The American Economic Review

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• Ownership Concentration and Strategic Supply Reduction AI翻译
  作者：Doraszelski, Ulrich; Seim, Katja; Sinkinson, Michael; Wang, Peichun
  作者单位：University of Pennsylvania; Yale University; Yale University; Northwestern University; University of Hong Kong
  摘要：We explore the implications of ownership concentration for the recently concluded incentive auction that repurposed spectrum from broadcast TV to mobile broadband usage in the United States. We document significant multilicense ownership of TV stations. We show that in the reverse auction, in which TV stations bid to relinquish their licenses, multilicense owners have an incentive to withhold some TV stations to drive up prices for their remaining TV stations. Using a large-scale valuation and...
• The Good Wife? Reputation Dynamics and Financial Decision-Making inside the Household AI翻译
  作者：Buchmann, Nina; Dupas, Pascaline; Ziparo, Roberta
  作者单位：Yale University; Princeton University; National Bureau of Economic Research; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS)
  摘要：We study reputation dynamics within the household in a setting where women regularly receive transfers from their husbands for household purchases. We propose a signaling model in which wives try to maintain a good reputation in the eyes of their husbands to receive high transfers. This leads them to (i) avoid risky purchases (goods with unknown returns) and (ii) knowingly overuse low-return goods to hide bad purchase decisions-we call this the intrahousehold sunk cost effect. We present suppo...
• Monetary Policy without Commitment AI翻译
  作者：Afrouzi, Hassan; Halac, Marina; Rogoff, Kenneth; Yared, Pierre
  作者单位：Columbia University; National Bureau of Economic Research; Yale University; Centre for Economic Policy Research - UK; Harvard University; Columbia University
  摘要：This paper studies the implications of central bank credibility for long-run inflation and inflation dynamics. We introduce central bank lack of commitment into a standard nonlinear New Keynesian economy with sticky-price monopolistically competitive firms. Inflation is driven by the interaction of lack of commitment and the economic environment. We show that long-run inflation increases following an unanticipated permanent increase in the labor wedge or decrease in the elasticity of substitut...
• Raising the Stakes: Physician Facility Investments and Provider Agency AI翻译
  作者：Munnich, Elizabeth L.; Richards, Michael R.; Whaley, Christopher M.; Zhao, Xiaoxi
  作者单位：University of Louisville; Cornell University; National Bureau of Economic Research; Brown University; RAND Corporation
  摘要：Principal-agent problems often extend beyond what can be directly addressed through conventional incentive arrangements. We examine a context where physicians are likely under-incentivized to minimize total medical costs until their private financial interests align with those of patients. Leveraging novel data on physician ownership of ambulatory surgery centers--that is, same-day facilities--we show that these equity holdings cause a substitution away from higher cost, rival settings that lo...
• The Opportunity Atlas: Mapping the Childhood Roots of Social Mobility AI翻译
  作者：Chetty, Raj; Friedman, John N.; Hendren, Nathaniel; Jones, Maggie R.; Porter, Sonya R.
  作者单位：Harvard University; National Bureau of Economic Research; Brown University; Massachusetts Institute of Technology (MIT)
  摘要：We construct a public atlas of mean outcomes in adulthood by childhood census tract. Outcomes vary sharply across neighborhoods: For children whose parents earn $27,000, the standard deviation of mean household income in adulthood is $10,420 across tracts within counties. Only half the variation in outcomes is explained by traditional measures of neighborhood opportunity like poverty rates. Experimental and quasi-experimental estimates indicate 60 percent of the variation in outcomes across ne...
• First-Generation Elite: The Role of School Social Networks AI翻译
  作者：Cattan, Sarah; Salvanes, Kjell G.; Tominey, Emma
  作者单位：University of London; London School Economics & Political Science; Norwegian School of Economics (NHH); University of York - UK
  摘要：High school students from non-elite backgrounds are less likely to have peers with elite-educated parents than their elite counterparts. This difference in social capital is a key driver of the high intergenerational persistence in elite education. We identify a positive elite peer effect on enrollment in elite programs and labor market earnings, then disentangle underlying mechanisms. Exploiting a lottery in assessment, a causal mediation analysis shows the overall positive peer effect reflec...
• Distinguishing Causes of Neighborhood Racial Change: A Nearest-Neighbor Design AI翻译
  作者：Bayer, Patrick; Casey, Marcus; Ben McCartney, W.; Orellana-Li, John; Zhang, Calvin
  作者单位：Duke University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Virginia; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Oregon
  摘要：We study neighborhood choice using a novel research design that contrasts the move rate of homeowners who receive a new different-race neighbor immediately next-door versus slightly farther away on the same block. This approach isolates a component of preferences directly attributable to neighbors' identities. Both Black and White homeowners are more likely to move after receiving a new different-race neighbor. Findings are robust to additional controls (e.g., income) and alternative research ...
• Cursed Sequential Equilibrium AI翻译
  作者：Fong, Meng-Jhang; Lin, Po-Hsuan; Palfrey, Thomas R.
  作者单位：Max Planck Society; University of Virginia; California Institute of Technology
  摘要：This paper develops a framework to extend the strategic form analysis of cursed equilibrium (CE) developed by Eyster and Rabin (2005) to multistage games. The approach uses behavioral strategies rather than normal form mixed strategies and imposes sequential rationality. We define and characterize properties of cursed sequential equilibrium (CSE) and apply it to four canonical economic applications: signaling games, reputation building, durable goods monopoly, and the dirty faces game. These a...
• Optimal Security Design for Risk-Averse Investors AI翻译
  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 use the tools of mechanism design combined with the theory of risk measures to analyze how a cash-constrained owner of an asset with known, stochastic returns raises capital from a population of investors who differ in their risk aversion and budget constraints. The issuer partitions the asset's cash flow into several asset-backed securities, one for each type of investor. The optimal partition conforms to the commonly observed practice of tranching into senior debt, junior debt, and equity...
• The Productivity of Professions: Evidence from the Emergency Department AI翻译
  作者：Chan, David; Chen, Yiqun
  作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
  摘要：This paper studies the productivity of nurse practitioners (NPs) and physicians, two professions performing overlapping tasks but with starkly different backgrounds, training, and pay. Using quasi-experimental variation inpatient assignment to NPs versus physicians in Veterans Health Administration emergency departments, we find that, on average, NPs use more resources and exhibit a higher 30-day preventable hospitalization rate than physicians. However, the NP-physician performance difference...