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作者：Jovanovic, Boyan; Menkveld, Albert J.
作者单位：New York University; Vrije Universiteit Amsterdam; Tinbergen Institute
摘要：If bidding in a pure common-value auction is costly and bidders do not know how many others are also bidding, all equilibria are in mixed strategies. Participation is probabilistic, and bid prices are dispersed. The symmetric equilibrium is unique and yields simple analytic expressions. We use them to, for example, show that bid prices exhibit negative skewness. The expressions are further used to estimate the model based on bidding on a Standard & Poor's 500 security. We find that the number ...
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作者：Martinez, Luis R.
作者单位：University of Chicago
摘要：I study the overstatement of economic growth in autocracies by comparing self-reported GDP figures to night-time light recorded by satellites from outer space. I show that the night-time-light elasticity of GDP is larger in authoritarian regimes, even accounting for differences in multiple country characteristics. This autocracy gradient in the elasticity is greater when the incentive to exaggerate economic growth is stronger or when the constraints on exaggeration are weaker. The results sugg...
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作者：Arque-Castells, Pere; Spulber, Daniel F.
作者单位：University of Groningen; Northwestern University
摘要：The canonical approach to measuring private and social returns to R&D assumes diffusion through spillovers. We develop a general framework that allows R&D to diffuse through both spillovers and voluntary technology transfers. To operationalize the framework, we create a data set of interactions in the market for technology between publicly held US firms. We use changes in tax incentives for R&D to identify causal effects. Taking market channels into account decreases the observed difference be...
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作者：Callander, Steven; Carbajal, Juan Carlos
作者单位：Stanford University; University of New South Wales Sydney
摘要：Polarization is both a description of the current state of politics and a dynamic path that has rippled across the political domain over decades. We provide a simple model that explains why polarization appears incrementally and why it was elites who polarized first and more dramatically, whereas mass polarization came later and has been less pronounced. We incorporate an ostensibly unrelated finding about how voters form preferences into a dynamic model of elections. This change, when combine...
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作者：Adhvaryu, Achyuta; Kala, Namrata; Nyshadham, Anant
作者单位：University of Michigan System; University of Michigan; Massachusetts Institute of Technology (MIT); Center for Economic & Policy Research (CEPR); University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：We study how managers mitigate the negative impacts of environmental shocks. Pairing productivity data from a garment firm with granular measures of air pollution, we show that productivity suffers as a result of pollution shocks but that managers respond by reallocating particularly sensitive workers to improve worker-to-task matches, thus mitigating team productivity losses. Responses are smaller for more inattentive managers; these same managers are also least able to mitigate productivity ...
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作者：Christensen, Peter; Timmins, Christopher
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Duke University
摘要：Growing evidence indicates that neighborhoods affect human capital accumulation, raising concern that the exclusionary effects of housing discrimination could contribute to persistent inequality in the United States. Using data from HUD's most recent Housing Discrimination Study and microlevel data on neighborhood attributes in 28 US cities, we find that minorities are steered toward neighborhoods with less economic opportunity and greater exposures to crime and pollution. Holding preferences ...
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作者：Fajgelbaum, Pablo; Redding, Stephen J.
作者单位：Princeton University; National Bureau of Economic Research
摘要：We provide new theory and evidence on the role of external and internal integration in structural transformation and economic development, using Argentina's integration into the world economy in the late nineteenth century. Our theoretical model provides microfoundations for a spatial Balassa-Samuelson effect, in which locations closer to world markets have higher population densities, urban population shares, relative prices of nontraded goods, and land prices relative to wages, as well as sp...
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作者：Bianchi, Nicola; Giorcelli, Michela
摘要：This paper examines the long-term and spillover effects of management interventions on firm performance. Under the Training Within Industry (TWI) program, the US government provided management training to firms involved in war production between 1940 and 1945. Using a newly collected panel data set on all 11,575 US firms that applied to the program, we find that the TWI training had positive and long-lasting effects on firm performance and the adoption of beneficial managerial practices. Moreo...
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作者：Caplin, Andrew; Dean, Mark; Leahy, John
作者单位：New York University; National Bureau of Economic Research; Columbia University; University of Michigan System; University of Michigan
摘要：We introduce three new classes of attention cost functions: posterior separable, uniformly posterior separable, and invariant posterior separable. As with the Shannon cost function, all can be solved using Lagrangian methods. Uniformly posterior-separable cost functions capture many forms of sequential learning and hence play a key role in many applications. Invariant posterior-separable cost functions make learning strategies depend exclusively on payoff uncertainty. We introduce two behavior...
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作者：Cullen, Zoe; Perez-Truglia, Ricardo
作者单位：Harvard University; University of California System; University of California Berkeley
摘要：The vast majority of the pay inequality in organizations comes from differences in pay between employees and their bosses. But are employees aware of these pay disparities? Are employees demotivated by this inequality? To address these questions, we conducted a natural field experiment with a sample of 2,060 employees from a multibillion-dollar corporation in Southeast Asia. We document large misperceptions among employees about the salaries of their managers and smaller but still significant ...
