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作者：Shiller, Robert J.
作者单位：Yale University
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作者：Mayer, Thierry; Melitz, Marc J.; Ottaviano, Gianmarco I. P.
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); Centre for Economic Policy Research - UK; Harvard University; National Bureau of Economic Research; University of London; London School Economics & Political Science; University of London; London School Economics & Political Science
摘要：We build a theoretical model of multi-product firms that highlights how competition across market destinations affects both a firm's exported product range and product mix. We show how tougher competition in an export market induces a firm to skew its export sales toward its best performing products. We find very strong confirmation of this competitive effect for French exporters across export market destinations. Theoretically, this within-firm change in product mix driven by the trading envi...
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作者：Ben-Porath, Elchanan; Dekel, Eddie; Lipman, Barton L.
作者单位：Hebrew University of Jerusalem; Hebrew University of Jerusalem; Northwestern University; Tel Aviv University; Boston University
摘要：A principal allocates an object to one of I agents. Each agent values receiving the object and has private information regarding the value to the principal of giving it to him. There are no monetary transfers, but the principal can check an agent's information at a cost. A favored-agent mechanism specifies a value v* and an agent i*. If all agents other than i* report values below v*, then i* receives the good and no one is checked. Otherwise, whoever reports the highest value is checked and r...
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作者：Chambers, Christopher P.; Echenique, Federico; Shmaya, Eran
作者单位：University of California System; University of California San Diego; California Institute of Technology; Northwestern University; Tel Aviv University
摘要：We define the empirical content of an economic theory as the least restrictive observationally equivalent theory. We show that the empirical content of a theory is captured by a certain kind of axiomatization, with axioms that are universal negations of conjunctions of atomic formulae.
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作者：McKernan, Signe-Mary; Ratcliffe, Caroline; Steuerle, Eugene; Zhang, Sisi
作者单位：Urban Institute; Shanghai University of Finance & Economics
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作者：McLure, Charles E., Jr.
作者单位：Stanford University
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作者：Vossmeyer, Angela
作者单位：University of California System; University of California Irvine
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作者：Ito, Koichiro
作者单位：Boston University; National Bureau of Economic Research
摘要：Nonlinear pricing and taxation complicate economic decisions by creating multiple marginal prices for the same good. This paper provides a framework to uncover consumers' perceived price of nonlinear price schedules. I exploit price variation at spatial discontinuities in electricity service areas, where households in the same city experience substantially different nonlinear pricing. Using household-level panel data from administrative records, I find strong evidence that consumers respond to...
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作者：Cipriani, Marco; Guarino, Antonio
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; University of London; University College London
摘要：We develop a new methodology to estimate herd behavior in financial markets. We build a model of informational herding that can be estimated with financial transaction data. In the model, rational herding arises because of information-event uncertainty. We estimate the model using data on a NYSE stock (Ashland Inc.) during 1995. Herding occurs often and is particularly pervasive on some days. On average, the proportion of herd buyers is 2 percent; that of herd sellers is 4 percent. Herding als...
