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作者：Chu, Chenghuan Sean; Rysman, Marc
作者单位：Boston University
摘要：We study the market for ratings agencies in the commercial mortgage backed securities sector leading up to and including the financial crisis of 2007-2008. Using a structural model adapted from the auctions literature, we characterize the incentives of ratings agencies to distort ratings in favor of issuers. We find an important equilibrium distortion, which decreased after the crisis. We study several counterfactual experiments motivated by recent policymaking in this industry.
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作者：DeMarzo, Peter M.; Kremer, Ilan; Skrzypacz, Andrzej
作者单位：Stanford University; Hebrew University of Jerusalem; Hebrew University of Jerusalem; University of Warwick
摘要：We analyze test design and certification standards when an uninformed seller has the option to generate and disclose costly information regarding asset quality. We characterize equilibria by a minimum principle: the test and disclosure policy are chosen to minimize the asset's value conditional on nondisclosure. Thus, when sellers choose the information provided, simple pass/fail certification tests are likely to dominate the market. A social planner could raise informational and allocative ef...
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作者：Finkelstein, Amy; Hendren, Nathaniel; Shepard, Mark
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Harvard University
摘要：How much are low-income individuals willing to pay for health insurance, and what are the implications for insurance markets? Using administrative data from Massachusetts' subsidized insurance exchange, we exploit discontinuities in the subsidy schedule to estimate willingness to pay and costs of insurance among low-income adults. As subsidies decline, insurance take-up falls rapidly, dropping about 25 percent for each $40 increase in monthly enrollee premiums. Marginal enrollees tend to be lo...
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作者：Crawford, Gregory S.; Shcherbakov, Oleksandr; Shum, Matthew
作者单位：University of Zurich; Bank of Canada; California Institute of Technology
摘要：We measure the welfare distortions from endogenous quality choice in imperfectly competitive markets. For US cable television markets between 1997-2006, prices are 33 percent to 74 percent higher and qualities 23 percent to 55 percent higher than socially optimal. Such quality overprovision contradicts classic results in the literature and our analysis shows that it results from the presence of competition from high-end satellite TV providers: without the competitive pressure from satellite co...
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作者：Hortacsu, Ali; Luco, Fernando; Puller, Steven L.; Zhu, Dongni
作者单位：University of Chicago; National Bureau of Economic Research; Texas A&M University System; Texas A&M University College Station; Shanghai University of Finance & Economics
摘要：Oligopoly models of price competition predict that strategic firms exercise market power and generate inefficiencies. However, heterogeneity in firms' strategic ability also generates inefficiencies. We study the Texas electricity market where firms exhibit significant heterogeneity in how they deviate from Nash equilibrium bidding. These deviations, in turn, increase the cost of production. To explain this heterogeneity, we embed a cognitive hierarchy model into a structural model of bidding ...
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作者：Ascari, Guido; Bonomolo, Paolo; Lopes, Hedibert F.
作者单位：University of Oxford; University of Pavia; Bank of Finland; European Central Bank; De Nederlandsche Bank NV; Insper
摘要：We propose a generalization of the rational expectations framework to allow for temporarily unstable paths. Our approach introduces multiplicative sunspot shocks and it yields drifting parameters and stochastic volatility. Then, we provide an econometric strategy to estimate this generalized model on the data. The methodology allows the data to choose between different possible alternatives: determinacy, indeterminacy, and temporary instability. We apply our methodology to US inflation dynamic...
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作者：Brandt, Loren; Van Biesebroeck, Johannes; Wang, Luhang; Zhang, Yifan
作者单位：University of Toronto; KU Leuven; Xiamen University; Chinese University of Hong Kong
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作者：Galperti, Simone
作者单位：University of California System; University of California San Diego
摘要：Persuaders often face the task of changing their listeners' worldview, which may involve conveying evidence that disconfirms that view. It has been shown, however, that people are often reluctant to change their worldviews. These aspects of persuasion cannot be captured in the standard Bayesian framework. The paper identifies the constraints, opportunities, and trade-offs of persuading people to change worldview. It finds necessary and sufficient conditions under which it is optimal for persua...
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作者：Boomhower, Judson
作者单位：University of California System; University of California San Diego
摘要：This paper measures the effects of bankruptcy protection on industry structure and environmental outcomes in oil and gas extraction. Using administrative data from Texas, I exploit variation in an insurance requirement that reduced firms' ability to avoid liability through bankruptcy. Among small firms, the policy substantially improved environmental outcomes and reduced production. Most production was reallocated to larger firms with better environmental records, but high-cost production wher...
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作者：Kessler, Judd B.; Low, Corinne; Sullivan, Colin D.
作者单位：University of Pennsylvania; Stanford University
摘要：We introduce a new experimental paradigm to evaluate employer preferences, called incentivized resume rating (IRR). Employers evaluate resumes they know to be hypothetical in order to be matched with real job seekers, preserving incentives while avoiding the deception necessary in audit studies. We deploy IRR with employers recruiting college seniors from a prestigious school, randomizing human capital characteristics and demographics of hypothetical candidates. We measure both employer prefer...
