-
作者：Bergquist, Lauren Falcao; Dinerstein, Michael
作者单位：University of Michigan System; University of Michigan; University of Chicago
摘要：African agricultural markets are characterized by low farmer revenues and high consumer food prices. Many have worried that this wedge is partially driven by imperfect competition among intermediaries. This paper provides experimental evidence from Kenya on intermediary market structure. Randomized cost shocks and demand subsidies are used to identify a structural model of market competition. Estimates reveal that traders act consistently with joint profit maximization and earn median markups ...
-
作者：Bordalo, Pedro; Gennaioli, Nicola; Ma, Yueran; Shleifer, Andrei
作者单位：Bocconi University; Bocconi University; Harvard University
摘要：We study the rationality of individual and consensus forecasts of macroeconomic and financial variables using the methodology of Coibion and Gorodnichenko (2015), who examine predictability of forecast errors from forecast revisions. We find that individual forecasters typically overreact to news, while consensus forecasts under-react relative to full-information rational expectations. We reconcile these findings within a diagnostic expectations version of a dispersed information learning mode...
-
作者：Blundell, Wesley; Gowrisankaran, Gautam; Langer, Ashley
作者单位：Washington State University; University of Arizona
摘要：The US Environmental Protection Agency (EPA) uses a dynamic approach to enforcing air pollution regulations, with repeat offenders subject to high fines and designation as high priority violators (HPV). We estimate the value of dynamic enforcement by developing and estimating a dynamic model of a plant and regulator, where plants decide when to invest in pollution abatement technologies. We use a fixed grid approach to estimate random coefficient specifications. Investment, fines, and HPV desi...
-
作者：Lise, Jeremy; Postel-Vinay, Fabien
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of London; University College London; University of London; London School Economics & Political Science
摘要：We construct a structural model of on-the-job search in which workers differ in skills along several dimensions and sort themselves into jobs with heterogeneous skill requirements along those same dimensions. Skills are accumulated when used, and depreciate when not used. We estimate the model combining data from O*NET with the NLSY79. We use the model to shed light on the origins and costs of mismatch along heterogeneous skill dimensions. We highlight the deficiencies of relying on a unidimen...
-
作者：Favilukis, Jack; Lin, Xiaoji; Zhao, Xiaofei
作者单位：University of British Columbia; University of Minnesota System; University of Minnesota Twin Cities; Georgetown University
摘要：We show that labor market frictions are first-order for understanding credit markets. Wage growth and labor share forecast aggregate credit spreads and debt growth as well as or better than alternative predictors. They also predict credit risk and debt growth in a cross section of international firms. Finally, high labor share firms choose lower financial leverage. A model with labor market frictions and risky long-term debt can explain these findings, and produce large credit spreads despite ...
-
作者：Lemoine, Derek; Rudik, Ivan
作者单位：University of Arizona; National Bureau of Economic Research; Cornell University
摘要：Mattauch et al. (2020) claims that the quantitative conclusions in Lemoine and Rudik (2017)-henceforth, LR17-are not robust to using a climate model consistent with recent scientific results. We observe that LR17 in fact analyzes an extension to a more realistic carbon model that generates an efficient emission tax trajectory very similar to that in Mattauch et al. (2020), and we here show that simplifications in the temperature model of LR17 do not qualitatively affect their policy conclusion...
-
作者：Halac, Marina; Kremer, Ilan; Winter, Eyal
作者单位：Yale University; Center for Economic & Policy Research (CEPR); Hebrew University of Jerusalem; Hebrew University of Jerusalem; University of Warwick; Lancaster University
摘要：A firm raises capital from multiple investors to fund a project. The project succeeds only if the capital raised exceeds a stochastic threshold, and the firm offers payments contingent on success. We study the firm's optimal -unique-implementation scheme, namely the scheme that guarantees the firm the maximum payoff. This scheme treats investors differently based on size. We show that if the distribution of the investment threshold is -log-concave, larger investors receive higher net returns t...
-
作者：Luco, Fernando; Marshall, Guillermo
作者单位：Texas A&M University System; Texas A&M University College Station; University of British Columbia
摘要：We study the impact of vertical integration on pricing incentives in multiproduct industries. To do so, we exploit recent variation in vertical structure in the US carbonated-beverage industry. While the elimination of double marginalization with vertical integration is normally characterized as procompetitive, economic theory predicts that it may cause anticompetitive price increases in multiproduct industries. We indeed find that vertical integration causes price decreases in products with e...
-
作者：Allcott, Hunt; Braghieri, Luca; Eichmeyer, Sarah; Gentzkow, Matthew
作者单位：New York University; National Bureau of Economic Research; Stanford University
摘要：The rise of social media has provoked both optimism about potential societal benefits and concern about harms such as addiction, depression, and political polarization. In a randomized experiment, we find that deactivating Facebook for the four weeks before the 2018 US midterm election (i) reduced online activity, while increasing offline activities such as watching TV alone and socializing with family and friends; (ii) reduced both factual news knowledge and political polarization; (iii) incr...
-
作者：Romero, Mauricio; Sandefur, Justin; Sandholtz, Wayne Aaron
作者单位：Instituto Tecnologico Autonomo de Mexico; University of California System; University of California San Diego
摘要：In 2016, the Liberian government delegated management of 93 randomly selected public schools to private providers. Providers received US$50 per pupil, on top of US$50 per pupil annual expenditure in control schools. After one academic year, students in out-sourced schools scored 0.18s higher in English and mathematics. We do not find heterogeneity in learning gains or enrollment by student characteristics, but there is significant heterogeneity across providers. While outsourcing appears to be...
