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作者：Song, Zheng; Storesletten, Kjetil; Zilibotti, Fabrizio
作者单位：Fudan University; Chinese University of Hong Kong; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Zurich
摘要：We construct a growth model consistent with China's economic transition: high output growth, sustained returns on capital, reallocation within the manufacturing sector, and a large trade surplus. Entrepreneurial firms use more productive technologies, but due to financial imperfections they must finance investments through internal savings. State-owned firms have low productivity but survive because of better access to credit markets. High-productivity firms outgrow low-productivity firms if e...
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作者：Engel, Charles
作者单位：University of Wisconsin System; University of Wisconsin Madison
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作者：Kuhn, Peter; Kooreman, Peter; Soetevent, Adriaan; Kapteyn, Arie
作者单位：University of California System; University of California Santa Barbara; Tilburg University; University of Amsterdam; RAND Corporation
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作者：Matsa, David A.; Miller, Amalia R.
作者单位：Northwestern University; University of Virginia; RAND Corporation
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作者：Abeler, Johannes; Falk, Armin; Goette, Lorenz; Huffman, David
作者单位：University of Nottingham; University of Bonn; University of Lausanne; Swarthmore College
摘要：A key open question for theories of reference-dependent preferences is: what determines the reference point? One candidate is expectations: what people expect could affect how they feel about what actually occurs. In a real-effort experiment, we manipulate the rational expectations of subjects and check whether this manipulation influences their effort provision. We find that effort provision is significantly different between treatments in the way predicted by models of expectation-based, ref...
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作者：Gorbenko, Alexander S.; Malenko, Andrey
作者单位：University of London; London Business School; Massachusetts Institute of Technology (MIT)
摘要：We study simultaneous security-bid second-price auctions with competition among sellers for potential bidders. The sellers compete by designing ordered sets of securities that the bidders can offer as payment for the assets. Upon observing auction designs, potential bidders decide which auctions to enter. We characterize all symmetric equilibria and show that there always exist equilibria in which auctions are in standard securities or their combinations. In large markets the unique equilibriu...
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作者：Shy, Oz; Wang, Zhu
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston; Federal Reserve System - USA; Federal Reserve Bank - Kansas City
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作者：Loewenstein, George; Cain, Daylian M.; Sah, Sunita
作者单位：Carnegie Mellon University; Yale University; Duke University
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作者：Zhang, Yuting; Newhouse, Joseph P.; Baicker, Katherine
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Harvard University; Harvard T.H. Chan School of Public Health; Harvard University; Harvard University; National Bureau of Economic Research
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作者：Enikolopov, Ruben; Petrova, Maria; Zhuravskaya, Ekaterina
作者单位：New Economic School; New Economic School; Paris School of Economics
摘要：This paper compares electoral outcomes of 1999 parliamentary elections in Russia among geographical areas with differential access to the only national TV channel independent from the government. It was available to three-quarters of Russia's population and its signal availability was idiosyncratic, conditional on observables. Independent TV decreased aggregate vote for the government party by 8.9 percentage points, increased the combined vote for major opposition parties by 6.3 percentage poi...
