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作者：Grigoryan, Aram
作者单位：University of California System; University of California San Diego
摘要：I develop a unified theoretical framework with schools and residential choices to study the welfare consequences of public schools' switching from the traditional neighbourhood assignment to the deferred acceptance mechanism. I find that when families receive higher priorities at neighbourhood schools, the deferred acceptance mechanism creates higher aggregate or utilitarian welfare than neighbourhood assignment. Under a common school ranking assumption, I also show that the deferred acceptanc...
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作者：Donald, Eric; Fukui, Masao; Miyauchi, Yuhei
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Boston University
摘要：How do regional productivity shocks or transportation infrastructure improvements affect aggregate welfare? In a general class of spatial equilibrium models, we provide a formula for aggregate welfare changes, decomposed into terms associated with (i) technology [Fogel (1964), Railroads and American Economic Growth (Baltimore: Johns Hopkins Press), Hulten (1978) Growth Accounting with Intermediate Inputs, The Review of Economic Studies, 45, 511-518], (ii) spatial dispersion of marginal utility...
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作者：Howard, Greg; Shao, Hansen
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：We propose a new model of internal migration, based on persistent and spatially correlated idiosyncratic utility. The model is motivated by a new fact in the data that simple moving cost models struggle to match: the t-year interstate migration rate is proportional to the square root of t. The new model maintains the tractability and flexibility of standard migration models, but better matches the dynamics of migration, including the new fact. It has substantially different welfare implication...
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作者：Schmidt, Klaus M.; Von Wangenheim, Jonas
作者单位：University of Munich; Leibniz Association; Ifo Institut; Center for Economic & Policy Research (CEPR); University of Bonn
摘要：Reference-dependent preferences can explain several puzzling observations about organizational change. We introduce a dynamic model in which a firm bargains with loss-averse workers about organizational change and wages. We show that change is often stagnant or slow for many periods, followed by a sudden boost in productivity triggered by a crisis. In a crisis, workers concede to organizational change but resist nominal wage reductions. In addition, the model explains why different firms in th...
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作者：Howes, Cooper; Weitzner, Gregory
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; McGill University
摘要：The information banks produce drives their lending decisions and macroeconomic outcomes, but this information is inherently difficult to analyse because it is private. We construct a novel measure of bank information quality from confidential regulatory data that include banks' private risk assessments for US corporate loans. Information quality improves as local economic conditions deteriorate, particularly for new loans, large loans, and loans with higher expected losses. Information quality...
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作者：Auerbach, Alan J.; Gorodnichenko, Yuriy; Murphy, Daniel
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of Virginia
摘要：We exploit a panel of city-level data with rich demographic information to estimate the distributional effects of Department of Defense spending and its effects on a range of social outcomes. The income and employment generated by defence spending accrue predominantly to households without a bachelor's degree. These households as well as Black and Hispanic households tend to disproportionately benefit from this spending. Defence spending also promotes a range of beneficial social outcomes that...
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作者：Lauermann, Stephan; Wolinsky, Asher
作者单位：University of Bonn; Northwestern University
摘要：Auction models are convenient abstractions of informal price-formation processes that arise in markets for assets or services. These processes involve frictions like bidder recruitment costs for sellers, participation costs for bidders, and limitations on sellers' commitment abilities. This paper develops an auction model that captures such frictions. We derive novel insights, notably that outcomes are often inefficient, that markets sometimes unravel, and that the observability of competition...
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作者：Anderson, Simon P.; Renault, Regis
作者单位：University of Virginia; University of Virginia; CY Cergy Paris Universite
摘要：We formulate a tractable model of pricing under directed search with heterogeneous firm demands. Demand characteristics drive bids in a position auction and enable us to bridge insights from the ordered search literature to those in the position auction literature. Equilibrium pricing implies that the marginal consumer's surplus decreases down the search order, so consumers optimally follow the firms' position ordering. A firm suffers from business stealing by firms that precede it and search ...
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作者：Grupp, Tristan Earle; Mishra, Prakash; Reynaert, Mathias; Van Benthem, Arthur A.
作者单位：California Institute of Technology; Communaute d'universites et etablissements de Toulouse (Comue); Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：The European Union (EU) designates 26% of its landmass as protected areas, limiting economic development for biodiversity. We use the staggered introduction of protected areas between 1985 and 2019 to study the selection of protected land and the causal effect of protection on vegetation cover and nightlights. We find no meaningful impacts on either outcome across four decades, countries, protection cohorts, or land characteristics. These null effects are consistent with the political economy ...
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作者：Gobillon, Laurent; Magnac, Thierry; Roux, Sebastien
作者单位：Paris School of Economics; Centre National de la Recherche Scientifique (CNRS); Communaute d'universites et etablissements de Toulouse (Comue); Universite Toulouse 1 Capitole; Toulouse School of Economics; Institut Polytechnique de Paris; Ecole Polytechnique; ENSAE Paris
摘要：We derive wage equations with individual-specific coefficients from a structural model of human capital investment over the life-cycle. This model allows for interruptions in labour market participation and deals with missing data and attrition problems. We propose a new framework that deals with missingness at random and is based on factor decompositions that allow for flexible control of selection. Our approach leads to an interactive effect wage specification, which we estimate using long a...
