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作者：Robinson, James A.
作者单位：University of Chicago; University of Nigeria; University of Nigeria
摘要：My research suggests that world inequality is explained by the incidence of extractive and inclusive institutions. But why do some countries have extractive institutions? I distinguish between two main reasons; first, power relations; second, the normative order. Normative orders provide justifications and legitimacy for institutions which may not generate prosperity, but may achieve other goals. These distinctions are critical because they create very different challenges in trying to make in...
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作者：Maccheroni, Fabio; Marinacci, Massimo; Wang, Ruodu; Wu, Qinyu
作者单位：Bocconi University; University of Waterloo
摘要：We provide a new foundation of risk aversion by showing that this attitude is fully captured by the propensity to seize insurance opportunities. In our main results, we first characterize Arrow-Pratt (1963-1964) risk aversion in terms of propensity to full insurance and the stronger notion of risk aversion of Rothschild and Stiglitz (1970) in terms of propensity to partial insurance. We then extend the analysis to comparative risk aversion by showing that the classical notion of Yaari (1969) c...
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作者：Ali, S. Nageeb; Shorrer, Ran I.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Applicants to schools, colleges, and jobs hedge by applying to a broad range of options, including reaches, matches, and safeties. We develop a simultaneous-search framework that rationalizes this practice. In this framework, the admissions process is correlated across schools so that if an applicant is rejected by one school, she is more likely to be rejected by more selective schools. We find that an applicant then optimally targets both safeties and reaches. We characterize how the optimal ...
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作者：Alvarez, Fernando; Borovickova, Katarina; Shimer, Robert
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We develop a linear GMM estimator of the discrete-time mixed proportional hazard (MPH) model of duration with an arbitrary distribution of unobserved heterogeneity. We allow for competing risks, observable characteristics, and censoring. We prove our estimator is consistent and apply it to the duration of price spells. We find substantial unobserved heterogeneity with economically meaningful implications for the response of output to a monetary policy shock in a model with time-dependent prici...
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作者：Acemoglu, Daron
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper reviews the main motivations and arguments of my work on comparative development, colonialism, and institutional change, which was often carried out jointly with James Robinson and Simon Johnson. I then provide a simple framework to organize these ideas and connect them with my research on innovation and technology. The framework is centered around a utility-technology possibilities frontier, which delineates the possible distributions of resources in a society both for given techno...
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作者：Boudreau, Laura; Macchiavello, Rocco; Minni, Virginia; Tanaka, Mari
作者单位：National Bureau of Economic Research; Columbia University; Center for Economic & Policy Research (CEPR); University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR); University of Chicago; IZA Institute Labor Economics; Hitotsubashi University; University of Tokyo
摘要：Social movements are catalysts for crucial institutional changes. To succeed, they must coordinate members' views (consensus building) and actions (mobilization). We study union leaders within Myanmar's burgeoning labor movement. Union leaders are positively selected on both ability and personality traits that enable them to influence others, yet they earn lower wages. In group discussions about workers'views on an upcoming national minimum wage negotiation, randomly embedded leaders build con...
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作者：Ferey, Antoine; Lockwood, Benjamin B.; Taubinsky, Dmitry
作者单位：National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：This paper provides empirically implementable sufficient statistics formulas for optimal nonlinear tax systems in the presence of across-income heterogeneity in preferences, , inheritances, , income-shifting capabilities, , and other sources. We characterize optimal smooth tax systems on income and savings ( or other commodities), as well as simpler tax systems. We use familiar elasticity concepts and a novel sufficient statistic for heterogeneity correlated with earnings ability: the differen...
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作者：Brooks, Benjamin; Frankel, Alexander; Kamenica, Emir
作者单位：University of Chicago; University of Chicago
摘要：A signal is a description of an information source that specifies both its correlation with the state and its correlation with other signals. Extending Blackwell ( 1953 ) , we characterize when one signal is more valuable than another regardless of preferences and regardless of access to other signals. This comparison is equivalent to reveal- or-refine: every realization of the more valuable signal reveals the state or refines the realization of the less valuable signal. We also study other co...
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作者：Kwon, Spencer Y.; Ma, Yueran; Zimmermann, Kaspar
作者单位：Brown University; University of Chicago; National Bureau of Economic Research; Frankfurt School Finance & Management
摘要：We collect data on the size distribution of US businesses for 100 years , and use these data to estimate the concentration of production ( e.g. , asset share or sales share of top businesses ) . The data show that concentration has increased persistently over the past century. Rising concentration was stronger in manufacturing and mining before the 1970s , and stronger in services , retail , and wholesale after the 1970s. The results are robust to different measurement methods and consistent a...
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作者：Ganong, Peter; Greig, Fiona; Noel, Pascal; Sullivan, Daniel M.; Vavra, Joseph
作者单位：University of Chicago; National Bureau of Economic Research
摘要：We show that the largest increase in unemployment benefits in US history had large spending impacts and small job-finding impacts. This finding has three implications. First, increased benefits were important for explaining aggregate spending dynamics-but not employment dynamics-during the pandemic. Second, benefit expansions allow us to study the MPC of normally low-liquidity households in a high-liquidity state. These households still have high MPCs. This suggests a role for permanent behavi...
