-
作者：Albagli, Elias; Hellwig, Christian; Tsyvinski, Aleh
作者单位：Central Bank of Chile; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Center for Economic & Policy Research (CEPR); Yale University; National Bureau of Economic Research
摘要：We analyze the consequences of noisy information aggregation for investment. Market imperfections create endogenous rents that cause overinvestment in upside risks and underinvestment in downside risks. In partial equilibrium, these inefficiencies are particularly severe if upside risks are coupled with easy scalability of investment. In general equilibrium, the shareholders' collective attempts to boost value of individual firms leads to a novel externality operating through price that amplif...
-
作者：Lane, Tom; Nosenzo, Daniele; Sonderegger, Silvia
作者单位：University of Nottingham Ningbo China; Aarhus University; University of Nottingham; University of Nottingham
摘要：A large theoretical literature argues laws exert a causal effect on norms, but empirical evidence remains scant. Using a novel identification strategy, we provide a compelling empirical test of this proposition. We use incentivized vignette experiments to directly measure social norms relating to actions subject to legal thresholds. Our large-scale experiments (n = 7,000) run in the United Kingdom, United States, and China show that laws can causally influence social norms. Results are robust ...
-
作者：Ward, Zachary
作者单位：Baylor University
摘要：A large body of evidence finds that relative mobility in the US has declined over the past 150 years. However, long-run mobility estimates are usually based on White samples and therefore do not account for the limited opportunities available for nonwhite families. Moreover, historical data measure the father's status with error, which biases estimates toward greater mobility. Using linked census data from 1850 to 1940, I show that accounting for race and measurement error can double estimates...
-
作者：Pomatto, Luciano; Strack, Philipp; Tamuz, Omer
摘要：We develop an axiomatic theory of information acquisition that cap-tures the idea of constant marginal costs in information production: the cost of generating two independent signals is the sum of their costs, and generating a signal with probability half costs half its original cost. Together with Blackwell monotonicity and a continuity condition, these axioms determine the cost of a signal up to a vector of param-eters. These parameters have a clear economic interpretation and determine the ...
-
作者：De Janvry, Alain; He, Guojun; Sadoulet, Elisabeth; Wang, Shaoda; Zhang, Qiong
作者单位：University of California System; University of California Berkeley; University of Hong Kong; University of Chicago; National Bureau of Economic Research; Renmin University of China
摘要：Subjective performance evaluation could induce influence activities: employees might devote too much effort to pleasing their evaluator, relative to working toward the goals of the organization itself. We conduct a randomized field experiment among Chinese local civil servants to study the existence and implications of influence activi-ties. We find that civil servants do engage in evaluator-specific influ-ence to affect evaluation outcomes, partly in the form of reallocating work efforts towa...
-
作者：Malgouyres, Clement; Mayer, Thierry; Mazet-sonilhac, Clement
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Centre National de la Recherche Scientifique (CNRS); Institut d'Etudes Politiques Paris (Sciences Po); Centre for Economic Policy Research - UK; Bocconi University
摘要：Suarez Serrato and Zidar (2016) identify state corporate tax inci-dence in a spatial equilibrium model with imperfectly mobile firms. Their identification argument rests on comparative statics omitting a channel implied by their model: the link between common deter-minants of a location's attractiveness and the average idiosyncratic productivity of firms choosing that location. This compositional mar-gin causes the labor demand elasticity to be independent from the product demand elasticity, i...
-
作者：Brzustowski, Thomas; Georgiadis-harris, Alkis; Szentes, Balazs
作者单位：University of London; London School Economics & Political Science; University of Bonn
摘要：This paper reconsiders the problem of a durable-good monopolist who cannot make intertemporal commitments. The buyer's valua-tion is binary and his private information. The seller has access to dynamic contracts and, in each period, decides whether to deploy the previous period's contract or to replace it with a new one. The main result of the paper is that the Coase conjecture fails: the monopo-list's payoff is bounded away from the low valuation irrespective of the discount factor. (JEL D42,...
-
作者：Boehm, Christoph E.; Levchenko, Andrei A.; Pandalai-Nayar, Nitya
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research; University of Michigan System; University of Michigan
摘要：When countries change most favored nation (MFN) tariffs, part-ners that trade on MFN terms experience plausibly exogenous tariff changes. Using this variation, we estimate the trade elastic-ity at short and long horizons with local projections. We find that the elasticity of tariff-exclusive trade flows is-0.76 in the short run, and approximately-2 in the long run. Our long-run esti-mates are smaller than typical in the literature, and it takes 7 to10 years to converge to the long run, implyin...
-
作者：Bombardini, Matilde; LI, Bingjing; Trebbi, Francesco
作者单位：University of California System; University of California Berkeley
摘要：Information sets, expectations, and preferences of politicians are fundamental, but unobserved determinants of their policy choices. Employing repeated votes in the US House of Representatives on China's normal trade relations (NTR) status during the two decades straddling China's World Trade Organization (WTO) accession, we apply a moment inequality approach designed to deliver consistent estimates under weak informational assumptions on the information sets of members of Congress. This metho...
-
作者：Gross, Daniel P.; Sampat, Bhaven N.
作者单位：Duke University; National Bureau of Economic Research; Arizona State University; Arizona State University-Tempe
摘要：During World War II, the US government's Office of Scientific Research and Development (OSRD) supported one of the largest public investments in applied R&D in US history. Using data on all OSRD-funded invention, we show this shock had a formative impact on the US innovation system, catalyzing technology clusters across the country, with accompanying increases in high-tech entrepreneurship and employment. These effects persist until at least the 1970s and appear to be driven by agglomerative f...
