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作者：Kurmann, Andre; Otrok, Christopher
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Missouri System; University of Missouri Columbia; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
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作者：Clark, Damon; Royer, Heather
作者单位：University of California System; University of California Irvine; University of California System; University of California Santa Barbara
摘要：There is a strong, positive, and well-documented correlation between education and health outcomes. In this paper, we attempt to understand to what extent this relationship is causal. Our approach exploits two changes to British compulsory schooling laws that generated sharp across-cohort differences in educational attainment. Using regression discontinuity methods, we find the reforms did not affect health although the reforms impacted educational attainment and wages. Our results suggest cau...
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作者：Gagnepain, Philippe; Ivaldi, Marc; Martimort, David
作者单位：heSam Universite; Universite Pantheon-Sorbonne; Paris School of Economics; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Paris School of Economics
摘要：Contract theory claims that renegotiation prevents attainment of the efficient solution that could be obtained under full commitment. Assessing the cost of renegotiation remains an open issue from an empirical viewpoint. We fit a structural principal-agent model with renegotiation on a set of contracts for urban transport services. The model captures two important features of the industry as only two types of contracts are used (fixed price and cost-plus) and subsidies are greater following a ...
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作者：Field, Erica; Pande, Rohini; Papp, John; Rigol, Natalia
作者单位：Duke University; Harvard University; Massachusetts Institute of Technology (MIT)
摘要：Do the repayment requirements of the classic microfinance contract inhibit investment in high-return but illiquid business opportunities among the poor? Using a field experiment, we compare the classic contract which requires that repayment begin immediately after loan disbursement to a contract that includes a two-month grace period. The provision of a grace period increased short-run business investment and long-run profits but also default rates. The results, thus, indicate that debt contra...
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作者：Autor, David H.; Dorn, David; Hanson, Gordon H.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of California System; University of California San Diego
摘要：We analyze the effect of rising Chinese import competition between 1990 and 2007 on US local labor markets, exploiting cross-market variation in import exposure stemming from initial differences in industry specialization and instrumenting for US imports using changes in Chinese imports by other high-income countries. Rising imports cause higher unemployment, lower labor force participation, and reduced wages in local labor markets that house import-competing manufacturing industries. In our m...
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作者：Calzolari, Giacomo; Denicolo, Vincenzo
作者单位：University of Bologna; University of Leicester; University of Bologna
摘要：We analyze firms that compete by means of exclusive contracts and market-share discounts (conditional on the seller's share of customers' total purchases). With incomplete information about demand, firms have a unilateral incentive to use these contractual arrangements to better extract buyers' informational rents. However, exclusive contracts intensify competition, thus reducing prices and profits and (in all Pareto undominated equilibria) increasing welfare. Market-share discounts, by contra...
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作者：Voigtlaender, Nico; Voth, Hans-Joachim
作者单位：University of California System; University of California Los Angeles; Pompeu Fabra University
摘要：We analyze the emergence of the first socioeconomic institution in history limiting fertility: west of a line from St. Petersburg to Trieste, the European Marriage Pattern (EMP) reduced childbirths by approximately one-third between the fourteenth and eighteenth century. To explain the rise of EMP we build a two-sector model of agricultural production-grain and livestock. Women have a comparative advantage in animal husbandry. After the Black Death in 1348-1350, land abundance triggered a shif...
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作者：Li, Jin; Matouschek, Niko
作者单位：Northwestern University
摘要：A manager and a worker are in an infinitely repeated relationship in which the manager privately observes her opportunity costs of paying the worker. We show that the optimal relational contract generates periodic conflicts during which effort and expected profits decline gradually but recover instantaneously. To manage a conflict, the manager uses a combination of informal promises and formal commitments that evolves with the duration of the conflict. Finally, we show that liquidity constrain...
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作者：Campbell, Arthur
作者单位：Yale University
摘要：This paper develops a model of demand, pricing and advertising in the presence of social learning via word-of-mouth communication between friends. In the model consumers must receive information about a monopolist's product in order to consider purchasing it. The presence of word-of-mouth is not sufficient for demand to be more elastic and prices to be lower compared to an informed population. I derive the comparative static results of connectivity, mean-preserving spread of friendships, and c...
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作者：Peski, Marcin; Szentes, Balazs
作者单位：University of Toronto; University of London; London School Economics & Political Science
摘要：We consider a dynamic economy in which agents are repeatedly matched and decide whether or not to form profitable partnerships. Each agent has a physical color and a social color. An agent's social color acts as a signal, conveying information about the physical color of agents in his partnership history. Before an agent makes a decision, he observes his match's physical and social colors. Neither the physical color nor the social color is payoff relevant. We identify environments where equili...
