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作者：Mulligan, Casey B.
作者单位：University of Chicago; National Bureau of Economic Research
摘要：Opioid mortality increases have been linked to both lax and restrictive opioid prescription regulations. Modeling choice between prescription and illicitly manufactured opioid sources helps reconcile the apparently contradictory empirical findings. It also identifies groups responding opposite of the average and applies previous studies to new supply conditions. Organized around the two supply channels, a policy database is assembled that reveals distinct pricing phases during 1999-2021. Consi...
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作者：Nybom, Martin; Stuhler, Jan
作者单位：Universidad Carlos III de Madrid
摘要：Studying a dynamic model of intergenerational transmission, we show that past events affect contemporaneous trends in intergenerational mobility. Structural changes may generate long-lasting mobility trends that can be nonmonotonic, and declining mobility may reflect past gains rather than a recent deterioration of equality of opportunity. We provide two applications. We first show that changes in the parent generation have partially offset the effect of rising skill premia on income mobility ...
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作者：Anstreicher, Garrett
作者单位：University of Nebraska System; University of Nebraska Lincoln
摘要：This paper extends a canonical model of intergenerational human capital investment to a geographic context to study the role of migration in influencing income mobility in the United States. The main result is that migration is considerably influential in shaping the high rates of economic mobility observed among children from low-wage areas, with human capital investment behavioral responses being important to consider. Equalizing school quality across locations does more to reduce interstate...
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作者：Campbell, Arthur; Ushchev, Philip; Zenou, Yves
作者单位：Monash University; Universite Libre de Bruxelles; Centre for Economic Policy Research - UK
摘要：We develop a model of market entry under social learning through word of mouth (WOM). The success of an entrant depends on consumer awareness generated via WOM, modeled as a percolation process on a random graph. The likelihood of an entrant gaining significant awareness depends on network structure, characterized by the first three factorial moments of the degree distribution. We identify three pricing equilibria: blockaded, deterred, and accommodated entry. The model demonstrates that increa...
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作者：Afrouzi, Hassan
作者单位：Columbia University; National Bureau of Economic Research
摘要：This paper studies how competition affects firms' expectations in a new dynamic general equilibrium model with rational inattention and oligopolistic competition where firms acquire information about their competitors' beliefs. In the model, firms with fewer competitors are less attentive to aggregate variables-a novel prediction supported by survey evidence. A calibrated version of the model matches the relationship between firms' numbers of competitors and their uncertainty about aggregate i...
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作者：Carvalho, Leandro; Olafsson, Arna; Silverman, Dan
作者单位：University of Southern California; Copenhagen Business School; Danish Finance Institute; Center for Economic & Policy Research (CEPR); Arizona State University; Arizona State University-Tempe; National Bureau of Economic Research
摘要：The appropriateness of many high-cost loan regulations depends on whether demand is driven by financial conditions (misfortunes) or imperfect decisions (mistakes). Bank records from Iceland show that borrowers have especially low liquidity just before getting a loan. Borrowers exhibit lower decision-making ability (DMA) in linked-choice experiments: 45% of loan dollars go to the bottom 20% of the DMA distribution. Standard determinants of demand do not explain this relationship, which is also ...
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作者：Doval, Laura; Smolin, Alex
作者单位：Columbia University; Center for Economic & Policy Research (CEPR); Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：Information policies such as scores, ratings, and recommendations are increasingly shaping society's choices in high-stakes domains. We provide a framework to study the welfare implications of information policies on a population of heterogeneous individuals. We define and characterize the Bayes welfare set, consisting of the population's utility profiles that are feasible under some information policy. The Pareto frontier of this set can be recovered by a series of standard Bayesian persuasio...
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作者：Best, James; Quigley, Daniel
作者单位：Carnegie Mellon University; University of Oxford
摘要：We examine persuasion when the sole source of credibility today is a desire to maintain a public record for accuracy. A long-run sender plays a cheap talk game with a sequence of short-run receivers, who observe some record of feedback about past accuracy. When all feedback is public (as is standard in repeated games), persuasion frequently requires inefficient on-path punishment-even if accuracy is monitored perfectly. If instead the record publishes coarse summary statistics (as is common on...
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作者：Jiang, Janet Hua; Norman, Peter; Puzzello, Daniela; Sultanum, Bruno; Wright, Randall
作者单位：Bank of Canada; University of North Carolina; University of North Carolina Chapel Hill; Indiana University System; Indiana University Bloomington; Federal Reserve System - USA; Federal Reserve Bank - Richmond; Zhejiang University
摘要：Monetary exchange is called essential when better outcomes become incentive compatible when money is introduced. We study essentiality theoretically and experimentally using finite-horizon monetary models that are naturally suited to the lab. Following mechanism design, we also study the effects of strategy recommendations both when they are incentive compatible and when they are not. Results show that output and welfare are significantly enhanced by fiat currency if monetary equilibrium exist...
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作者：Kashyap, Anil K.; Tsomocos, Dimitrios P.; Vardoulakis, Alexandros P.
作者单位：University of Chicago; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of Oxford; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We modify the 1983 Diamond and Dybvig model so that banks offer liquidity services to depositors, raise equity funding, make risky loans, and invest in safe, liquid assets. Banks monitor borrowers to ensure that they repay loans and they are susceptible to depositor runs. We model the run decision by solving a novel global game. Relative to a social planner, banks opt for a more deposit-intensive capital structure, their assets may be more or less lending intensive, and the level of lending ma...
