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作者：Bowen, T. Renee; Chen, Ying; Eraslan, Huelya
作者单位：Stanford University; Johns Hopkins University; Rice University
摘要：Do mandatory spending programs such as Medicare improve efficiency? We analyze a model with two parties allocating a fixed budget to a public good and private transfers each period over an infinite horizon. We compare two institutions that differ in whether public good spending is discretionary or mandatory. We model mandatory spending as an endogenous status quo since it is enacted by law and remains in effect until changed. Mandatory programs result in higher public good spending; furthermor...
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作者：Allen, Jason; Clark, Robert; Houde, Jean-Francois
作者单位：Bank of Canada; Universite de Montreal; HEC Montreal; Universite de Montreal; University of Pennsylvania
摘要：We examine the relationship between concentration and price dispersion using variation induced by a merger in the Canadian mortgage market. Since interest rates are determined through a search and negotiation process, consolidation weakens consumers' bargaining positions. We use reduced-form techniques to estimate the mergers' distributional impact, and show that competition benefits only consumers at the bottom and middle of the transaction price distribution, and that mergers reduce the disp...
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作者：Gentzkow, Matthew; Shapiro, Jesse M.; Sinkinson, Michael
作者单位：University of Chicago; National Bureau of Economic Research; University of Pennsylvania
摘要：We study the competitive forces which shaped ideological diversity in the US press in the early twentieth century. We find that households preferred like-minded news and that newspapers used their political orientation to differentiate from competitors. We formulate a model of newspaper demand, entry, and political affiliation choice in which newspapers compete for both readers and advertisers. We use a combination of estimation and calibration to identify the model's parameters from novel dat...
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作者：de Clippel, Geoffroy
作者单位：Brown University
摘要：Implementation theory assumes that participants' choices are rational, in the sense of being consistent with the maximization of a context-independent preference. The paper investigates implementation under complete information when individuals' choices need not be rational.
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作者：Albrecht, James; Gautier, Pieter A.; Vroman, Susan
作者单位：Georgetown University; Vrije Universiteit Amsterdam
摘要：In this paper, we demonstrate the efficiency of seller entry in a model of competing auctions in which we allow for both buyer and seller heterogeneity. This generalizes existing efficiency results in the competitive search literature by simultaneously allowing for nonrival (many-on-one) meetings and private information.
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作者：Kartashova, Katya
作者单位：Bank of Canada
摘要：This paper revisits the results of Moskowitz and Vissing-Jorgensen (2002) on returns to entrepreneurial investments in the United States. Following the authors' methodology and new data from the Survey of Consumer Finances, I find that the private equity premium puzzle does not survive the period of high public equity returns in the 1990s. The difference between private and public equity returns is positive and large period-by-period between 1999 and 2007. Whereas in the 2008-2010 period, over...
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作者：Moser, Petra; Voena, Alessandra; Waldinger, Fabian
作者单位：Stanford University; National Bureau of Economic Research; University of Chicago; University of Warwick
摘要：Historical accounts suggest that Jewish emigres from Nazi Germany revolutionized US science. To analyze the emigres' effects on chemical innovation in the United States, we compare changes in patenting by US inventors in research fields of emigres with fields of other German chemists. Patenting by US inventors increased by 31 percent in emigre fields. Regressions which instrument for emigre fields with pre-1933 fields of dismissed German chemists confirm a substantial increase in US invention....
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作者：Greenstone, Michael; Hanna, Rema
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; National Bureau of Economic Research
摘要：Using the most comprehensive developing country dataset ever compiled on air and water pollution and environmental regulations, the paper assesses India's environmental regulations with a difference-in-differences design. The air pollution regulations are associated with substantial improvements in air quality. The most successful air regulation resulted in a modest but statistically insignificant decline in infant mortality. In contrast, the water regulations had no measurable benefits. The a...
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作者：Brown, Jason; Duggan, Mark; Kuziemko, Ilyana; Woolston, William
作者单位：United States Department of the Treasury; Stanford University; Princeton University; JP Morgan Chase & Company
摘要：To combat adverse selection, governments increasingly base payments to health plans and providers on enrollees' scores from risk-adjustment formulae. In 2004, Medicare began to risk-adjust capitation payments to private Medicare Advantage (MA) plans to reduce selection-driven overpayments. But because the variance of medical costs increases with the predicted mean, incentivizing enrollment of individuals with higher scores can increase the scope for enrolling overpriced individuals with costs ...
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作者：Isoni, Andrea; Poulsen, Anders; Sugden, Robert; Tsutsui, Kei
作者单位：University of Warwick; University of East Anglia; University of East Anglia; Frankfurt School Finance & Management
摘要：We investigate Schelling's hypothesis that payoff-irrelevant labels (cues) can influence the outcomes of bargaining games with communication. In our experimental games, players negotiate over the division of a surplus by claiming valuable objects that have payoff-irrelevant spatial locations. Negotiation occurs in continuous time, constrained by a deadline. In some games, spatial cues are opposed to principles of equality or efficiency. We find a strong tendency for players to agree on efficie...
