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作者：Kremer, Ilan; Mansour, Yishay; Perry, Motty
作者单位：University of Warwick; Hebrew University of Jerusalem; Tel Aviv University
摘要：We study a novel mechanism design model in which agents each arrive sequentially and choose one action from a set of actions with unknown rewards. The information revealed by the principal affects the incentives of the agents to explore and generate new information. We characterize the optimal disclosure policy of a planner whose goal is to maximize social welfare. One interpretation of our result is the implementation of what is known as the wisdom of the crowd. This topic has become increasi...
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作者：de Clippel, Geoffroy; Eliaz, Kfir; Rozen, Kareen
作者单位：Brown University; Tel Aviv University; University of Michigan System; University of Michigan; Yale University
摘要：Consumers purchase multiple types of goods but may be able to examine only a limited number of markets for the best price. We propose a simple model that captures these features, conveying new insights. A firm's price can deflect or draw attention to its market, and consequently, limited attention introduces a new dimension of cross-market competition. We characterize the equilibrium and show that having partially attentive consumers improves consumer welfare. With less attention, consumers ar...
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作者：Adda, Jerome; McConnell, Brendon; Rasul, Imran
作者单位：European University Institute; University of London; University College London
摘要：We evaluate the impact on crime of a localized policing experiment that depenalized the possession of small quantities of cannabis in the London borough of Lambeth. We find that depenalization policy caused the police to reallocate effort toward nondrug crime. Despite the overall fall in crime attributable to the policy, we find that the total welfare of local residents likely fell, as measured by house prices. We shed light on what would be the impacts on crime of a citywide depenalization po...
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作者：Autor, David H.; Palmer, Christopher J.; Pathak, Parag A.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We measure the capitalization of housing market externalities into residential housing values by studying the unanticipated elimination of stringent rent controls in Cambridge, Massachusetts, in 1995. Pooling data on the universe of assessed values and transacted prices of Cambridge residential properties between 1988 and 2005, we find that rent decontrol generated substantial, robust price appreciation at decontrolled units and nearby never-controlled units, accounting for a quarter of the $7...
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作者：Behrens, Kristian; Duranton, Gilles; Robert-Nicoud, Frederic
作者单位：University of Quebec; University of Quebec Montreal; University of Pennsylvania; University of Geneva
摘要：Large cities produce more output per capita than small cities. This higher productivity may occur because more talented individuals sort into large cities, because large cities select more productive entrepreneurs and firms, or because of agglomeration economies. We develop a model of systems of cities that combines all three elements and suggests interesting complementarities between them. The model can replicate stylized facts about sorting, agglomeration, and selection in cities. It also ge...
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作者：Heathcote, Jonathan; Perri, Fabrizio
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：The international diversification puzzle is the fact that country portfolios are on average biased toward domestic assets, while one-good international macro models with nondiversifiable labor income risk predict the opposite pattern of diversification. This paper embeds a portfolio choice decision in a two-good international business cycle model and provides a closed-form solution for equilibrium country portfolios. Equilibrium portfolios are biased toward domestic assets because endogenous i...
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作者：Khan, Aubhik; Thomas, Julia K.
作者单位：University System of Ohio; Ohio State University
摘要：We study the cyclical implications of credit market imperfections in a quantitative dynamic, stochastic general equilibrium model wherein firms face persistent shocks to aggregate and individual productivity. In our model economy, optimal capital reallocation is distorted by two frictions: collateralized borrowing and partial investment irreversibility. We find that a negative shock to borrowing conditions can, on its own, generate a large and persistent recession through disruptions to the di...
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作者：Gu, Chao; Mattesini, Fabrizio; Monnet, Cyril; Wright, Randall
作者单位：University of Missouri System; University of Missouri Columbia; University of Rome Tor Vergata; University of Bern; Study Center Gerzensee; Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
摘要：This paper studies models of credit with limited commitment and, therefore, endogenous debt limits. There are multiple stationary equilibria plus nonstationary equilibria in which credit conditions change simply because of beliefs. There can be equilibria in which debt limits display deterministic cyclic or chaotic dynamics, as well as stochastic (sunspot) equilibria in which they fluctuate randomly, even though fundamentals are deterministic and time invariant. Examples and applications are d...
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作者：Aguiar, Mark; Hurst, Erik
作者单位：Princeton University; University of Chicago
摘要：We revisit two well-known facts regarding life cycle expenditures: the hump-shaped profile of nondurable expenditures and the increase in cross-household consumption inequality. We document that the behavior of total nondurables masks surprising heterogeneity in the life cycle profile of individual consumption subcomponents. We provide evidence that the categories driving life cycle consumption either are inputs into market work or are amenable to home production. Using a quantitative model, w...
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作者：Quah, John K. -H.; Strulovici, Bruno
作者单位：University of Oxford; Northwestern University
摘要：How do discount rates affect agents' decisions and valuations? This paper provides a general method to analyze this question, allowing stochastic and managed cash flows, stochastic discount rates, and time inconsistency and including arbitrary learning and payoff or utility processes. We show that some of these features can lead to counterintuitive answers (e.g., a more patient agent stops earlier), but we also establish, under simple conditions, theorems yielding robust predictions concerning...
