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作者：Ryan, Nicholas
作者单位：Yale University
摘要：Weak contract enforcement may reduce the efficiency of production in developing countries. I study how contract enforcement affects efficiency in procurement auctions for the largest power projects in India. I gather data on bidding and ex post contract renegotiation and find that the renegotiation of contracts in response to cost shocks is widespread, despite that bidders are allowed to index their bids to future costs like the price of coal. To study heterogeneity in bidding strategies, I co...
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作者：Fagereng, Andreas; Guiso, Luigi; Malacrino, Davide; Pistaferri, Luigi
作者单位：BI Norwegian Business School; Centre for Economic Policy Research - UK; International Monetary Fund; National Bureau of Economic Research; Stanford University
摘要：We provide a systematic analysis of the properties of individual returns to wealth using 12 years of population data from Norway's administrative tax records. We document a number of novel results. First, individuals earn markedly different average returns on their net worth (a standard deviation of 22.1%) and on its components. Second, heterogeneity in returns does not arise merely from differences in the allocation of wealth between safe and risky assets: returns are heterogeneous even withi...
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作者：Doval, Laura; Ely, Jeffrey C.
作者单位：California Institute of Technology; Northwestern University
摘要：We study games of incomplete information as both the information structure and the extensive form vary. An analyst may know the payoff-relevant data but not the players' private information, nor the extensive form that governs their play. Alternatively, a designer may be able to build a mechanism from these ingredients. We characterize all outcomes that can arise in an equilibrium of some extensive form with some information structure. We show how to specialize our main concept to capture the ...
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作者：Sachs, Dominik; Tsyvinski, Aleh; Werquin, Nicolas
作者单位：University of Munich; Yale University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We study the incidence of nonlinear labor income taxes in an economy with a continuum of endogenous wages. We derive in closed form the effects of reforming non-linearly an arbitrary tax system, by showing that this problem can be formalized as an integral equation. Our tax incidence formulas are valid both when the underlying assignment of skills to tasks is fixed or endogenous. We show qualitatively and quantitatively that contrary to conventional wisdom, if the tax system is initially subop...
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作者：Buera, Francisco J.; Oberfield, Ezra
作者单位：Washington University (WUSTL); Princeton University
摘要：We provide a tractable, quantitatively-oriented theory of innovation and technology diffusion to explore the role of international trade in the process of development. We model innovation and diffusion as a process involving the combination of new ideas with insights from other industries or countries. We provide conditions under which each country's equilibrium frontier of knowledge converges to a Frechet distribution, and derive a system of differential equations describing the evolution of ...
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作者：Ilut, Cosmin; Valchev, Rosen; Vincent, Nicolas
作者单位：Duke University; National Bureau of Economic Research; Boston College; Universite de Montreal; HEC Montreal
摘要：We propose a new theory of price rigidity based on firms' Knightian uncertainty about their competitive environment. This uncertainty has two key implications. First, firms learn about the shape of their demand function from past observations of quantities sold. This learning gives rise to kinks in the expected profit function at previously observed prices, making those prices both sticky and more likely to reoccur. Second, uncertainty about the relationship between aggregate and industry-leve...
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作者：Imbens, Guido; Donaldson, Dave; Jones, Charles I.; Lipman, Bart L.; Lizzeri, Alessandro; Muller, Ulrich K.; Nevo, Aviv; Wolinsky, Asher
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作者：Besley, Timothy
作者单位：University of London; London School Economics & Political Science
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作者：Taber, Christopher; Vejlin, Rune
作者单位：University of Wisconsin System; University of Wisconsin Madison; Aarhus University; IZA Institute Labor Economics
摘要：In this paper, we develop a model that captures key components of the Roy model, a search model, compensating differentials, and human capital accumulation on-the-job. We establish which components of the model can be non-parametrically identified and which ones cannot. We estimate the model and use it to assess the relative contribution of the different factors for overall wage inequality. We find that variation in premarket skills (the key feature of the Roy model) is the most important comp...
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作者：Myerson, Roger B.; Reny, Philip J.
作者单位：University of Chicago; University of Chicago
摘要：We extend Kreps and Wilson's concept of sequential equilibrium to games with infinite sets of signals and actions. A strategy profile is a conditional epsilon-equilibrium if, for any of a player's positive probability signal events, his conditional expected utility is within epsilon of the best that he can achieve by deviating. With topologies on action sets, a conditional epsilon-equilibrium is full if strategies give every open set of actions positive probability. Such full conditional epsil...
