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作者：Agness, Daniel; Baseler, Travis; Chassang, Sylvain; Dupas, Pascaline; Snowberg, Erik
作者单位：University System of Maryland; University of Maryland College Park; University of Rochester; Princeton University; Utah System of Higher Education; University of Utah
摘要：People's value of their own time is a key input in public policy evaluations-these evaluations should account for time taken away from work or leisure as a result of policy. Measuring this value for the self-employed is challenging, as, by definition, it is not priced by the market. Using rich choice data collected from farming households in western Kenya, we show that households exhibit non-transitive preferences. As a result, neither market wages nor standard valuation techniques correctly m...
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作者：Reich, Bryony
作者单位：University of Cambridge; Northwestern University
摘要：For many technologies and behaviours, an agent's benefit from adopting depends on his contacts adopting, and the benefit to his contacts of adopting depends on their contacts adopting. This paper examines how the architecture of these connections shapes the success or failure of the diffusion of innovations. We start with a standard model of diffusion with the key addition that some agents can coordinate their decisions. This captures the idea that people often talk and make decisions together...
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作者：Giorcelli, Michela; Li, Bo
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Peking University
摘要：This paper studies the long-term effects of technology and know-how transfers on structural transformations. In the 1950s, the Soviet Union supported the construction of the 156 Projects, which were large-scale, capital-intensive industrial clusters in China. These projects included a technology transfer, consisting of state-of-the-art Soviet machinery and equipment, and a know-how transfer, via the training of Chinese engineers, production supervisors, and high-skilled technicians by Soviet e...
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作者：Bao, Renjie; De Loecker, Jan; Eeckhout, Jan
作者单位：KU Leuven; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); ICREA
摘要：Manager pay has increased considerably since 1980, and so has inequality in manager pay. Over the same period, there has been a sharp rise in market power. We start from the premise that the role of managers is to increase firm productivity. When markets are imperfectly competitive, productivity not only helps firm grow in size, productivity also affects market power. We model how imperfect competition in product markets affects manager pay, and break down the contributions of firm size and ma...
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作者：Lewis, Daniel; Melcangi, Davide; Pilossoph, Laura
作者单位：University of London; University College London; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - New York; Duke University
摘要：We estimate the unconditional distribution of the marginal propensity to consume (MPC) using clustering regression applied to the 2008 economic stimulus payments. By deviating from the standard approach of estimating MPC heterogeneity using interactions with observables, we can recover the full distribution of MPCs. We find households spent between 4 and 133% of the rebate within a quarter, and individual households used rebates for different goods. While many observable characteristics correl...
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作者：Dempsey, Kyle
作者单位：University System of Ohio; Ohio State University
摘要：I quantitatively analyse the macroeconomic impacts of raising capital requirements in a model in which heterogeneous firms may choose either intermediated or direct finance. Heterogeneous banks compete with other banks and the bond market, fund loans with insured deposits and costly equity (subject to a minimum capital-to-asset ratio), and monitor borrowers. I find that tighter capital requirements reduce costly bank failures while having only small effects on key macroeconomic aggregates, and...
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作者：Biroli, Pietro; Galama, Titus; von Hinke, Stephanie; van Kippersluis, Hans; Rietveld, Cornelius A.; Thom, Kevin
作者单位：University of Bologna; University of Southern California; Vrije Universiteit Amsterdam; University of Bristol; University of London; London School Economics & Political Science; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of Wisconsin System; University of Wisconsin Madison
摘要：We discuss how to estimate the interplay between genes (nature) and environments (nurture), with an empirical illustration of the moderating effect of school starting age on one's genetic predisposition towards educational attainment. We argue that gene-environment (GxE) studies can be instrumental for (i) assessing treatment effect heterogeneity, (ii) testing theoretical predictions, and (iii) uncovering mechanisms, thereby improving understanding of how (policy) interventions affect populati...
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作者：Mahajan, Aprajit; Michel, Christian; Tarozzi, Alessandro
作者单位：University of California System; University of California Berkeley; Barcelona School of Economics; European University Institute; Pompeu Fabra University; Centre for Economic Policy Research - UK
摘要：Time-inconsistency may play a central role in explaining inter-temporal behaviour, particularly among poor households. However, little is known about the distribution of time-inconsistent agents, and time-preference parameters are typically not identified in standard dynamic choice models. We formulate a dynamic discrete choice model in an unobservedly heterogeneous population of possibly time-inconsistent agents. We provide conditions under which all population type probabilities and preferen...
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作者：Christensen, Timothy; Moon, Hyungsik Roger; Schorfheide, Frank
作者单位：Yale University; University of Southern California; University of Pennsylvania
摘要：We derive asymptotically optimal statistical decision rules for discrete choice problems when payoffs depend on a partially-identified parameter theta and the decision maker can use a point-identified parameter mu to deduce restrictions on theta. Examples include treatment choice under partial identification and pricing with rich unobserved heterogeneity. Our notion of optimality combines a minimax approach to handle the ambiguity from partial identification of theta given mu with an average r...
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作者：Tompsett, Anna
作者单位：Stockholm University; Royal Swedish Academy of Sciences; Beijer Institute of Ecological Economics; Stockholm University
摘要：Bridges are critical but sparse links in land transport networks. I exploit quasi-experimental variation in bridge construction over major rivers in the U.S. to measure the causal effects of land transport infrastructure. Bridges are more often built upstream than downstream of tributary confluences-where smaller rivers join larger rivers-generating local differences in connectivity. Local connectivity advantages have negative effects on per capita income. In contrast, more substantial changes...
