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作者：Baldwin, Elizabeth; Jagadeesan, Ravi; Klemperer, Paul; Teytelboym, Alexander
作者单位：University of Oxford; Stanford University
摘要：We show that with indivisible goods, the existence of competitive equilibrium fundamentally depends on agents' substitution effects, not their income effects. Our equilibrium existence duality allows us to transport results on the existence of competitive equilibrium from settings with transferable utility to settings with income effects. One consequence is that net substitutability-which is a strictly weaker condition than gross substitutability-is sufficient for the existence of competitive ...
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作者：Dardanoni, Valentino; Manzini, Paola; Mariotti, Marco; Petri, Henrik; Tyson, Christopher J.
作者单位：University of Palermo; University of Bristol; IZA Institute Labor Economics; University of London; Queen Mary University London; Deakin University; University of Bath
摘要：Mixture choice data consist of the joint distribution of choices of a group of agents from a collection of menus, comprising the implied stochastic choice function plus any cross-menu correlations. When agents are heterogeneous with respect to both preferences and other aspects of cognition, we show that these two determinants of behavior are identified simultaneously by suitable mixture choice data. We also demonstrate how this finding can be extended to allow for specialized assumptions abou...
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作者：Davila, Eduardo; Goldstein, Itay
作者单位：Yale University; National Bureau of Economic Research; University of Pennsylvania
摘要：This paper studies the optimal determination of deposit insurance when bank runs are possible. We show that the welfare impact of changes in the level of deposit insurance coverage can be generally expressed in terms of a small number of sufficient statistics, which include the level of losses in specific scenarios and the probability of bank failure. We characterize the wedges that determine the optimal ex ante regulation, which map to asset- and liability-side regulation. We demonstrate how ...
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作者：Kreisman, Daniel; Smith, Jonathan
作者单位：University System of Georgia; Georgia State University
摘要：Names can convey information about race or ethnicity and therefore can be used to discriminate against protected groups; many researchers have demonstrated as much through audit studies. Yet few studies link life outcomes with names using observational data. We use administrative data from over 3 million Black students to ask whether those with more statistically Black names have differential educational outcomes. We find that while test scores, college enrollment, and college completion are n...
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作者：Gershkov, Alex; Winter, Eyal
作者单位：Hebrew University of Jerusalem; University of Surrey; Lancaster University
摘要：We analyze the implications of priority service (PS) on customers' welfare. In monopoly markets, PS can often decrease consumer surplus and can even yield a loss of welfare to all consumers. This happens despite its efficiency gains, as monopolists levy in revenue more than the total efficiency gains. PS can increase consumer surplus if it expands the consumption coverage-that is, if it introduces new customers who would not purchase the service otherwise. In duopoly markets, the price competi...
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作者：Morelli, Juan M.; Moretti, Matias
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Rochester
摘要：We formulate a reputational model in which the type of government is time varying and private information. Agents adjust their beliefs about the government's type (i.e., reputation) using noisy signals about its policies. We consider a debt repayment setting in which reputation influences the market's perceived probability of default, which affects sovereign spreads. We focus on the 2007-12 Argentine episode of inflation misreport to quantify how markets price reputation. We find that the misr...
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作者：Petek, Nathan; Pope, Nolan G. G.
作者单位：University System of Maryland; University of Maryland College Park
摘要：Test score measures of teacher quality may not fully capture teachers' impact on students. We use test score and non-test score measures of student achievement and behavior to estimate multiple dimensions of teacher quality. We find that these two measures of teacher quality are only weakly correlated and that both affect students' high school performance. A teacher removal simulation that uses both measures improves most long-term student outcomes by over 50%, compared to a policy that uses t...
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作者：Fanning, Jack
作者单位：Brown University
摘要：How should mediators communicate with bargainers? When can they improve outcomes? Can arbitrators that impose outcomes do better? I provide answers in wars of attrition with flexible and commitment types, consistent with reputational bargaining. I characterize the unique mediated equilibrium, which maximizes flexible types' payoffs. The mediator immediately elicits private information but waits to suggest agreements. She front-loads agreements between flexible types, while initially delaying a...
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作者：[Anonymous]
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作者：De Haan, Monique; Gautier, Pieter A.; Oosterbeek, Hessel; van der Klaauw, Bas
作者单位：University of Amsterdam; Vrije Universiteit Amsterdam
摘要：We use a unique combination of register and survey data from Amsterdam to investigate the performance of school assignment mechanisms in practice. We find that deferred acceptance (DA) results in higher mean welfare than the adaptive Boston mechanism. This is due to students making strategic mistakes. The welfare gain of a switch from actual Boston to DA is over 90% of the welfare difference between actual Boston and optimal (proxy) Boston. Disadvantaged and lower-ability students would benefi...
