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作者：Borowiecki, Karol Jan
作者单位：University of Southern Denmark
摘要：Teachers and mentors in creative fields shape their students' skills and views of the craft and thus the work they produce. How significant and persistent is this influence? Are there consequences for the variety and quality of students' inventive output? We study these questions in the context of Western music composition over five centuries, during which musical lineages are well documented, the content of composers' work can be directly compared, and its lasting value can be measured. We fi...
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作者：Montero, Eduardo
作者单位：National Bureau of Economic Research; University of Chicago; University of Chicago
摘要：In cooperative property rights systems, workers jointly own and manage production, whereas in outside-ownership systems, an owner contracts workers. Despite a rich literature on how the allocation of property rights matters for specialization, efficiency, and equity, little causal evidence exists. During a land reform in El Salvador in 1980, the military government reorganized properties owned by individuals with cumulative landholdings over 500 hectares into cooperatives; properties below thi...
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作者：Beason, Tyler; Schreindorfer, David
作者单位：Virginia Polytechnic Institute & State University; Arizona State University; Arizona State University-Tempe
摘要：We use option prices and realized returns to decompose risk premia into different parts of the return state space. In the data, 8/10 of the average equity premium is attributable to monthly returns below -10%, but returns below -30% matter very little. In contrast, prominent asset pricing models based on habits, long-run risks, rare disasters, undiversifiable idiosyncratic risk, and constrained intermediaries attribute the premium predominantly to returns above -10% or to the extreme left tail...
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作者：Dessein, Wouter; Prat, Andrea
作者单位：Columbia University
摘要：We argue that economists have studied the role of management from three perspectives: contingency theory (CT), an organization-centric empirical approach (OC), and a leader-centric empirical approach (LC). To reconcile these three perspectives, we augment a standard dynamic firm model with organizational capital, an intangible, slow-moving, productive asset that can be produced only with the direct input of the firm's leadership and that is subject to an agency problem. We characterize the ste...
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作者：Simonov, Andrey; Rao, Justin
作者单位：Columbia University; Centre for Economic Policy Research - UK
摘要：We examine the nature of consumer demand for government-controlled online news outlets in Russia, testing whether such demand reflects a preference for progovernment ideological coverage or other factors unrelated to outlets' ideological positions. We detect government-sensitive topics and measure outlets' news-reporting decisions from news article texts, and we estimate a structural model of demand for news, using detailed browsing data that traces individual-level consumption. The average co...
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作者：Cole, Harold; Neuhann, Daniel; Ordonez, Guillermo
作者单位：University of Pennsylvania; University of Texas System; University of Texas Austin
摘要：Using bid-level data from discriminatory auctions for Mexican government bonds, we demonstrate that asymmetric information about default risk is a key friction in sovereign bond markets. We document that large bidders achieve higher bid-acceptance rates than other bidders despite paying no more for executed bids. We then propose a new model of primary markets in which investors may differ in wealth, risk aversion, market power, and information. Only asymmetric information can qualitatively acc...
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作者：Alaoui, Larbi; Penta, Antonio
作者单位：Pompeu Fabra University; Barcelona School of Economics; Pompeu Fabra University; ICREA
摘要：An individual's decision to reason about a problem may involve a trade-off between cognitive costs and a notion of value. This paper analyzes the primitive properties that must hold for the decision to stop thinking to be represented by a cost-benefit analysis. We then provide additional properties that give more structure to the value of reasoning function. We show how our model applies to a variety of settings, including contexts involving R&D applications, response time, and strategic reaso...
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作者：Salz, Tobias
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Intermediaries in decentralized markets can affect buyer welfare both directly, by reducing expenses for buyers with high search cost, and indirectly, through a search externality that affects the prices paid by buyers who do not use intermediaries. I investigate the magnitude of these effects in New York City's trade-waste market, where buyers can search either by themselves or through a waste broker. Combining elements from the empirical search and procurement auction literatures, I construc...
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作者：Ryan, Nicholas; Sudarshan, Anant
作者单位：Yale University; University of Chicago
摘要：Common resources may be managed with inefficient policies for the sake of equity. We study how rationing the commons shapes the efficiency and equity of resource use in the context of agricultural groundwater use in Rajasthan, India. We find that rationing binds on input use, such that farmers, despite trivial prices for water extraction, use roughly the socially optimal amount of water on average. The rationing regime is still grossly inefficient, because it misallocates water across farmers,...
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作者：Orr, Scott
作者单位：University of British Columbia
摘要：This paper develops a flexible recipe for identifying unobserved input allocations, as well as quantity- and revenue-based total factor productivity (TFP) across product lines, for multiproduct producers, using demand- and supply-side information. Applying variants of this recipe to a panel of plants manufacturing machinery in India from 2000-2007 yields sizable within-plant TFP differences. Removing an average plant's lowest-performing product increases the unweighted average of plant-level r...
