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作者：Backer-Peral, Veronica; Hazell, Jonathon; Mian, Atif
作者单位：University of London; London School Economics & Political Science
摘要：Each month, a fraction of UK property leases are extended by 90 years or more. We construct a new dataset using thousands of these natural experiments since 2000 and estimate the expected long-term housing yield, y * . After remaining steady at around 5 percent, y * starts to decline when the Great Recession hits and reaches a low of 2.7 percent in 2024. The decline is steeper in inelastic markets, while y * remains higher in regions more exposed to long-run climate risk. Our estimate of y * i...
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作者：Basak, Deepal; Deb, Joyee; Kuvalekar, Aditya
作者单位：Indiana University System; Indiana University Bloomington; New York University; University of Essex
摘要：We study a canonical collective action game with incomplete information. Individuals attempt to coordinate to achieve a shared goal, while also facing a temptation to free-ride. More similar information can help them coordinate, but it can also exacerbate free-riding. Our main result shows that more similar information facilitates (impedes) achieving the common goal when it is sufficiently challenging (easy). We apply this insight to show why less powerful authoritarian governments may face la...
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作者：Sigstad, Henrik
作者单位：BI Norwegian Business School
摘要：Judge IV designs rely on monotonicity-each judge being weakly stricter than more lenient judges in all cases. I measure monotonicity in judicial panels in five different settings and find that it is violated in up to 50 percent of nonunanimous cases. The monotonicity violations are not detected by conventional tests, but they would typically induce little bias in judge IV estimates. (JEL C26, K41, K42, O17)
