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作者：Auster, Sarah; Gottardi, Piero; Wolthoff, Ronald
作者单位：University of Bonn; University of Essex; Universita Ca Foscari Venezia; University of Toronto
摘要：We study the effect of diminishing search frictions in markets with adverse selection by presenting a model in which agents with private information can simultaneously contact multiple trading partners. We highlight a new trade-off: facilitating contacts reduces coordination frictions but also the ability to screen agents' types. We find that, when agents can contact sufficiently many trading partners, fully separating equilibria obtain only if adverse selection is sufficiently severe. When th...
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作者：Gomez, Matthieu
作者单位：Columbia University
摘要：Wealthy households disproportionately invest in equity, causing equity returns to generate large and persistent fluctuations in top wealth inequality. Motivated by this observation, I study the joint dynamics of asset prices and wealth inequality in a model where a subset of agents (entrepreneurs) hold levered positions on the economy. In the model, as in the data, the wealth distribution is stochastic and it exhibits a Pareto tail, with a tail index that depends on the logarithmic average ret...
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作者：Heblich, Stephan; Seror, Marlon; Xu, Hao; Zylberberg, Yanos
作者单位：University of Toronto; National Bureau of Economic Research; University of Quebec; University of Quebec Montreal; China Construction Bank; University of Bristol; Centre for Economic Policy Research - UK
摘要：We study the impact of large, successful manufacturing plants on other local producers in China, focusing on Million-Rouble Plants built in the 1950s during a brief alliance with the U.S.S.R. The ephemeral geopolitical situation and the locations of allied and enemy airbases provide exogenous variation in plant siting. We find a boom-and-bust pattern: Counties hosting these plants were 80% more productive than control counties in 1982 but 20% less productive by 2010. This decline reflects the ...
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作者：Kaila, Martti
作者单位：University of Glasgow
摘要：This article studies the impact of income-based criminal punishments on crime. In Finland, speeding tickets become income-dependent if the driver's speed exceeds the speeding limit by more than 20 km/h, leading to a substantial jump in the size of the speeding ticket. Contrary to predictions of a traditional Becker model, individuals do not bunch below the fine hike. Instead, the speeding distributions are smooth at the cutoff. However, I demonstrate that the size of the realized speeding tick...
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作者：Balboni, Clare; Burgess, Robin; Olken, Benjamin A.
作者单位：University of London; London School Economics & Political Science; Massachusetts Institute of Technology (MIT)
摘要：Environmental externalities-uncompensated damages imposed on others-lie at the root of climate change, pollution, deforestation and biodiversity loss. Empirical evidence is limited, however, as to how externalities drive private decision making. We study one such behaviour, illegal tropical forest fires, using 15 years of daily satellite data covering over 107,000 fires across Indonesia. Weather-induced variation in fire spread risk and variation in who owns surrounding land allow us to identi...
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作者：Adusumilli, Karun; Eckardt, Dita
作者单位：University of Pennsylvania; University of Warwick
摘要：We study the use of Temporal-Difference learning for estimating the structural parameters in dynamic discrete choice models. Our algorithms are based on the conditional choice probability approach but use functional approximations to estimate various terms in the pseudo-log-likelihood function. We suggest two approaches: The first-linear semi-gradient-provides approximations to the recursive terms using basis functions. The second-Approximate Value Iteration-builds a sequence of approximations...
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作者：Korovkin, Vasily; Makarin, Alexey; Miyauchi, Yuhei
作者单位：Pompeu Fabra University; Barcelona School of Economics; Massachusetts Institute of Technology (MIT); Boston University
摘要：How do localized conflicts disrupt supply chains and prompt firms to reorganize them? How do these forces affect firm-level and aggregate economic activity? Using firm-to-firm Ukrainian railway-shipment data before and during the 2014 Russia-Ukraine conflict, we document that firms with prior supplier and buyer exposure to the conflict areas substantially decreased their output. Simultaneously, firms reorganized their production linkages away from partners directly or indirectly exposed to the...
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作者：Atkin, David; Costinot, Arnaud; Fukui, Masao
作者单位：Massachusetts Institute of Technology (MIT); Boston University
摘要：We study the relationship between international trade and development in a model where countries differ in their capability, goods differ in their complexity, and capability growth is a function of a country's pattern of specialization. Theoretically, we show that it is possible for international trade to increase capability growth in all countries and, in turn, to push all countries up the development ladder. This occurs if (i) shifting employment towards more complex sectors raises capabilit...
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作者：Rostek, Marzena; Yoder, Nathan
作者单位：University of Wisconsin Madison; University of Wisconsin System; University of Wisconsin Madison; University System of Georgia; University of Georgia
摘要：When selling goods like wireless spectrum or electricity contracts, designers often opt for core-selecting mechanisms-i.e. those that induce outcomes in the core-in order to balance revenue and efficiency goals. But increasingly, auctions-such as the Federal Communications Commission's Incentive Auction and those explored for natural resources-seek to reallocate goods, not just sell them. We show that when bidders can both buy and sell, substitutability among goods is no longer sufficient or n...
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作者：Adusumilli, Karun
作者单位：University of Pennsylvania
摘要：We study sequential experiments where sampling is costly and a decision-maker aims to determine the best treatment for full-scale implementation by (1) adaptively allocating units between two possible treatments, and (2) stopping the experiment when the expected welfare (inclusive of sampling costs) from implementing the chosen treatment is maximised. Working under a continuous time limit, we characterise the optimal policies under the minimax regret criterion. We show that the same policies a...
