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作者：Malamud, Semyon; Rostek, Marzena
作者单位：Swiss Finance Institute (SFI); Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Centre for Economic Policy Research - UK; University of Wisconsin System; University of Wisconsin Madison
摘要：Most assets are traded in multiple interconnected trading venues. This paper develops an equilibrium model of decentralized markets that accommodates general market structures with coexisting exchanges. Decentralized markets can allocate risk among traders with different risk preferences more efficiently, thus realizing gains from trade that cannot be reproduced in centralized markets. Market decentralization always increases price impact. Yet, markets in which assets are traded in multiple ex...
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作者：Chiappori, Pierre-Andre; Salanie, Bernard; Weiss, Yoram
作者单位：Columbia University; Tel Aviv University
摘要：We construct a model of household decision-making in which agents consume a private and a public good, interpreted as children's welfare. Children's utility depends on their human capital, which depends on the time their parents spend with them and on the parents' human capital. We first show that as returns to human capital increase, couples at the top of the income distribution should spend more time with their children. This in turn should reinforce assortative matching, in a sense that we ...
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作者：Andrabi, Tahir; Das, Jishnu; Khwaja, Asim Ijaz
作者单位：Claremont Colleges; Pomona College; The World Bank; Harvard University
摘要：We study the impact of providing school report cards with test scores on subsequent test scores, prices, and enrollment in markets with multiple public and private providers. A randomly selected half of our sample villages (markets) received report cards. This increased test scores by 0.11 standard deviations, decreased private school fees by 17 percent, and increased primary enrollment by 4.5 percent. Heterogeneity in the treatment impact by initial school test scores is consistent with canon...
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作者：Freeman, Richard B.
作者单位：Harvard University; National Bureau of Economic Research; National Bureau of Economic Research
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作者：Lundborg, Petter; Plug, Erik; Rasmussen, Astrid Wurtz
作者单位：Lund University; University of Amsterdam; Aarhus University
摘要：This paper introduces a new IV strategy based on IVF (in vitro fertilization) induced fertility variation among childless women to estimate the causal effect of having children on their career. For this purpose, we use administrative data on IVF treated women in Denmark. Because observed chances of IVF success do not depend on labor market histories, IVF treatment success provides a plausible instrument for childbearing. Our IV estimates indicate that fertility effects on earnings are: (i) neg...
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作者：Coffman, Lucas C.; Niederle, Muriel; Wilson, Alistair J.
作者单位：Harvard University; Stanford University; National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
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作者：Gilchrist, Simon; Schoenle, Raphael; Sim, Jae; Zakrajsek, Egon
作者单位：Boston University; National Bureau of Economic Research; Brandeis University; Brandeis University; Federal Reserve System - USA; Federal Reserve System Board of Governors; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Using a novel dataset, which merges good-level prices underlying the PPI with the respondents' balance sheets, we show that liquidity constrained firms increased prices in 2008, while their unconstrained counterparts cut prices. We develop a model in which firms face financial frictions while setting prices in customer markets. Financial distortions create an incentive for firms to raise prices in response to adverse financial or demand shocks. This reaction reflects the firms' decisions to pr...
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作者：Cavallo, Alberto
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Online prices are increasingly used for measurement and research applications, yet little is known about their relation to prices collected offline, where most retail transactions take place. I conduct the first large-scale comparison of prices simultaneously collected from the websites and physical stores of 56 large multi-channel retailers in 10 countries. I find that price levels are identical about 72 percent of the time. Price changes are not synchronized but have similar frequencies and ...
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作者：Ely, Jeffrey C.
作者单位：Northwestern University
摘要：I introduce and study dynamic persuasion mechanisms. A principal privately observes the evolution of a stochastic process and sends messages over time to an agent. The agent takes actions in each period based on her beliefs about the state of the process and the principal wishes to influence the agent's action. I characterize the optimal persuasion mechanism and show how to derive it in applications. I then consider the extension to multiple agents where higher-order beliefs matter.
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作者：Gagnon, Julien; Goyal, Sanjeev
作者单位：University of Cambridge; University of Cambridge; University of Cambridge
摘要：The interaction between community and markets remains a central theme in the social sciences. The empirical evidence is rich: in some instances, markets strengthen social ties, while in others they undermine them. The impact of markets on inequality and welfare also varies widely. This paper develops a model where individuals in a social network choose whether to participate in their network and whether to participate in the market. We show that individual behavior is defined by the q-core of ...
