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作者：Inderst, Roman; Ottaviani, Marco
作者单位：Northwestern University
摘要：In markets for retail financial products and health services, consumers often rely on the advice of intermediaries to decide which specialized offering best fits their needs. Product providers, in turn, compete to influence the intermediaries' advice through hidden kickbacks or disclosed commissions. Motivated by the controversial role of these widespread practices, we formulate a model to analyze competition through commissions from a positive and normative standpoint. The model highlights th...
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作者：Mazzocco, Maurizio; Saini, Shiv
作者单位：University of California System; University of California Los Angeles; Cornerstone Research
摘要：We propose a method that enables one to test efficient risk sharing even when households have different risk preferences. The method is composed of three tests. The first one determines whether in the data households have homogeneous risk preferences. The second and third tests evaluate efficient risk sharing when the hypothesis of homogeneous risk preferences is rejected. We use this method to test efficient risk sharing in rural India. Using the first test, we strongly reject the hypothesis ...
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作者：Rockoff, Jonah E.; Staiger, Douglas O.; Kane, Thomas J.; Taylor, Eric S.
作者单位：Columbia University; Dartmouth College; Harvard University; Stanford University
摘要：We examine how employers learn about worker productivity in a randomized pilot experiment which provided objective estimates of teacher performance to school principals. We test several hypotheses that support a simple Bayesian learning model with imperfect information. First, the correlation between performance estimates and prior beliefs' rises with more precise objective estimates and more precise subjective priors. Second, new information exerts greater influence on posterior beliefs when ...
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作者：De los Santos, Babur; Hortacsu, Ali; Wildenbeest, Matthijs R.
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Chicago
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作者：Elsby, Michael W. L.; Shapiro, Matthew D.
作者单位：University of Edinburgh; National Bureau of Economic Research; University of Michigan System; University of Michigan
摘要：That the employment rate appears to respond to changes in trend growth is an enduring macroeconomic puzzle. This paper shows that, in the presence of a return to experience, a slowdown in productivity growth raises reservation wages, thereby lowering aggregate employment. The paper develops new evidence that shows this mechanism is important for explaining the growth-employment puzzle. The combined effects of changes in aggregate wage growth and returns to experience account for all the increa...
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作者：Goldfarb, Avi; Tucker, Catherine
作者单位：University of Toronto; Massachusetts Institute of Technology (MIT)
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作者：Kollmann, Robert; Roeger, Werner; in't Veld, Jan
作者单位：Universite Libre de Bruxelles; Universite Libre de Bruxelles
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作者：Fowlie, Meredith; Holland, Stephen P.; Mansur, Erin T.
作者单位：University of California System; University of California Berkeley; University of North Carolina; University of North Carolina Greensboro; Dartmouth College
摘要：An advantage of cap-and-trade programs over more prescriptive environmental regulation is that compliance flexibility and cost effectiveness can make more stringent emissions reductions politically feasible. However, when markets (versus regulators) determine where emissions occur, it becomes more difficult to assure that mandated emissions reductions are equitably achieved. We investigate these issues in the context of Southern California's RECLAIM program by matching facilities in RECLAIM wi...
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作者：Farhi, Emmanuel; Tirole, Jean
作者单位：Harvard University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：The article shows that time-consistent, imperfectly targeted support to distressed institutions makes private leverage choices strategic complements. When everyone engages in maturity mismatch, authorities have little choice but intervening, creating both current and deferred (sowing the seeds of the next crisis) social costs. In turn, it is profitable to adopt a risky balance sheet. These insights have important consequences, from banks choosing to correlate their risk exposures to the need f...
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作者：Jin, Keyu
作者单位：University of London; London School Economics & Political Science
摘要：This paper provides a new theory of international capital flows. In a framework that integrates factor-proportions-based trade and financial capital flows, a novel force emerges: capital tends to flow toward countries that become more specialized in capital-intensive industries. This composition effect competes with the standard force that channels capital toward the location where it is scarcer. If the composition effect dominates, capital flows away from the country hit by a positive labor f...
