The American Economic Review

最新文章

• Information, Animal Spirits, and the Meaning of Innovations in Consumer Confidence AI翻译
  作者：Barsky, Robert B.; Sims, Eric R.
  作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; National Bureau of Economic Research; University of Notre Dame
  摘要：Innovations to consumer confidence convey incremental information about economic activity far into the future. Does this reflect a causal effect of animal spirits on economic activity, or news about exogenous future productivity received by consumers? Using indirect inference, we study the impulse responses to confidence innovations in conjunction with an appropriately augmented New Keynesian model. While news, animal spirits, and pure noise all contribute to confidence innovations, the relati...
• Search, Design, and Market Structure AI翻译
  作者：Bar-Isaac, Heski; Caruana, Guillermo; Cunat, Vicente
  作者单位：New York University; University of London; London School Economics & Political Science
• Relational Contracts and the Value of Relationships AI翻译
  作者：Halac, Marina
  作者单位：Columbia University
  摘要：This article studies optimal relational contracts when the value of the relationship between contracting parties is not commonly known. I consider a principal-agent setting where the principal has persistent private information about her outside option. I show that if the principal has the bargaining power, she wants to understate her outside option to provide strong incentives and then renege on promised payments, while if the uninformed agent has the bargaining power, the principal wants to ...
• Carrot or Stick? The Evolution of Reciprocal Preferences in a Haystack Model AI翻译
  作者：Herold, Florian
  作者单位：Otto Friedrich University Bamberg
  摘要：We study the evolution of both characteristics of reciprocity: the willingness to reward and the willingness to punish. First, both preferences for rewarding and preferences for punishing can survive provided that individuals interact within separate groups. Second, rewarders survive only in coexistence with self-interested preferences, but punishers either vanish or dominate the population entirely. Third, the evolution of preferences for rewarding and the evolution of preferences for punishi...
• Competition through Commissions and Kickbacks AI翻译
  作者：Inderst, Roman; Ottaviani, Marco
  作者单位：Northwestern University
  摘要：In markets for retail financial products and health services, consumers often rely on the advice of intermediaries to decide which specialized offering best fits their needs. Product providers, in turn, compete to influence the intermediaries' advice through hidden kickbacks or disclosed commissions. Motivated by the controversial role of these widespread practices, we formulate a model to analyze competition through commissions from a positive and normative standpoint. The model highlights th...
• Testing Efficient Risk Sharing with Heterogeneous Risk Preferences AI翻译
  作者：Mazzocco, Maurizio; Saini, Shiv
  作者单位：University of California System; University of California Los Angeles; Cornerstone Research
  摘要：We propose a method that enables one to test efficient risk sharing even when households have different risk preferences. The method is composed of three tests. The first one determines whether in the data households have homogeneous risk preferences. The second and third tests evaluate efficient risk sharing when the hypothesis of homogeneous risk preferences is rejected. We use this method to test efficient risk sharing in rural India. Using the first test, we strongly reject the hypothesis ...
• Information and Employee Evaluation: Evidence from a Randomized Intervention in Public Schools AI翻译
  作者：Rockoff, Jonah E.; Staiger, Douglas O.; Kane, Thomas J.; Taylor, Eric S.
  作者单位：Columbia University; Dartmouth College; Harvard University; Stanford University
  摘要：We examine how employers learn about worker productivity in a randomized pilot experiment which provided objective estimates of teacher performance to school principals. We test several hypotheses that support a simple Bayesian learning model with imperfect information. First, the correlation between performance estimates and prior beliefs' rises with more precise objective estimates and more precise subjective priors. Second, new information exerts greater influence on posterior beliefs when ...
• Testing Models of Consumer Search Using Data on Web Browsing and Purchasing Behavior AI翻译
  作者：De los Santos, Babur; Hortacsu, Ali; Wildenbeest, Matthijs R.
  作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Chicago
• Why Does Trend Growth Affect Equilibrium Employment? A New Explanation of an Old Puzzle AI翻译
  作者：Elsby, Michael W. L.; Shapiro, Matthew D.
  作者单位：University of Edinburgh; National Bureau of Economic Research; University of Michigan System; University of Michigan
  摘要：That the employment rate appears to respond to changes in trend growth is an enduring macroeconomic puzzle. This paper shows that, in the presence of a return to experience, a slowdown in productivity growth raises reservation wages, thereby lowering aggregate employment. The paper develops new evidence that shows this mechanism is important for explaining the growth-employment puzzle. The combined effects of changes in aggregate wage growth and returns to experience account for all the increa...
• Shifts in Privacy Concerns AI翻译
  作者：Goldfarb, Avi; Tucker, Catherine
  作者单位：University of Toronto; Massachusetts Institute of Technology (MIT)