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作者：Lin, Zhongjian; Vella, Francis
作者单位：University System of Georgia; University of Georgia; Georgetown University
摘要：We address the estimation of endogenous treatment models with social interactions in both the treatment and outcome equations. We model the interactions between individuals via a game theoretic approach based on discrete Bayesian games. We employ a nested pseudo joint likelihood algorithm when obtaining the model's parameters and provide relevant treatment effects and procedures for their estimation. Our empirical application examines the impact of an individual's exercise frequency on their l...
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作者：Acemoglu, Daron; Loebbing, Jonas
作者单位：Massachusetts Institute of Technology (MIT); University of Munich
摘要：We develop an assignment model of automation. Each of a continuum of tasks of variable complexity is assigned to either capital or one of a continuum of labor skills. We characterize conditions for interior automation, whereby tasks of intermediate complexity are performed by capital. Interior automation arises when low-skill wages are low and effective cost of capital in low-complexity tasks is high. Minimum wages make interior automation less likely. Higher capital productivity causes employ...
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作者：Baylis, Patrick; Boomhower, Judson
作者单位：University of British Columbia; University of California System; University of California San Diego; National Bureau of Economic Research
摘要：Despite escalating losses in climate-related disasters, adoption of protective technologies and behaviors is limited by risk misperception, externalities, and insurance market frictions. One response to these market failures is to mandate these investments. We measure the effect of California's wildfire building codes on own and neighboring structure survival using comprehensive data on US homes exposed to wildfires since 2000. Differences across jurisdictions and vintages reveal remarkable re...
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作者：Bernstein, Asaf; Frydman, Carola; Hilt, Eric
作者单位：University of Colorado System; University of Colorado Boulder; National Bureau of Economic Research; Northwestern University; Wellesley College
摘要：We study the first-ever ratings for corporate securities. In 1909, John Moody published a book that partitioned the majority of listed railroad bonds into letter-graded ratings. These ratings had no regulatory implications and were largely explainable using publicly available information. We find that lower-than-market-implied ratings caused a rise in secondary market bond yields and that bonds that were rated experienced a substantial decline in their bid-ask spreads, consistent with reduced ...
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作者：Whitmeyer, Mark
作者单位：Arizona State University; Arizona State University-Tempe
摘要：We study what changes to an agent's decision problem increase her value for information. We prove that information becomes more valuable if and only if the agent's reduced-form payoff in her belief becomes more convex. When the transformation corresponds to the addition of an action, the requisite increase in convexity occurs if and only if a simple geometric condition holds, which extends in a natural way to the addition of multiple actions. We apply these findings to two scenarios: a monopol...
