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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：Cosconati, Marco; Xin, Yi; Wu, Fan; Jin, Yizhou
作者单位：European Central Bank; Bank of Italy; California Institute of Technology; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; University of Toronto; University Toronto Scarborough; University of Toronto
摘要：This article studies competition under information heterogeneity in selection markets and examines the impact of public information regulations aimed at reducing information asymmetries between competing firms. We develop a novel model and introduce new empirical strategies to analyse imperfect competition in markets where firms have heterogeneous information about consumers, vary in cost structures, and offer differentiated products. Using data from the Italian auto insurance market, we find ...
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作者：Xu, Ke-Li
作者单位：Indiana University Bloomington; Indiana University System; Indiana University Bloomington
摘要：This article develops the uniform asymptotic theory for local projection (LP) regression when the true lag order of the model is unknown and potentially infinite. The theory allows for varying degrees of persistence in the data, growing response horizons, and general conditionally heteroskedastic martingale-difference shocks. Based on the theory, we make two main contributions. First, we show that LPs can achieve semiparametric efficiency at a given horizon under classical assumptions on the d...
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作者：Rubinton, Hannah
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：This paper shows that the growing disparities between big and small cities in the U.S. since 1980 can be explained by firms endogenously responding to a skill-biased technology shock. With the introduction of a new skill-biased technology that is high fixed cost but low marginal cost, firms endogenously adopt more in big cities, cities that offer abundant amenities for high-skilled workers, and cities that are more productive in using high-skilled labour. In cities with more adoption, small an...
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作者：Boehm, Christoph E.; Kroner, T. Niklas
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We provide evidence for a causal link between the U.S. economy and the global financial cycle. Using intraday data, we show that U.S. macroeconomic news releases have large and significant effects on global risky asset prices. Stock price indexes of 27 countries, the VIX, and commodity prices all jump instantaneously upon news releases. The responses of stock indexes co-move across countries and are large-often comparable in size to the response of the S&P 500. Further, U.S. macroeconomic news...
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作者：Chandrasekhar, Arun G.; Jackson, Matthew O.
作者单位：National Bureau of Economic Research; Stanford University; Stanford University
摘要：We develop a new class of random graph models for the statistical estimation of network formation-subgraph generated models (SUGMs). Various subgraphs-e.g. links, triangles, cliques, stars-are generated and their union results in a network. We show that SUGMs are identified and establish the consistency and asymptotic distribution of parameter estimators in empirically relevant cases. We show that a simple four-parameter SUGM matches basic patterns in empirical networks more closely than four ...
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作者：Beckert, Walter; Smith, Howard; Takahashi, Yuya
作者单位：University of London; Birkbeck University London; University of London; London School Economics & Political Science; University of Oxford; University of Washington; University of Washington Seattle
摘要：In many markets, buyers make discrete choices between differentiated products and negotiate prices that are specific to the choice. We develop for estimation a model for this class of markets which is consistent with non-cooperative models of bargaining between a buyer and competing sellers. We show that when the buyer's utility has GEV disturbances, the model has a tractable likelihood function which can be used with transaction-level data giving the selected product and its price. We estimat...
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作者：Kashaev, Nail; Lazzati, Natalia; Xiao, Ruli
作者单位：Western University (University of Western Ontario); University of California System; University of California Santa Cruz; Indiana University System; Indiana University Bloomington
摘要：We develop a general model of discrete choice that incorporates peer effects in preferences and consideration sets. We characterize the equilibrium behaviour and establish conditions under which all parts of the model can be recovered from a sequence of choices. We allow peers to affect preferences, consideration, or both. We show that these peer-effect mechanisms have different behavioural implications in the data. This allows us to recover the set and the type of connections between the agen...
