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作者：James, Alexander G.; Smith, Brock
作者单位：University of Alaska System; University of Alaska Anchorage; Montana State University System; Montana State University Bozeman
摘要：Feyrer, Mansur, and Sacerdote (2017) estimates the spatial dispersion of the effects of the recent shale-energy boom by unconditionally regressing income and employment on energy production at various levels of geographic aggregation. However, producing counties tend to be located near each other and receive inward spillovers from neighboring production. This inflates the estimated effect of own-county production and spatial aggregation does not address this. We propose an alternative estimati...
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作者：Perez-Truglia, Ricardo
作者单位：University of California System; University of California Los Angeles
摘要：In 2001, Norwegian tax records became easily accessible online, allowing everyone in the country to observe the incomes of everyone else. According to the income comparisons model, this change in transparency can widen the gap in well-being between richer and poorer individuals. Using survey data from 1985-2013 and multiple identification strategies, we show that the higher transparency increased the gap in happiness between richer and poorer individuals by 29 percent, and it increased the lif...
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作者：Breza, Emily; Chandrasekhar, Arun G.; McCormick, Tyler H.; Pan, Mengjie
作者单位：Harvard University; Stanford University; University of Washington; University of Washington Seattle; University of Washington; University of Washington Seattle
摘要：Social network data are often prohibitively expensive to collect, limiting empirical network research. We propose an inexpensive and feasible strategy for network elicitation using Aggregated Relational Data (ARD): responses to questions of the form how many of your links have trait k? Our method uses ARD to recover parameters of a network formation model, which permits sampling from a distribution over node- or graph-level statistics. We replicate the results of two field experiments that use...
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作者：Herskovic, Bernard; Ramos, Joao
作者单位：University of California System; University of California Los Angeles; University of Southern California; University of London; Queen Mary University London
摘要：We develop an endogenous network formation model, in which agents form connections to acquire information. Our model features complementarity in actions as agents care not only about accuracy of their decision-making but also about the actions of other agents. In equilibrium, the information structure is a hierarchical network, and, under weakly convex cost of forming links, the equilibrium network is core-periphery. Although agents are ex ante identical, there is ex post heterogeneity in payo...
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作者：Straub, Ludwig; Werning, Ivan
作者单位：Harvard University; Massachusetts Institute of Technology (MIT)
摘要：According to the Chamley-Judd result, capital should not be taxed in the long run. In this paper, we overturn this conclusion, showing that it does not follow from the very models used to derive it. For the main model in Judd (1985), we prove that the long-run tax on capital is positive and significant, whenever the intertemporal elasticity of substitution is below one. For higher elasticities, the tax converges to zero but may do so at a slow rate, after centuries of high tax rates. The main ...
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作者：Coey, Dominic; Larsen, Bradley J.; Platt, Brennan C.
作者单位：Facebook Inc; Stanford University; National Bureau of Economic Research; Brigham Young University
摘要：We present a new equilibrium search model where consumers initially search among discount opportunities, but are willing to pay more as a deadline approaches, eventually turning to full-price sellers. The model predicts equilibrium price dispersion and rationalizes discount and full-price sellers coexisting without relying on ex ante heterogeneity. We apply the model to online retail sales via auctions and posted prices, where failed attempts to purchase reveal consumers' reservation prices. W...
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作者：Garriga, Carlos; Hedlund, Aaron
作者单位：Federal Reserve System - USA; University of Missouri System; University of Missouri Saint Louis; Federal Reserve System - USA; Utah System of Higher Education; Utah State University
摘要：Using a quantitative heterogeneous agents macro-housing model and detailed microdata, this paper studies the drivers of the 2006-2011 housing bust, its spillovers to consumption and the credit market, and the ability of mortgage rate interventions to accelerate the recovery. The model features tenure choice between owning and renting, rich portfolio choice, long-term defaultable mortgages, and endogenously illiquid housing from search frictions. The equilibrium analysis and empirical evidence ...
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作者：Kremer, Michael
作者单位：Harvard University
摘要：The experimental method not only helps identify causal relationships, but also provides economists with a rich sense of context, focuses research on specific practical questions, stimulates collaboration with practitioners and specialists from other fields, and allows for rapid iteration. In this lecture, I present a series of examples illustrating how together these features make the experimental approach a powerful tool for advancing scientific understanding, informing policy, and promoting ...
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作者：Grennan, Matthew; Town, Robert J.
作者单位：University of Pennsylvania; National Bureau of Economic Research; University of Texas System; University of Texas Austin
摘要：We study the impact of regulating product entry and quality information requirements on an oligopoly equilibrium and consumer welfare. Product testing can reduce consumer uncertainty, but also increase entry costs and delay entry. Using variation between EU and US medical device regulations, we document patterns consistent with valuable learning from more stringent US requirements. To derive welfare implications, we pair the data with a model of supply, demand, and testing regulation. US polic...
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作者：Bursztyn, Leonardo; Egorov, Georgy; Fiorin, Stefano
作者单位：University of Chicago; National Bureau of Economic Research; Northwestern University; Bocconi University; Bocconi University
摘要：Social norms, usually persistent, can change quickly when new public information arrives, such as a surprising election outcome. People may become more inclined to express views or take actions previously perceived as stigmatized and may judge others less negatively for doing so. We examine this possibility using two experiments. We first show via revealed preference experiments that Donald Trump's rise in popularity and eventual victory increased individuals' willingness to publicly express x...
