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作者：Engel, Charles
作者单位：University of Wisconsin System; University of Wisconsin Madison
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作者：Krasnokutskaya, Elena; Seim, Katja
作者单位：Johns Hopkins University; University of Pennsylvania
摘要：We use data from highway procurement auctions subject to California's Small Business Preference program to study the effect of bid preferences on auction outcomes. Our analysis is based on an estimated model of firms' bidding and participation decisions, which allows us to evaluate the effects of current and alternative policy designs. We show that incorporating participation responses significantly alters the assessment of preferential treatment policies. (JEL D44, H76, R42)
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作者：Chen, Roy; Chen, Yan
作者单位：University of Michigan System; University of Michigan; University of Michigan System; University of Michigan
摘要：When does a common group identity improve efficiency in coordination games? To answer this question, we propose a group-contingent social preference model and derive conditions under which social identity changes equilibrium selection. We test our predictions in the minimum-effort game in the laboratory under parameter configurations which lead to an inefficient low-effort equilibrium for subjects with no group identity. For those with a salient group identity, consistent with our theory, we f...
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作者：Kamenica, Emir; Gentzkow, Matthew
作者单位：University of Chicago
摘要：When is it possible for one person to persuade another to change her action? We consider a symmetric information model where a sender chooses a signal to reveal to a receiver, who then takes a noncontractible action that affects the welfare of both players. We derive necessary and sufficient conditions for the existence of a signal that strictly benefits the sender. We characterize sender-optimal signals. We examine comparative statics with respect to the alignment of the sender's and the rece...
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作者：Carvalho, Carlos; Nechio, Fernanda
作者单位：Pontificia Universidade Catolica do Rio de Janeiro; Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We study the purchasing power parity (PPP) puzzle in a multisector, two-country, sticky-price model. Sectors differ in the extent of price stickiness, leading to heterogeneous sectoral real exchange rate dynamics. Deviations from PPP are more volatile and persistent than in an otherwise identical one-sector world economy with the same average frequency of price changes. Under the empirical distribution of price stickiness of the US economy, the model produces PPP deviations with a half-life of...
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作者：Beatty, Timothy K. M.; Crawford, Ian A.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Oxford
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作者：Lochner, Lance J.; Monge-Naranjo, Alexander
作者单位：Western University (University of Western Ontario); National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We develop a human capital model with borrowing constraints explicitly derived from government student loan (GSL) programs and private lending under limited commitment. The model helps explain the persistent strong positive correlation between ability and schooling in the United States, as well as the rising importance of family income for college attendance. It also explains the increasing share of undergraduates borrowing the GSL maximum and the rise in student borrowing from private lenders...
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作者：Carneiro, Pedro; Heckman, James J.; Vytlacil, Edward J.
作者单位：University of London; University College London; University of Chicago; University College Dublin; Yale University; Yale University
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作者：Xiong, Wei; Yu, Jialin
作者单位：Princeton University; Princeton University; Columbia University
摘要：In 2005-2008, over a dozen put warrants traded in China went so deep out of the money that they were almost certain to expire worthless. Nonetheless, each warrant was traded more than three times each day at substantially inflated prices. This bubble is unique in that the underlying stock prices make warrant fundamentals publicly observable and that warrants have predetermined finite maturities. This sample allows us to examine a set of bubble theories. In particular, our analysis highlights t...
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作者：Carneiro, Pedro; Lee, Sokbae
作者单位：University of London; University College London; University of London; London School Economics & Political Science; Seoul National University (SNU)
摘要：This paper presents new evidence that increases in college enrollment lead to a decline in the average quality of college graduates between 1960 and 2000, resulting in a decrease of 6 percentage points in the college premium. A standard demand and supply framework can qualitatively account for the trend in the college and age premia over this period, but substantial quantitative adjustments are needed to account for changes in quality. (JEL I23, J24, J31)
