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作者：Agarwal, Sumit; Grigsby, John; Hortacsu, Ali; Matvos, Gregor; Seru, Amit; Yao, Vincent
作者单位：National University of Singapore; National University of Singapore; Princeton University; National Bureau of Economic Research; University of Chicago; Northwestern University; Stanford University; University System of Georgia; Georgia State University; University System of Georgia; Georgia State University
摘要：This paper theoretically and empirically studies the interaction of search and application approval in credit markets. Risky borrowers internalize the probability that their application is rejected and behave as if they had high search costs. Thus, overpayment may be a poor proxy for consumer sophistication since it partly represents rational search in response to rejections. Contrary to standard search models, our model implies (1) endogenous adverse selection through the search and applicati...
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作者：Higgins, Ayden; Jochmans, Koen
作者单位：University of Oxford; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：The maximum-likelihood estimator of nonlinear panel data models with fixed effects is asymptotically biased under rectangular-array asymptotics. The literature has devoted substantial effort to devising methods that correct for this bias as a means to salvage standard inferential procedures. The chief purpose of this paper is to show that the (recursive, parametric) bootstrap replicates the asymptotic distribution of the (uncorrected) maximum-likelihood estimator and of the likelihood-ratio st...
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作者：Gomez, Matthieu; Gouin-Bonenfant, Emilien
作者单位：Columbia University
摘要：We study the effect of interest rates on wealth inequality. While lower rates decrease the growth rate of rentiers, they also increase the growth rate of entrepreneurs by making it cheaper to raise capital. To understand which effect dominates, we derive a sufficient statistic for the effect of interest rates on the Pareto exponent of the wealth distribution: it depends on the lifetime equity and debt issuance rate of individuals in the right tail of the wealth distribution. We estimate this s...
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作者：Almas, Ingvild; Attanasio, Orazio; Jervis, Pamela
作者单位：Stockholm University; Norwegian School of Economics (NHH); Yale University; Norwegian School of Economics (NHH); University of Cambridge; Universidad de Chile; University of London; London School Economics & Political Science
摘要：Most empirical work in economics has considered only a narrow set of measures as meaningful and useful to characterize individual behavior, a restriction justified by the difficulties in collecting a wider set. However, this approach often forces the use of strong assumptions to estimate the parameters that inform individual behavior and identify causal links. In this paper, we argue that a more flexible and broader approach to measurement could be extremely useful and allow the estimation of ...
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作者：Kala, Namrata
作者单位：Massachusetts Institute of Technology (MIT)
摘要：The allocation of decision-making power is a critical choice that organizations make to mitigate agency problems and information frictions. This paper investigates the role of delegation for organizations where the agency problem is both pervasive and has potentially high welfare consequences: state-owned enterprises (SOEs). I use a natural experiment in India to uncover the causal effects of granting SOE managers more autonomy over strategic decisions. Managers meaningfully exercise this auto...
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作者：Miyauchi, Yuhei
作者单位：Boston University
摘要：This paper shows that matching frictions and a thick market externality in firm-to-firm trade shape the agglomeration of economic activity. Using panel data of firm-to-firm trade in Japan, I demonstrate that firms gradually match with alternative suppliers following an unanticipated supplier bankruptcy, and that the rate of rematching increases in the geographic density of alternative suppliers. Motivated by these empirical findings, I develop a general equilibrium model of firm-to-firm matchi...
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作者：Cervellati, Matteo; Gulino, Giorgio; Roberti, Paolo
作者单位：University of Bologna; University of Rome Tor Vergata; Free University of Bozen-Bolzano
摘要：We exploit a natural experiment involving a randomization of votes across parties within coalitions in all local elections in Italy for over a decade. A lottery on the position of party symbols in the ballot papers allows estimating the causal effect of increasing votes to parties for coalition policies. A non-marginal random boost of votes shifts budgetary spending towards the treated party's platform, but only for issues that are salient in that party's political manifesto. We study the chai...
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作者：Chang, Haoge; Middleton, Joel A.; Aronow, P. M.
作者单位：Columbia University; Yale University; Yale University; Yale University; Yale University; Yale University
摘要：Freedman (2008a,b) showed that the linear regression estimator is biased for the analysis of randomized controlled trials under the randomization model. Under Freedman's assumptions, we derive exact closed-form bias corrections for the linear regression estimator. We show that the limiting distribution of the bias corrected estimator is identical to the uncorrected estimator. Taken together with results from Lin (2013), our results show that Freedman's theoretical arguments against the use of ...
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作者：Abreu, Dilip; Manea, Mihai
作者单位：New York University; State University of New York (SUNY) System; Stony Brook University
摘要：A seller trades with q out of n buyers who have valuations a(1) >= a(2) >= center dot center dot center dot >= a(n) > 0 via sequential bilateral bargaining. When q < n, buyer payoffs vary across equilibria in the patient limit, but seller payoffs do not, and converge to max(l <= q+1)[a(1)+a(2)+ center dot center dot center dot+a(l-1)/2+a(l+1)+ center dot center dot center dot+a(q+1)]. If l* is the (generically unique) maximizer of this optimization problem, then each buyer i < l* trades with p...
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作者：Grant, Simon; Liu, Sh. L.; Yang, Jingni
作者单位：Australian National University; Peking University; University of Sydney
