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作者：Gomez, Matthieu
作者单位：Columbia University
摘要：Wealthy households disproportionately invest in equity, causing equity returns to generate large and persistent fluctuations in top wealth inequality. Motivated by this observation, I study the joint dynamics of asset prices and wealth inequality in a model where a subset of agents (entrepreneurs) hold levered positions on the economy. In the model, as in the data, the wealth distribution is stochastic and it exhibits a Pareto tail, with a tail index that depends on the logarithmic average ret...
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作者：Deneckere, Raymond; Quint, Daniel
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：We analyse the equilibrium effects of bid shopping-a contractor soliciting a subcontractor bid for part of a project prior to a procurement auction, then showing that bid to a competing subcontractor in an attempt to secure a lower price. Such conduct is widely criticized as unethical by professional organizations and has been the target of legislation at both the federal and state level but is widespread in procurement auctions in many places. We find that in equilibrium, a winning contractor...
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作者：Mendez, Esteban; Van Patten, Diana
作者单位：Yale University
摘要：We exploit a unique event to study the extent to which popular attitudes towards trade are driven by economic fundamentals. In 2007, Costa Rica put a free trade agreement (FTA) to a national referendum. With a single question on the ballot, 59% of Costa Rican adult citizens cast a vote on whether they wanted an FTA with the U.S. to be ratified or not. We merge disaggregated referendum results, which break new ground on anonymity-compatible voting data, with employer-employee, customs, and firm...
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作者：Bhalotra, Sonia; Britto, Diogo G. C.; Pinotti, Paolo; Sampaio, Breno
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作者：Chandrasekhar, Arun G.; Jackson, Matthew O.
作者单位：National Bureau of Economic Research; Stanford University; Stanford University
摘要：We develop a new class of random graph models for the statistical estimation of network formation-subgraph generated models (SUGMs). Various subgraphs-e.g. links, triangles, cliques, stars-are generated and their union results in a network. We show that SUGMs are identified and establish the consistency and asymptotic distribution of parameter estimators in empirically relevant cases. We show that a simple four-parameter SUGM matches basic patterns in empirical networks more closely than four ...
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作者：Murto, Pauli; Valimaki, Juuso
作者单位：Aalto University
摘要：Many auctions and procurement contests entail non-trivial bidding costs, which makes the bidders' participation decisions endogenous to the auction design. We analyse the effect of different auction rules on potential bidders' incentives to participate. We focus on first-price auctions with affiliated common values and a large pool of potential bidders. Our main interest is on auctions where the realized number of bidders is unknown at the bidding stage. In contrast to the standard case, both ...
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作者：Agness, Daniel; Baseler, Travis; Chassang, Sylvain; Dupas, Pascaline; Snowberg, Erik
作者单位：University System of Maryland; University of Maryland College Park; University of Rochester; Princeton University; Utah System of Higher Education; University of Utah
摘要：People's value of their own time is a key input in public policy evaluations-these evaluations should account for time taken away from work or leisure as a result of policy. Measuring this value for the self-employed is challenging, as, by definition, it is not priced by the market. Using rich choice data collected from farming households in western Kenya, we show that households exhibit non-transitive preferences. As a result, neither market wages nor standard valuation techniques correctly m...
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作者：Bhalotra, Sonia; Britto, Diogo G. C.; Pinotti, Paolo; Sampaio, Breno
作者单位：Centre for Economic Policy Research - UK; University of Warwick; University of Milano-Bicocca; Bocconi University; Bocconi University; Universidade Federal de Pernambuco
摘要：We estimate impacts of male job loss, female job loss, and male unemployment benefits on domestic violence (DV) in Brazil. We merge individual-level employment and welfare registers with different measures of DV: judicial cases brought to criminal courts, the use of public shelters by victims, and mandatory DV notifications by health providers. Leveraging mass layoffs for identification, we first show that both male and female job loss, independently, lead to large, and pervasive increases in ...
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作者：Hartman-Glaser, Barney; Mayer, Simon; Milbradt, Konstantin
作者单位：University of California System; University of California Los Angeles; Carnegie Mellon University; Northwestern University
摘要：We develop a dynamic contracting theory of asset- and cash flow-based financing that demonstrates how firm, intermediary, and capital market characteristics jointly shape firms' financing constraints. A firm with imperfect access to equity financing covers financing needs through costly sources: an intermediary and retained cash. The firm's financing capacity is endogenously determined by either the liquidation value of assets (asset-based) or the intermediary's going-concern valuation of the ...
