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作者：Abeler, Johannes; Nosenzo, Daniele; Raymond, Collin
作者单位：University of Oxford; Leibniz Association; Ifo Institut; University of Nottingham; Purdue University System; Purdue University
摘要：Private information is at the heart of many economic activities. For decades, economists have assumed that individuals are willing to misreport private information if this maximizes their material payoff. We combine data from 90 experimental studies in economics, psychology, and sociology, and show that, in fact, people lie surprisingly little. We then formalize a wide range of potential explanations for the observed behavior, identify testable predictions that can distinguish between the mode...
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作者：Caliendo, Lorenzo; Dvorkin, Maximiliano; Parro, Fernando
作者单位：Yale University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Johns Hopkins University
摘要：We develop a dynamic trade model with spatially distinct labor markets facing varying exposure to international trade. The model captures the role of labor mobility frictions, goods mobility frictions, geographic factors, and input-output linkages in determining equilibrium allocations. We show how to solve the equilibrium of the model and take the model to the data without assuming that the economy is at a steady state and without estimating productivities, migration frictions, or trade costs...
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作者：Uslu, Semih
作者单位：Johns Hopkins University
摘要：I develop a search-and-bargaining model of endogenous intermediation in over-the-counter markets. Unlike the existing work, my model allows for rich investor heterogeneity in three simultaneous dimensions: preferences, inventories, and meeting rates. By comparing trading-volume patterns that arise in my model and are observed in practice, I argue that the heterogeneity in meeting rates is the main driver of intermediation patterns. I find that investors with higher meeting rates (i.e., fast in...
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作者：Jha, Saumitra; Shayo, Moses
作者单位：Stanford University; Hebrew University of Jerusalem
摘要：Can participation in financial markets lead individuals to reevaluate the costs of conflict, change their political attitudes, and even their votes? Prior to the 2015 Israeli elections, we randomly assigned Palestinian and Israeli financial assets to likely voters and incentivized them to actively trade for up to 7 weeks. No political messages or nonfinancial information were included. The treatment systematically shifted vote choices toward parties more supportive of the peace process. This e...
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作者：Kock, Anders Bredahl; Preinerstorfer, David
作者单位：University of Oxford; CREATES; Aarhus University; Universite Libre de Bruxelles
摘要：Fan, Liao, and Yao (2015) recently introduced a remarkable method for increasing the asymptotic power of tests in high-dimensional testing problems. If applicable to a given test, their power enhancement principle leads to an improved test that has the same asymptotic size, has uniformly non-inferior asymptotic power, and is consistent against a strictly broader range of alternatives than the initially given test. We study under which conditions this method can be applied and show the followin...
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作者：Demuynck, Thomas; Herings, P. Jean-Jacques; Saulle, Riccardo D.; Seel, Christian
作者单位：Universite Libre de Bruxelles; Maastricht University
摘要：We introduce a new solution concept for models of coalition formation, called the myopic stable set (MSS). The MSS is defined for a general class of social environments and allows for an infinite state space. An MSS exists and, under minor continuity assumptions, it is also unique. The MSS generalizes and unifies various results from more specific applications. It coincides with the coalition structure core in coalition function form games when this set is nonempty; with the set of stable matc...
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作者：Guerdjikova, Ani; Quiggin, John
作者单位：Communaute Universite Grenoble Alpes; Universite Grenoble Alpes (UGA); University of Queensland
摘要：We analyze financial markets in which agents face differential constraints on the set of assets in which they can trade. In particular, the assets available to each agent span a partition of the state space that can be strictly coarser than the partition spanned by the assets available in the market. We first show that the existence of differential constraints has an impact on prices and allocations as compared to a complete financial market with unconstrained agents. We consider the implicati...
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作者：Torgovitsky, Alexander
作者单位：University of Chicago
摘要：This paper is about measuring state dependence in dynamic discrete outcomes. I develop a nonparametric dynamic potential outcomes (DPO) model and propose an array of parameters and identifying assumptions that can be considered in this model. I show how to construct sharp identified sets under combinations of identifying assumptions by using a flexible linear programming procedure. I apply the analysis to study state dependence in unemployment for working age high school educated men using an ...
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作者：Baqaee, David Rezza; Farhi, Emmanuel
作者单位：University of California System; University of California Los Angeles; Harvard University
摘要：We provide a nonlinear characterization of the macroeconomic impact of microeconomic productivity shocks in terms of reduced-form nonparametric elasticities for efficient economies. We also show how microeconomic parameters are mapped to these reduced-form general equilibrium elasticities. In this sense, we extend the foundational theorem of Hulten (1978) beyond the first order to capture nonlinearities. Key features ignored by first-order approximations that play a crucial role are: structura...
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作者：Greenwood, Jeremy; Kircher, Philipp; Santos, Cezar; Tertilt, Michele
作者单位：University of Pennsylvania; University of Edinburgh; University of Edinburgh; Getulio Vargas Foundation; Banco de Portugal; University of Mannheim
摘要：Twelve percent of the Malawian population is HIV infected. Eighteen percent of sexual encounters are casual. A condom is used a third of the time. To analyze the Malawian epidemic, a choice-theoretic general equilibrium search model is constructed. In the developed framework, people select between different sexual practices while knowing the inherent risk. The calibrated model is used to study several policy interventions, namely, ART, circumcision, better condoms, and the treatment of other S...
