-
作者：Davis, SJ; Murphy, KM; Topel, RH
作者单位：University of Chicago; National Bureau of Economic Research
摘要：We analyze entry, pricing, and product design in a model with differentiated products. Market equilibrium can be separating, with multiple sellers and a sorting of heterogeneous consumers across goods, or exclusionary, with one seller serving all customer types. Entry into an initially monopolized market can occur because of cost reductions or product improvements, but entry need not lower the incumbent's price, improve efficiency, or raise consumer welfare. Post-entry design incentives favor ...
-
作者：Klette, TJ; Kortum, S
作者单位：University of Oslo; Centre for Economic Policy Research - UK; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：We develop a parsimonious model of innovation to confront firm-level evidence. It captures the dynamics of individual heterogeneous firms, describes the behavior of an industry with firm entry and exit, and delivers a general equilibrium model of technological change. While unifying the theoretical analysis of firms, industries, and the aggregate economy, the model yields insights into empirical work on innovating firms. It accounts for the persistence of firms' R&D investment, the concentrati...
-
作者：Pástor, L; Stambaugh, RF
作者单位：University of Chicago; National Bureau of Economic Research; University of Pennsylvania
摘要：This study investigates whether marketwide liquidity is a state variable important for asset pricing. We find that expected stock returns are related cross-sectionally to the sensitivities of returns to fluctuations in aggregate liquidity. Our monthly liquidity measure, an average of individual-stock measures estimated with daily data, relies on the principle that order flow induces greater return reversals when liquidity is lower. From 1966 through 1999, the average return on stocks with high...
-
作者：Conley, TG; Dupor, B
作者单位：University of Chicago; University of Pennsylvania
摘要：This paper presents a spatial econometric method for characterizing productivity comovement across sectors of the U. S. economy. Input-output relations provide an economic distance measure that is used to characterize interactions between sectors, as well as conduct estimation and inference. We construct two different economic distance measures. One metric implies that two sectors are close to one another if they use inputs of other industrial sectors in nearly the same proportion, and the oth...
-
作者：Gomes, J; Kogan, L; Zhang, L
作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT); University of Rochester
摘要：We construct a dynamic general equilibrium production economy to explicitly link expected stock returns to firm characteristics such as firm size and the book-to-market ratio. Stock returns in the model are completely characterized by a conditional capital asset pricing model (CAPM). Size and book-to-market are correlated with the true conditional market beta and therefore appear to predict stock returns. The cross-sectional relations between firm characteristics and returns can subsist even a...
-
作者：Haile, PA; Tamer, E
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; Princeton University
摘要：While English auctions are the most common in practice, their rules typically lack sufficient structure to yield a tractable theoretical model without significant abstractions. Rather than relying on one stylized model to provide an exact interpretation of the data, we explore an incomplete model based on two simple assumptions: bidders neither bid more than their valuations nor let an opponent win at a price they would be willing to beat. Focusing on the symmetric independent private values p...
-
作者：Plug, E; Vijverberg, W
作者单位：University of Amsterdam; Tinbergen Institute; University of Texas System; University of Texas Dallas
摘要：When parents are more educated, their children tend to receive more schooling as well. Does this occur because parental ability is passed on genetically or because more educated parents provide a better environment for children to flourish? Using an intergenerational sample of families, we estimate on the basis of a comparison of biological and adopted children that about 55-60 percent of the parental ability is genetically transmitted.
-
作者：Fleurbaey, M; Tungodden, B; Chang, HF
作者单位：Universite de Pau et des Pays de l'Adour; Norwegian School of Economics (NHH); University of Pennsylvania
-
作者：Ribar, DC; Wilhelm, MO
作者单位：George Washington University; Purdue University System; Purdue University; Purdue University in Indianapolis
摘要：This study theoretically and empirically examines altruistic and joy-of-giving motivations underlying contributions to charitable activities. The theoretical analysis shows that in an economy with an infinitely large number of donors, impurely altruistic preferences lead to either asymptotically zero or complete crowd-out. The paper then establishes conditions on preferences that are sufficient to yield zero crowd-out in the limit. These conditions are fairly weak and quite plausible. An empir...
-
作者：Strumpf, KS; Oberholzer-Gee, F
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Pennsylvania
摘要：The economic theory of federalism is largely built around the premise that more heterogeneous preferences result in more decentralized policy making. Despite its prominence and importance, this central tenet of economic federalism has never been empirically evaluated. This paper presents the first formal test of the link between preference heterogeneity and endogenous policy decentralization using as a case study liquor control in the United States over the period 1934-70. The results are reas...
