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作者：Choi, Jason; Kirpalani, Rishabh; Perez, Diego J.
作者单位：University of Toronto; University of Wisconsin System; University of Wisconsin Madison; New York University; National Bureau of Economic Research
摘要：The US government is the dominant supplier of global safe assets and faces a downward-sloping demand for its debt. We develop a model of the global economy in which US public debt generates special value for holders, endowing the US government with market power. We use variations in demand elasticities during high- and low-volatility regimes to distinguish this model from a price-taking benchmark and find that the data reject price-taking behavior in favor of the US government exploiting marke...
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作者：Fogli, Alessandra; Guerrieri, Veronica; Ponder, Mark; Prato, Marta
作者单位：Federal Reserve System - USA; University of Chicago; Bocconi University
摘要：Since the 1980s, the United States has experienced both an increase in income inequality and a rise in residential segregation by income. We develop a general equilibrium model with residential choice, where segregation and inequality amplify each other because of a local spillover affecting educational returns. We calibrate the model to a representative US metro in 1980 and use the micro estimates of neighborhood exposure effects in Chetty and Hendren (2018b) to discipline the spillover. We t...
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作者：Bergemann, Dirk; Heumann, Tibor; Morris, Stephen
作者单位：Yale University; Pontificia Universidad Catolica de Chile; Massachusetts Institute of Technology (MIT)
摘要：We analyze a nonlinear pricing model where the seller controls both product pricing (screening) and buyer information about their own values (persuasion). We prove that the optimal mechanism always consists of finitely many signals and items, even with a continuum of buyer values. The seller optimally pools buyer values and reduces product variety to minimize informational rents. We show that value pooling is optimal even for finite value distributions if their entropy exceeds a critical thres...
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作者：Agostinelli, Francesco; Doepke, Matthias; Sorrenti, Giuseppe; Zilibotti, Fabrizio
作者单位：University of Pennsylvania; University of London; London School Economics & Political Science; University of Lausanne; Yale University
摘要：During adolescence, peer interactions become increasingly central to children's development, whereas the direct influence of parents wanes. Nevertheless, parents can continue to exert leverage by shaping their children's peer groups. We construct and estimate a model of parenting with peer and neighborhood effects where parents intervene in peer formation and show that the model captures empirical patterns of skill accumulation, parenting style, and peer characteristics among US high school st...
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作者：Mullins, Joseph
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：Using a model of maternal labor supply and investment in children, this paper synthesizes the findings from three separate welfare reform experiments across six sites. The proposed model maps variation in experimental design to parameters that define labor supply behavior, childcare use, and the importance of money and childcare arrangements in the development of child skills. The estimation procedure-which aggregates available evidence to identify the model's key causal parameters-amounts to ...
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作者：Demirer, Mert; Karaduman, Omer
作者单位：Massachusetts Institute of Technology (MIT); Stanford University
摘要：We analyze acquisitions in US power plants by using rich data on hourly productivity and thousands of ownership changes. We find a 2% average increase in efficiency for acquired plants, beginning 5 months after acquisition. Efficiency gains rise to 5% under direct ownership changes, with no significant change when only parent ownership changes. Investigating the mechanisms, three-quarters of the efficiency gain is attributed to increased productive efficiency, while the rest comes from dynamic...
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作者：Giuntella, Osea; Saccardo, Silvia; Sadoff, Sally
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; IZA Institute Labor Economics; National Bureau of Economic Research; Carnegie Mellon University; University of California System; University of California San Diego
摘要：In a field experiment among US university students, incentives for sleep increase both sleep and academic performance. Our primary intervention pairs bedtime reminders with morning feedback and immediate rewards for sleeping at least 7 hours on weeknights. The intervention raises the share of weeknights with 7+ hours of sleep by 26% and average sleep by 19 minutes during a 4-week treatment period, with posttreatment effects of 8 minutes. Immediate incentives outperform both delayed incentives ...
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作者：Zame, William R.; Tungodden, Bertil; Sorensen, Erik O.; Kariv, Shachar; Cappelen, Alexander W.
作者单位：University of California System; University of California Los Angeles; Norwegian School of Economics (NHH); University of California System; University of California Berkeley
摘要：We provide necessary and sufficient conditions for linking preferences for personal and social consumption and attitudes toward risk. We also offer an experimental test of the theory in which subjects were confronted with risky personal choices, riskless social choices, and risky social choices. Revealed preference tests show that subject choices are generally consistent within each choice domain but frequently involve at least some errors. We test for consistency across choice domains using a...
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作者：Pycia, Marek; Woodward, Kyle
作者单位：University of Zurich
摘要：Pay-as-bid (or discriminatory or multiple-price) auctions are used to sell homogenous goods, such as treasury securities and commodities. We prove the uniqueness of their pure-strategy Bayesian Nash equilibrium and establish a tractable representation of equilibrium bids for symmetrically informed bidders. Analyzing design, we show that supply transparency and full disclosure are revenue maximizing in pay-as-bid, though not necessarily in uniform-price (or single-price), auctions-the main alte...
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作者：Tincani, Michela M.
作者单位：University of London; University College London; London School Economics & Political Science; University of London; University College London
摘要：I examine how disruptions to students' environments propagate to their classmates to understand mechanisms behind classroom peer interactions. I combine Chilean administrative and survey data with housing-damage measures from one of history's strongest earthquakes. Damage to a student's home lowered achievement and raised self-reported study effort cost. Classmates' average damage induced schools to reallocate resources toward student support and increased achievement. In contrast, dispersion ...
