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作者：Dillender, Marcus
作者单位：Vanderbilt University; National Bureau of Economic Research
摘要：HIV/AIDS has been one of the largest public health crises in recent history, and the US federal government has spent hundreds of billions of dollars fighting the disease. This study examines the impact of the large amounts of federal funding allocated to US cities to combat HIV/AIDS through the Ryan White CARE Act's first title. The find-ings indicate that the cost to avoid an HIV/AIDS death through the program is roughly $334,000, that the program has saved approxi-mately 57,000 lives through...
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作者：Ali, S. Nageeb; Bernheim, B. Douglas; Bloedel, Alexander W.; Battilana, Silvia Console
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Stanford University; University of California System; University of California Los Angeles
摘要：We model legislative decision- making with an agenda setter who can propose policies sequentially, tailoring each proposal to the status quo that prevails after prior votes. Voters are sophisticated, and the agenda setter cannot commit to future proposals. Nevertheless, the agenda setter obtains her favorite outcome in every equilibrium regardless of the initial default policy. Central to our results is a new condition on preferences, manipulability, that holds in rich policy spaces, including...
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作者：Acharya, Sushant; Challe, Edouard; Dogra, Keshav
作者单位：Bank of Canada; European University Institute; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We study optimal monetary policy in an analytically tractable het-erogeneous agent New Keynesian model with rich cross-sectional heterogeneity. Optimal policy differs from a representative agent benchmark because monetary policy can affect consumption inequality, by stabilizing consumption risk arising from both idio-syncratic shocks and unequal exposures to aggregate shocks. The trade-off between consumption inequality, productive efficiency, and price stability is summarized in a simple line...
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作者：Blattner, Laura; Farinha, Luisa; Rebelo, Francisca
作者单位：Stanford University; Banco de Portugal; Boston College
摘要：We provide evidence that banks distort the composition of credit sup-ply in order to comply with ratio-based capital requirements in times of economic distress. An unexpected intervention by the European Banking Authority provides a natural experiment to study how banks respond to falling below minimum required capital ratios during an economic downturn. We show that affected banks respond by cut-ting lending but also by reallocating credit to distressed firms with underreported loan losses. W...
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作者：Ngangoue, M. Kathleen; Schotter, Andrew
作者单位：New York University
摘要：This paper presents a puzzle in the behavior of experimental subjects in what we call common-probability auctions. In common-value auc-tions, uncertainty is defined over values, while in common-probability auctions, uncertainty is defined over probabilities. We find that in contrast to the substantial overbidding found in common-value auc-tions, bidding in strategically equivalent common-probability auc-tions is consistent with Nash equilibrium. To explain our results, we run treatments to ide...
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作者：Patterson, Christina
作者单位：University of Chicago
摘要：This paper shows that the unequal incidence of recessions in the labor market amplifies aggregate shocks. Using administrative data from the United States, I document a positive covariance between workers' marginal propensities to consume (MPCs) and their elas-ticities of earnings to GDP, which is a key moment for a new class of heterogeneous-agent models. I define the matching multiplier as the increase in the multiplier stemming from this matching of high MPC workers to more cyclical jobs. I...
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作者：Rafey, Will
作者单位：University of California System; University of California Los Angeles
摘要：This paper develops and applies a method to value water trading on a river network. The framework relies on regulatory variation in diversion caps to identify production functions for irrigated farms, then uses the estimated shadow values to assess the market's reallocation. I apply this framework to the largest water market in human history, located in southeastern Australia. Observed water trading increased output by 4-6 percent from 2007 to 2015, equivalent to avoiding an 8-12 percent unifo...
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作者：Saccardo, Silvia; Serra-Garcia, Marta
作者单位：Carnegie Mellon University; Leibniz Association; Ifo Institut; University of California System; University of California San Diego
摘要：Moral behavior is more prevalent when individuals cannot easily distort their beliefs self-servingly. Do individuals seek to limit or enable their ability to distort beliefs? How do these choices affect behavior? Experiments with over 9,000 participants show prefer-ences are heterogeneous-30 percent of participants prefer to limit belief distortion, while over 40 percent prefer to enable it, even if costly. A random assignment mechanism reveals that being assigned to the preferred environment ...
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作者：Onuchic, Paula; Ray, Debraj
作者单位：University of Oxford; New York University; University of Warwick
摘要：We study collaborative work in pairs when potential collaborators are motivated by the reputational implications of (joint or solo) proj-ects. In equilibrium, individual collaboration strategies both influ-ence and are influenced by the public assignment of credit for joint work across the two partners. We investigate the fragility of collabo-ration to small biases in the public's credit assignment. When collab-orators are symmetric, symmetric equilibria are often fragile, and in nonfragile eq...
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作者：Gershkov, Alex; Moldovanu, Benny; Strack, Philipp; Zhang, Mengxi
作者单位：Hebrew University of Jerusalem; Hebrew University of Jerusalem; University of Surrey; University of Bonn; Yale University
摘要：We study a generalization of the classical monopoly insurance prob-lem under adverse selection (see Stiglitz 1977) where we allow for a random distribution of losses , possibly correlated with the agent's risk parameter that is private information. Our model explains pat-terns of observed customer behavior and predicts insurance con-tracts most often observed in practice: these consist of menus of several deductible-premium pairs or menus of insurance with cov-erage limits-premium pairs. A mai...
