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作者：Epple, Dennis; Gordon, Brett; Sieg, Holger
作者单位：Carnegie Mellon University; Columbia University
摘要：Dating to the classic works of Alonso, Mills, and Muth, the production function for housing has played a central role in urban economics and local public finance. This paper provides a new flexible approach for estimating the housing production function which treats housing quantities and prices as latent variables. The empirical analysis is based on a comprehensive database of recently built properties in Allegheny County, Pennsylvania. We find that the new method proposed in this paper works...
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作者：Gordon, Robert J.
作者单位：Northwestern University
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作者：Garcia-Cicco, Javier; Pancrazi, Roberto; Uribe, Martin
作者单位：Central Bank of Chile; Duke University; Columbia University; National Bureau of Economic Research
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作者：Ellingsen, Tore; Ostling, Robert
作者单位：Stockholm School of Economics; Stockholm University
摘要：We study costless pre-play communication of intentions among inexperienced players. Using the level-k model of strategic thinking to describe players' beliefs, we fully characterize the effects of preplay communication in symmetric 2 x 2 games. One-way communication weakly increases coordination on Nash equilibrium outcomes, although average payoffs sometimes decrease. Two-way communication further improves payoffs in some games but is detrimental in others. Moving beyond the class of symmetri...
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作者：Davig, Troy; Leeper, Eric M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City; Indiana University System; Indiana University Bloomington; National Bureau of Economic Research
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作者：Tinn, Katrin
作者单位：University of Essex
摘要：This paper focuses on the importance of equity markets in facilitating the exit of entrepreneurs investing in technology. Entrepreneurs' willingness to invest and aggregate output is affected in two opposite ways. First, uncertainty about equity price or lack of market liquidity discourages technology adoption. This can explain slow technology adoption and limited participation by venture capitalists in underdeveloped equity markets. Second, fast adoption is a positive signal to imperfectly in...
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作者：Bruhn, Miriam; Karlan, Dean; Schoar, Antoinette
作者单位：The World Bank; Yale University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
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作者：Edelman, Benjamin; Schwarz, Michael
作者单位：Harvard University; Yahoo! Inc
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作者：Bernard, Andrew B.; Redding, Stephen J.; Schott, Peter K.
作者单位：Dartmouth College; University of London; London School Economics & Political Science; Yale University
摘要：This paper examines the frequency, pervasiveness, and determinants of product switching by US manufacturing firms. We find that one-half of firms alter their mix of five-digit SIC products every five years, that product switching is correlated with both firm- and firm-product attributes, and that product adding and dropping induce large changes in firm scope. The behavior we observe is consistent with a natural generalization of existing theories of industry dynamics that incorporates endogeno...
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作者：Dal Bo, Pedro; Foster, Andrew; Putterman, Louis
作者单位：Brown University; National Bureau of Economic Research
摘要：A novel experiment is used to show that the effect of a policy on the level of cooperation is greater when it is chosen democratically by the subjects than when it is exogenously imposed. In contrast to the previous literature, our experimental design allows us to control for selection effects (e.g., those who choose the policy may be affected differently by it). Our finding implies that democratic institutions may affect behavior directly in addition to having effects through the choice of po...
