We propose a summary statistic for the economic well-being of people in a country. Our measure incorporates consumption, leisure, mortality, and inequality, first for a narrow set of countries using detailed micro data, and then more broadly using multi-country datasets. While welfare is highly correlated with GDP per capita, deviations are often large. Western Europe looks considerably closer to the United States, emerging Asia has not caught up as much, and many developing countries are furt...
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作者：Chari, V. V.; Kehoe, Patrick J.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of London; University College London
摘要：A common view is that bailouts of firms by governments are needed to cure inefficiencies in private markets. We propose an alternative view: even when private markets are efficient, costly bankruptcies will occur and benevolent governments without commitment will bail out firms to avoid bankruptcy costs. Bailouts then introduce inefficiencies where none had existed. Although granting the government orderly resolution powers which allow it to rewrite private contracts improves on bailout outcom...
