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作者：Epple, Dennis; Quintero, Luis; Sieg, Holger
作者单位：Carnegie Mellon University; National Bureau of Economic Research; Johns Hopkins University; University of Pennsylvania
摘要：We provide a new estimator for a broad class of equilibrium models of metropolitan housing markets with housing differentiated by quality. Quality is a latent variable that captures all features of a dwelling and its environment. We estimate the model for Chicago and New York, obtaining hedonic housing price functions for each quality level for each metropolitan area, stocks of each quality, and compensating variations required for a household of a given income in Chicago to be equally well of...
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作者：Calsamiglia, Caterina; Fu, Chao; Guell, Maia
作者单位：ICREA; Centre for Economic Policy Research - UK; University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; University of Edinburgh; IZA Institute Labor Economics
摘要：We model household choice of schools under the Boston mechanism (BM) and develop a new method, applicable to a broad class of mechanisms, to fully solve the choice problem even if it is infeasible via the traditional method. We estimate the joint distribution of household preferences and sophistication types, using administrative data from Barcelona. Counterfactual policy analyses show that a change from BM in Barcelona to the deferred-acceptance mechanism would decrease average welfare by eur...
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作者：Chiappori, Pierre-Andre; Oreffice, Sonia; Quintana-Domeque, Climent
作者单位：Columbia University; University of Exeter; IZA Institute Labor Economics
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作者：Kosse, Fabian; Deckers, Thomas; Pinger, Pia; Schildberg-Hoerisch, Hannah; Falk, Armin
作者单位：University of Munich; University of Bonn; University of Bonn
摘要：This study presents evidence on the role of social environment for the formation of prosociality. We show that socioeconomic status (SES) as well as intensity of mother-child interaction and mothers' prosocial attitudes are related to elementary school children's prosociality. We also present evidence on a randomly assigned variation of the social environment, providing children with a mentor for 1 year. Our data reveal a significant and persistent increase in prosociality in the treatment rel...
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作者：Mermelstein, Ben; Nocke, Volker; Satterthwaite, Mark A.; Whinston, Michael D.
作者单位：University of Mannheim; Center for Economic & Policy Research (CEPR); Northwestern University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We study merger policy in a dynamic computational model in which firms can reduce costs through investment or through mergers. Firms invest or propose mergers according to the profitability of these strategies. An antitrust authority can block mergers at some cost. We examine the optimal policy for an antitrust authority that cannot commit to its future policy and approves mergers as they are proposed. We find that the optimal policy can differ substantially from a policy based on static welfa...
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作者：Arcidiacono, Peter; Hotz, V. Joseph; Maurel, Arnaud; Romano, Teresa
作者单位：Duke University; National Bureau of Economic Research; IZA Institute Labor Economics; Emory University
摘要：Using data from Duke University undergraduates, we make three main contributions to the literature. First, we show that data on earnings beliefs and probabilities of choosing particular occupations are highly informative of future earnings and occupations. Second, we show how beliefs data can be used to recover ex ante treatment effects and their relationship with individual choices. We find large differences in expected earnings across occupations and provide evidence of sorting on expected g...
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作者：Kaplan, Greg; Mitman, Kurt; Violante, Giovanni L.
作者单位：University of Chicago; National Bureau of Economic Research; Stockholm University; IZA Institute Labor Economics; Princeton University
摘要：We build a model of the US economy with multiple aggregate shocks that generate fluctuations in equilibrium house prices. Through counterfactual experiments, we study the housing boom-bust around the Great Recession, with three main results. First, the main driver of movements in house prices and rents was a shift in beliefs, not a change in credit conditions. Second, the boom-bust in house prices explains half of the corresponding swings in nondurable expenditures through a wealth effect. Thi...
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作者：Kozlowski, Julian; Veldkamp, Laura; Venkateswaran, Venky
作者单位：Center for Economic & Policy Research (CEPR); Columbia University; National Bureau of Economic Research; New York University; National Bureau of Economic Research
摘要：The Great Recession was a deep downturn with long-lasting effects on credit, employment, and output. While narratives about its causes abound, the persistence of gross domestic product below precrisis trends remains puzzling. We propose a simple persistence mechanism that can be quantified and combined with existing models. Our key premise is that agents do not know the true distribution of shocks but use data to estimate it nonparametrically. Then, transitory events, especially extreme ones, ...
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作者：Almas, Ingvild; Cappelen, Alexander W.; Tungodden, Bertil
作者单位：Stockholm University; Norwegian School of Economics (NHH)
摘要：There are striking differences in inequality and redistribution between the United States and Scandinavia. To study whether there are corresponding differences in social preferences, we conducted a large-scale international social preference experiment where Americans and Norwegians make distributive choices in identical environments. Combining the infrastructure of an international online labor market and that of a leading international data collection agency, we show that Americans and Norwe...
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作者：Hatfield, John William; Kominers, Scott Duke; Lowery, Richard; Barry, Jordan M.
作者单位：University of Texas System; University of Texas Austin; Harvard University; National Bureau of Economic Research; University of San Diego
摘要：Many markets are syndicated, including those for initial public offerings, club deal leveraged buyouts, and debt issuances; in such markets, each winning bidder invites competitors to join a syndicate to complete production. We show that in syndicated markets, collusion may become easier as market concentration falls and market entry may facilitate collusion. In particular, firms can sustain collusion by refusing to syndicate with any firm that undercuts the collusive price, thereby raising th...
