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作者：Felkner, John S.; Townsend, Robert M.
作者单位：University of Chicago; Massachusetts Institute of Technology (MIT)
摘要：A nation's economic geography can have an enormous impact on its development. In Thailand, we show that a high concentration of enterprise in an area predicts high subsequent growth in and around that area. We also find spatially contiguous convergence of enterprise with stagnant areas left behind. Exogenous physiographic conditions are correlated with enterprise location and growth. We fit a structural, micro-founded model of occupation transitions with fine-tuned geographic capabilities to v...
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作者：Aguiar, Mark; Amador, Manuel
作者单位：University of Rochester; National Bureau of Economic Research; Stanford University
摘要：We propose a tractable variant of the open economy neoclassical growth model that emphasizes political economy and contracting frictions. The political economy frictions involve a preference for immediate spending, while the contracting friction is a lack of commitment regarding foreign debt and expropriation. We show that the political economy frictions slow an economy's convergence to the steady state due to the endogenous evolution of capital taxation. The model rationalizes why openness ha...
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作者：Ali, S. Nageeb
作者单位：University of California System; University of California San Diego
摘要：This article examines how a decision maker who is only partially aware of his temptations learns about them over time. In facing temptations, individuals use their experience to forecast future self-control problems and choose the appropriate level of commitment. I demonstrate that rational learning can be perpetually partial and need not result in full sophistication. The main result of this article characterizes necessary and sufficient conditions for learning to converge to full sophisticat...
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作者：Athey, Susan; Levin, Jonathan; Seira, Enrique
作者单位：Harvard University; National Bureau of Economic Research
摘要：We study entry and bidding patterns in sealed bid and open auctions. Using data from the U.S. Forest Service timber auctions, we document a set of systematic effects: sealed bid auctions attract more small bidders, shift the allocation toward these bidders, and can also generate higher revenue. A private value auction model with endogenous participation can account for these qualitative effects of auction format. We estimate the model's parameters and show that it can explain the quantitative ...
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作者：Card, David; Dahl, Gordon B.
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of California System; University of California San Diego
摘要：We study the link between family violence and the emotional cues associated with wins and losses by professional football teams. We hypothesize that the risk of violence is affected by the gain-loss utility of game outcomes around a rationally expected reference point. Our empirical analysis uses police reports of violent incidents on Sundays during the professional football season. Controlling for the pregame point spread and the size of the local viewing audience, we find that upset losses (...
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作者：Acemoglu, Daron; Hassan, Tarek A.; Robinson, James A.
作者单位：Massachusetts Institute of Technology (MIT); University of Chicago; Harvard University
摘要：We document a statistical association between the severity of the persecution, displacement and mass murder of Jews by the Nazis during World War II and long-run economic and political outcomes within Russia. Cities that experienced the Holocaust most intensely have grown less, and both cities and administrative districts (oblasts) where the Holocaust had the largest impact have worse economic and political outcomes since the collapse of the Soviet Union. We provide evidence that the lasting i...
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作者：Athey, Susan; Ellison, Glenn
作者单位：Harvard University; Massachusetts Institute of Technology (MIT)
摘要：This article examines a model in which advertisers bid for sponsored-link positions on a search engine. The value advertisers derive from each position is endogenized as coming from sales to a population of consumers who make rational inferences about firm qualities and search optimally. Consumer search strategies, equilibrium bidding, and the welfare benefits of position auctions are analyzed. Implications for reserve prices and a number of other auction design questions are discussed.
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作者：Ellingsen, Tore; Kristiansen, Eirik Gaard
作者单位：Stockholm School of Economics; Norwegian School of Economics (NHH)
摘要：We develop a model of financial contracting under imperfect enforcement. Financial contracts are designed to keep entrepreneurs from diverting project returns, but enforcement is probabilistic and penalties are limited. The model rationalizes the prevalence of straight debt and common stock, and its predictions are consistent with a host of empirical capital structure regularities. JEL Codes: G32.
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作者：Maggi, Giovanni; Staiger, Robert W.
作者单位：Yale University; National Bureau of Economic Research; Stanford University
摘要：Although disputes are typically treated as synonymous with concerns about enforcement in economic models of trade agreements, in reality most WTO disputes seem to concern the interpretation of vague provisions, or instances where the agreement is silent. And some have suggested that the WTO's Dispute Settlement Body (DSB) could usefully grant exceptions to rigid contractual obligations. These activist DSB roles could help complete an incomplete contract. But how activist should the DSB be? Sho...
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作者：Malmendier, Ulrike; Nagel, Stefan
作者单位：University of California System; University of California Berkeley; Stanford University; National Bureau of Economic Research
摘要：We investigate whether individual experiences of macroeconomic shocks affect financial risk taking, as often suggested for the generation that experienced the Great Depression. Using data from the Survey of Consumer Finances from 1960 to 2007, we find that individuals who have experienced low stock market returns throughout their lives so far report lower willingness to take financial risk, are less likely to participate in the stock market, invest a lower fraction of their liquid assets in st...
