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作者：Bhalotra, Sonia; Britto, Diogo G. C.; Pinotti, Paolo; Sampaio, Breno
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作者：Heidhues, Paul; Koszegi, Botond; Strack, Philipp
作者单位：Heinrich Heine University Dusseldorf; University of Bonn; Yale University
摘要：We develop a model of multi-dimensional misspecified learning in which an overconfident agent learns about groups in society from observations of his and others' successes. We show that the average person sees his group relative to other groups too positively, and this in-group bias exhibits systematic comparative-statics patterns. First, a person is most likely to have negative opinions about other groups he competes with. Second, while information about another group's achievements does not ...
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作者：Krishna, Kala; Lychagin, Sergey; Olszewski, Wojciech; Siegel, Ron; Tergiman, Chloe
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research; Northwestern University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Many countries base college admissions on a centrally administered test. Students invest a great deal of resources to improve their performance on the test, and there is growing concern about the high costs associated with these activities. We consider modifying the test by introducing performance-disclosure policies that pool intervals of performance rankings. Pooling affects the equilibrium allocation of students to colleges, which hurts some students and benefits others, but also affects st...
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作者：Greenwood, Jeremy; Ma, Yueyuan; Yorukoglu, Mehmet
作者单位：University of Pennsylvania; University of California System; University of California Santa Barbara; Koc University
摘要：An information-based model is developed where traditional and digital advertising finance the provision of free media goods and affect price competition. Digital advertising is directed toward specific consumers while traditional advertising is undirected. The equilibrium is suboptimal. Media goods, if valued by the consumer, are under provided with both types of advertising. Additionally, traditional advertising is excessive because it is undirected. The tax-cum-subsidy policy that overcomes ...
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作者：Colmer, Jonathan; Martin, Ralf; Muuls, Mirabelle; Wagner, Ulrich J.
作者单位：University of Virginia; Imperial College London; European Central Bank; National Bank of Belgium; University of Mannheim
摘要：In theory, market-based regulatory instruments correct market failures at least cost. However, evidence on their efficacy remains scarce. Using administrative data, we estimate that, on average, the European Union Emissions Trading System (EU ETS)-the world's first and largest market-based climate policy-induced regulated manufacturing firms to reduce carbon dioxide emissions by 14-16% with no detectable contractions in economic activity. We find no evidence of outsourcing to unregulated firms...
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作者：Ederer, Florian; Pellegrino, Bruno
作者单位：Center for Economic & Policy Research (CEPR); Boston University; National Bureau of Economic Research; Columbia University
摘要：We study the welfare implications of the rise of common ownership in the U.S. from 1995 to 2021. We build a general equilibrium model with a hedonic demand system in which firms compete in a network game of oligopoly. Firms are connected through two large networks: the first reflects ownership overlap, the second product market rivalry. In our model, common ownership of competing firms induces unilateral incentives to soften competition and the magnitude of the common ownership effect depends ...
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作者：Begenau, Juliane; Bigio, Saki; Majerovitz, Jeremy; Vieyra, Matias
作者单位：National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of California System; University of California Los Angeles; National Bureau of Economic Research; National Bureau of Economic Research; University of Notre Dame; Bank of Canada
摘要：Bank capital requirements are based on book values, which are slow to reflect losses. In this article, we develop a dynamic model of banks to study the interaction of regulation and delayed accounting. Our model explains four stylized facts: book and market values diverge during crises, the market-to-book ratio predicts future profitability, book leverage constraints rarely bind strictly even as market leverage fans out during crises, and banks delever gradually after net-worth shocks. We show...
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作者：Bordalo, Pedro; Burro, Giovanni; Coffman, Katherine; Gennaioli, Nicola; Shleifer, Andrei
作者单位：University of Oxford; Ruprecht Karls University Heidelberg; Bocconi University; Bocconi University; Harvard University
摘要：How do people form beliefs about novel risks, with which they have little or no experience? Motivated by survey data on beliefs about COVID we collected in 2020, we build a model based on the psychology of selective memory. When a person thinks about an event, different experiences compete for retrieval, and retrieved experiences are used to simulate the event based on how similar they are to it. The model predicts that different experiences interfere with each other in recall and that non-dom...
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作者：Ferraro, Domenico; Valaitis, Vytautas
作者单位：Arizona State University; Arizona State University-Tempe; University of Surrey
摘要：In the U.S., market hours worked are approximately flat across the wealth distribution. Accounting for this phenomenon is a standing challenge for standard heterogeneous-agent macro models. In these models, wealthier households consume more and work fewer hours. We propose a theory that generates the cross-sectional wealth-hours relation as in the data. We quantify this theory in a heterogeneous-agent incomplete-markets model with three key features: a quality choice in consumption, non-homoth...
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作者：Englander, Gabriel; Karp, Larry; Simon, Leo
作者单位：The World Bank; University of California System; University of California Berkeley
摘要：We model a fishery with potential congestion, in which firms obtain public and private signals about the location of the densest fish stock. We analytically determine the regions of parameter space where greater precision of public and/or private information increases welfare, and we examine the effects of two types of information sharing. Using high-resolution data from the world's largest fishery, we estimate the structural model. Point estimates imply that more precise private information r...
