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作者：Kamat, Vishal; Norris, Samuel
作者单位：University of London; Queen Mary University London; University of British Columbia
摘要：We develop new robust discrete choice tools to learn about the average willingness to pay for a price subsidy and its effects on demand given exogenous, discrete variation in prices. Our starting point is a non-parametric, non-separable model of choice. We exploit the insight that our welfare parameters in this model can be expressed as functions of demand for the different alternatives. However, while the variation in the data reveals the value of demand at the observed prices, the parameters...
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作者：Abreu, Dilip; Manea, Mihai
作者单位：New York University; State University of New York (SUNY) System; Stony Brook University
摘要：We study a bargaining game in which a seller can trade with one of two buyers, who have values h and l (h>l). The outside option principle (OOP) predicts that, as players become patient, the seller trades with the high-value buyer with probability converging to 1 at a price converging to max(h/2,l). While this prediction is supported by the Markov perfect equilibrium (MPE), a wide range of trading outcomes may emerge in subgame perfect equilibria (SPEs): in the patient limit, the seller can ob...
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作者：Hartman-Glaser, Barney; Mayer, Simon; Milbradt, Konstantin
作者单位：University of California System; University of California Los Angeles; Carnegie Mellon University; Northwestern University
摘要：We develop a dynamic contracting theory of asset- and cash flow-based financing that demonstrates how firm, intermediary, and capital market characteristics jointly shape firms' financing constraints. A firm with imperfect access to equity financing covers financing needs through costly sources: an intermediary and retained cash. The firm's financing capacity is endogenously determined by either the liquidation value of assets (asset-based) or the intermediary's going-concern valuation of the ...
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作者：Djourelova, Milena; Durante, Ruben; Martin, Gregory J.
作者单位：Cornell University; Leibniz Association; Ifo Institut; National University of Singapore; ICREA; Pompeu Fabra University; Stanford University
摘要：How does competition from online platforms affect the organization, performance, and editorial choices of newspapers? What are the implications of these changes for the information voters are exposed to and for their political choices? We study these questions using the staggered introduction of Craigslist (CL)-the world's largest online platform for classified advertising-across U.S. counties between 1995 and 2009. This setting allows us to separate the effect of competition for classified ad...
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作者：Angelova, Victoria; Dobbie, Will; Yang, Crystal S.
作者单位：Harvard University
摘要：Human decision-makers frequently override the recommendations generated by predictive algorithms, but it is unclear whether these discretionary overrides add valuable private information or reintroduce human biases and mistakes. We develop new quasi-experimental tools to measure the impact of human discretion over an algorithm on the accuracy of decisions, even when the outcome of interest is only selectively observed, in the context of bail decisions. We find that 90% of the judges in our set...
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作者：Spiegler, Ran
作者单位：Tel Aviv University; University of London; University College London
摘要：When inferring causal effects from correlational data, a common practice by professional researchers but also lay people is to control for potential confounders. Inappropriate controls produce erroneous causal inferences. I model decision-makers (DMs) who use endogenous observational data to learn actions' causal effect on payoff-relevant outcomes. Different DM types use different controls. Their resulting choices affect the very correlations they learn from, thus calling for an equilibrium an...
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作者：Shapiro, Joseph S.
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：This paper proposes that strong institutions provide comparative advantage in clean industries, and thereby improve a country's environmental quality. I study financial, judicial, and labour market institutions. Five complementary tests evaluate and assess implications of this hypothesis. First, industries that depend on institutions are clean. Second, strong institutions increase relative exports in clean industries. Third, an industry's complexity helps explain the link between institutions ...
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作者：Ring, Marius A. K.
作者单位：University of Texas System; University of Texas Austin
摘要：Neither theory nor existing empirical evidence support the notion that wealth taxation reduces saving. Theoretically, the effect is ambiguous due to opposing income and substitution effects. Empirically, the effect may be masked by misreporting responses. Using geographic discontinuities in the Norwegian annual net-wealth tax and third-party-reported data on savings, I find that wealth taxation causes households to save more. Each additional NOK of wealth tax increases annual net financial sav...
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作者：Bigio, Saki; Shi, Liyan
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Carnegie Mellon University; Center for Economic & Policy Research (CEPR)
摘要：We study repurchase options (repo contracts) in a competitive asset market with adverse selection. Gains from trade emerge from a liquidity need, but private information about asset quality prevents the full realization of trades. In equilibrium, a single repo contract pools all assets. The embedded repurchase option mitigates adverse selection by improving the volume of trades relative to outright sales. However, liquidity provision can be inefficiently low as lenders compete to attract high-...
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作者：Bai, Yan; Rios-Rull, Jose-Victor; Storesletten, Kjetil
作者单位：University of Rochester; University of Pennsylvania; University of Minnesota System; University of Minnesota Twin Cities
摘要：We provide a macroeconomic theory where demand for goods has a productive role. A search friction prevents perfect matching between producers and potential customers. Larger demand induces more search, which, in turn, increases GDP and measured total factor productivity (TFP). We embed the product-market friction in a standard neoclassical model and estimate it using Bayesian techniques. Business cycles are driven by preference shocks, true technology shocks, and investment-specific shocks. Pr...
