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作者：Boulatov, Alex; Hendershott, Terrence; Livdan, Dmitry
作者单位：University of Houston System; University of Houston; University of California System; University of California Berkeley
摘要：We solve a multi-period model of strategic trading with long-lived information in multiple assets with correlated innovations in fundamental values. Market makers in each asset can only condition their pricing functions on trading in each asset. Using daily non-public data from the New York Stock Exchange, we test the model's predictions on the conditional and unconditional lead-lag relations of institutional order flow and returns within portfolios. We find support for the model prediction of...
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作者：Che, Yeon-Koo; Gale, Ian; Kim, Jinwoo
作者单位：Columbia University; Georgetown University; Seoul National University (SNU)
摘要：This article studies different methods of assigning a good to budget-constrained agents. Schemes that assign the good randomly and allow resale may outperform the competitive market in terms of Utilitarian efficiency. The socially optimal mechanism involves random assignment at a discount-an in-kind subsidy-and a cash incentive to discourage low-valuation individuals from claiming the good.
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作者：Dube, Oeindrila; Vargas, Juan F.
作者单位：New York University; Universidad del Rosario
摘要：How do income shocks affect armed conflict? Theory suggests two opposite effects. If labour is used to appropriate resources violently, higher wages may lower conflict by reducing labour supplied to appropriation. This is the opportunity cost effect. Alternatively, a rise in contestable income may increase violence by raising gains from appropriation. This is the rapacity effect. Our article exploits exogenous price shocks in international commodity markets and a rich dataset on civil war in C...
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作者：Van Weelden, Richard
作者单位：University of Chicago
摘要：I study elections between citizen-candidates who cannot make binding policy commitments before taking office, but who are accountable to voters due to the possibility of re-election. In each period a representative voter chooses among heterogeneous candidates with known policy preferences. The elected candidate chooses the policy to implement, and how much rent-seeking to engage in, when in office. As the voter decides both which candidate to elect and, subsequently, whether the candidate is r...
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作者：Hossain, Tanjim; Okui, Ryo
作者单位：University of Toronto; Kyoto University
摘要：We introduce a simple method for constructing a scoring rule to elicit an agent's belief about a random variable that is incentive compatible irrespective of her risk-preference. The agent receives a fixed prize when her prediction error, defined by a loss function specified in the incentive scheme, is smaller than an independently generated random number and earns a smaller prize otherwise. Adjusting the loss function according to the belief elicitation objective, the scoring rule can be used...
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作者：Kryvtsov, Oleksiy; Midrigan, Virgiliu
作者单位：Bank of Canada; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; New York University
摘要：A growing consensus in New Keynesian macroeconomics is that nominal cost rigidities, rather than countercyclical markups, account for the bulk of the real effects of monetary policy shocks. We revisit these conclusions using theory and data on inventories. We study an economy with nominal rigidities in which goods are storable. Our theory predicts that if costs of production are sticky and markups do not vary much in response to, say, expansionary monetary policy, firms react by excessively ac...
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作者：McMurray, Joseph C.
作者单位：Brigham Young University
摘要：This article analyzes participation and information aggregation in a common-value election with continuous private signals. In equilibrium, some citizens ignore their private information and abstain from voting, in deference to those with higher-quality signals. Even as the number of highly informed peers grows large, however, citizens with only moderate expertise continue voting, so that voter participation remains at realistic levels (e.g. 50 to 60 percent, for simple examples). The precise ...
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作者：Browning, Martin; Chiappori, Pierre-Andre; Lewbel, Arthur
作者单位：University of Oxford; Columbia University; Boston College
摘要：How much income would a woman living alone require to attain the same standard of living that she would have if she were married? What percentage of a married couple's expenditures are controlled by the husband? How much money does a couple save on consumption goods by living together versus living apart? We propose and estimate a collective model of household behaviour that permits identification and estimation of concepts such as these. We model households in terms of the utility functions o...
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作者：Bolton, Patrick; Brunnermeier, Markus K.; Veldkamp, Laura
作者单位：Columbia University; Princeton University; New York University
摘要：What is the role of leaders in large organizations? We propose a model in which a leader helps to overcome a misalignment of followers' incentives that inhibits coordination, while adapting the organization to a changing environment. Good leadership requires vision and special personality traits such as conviction or resoluteness to enhance the credibility of mission statements and to effectively rally agents around them. Resoluteness allows leaders to overcome a time-consistency problem that ...
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作者：Doraszelski, Ulrich; Jaumandreu, Jordi
作者单位：University of Pennsylvania; Boston University
摘要：We develop a model of endogenous productivity change to examine the impact of the investment in knowledge on the productivity of firms. Our dynamic investment model extends the tradition of the knowledge capital model of Griliches (1979) that has remained a cornerstone of the productivity literature. Rather than constructing a stock of knowledge capital from a firm's observed R&D expenditures, we consider productivity to be unobservable to the econometrician. Our approach accounts for uncertai...
