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作者：Dato, Simon; Grunewald, Andreas; Klumper, Andreas
作者单位：European Business School (EBS) University; Frankfurt School Finance & Management; University of Bonn
摘要：Human decision making often seems to be determined by the resolution of intrapersonal conflict. This paper conceptualizes the analysis of decisions governed by such dual-self processes in individual decision contexts and strategic interactions. For this purpose, we define the solution concept Dual-Selves Equilibrium and derive sufficient conditions for the existence of such equilibria. We show that our framework also helps to study the strategic interaction between boundedly rational players t...
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作者：Huang, Jilei; Sun, Yi; Wang, Jian; Yang, Liyan
作者单位：Shandong University; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS; The Chinese University of Hong Kong, Shenzhen; University of Toronto; Shandong University
摘要：We develop a growth model that endogenizes the occupational choice of workers with different ability levels to study how digitalization affects labor income inequality. The framework incorporates digitalization's multifaceted effects on the economy: (i) it influences economic growth through automation, and (ii) it affects labor income inequality through labor productivity (demand side) and labor time modulation (supply side). We examine how these channels influence wage inequality between skil...
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作者：Xi, Xican; Zhou, Anson
作者单位：Fudan University; Shanghai Institute of International Finance & Economics
摘要：This paper models fertility as the outcome of gender-biased technological progress interacting with endogenous social norms governing childcare. When rising female wages outpace norm adjustment, the inherited norm makes reallocating childcare toward fathers costly, so mothers bear a disproportionate burden and the shadow price of children rises. In cross-country data, fertility falls faster where women's relative standing rises, especially where norms are tighter or more rigid. Calibrated to S...
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作者：Araujo, Luis; Doblas-Madrid, Antonio
作者单位：Michigan State University; Getulio Vargas Foundation
摘要：We develop a rational, Walrasian model of speculative bubbles inspired by the Kindleberger-Minsky view, which describes bubbles as wave-like market processes. Touched off by an initial shock, price booms are initially self-reinforcing but become self-destructive later when prices surpass fundamental value. Previous models in this vein have been criticized due to ad hoc features, such as prices driven by behavioral forces or particular trading protocols. Our model allays these concerns by relyi...
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作者：Fournier, Gaetan; Grillo, Alberto; Tsodikovich, Yevgeny
作者单位：Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Universite Paris-Pantheon-Assas; Ben-Gurion University of the Negev
摘要：We study candidates' position adjustments in response to information about voters' preferences. Repositioning allows candidates to move closer to the median voter, but it incurs financial and electoral costs. In a subgame-perfect equilibrium, candidates diverge from the center ex ante if the costs of adjustment are sufficiently large. This allows them to increase the chances of a costless victory when the information is strongly in their favor. Our theory highlights a dynamic of moderation dur...
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作者：Gu, Shijun; Zhang, Lichen
作者单位：Central University of Finance & Economics; University of Hong Kong
摘要：To study how college-admissions competition shapes parental investment and child-development policies, we develop a heterogeneous-agent life-cycle model in which parents invest in children's human capital to raise future labor productivity and compete for limited college seats. Because families ignore their spending's effects on others' admission chances, competition creates a rat race with overinvestment. Estimating the model with Chinese data, we find that this externality accounts for a sub...
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作者：Xu, Sichuang
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作者：Dudley, Evan; Sun, Hongfei; Diao, Chengjie
作者单位：Queens University - Canada; Queens University - Canada; University System of Georgia; Georgia Institute of Technology
摘要：We investigate the sources of the dealer centrality premium in the over-the-counter market for corporate bonds. We model dealer heterogeneity by allowing the dealer's status in the network to determine search effort and inventory costs when choosing to conduct riskless principal or principal trades. Structural estimates match the observed centrality premium across transaction types and trade count deciles. Counterfactual analyses reveal that measures that limit core dealer bargaining power vis...
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作者：Sager, Erick; Timoshenko, Olga A.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：This paper examines the effect of idiosyncratic uncertainty on trade elasticities in a canonical heterogeneous-firm model. We identify two channels through which uncertainty affects elasticities: a selection effect, whereby uncertainty lowers export participation thresholds and a dispersion effect, whereby uncertainty lowers the dispersion of export selection shocks, with an ambiguous impact on elasticities. We develop a methodology to quantify trade elasticities under uncertainty and apply it...
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作者：Frasser, Cristian; Lebeau, Lucie
作者单位：Universidad del Valle; Wellesley College
摘要：This paper rationalizes the adoption of a complementary currency (CC) in a small, local economy. A local money shortage occurs when the supply of official currency, determined endogenously by trade with a larger economy, falls short of the liquidity needed for first-best activity. A CC then supplements liquidity and boosts local trade at the expense of external trade; the welfare-maximizing CC supply is strictly positive. A calibration to coca-growing villages in Colombia, where coca-base circ...
