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作者：Angeletos, George-Marios; Huo, Zhen
作者单位：Massachusetts Institute of Technology (MIT); Yale University
摘要：We develop an equivalence between the equilibrium effects of incomplete information and those of two behavioral distortions: myopia, or extra discounting of the future; and anchoring of current behavior to past behavior, as in models with habit persistence or adjustment costs. We show how these distortions depend on higher-order beliefs and GE mechanisms, and how they can be disciplined by evidence on expectations. We finally illustrate the use of our toolbox with a quantitative application in...
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作者：Bierbrauer, Felix J.; Boyer, Pierre C.; Peichl, Andreas
作者单位：University of Cologne; Institut Polytechnique de Paris; Ecole Polytechnique; ENSAE Paris; Leibniz Association; Ifo Institut; University of Munich
摘要：We study reforms of nonlinear income tax systems from a political economy perspective. We present a median voter theorem for monotonic tax reforms, reforms so that the change in the tax burden is a monotonic function of income. We also provide an empirical analysis of tax reforms, with a focus on the United States. We show that past reforms have, by and large, been monotonic. We also show that support by the median voter was aligned with majority support in the population. Finally, we develop ...
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作者：Basri, M. Chatib; Felix, Mayara; Hanna, Rema; Olken, Benjamin A.
作者单位：University of Indonesia; Massachusetts Institute of Technology (MIT); Harvard University
摘要：We compare two approaches to increasing tax revenue: tax administration and tax rates. We show that when Indonesia moved top regional firms into medium taxpayer offices, with high staff-to-taxpayer ratios, tax revenue more than doubled. Examining nonlinear changes to corporate income tax rates, we estimate an elasticity of taxable income of 0.579. Combining these estimates, improved tax administration is equivalent to raising top rates on all firms by 8 percentage points. On net, improved tax ...
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作者：Chen, Yiqun
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：This paper studies whether team members' past collaboration creates team-specific human capital and influences current team performance. Using administrative Medicare claims for two heart procedures, I find that shared work experience between the doctor who performs the procedure (proceduralist) and the doctors who provide care to the patient during the hospital stay for the procedure (physicians) reduces patient mortality rates. A one standard deviation increase in proceduralist-physician sha...
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作者：Beaman, Lori; BenYishay, Ariel; Magruder, Jeremy; Mobarak, Ahmed Mushfiq
作者单位：Northwestern University; William & Mary; University of California System; University of California Berkeley; Yale University
摘要：Can targeting information to network-central farmers induce more adoption of a new agricultural technology? By combining social network data and a field experiment in 200 villages in Malawi, we find that targeting central farmers is important to spur the diffusion process. We also provide evidence of one explanation for why centrality matters: a diffusion process governed by complex contagion. Our results are consistent with a model in which many farmers need to learn from multiple people befo...
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作者：Bulman, George; Fairlie, Robert; Goodman, Sarena; Isen, Adam
作者单位：University of California System; University of California Santa Cruz; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We examine US children whose parents won the lottery to trace out the effect of financial resources on college attendance. The analysis leverages federal tax and financial aid records and substantial variation in win size and timing. While per-dollar effects are modest, the relationship is weakly concave, with a high upper bound for amounts greatly exceeding college costs. Effects are smaller among low-SES households, not sensitive to how early in adolescence the shock occurs, and not moderate...
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作者：Bayer, Patrick; Mangum, Kyle; Roberts, James W.
作者单位：Duke University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Historical anecdotes abound of new investors being drawn into a booming asset market, only to suffer when the market turns. While the role of investor contagion in asset bubbles has been explored extensively in the theoretical literature, causal empirical evidence on the topic is much rarer. This paper studies the recent boom and bust in the US housing market and establishes that many novice investors entered the market as a direct result of observing investing activity of multiple forms in th...
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作者：Jha, Akshaya; Leslie, Gordon
作者单位：Carnegie Mellon University; Monash University
摘要：Firms expect to recover the fixed costs required to start production by earning positive operating profits in subsequent periods. We develop a dynamic competitive benchmark that accounts for start-up costs, showing that static markups overstate the rents attributable to market power in an electricity market where generators frequently stop and start production in response to rooftop solar output. We demonstrate that the large-scale expansion of solar capacity can lead to increases in the colle...
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作者：Prager, Elena; Schmitt, Matt
作者单位：Northwestern University; University of California System; University of California Los Angeles
摘要：We test whether wage growth slows following employer consolidation by examining hospital mergers. We find evidence of reduced wage growth in cases where both (i) the increase in concentration induced by the merger is large and (ii) workers' skills are industry-specific. In all other cases, we fail to reject zero wage effects. We consider alternative explanations and find that the observed patterns are unlikely to be explained by merger-related changes besides labor market power. Wage growth sl...
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作者：Braguinsky, Serguey; Ohyama, Atsushi; Okazaki, Tetsuji; Syverson, Chad
作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; University of Osaka; Hitotsubashi University; University of Tokyo; University of Chicago
摘要：We explore how firms grow by adding products. We leverage detailed data from Japan's cotton spinning industry at the turn of the last century to do so. This setting allows us to fully characterize the type of differentiation (vertical or horizontal) of new product introductions as well as whether the product is within or outside of the firm's prior technological capabilities. We find that trying to introduce innovative products beyond the firm's previous technologically feasible set, even if s...
